Duff & Phelps Credit Rating Co. has set up a division here because of the growing securitization of assets in Spain.

DCR Espana will rate a variety of securities, including corporate paper, project-finance debt, local and regional government issues, and asset- backed bonds.

The unit is a joint venture with Research Associates of Madrid and Francisco Navarro, a Spanish banker with broad experience in international finance.

Duff & Phelps said its move follows rapid growth in the market for asset-backed securities in Spain. It added that rules letting issuers securitize cash flows such as car loans and credit card receivables should help the market grow even faster.

This venture means there are now 30 Duff & Phelps offices in 25 countries.

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