ACRAA was organized on 14 September 2001 at the Asian Development Bank headquarters, Metro Manila, by 15 Asian credit rating agencies from 10 countries. As of September 2016, membership has increased to 29 members from 14 countries.
It is ACRAA's objective to advance the highest standards in the conduct of the credit rating process and of the whole rating business. At the core is the adoption of the highest ethical standards. Through dialogues and forums, best practices deserving observance are identified in a constant exercise of benchmarking each other's performance and against international practices.
There are minimum requirements for membership in ACRAA, but it is the ultimate good judgement of the Board of Directors that determines acceptance. Adherence to the purposes of the Association is a continuing qualification to membership.
ACRAA regularly holds training workshops for its analysts to upgrade rating knowledge and skills, inviting professional experts to conduct short courses on selected topics. The participating analysts themselves act as training resource persons.
Primarily represents ACRAA in official dealings with regulatory authorities as regards regulatory policies and actions which affect or may affect ACRAA members, collectively or individually, positively or negatively. Also to act as the focal point of ACRAA advocacy positions