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Internship Report
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Internship Report on:
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Guide Teacher:
Professor Abu Taleb
Director, EMBA Program
Department of Banking and Insurance
Faculty of Business Studies
University of Dhaka
Submitted by:
Md. Hussainul Islam Sajib
EMBA Program
19th Batch
ID: 51019039
December 2013
Submitted to Department of Banking and Insurance to fulfill the partial
requirement of EMBA Degree
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page II of XI
Letter of Certification
02 December 2013
This is to certify that Md. Hussainul Islam Sajib, ID # 51019039, a student of EMBA 19th Batch,
Department of Banking and Insurance, University of Dhaka has completed his internship report under
my supervision. His internship report topic is “Effectiveness Analysis of Credit Ratings of CRAB, CRISL,
ECRL, and WASO”.
He is permitted to submit the report.
________________________
Professor Abu Taleb
Guide Teacher
Department of Banking and Insurance
University of Dhaka
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page III of XI
DECLARATION
I do hereby declare that the work presented in this Internship Report has been carried out by me and
has not been previously submitted to any other University/College/Organization for an academic
qualification/certificate//diploma or degree.
The work I have presented does not breach any existing copyright and no portion of this report is copied
from any work done earlier for degree or otherwise.
I further undertake to indemnify the Department against any loss or damage arising from breach of the
foregoing obligations.
Sincerely,
_____________________
Md. Hussainul Islam Sajib
ID: 51019039
Major: Banking
Program: EMBA
University of Dhaka
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page IV of XI
Letter of Transmittal
02 December 2013
Mr. Abu Taleb Professor Department of Banking and Insurance Faculty of Business Studies University of Dhaka
Subject: Submission of internship report on “Effectiveness Analysis of Credit Ratings of CRAB, CRISL,
ECRL, and WASO”
Dear Sir,
It is our great pleasure to submit the internship report as part of the partial fulfillment of the EMBA
program. This report focuses on the “Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and
WASO”. In this report I’ve discussed brief background of the credit rating industry sector, both globally
and locally in Bangladesh. Additionally, I have tried to find out whether the ratings issued by different
credit rating agencies (CRAs) have been effective through hypothesis testing. I have also tried to find out
whether the ratings assigned have been consistent over three years of time. While preparing this report
I have learnt a lot about the credit rating industry of Bangladesh.
I, therefore, hope that this report will provide necessary information about rating agencies in
Bangladesh and their effectiveness. I will be available at any time convenient for further clarification on
the report.
Sincerely yours,
________________________
Md. Hussainul Islam Sajib
EMBA Program
19th Batch
Roll no: 51019039
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page V of XI
Table of Contents
Acknowledgement ........................................................................................................................... IX
Executive Summary ........................................................................................................................... X
Chapter 1: Introduction ......................................................................................................................1
1.1 Background of the Report ............................................................................................................. 1
1.2 Objectives of the study ................................................................................................................. 1
1.3 Methodology ................................................................................................................................. 2
1.4 Research Design ............................................................................................................................ 2
1.5 Sources of Data ............................................................................................................................. 2
1.6 Sample Design ............................................................................................................................... 2
1.7 Limitations of the study ................................................................................................................ 2
Chapter 2: Literature Review ..............................................................................................................3
Chapter 3: Credit Rating .....................................................................................................................5
3.1 Credit Rating Definition................................................................................................................. 5
3.2 Types of Credit Rating ................................................................................................................... 5
3.2.1 Classification based on Subject-matter of Rating ................................................................. 5
3.2.2 Classification based on the Tenure ....................................................................................... 6
3.2.3 Other types of Credit Rating ................................................................................................. 7
3.3 The Importance of Credit Rating Agencies ................................................................................... 8
3.3.1 Development of Financial Markets ....................................................................................... 8
3.3.2 Credit Rating Agencies Help Regulate Financial Markets ..................................................... 8
3.3.3 Estimation of Risk Premiums ................................................................................................ 9
3.3.4 Enhanced Transparency in the Credit Markets ..................................................................... 9
3.3.5 Standardization of the Evaluation Process ........................................................................... 9
3.4 Limitations of Credit Rating .......................................................................................................... 9
3.5 History of Credit Rating ............................................................................................................... 10
3.6 Profiles of Top 5 Credit Rating Agencies ..................................................................................... 11
3.6.1 Moody’s Investor Service .................................................................................................... 11
3.6.2 Standard & Poor’s ............................................................................................................... 12
3.6.3 Fitch ..................................................................................................................................... 12
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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3.6.4 Dominion Bond Rating Service (DBRS) ................................................................................ 13
3.6.5 Egan-Jones Ratings Company ............................................................................................. 13
3.7 Rating Grades .............................................................................................................................. 14
Chapter 4: Credit Rating in Bangladesh ............................................................................................. 15
4.1 Credit Rating in Bangladesh ........................................................................................................ 15
4.2 Laws and Guidelines Regulating CRAs ........................................................................................ 17
4.3 The Business Model .................................................................................................................... 18
4.4 Credit Rating Process .................................................................................................................. 19
4.4.1 Rating Request: ................................................................................................................... 19
4.4.2 Rating Team ........................................................................................................................ 19
