Our vision is for ACRAA to become an Asian regional institution of influence in enforcing the highest standards of credit rating discipline, providing the framework of cooperation for an effective infrastructure of investment information that promotes both local and regional investment flows, particularly through the Asian bond market.


The Association of Credit Rating Agencies in Asia is organized for the following purposes:

  • To develop and maintain cooperative efforts that promote interaction and exchange of ideas, experiences, information, knowledge, and skills among credit rating agencies in Asia and that would enhance their capabilities and their role of providing reliable market information.
  • To undertake activities aimed at promoting the adoption of best practices and common standards that ensure high quality and comparability of credit ratings throughout the region, following the highest norms of ethics and professional conduct.
  • To undertake activities aimed at promoting the development of Asia's bond markets and cross-border investment throughout the region.

Founding Board of Directors & Officers 2001


From left to right: Mr. Suresh Menon, Director & Chairman of Training Committee; Mr. Pranab Kumar Choudhury, Vice Chairman; Mr. Kazuo Imai, Chairman; Mr. Rajagopalan Ravimohan, Director & Chairman of Best Practices Committee; and Santiago F. Dumlao, Jr., Director & Secretary-General.

Articles of Association of the Association of Credit Rating Agencies in Asia



Mr. Faheem Ahmad

Vice Chairman

Mr. Faheem Ahmad is recognized among top 500 Islamic personalities by Islamica500. Mr. Ahmad has top level management experience...

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Mr. Rafi Karagol

Advisor to the Board

Mr. Rafi KARAGOL has been in rating field since 2006, was founder partner of JCR Eurasia Rating and served as Vice-President for 14 years...

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Mr. Muzaffar Ahmed


Muzaffar Ahmed FCMA, FCS is the Founder President and CEO of Credit Rating Information and Services Limited (CRISL), the first rating agency...

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Ms. Faryal Faheem


Ms. Faryal Ahmad Faheem has been associated with VIS Credit Rating Company since 2006. She has been involved in rating assignments...

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Ms. Grace Lee


Grace Lee is the President and Chief Executive Officer of Taiwan Ratings Corp. (TRC), Taiwan's leading credit rating services organization...

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Mr. Santiago F. Dumlao, Jr

Secretary General

Santiago "Santi" F. Dumlao, Jr. is founding director and convenor of ACRAA, and has been its Secretary General since the organization...

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Ms. Mildred F. Velayo

Executive Assistant

Mildred “Mitz” F. Velayo is the Executive Assistant of the Association of Credit Rating Agencies in Asia (ACRAA) since 2012. Prior to joining...

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