4.4.3 Information Requirements: ................................................................................................ 19
4.4.4 Secondary Information: ...................................................................................................... 19
4.4.5 Management Meetings and plant visits: ............................................................................ 19
4.4.6 Other Meetings: .................................................................................................................. 20
4.4.7 Meeting with the Issuers’ CEO /CFO: .................................................................................. 20
4.4.8 Internal Review Committee Meeting .................................................................................. 20
4.4.9 Rating Committee Meeting: ................................................................................................ 20
4.4.10 Surveillance: ........................................................................................................................ 20
4.5 Profiles of CRAs in Bangladesh .................................................................................................... 21
4.5.1 Credit Rating Information and Services Ltd (CRISL) ............................................................ 21
4.5.2 Credit Rating Agency of Bangladesh Ltd (CRAB) ................................................................. 21
4.5.3 National Credit Ratings Ltd (NCRL) ..................................................................................... 22
4.5.4 Emerging Credit Rating Ltd (ECRL) ...................................................................................... 22
4.5.5 ARGUS Credit Rating Services Ltd. (ACRSL) ........................................................................ 22
4.5.6 WASO Credit Rating Company (BD) Limited (WCRCL) ........................................................ 23
4.5.7 Alpha Credit Rating Limited (ACRL) ..................................................................................... 23
4.5.8 The Bangladesh Rating Agency Limited (BDRAL) ................................................................ 23
4.6 Importance of Credit Rating: Bangladesh ................................................................................... 24
4.6.1 Market access ..................................................................................................................... 24
4.6.2 Build up market reputation ................................................................................................. 24
4.6.3 Lower cost of funding ......................................................................................................... 24
4.6.4 Distinguish oneself from the competition .......................................................................... 25
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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4.6.5 Regulatory Requirement ..................................................................................................... 25
4.6.6 Implementation of BASEL II ................................................................................................ 25
4.7 What is Basel II ............................................................................................................................ 25
4.7.1 Basel Accord ........................................................................................................................ 25
4.7.2 Basel Committee ................................................................................................................. 26
4.7.3 Basel II and Credit Rating .................................................................................................... 26
4.7.4 Bank Loan Rating ................................................................................................................. 27
4.8 Impact of Credit Rating on Banking Sector ................................................................................. 27
4.8.1 Impact while Bank is a Borrower ........................................................................................ 28
4.8.2 Impact while Bank is a Lender ............................................................................................ 29
4.9 Corporate Sector of Bangladesh ................................................................................................. 29
4.9.1 Impact of Credit Rating on Corporate Sector...................................................................... 29
Chapter 5: Qualitative Analysis - Effectiveness of Rating ................................................................... 32
Chapter 6: Quantitative Analysis - Effectiveness of Rating ................................................................. 34
6.1 Analysis across CRAs ................................................................................................................... 35
6.1.1 CRAB and CRISL ................................................................................................................... 36
6.1.2 CRAB and WASO.................................................................................................................. 36
6.1.3 CRAB and ECRL .................................................................................................................... 37
6.1.4 CRISL and WASO ................................................................................................................. 37
6.1.5 CRISL and ECRL .................................................................................................................... 38
6.1.6 ECRL and WASO .................................................................................................................. 38
6.2 Analysis across Time ................................................................................................................... 39
Chapter 7: Findings .......................................................................................................................... 42
Chapter 8: Recommendations .......................................................................................................... 43
Chapter 9: References ...................................................................................................................... 44
Chapter 10: Appendix (Elements of the Sample) ............................................................................... 46
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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List of Exhibits
Exhibit 1: Rating Notches of Moody's, S&P, and Fitch ................................................................................ 14
Exhibit 2: List of CRAs .................................................................................................................................. 16
Exhibit 3: Common business model of CRAs............................................................................................... 18
Exhibit 4: Rating mapping of CRAs with BB Grades .................................................................................... 34
Exhibit 5: Risk weights for BB grades .......................................................................................................... 35
Exhibit 6: Sample distribution across CRAs ................................................................................................. 35
Exhibit 7: Diagram of relationships to be tested ........................................................................................ 36
Exhibit 8: Relationship Status among CRAs ................................................................................................ 39
Exhibit 9: Sample distribution across time ................................................................................................. 40
Exhibit 10: Table of proportion for Chi-Square testing ............................................................................... 40
Exhibit 11: Table of Expected values for Chi-square ................................................................................... 41
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Acknowledgement
First of all, I would like to thank all-mighty Allah for his blessings which enabled me to conduct the
research and prepare this report in good health.
Secondly, I would like to thank my honorable teacher and supervisor Mr. Abu Taleb for all his supports
and guidelines throughout the preparation of this report. Without his cooperation and guidelines, it
would not have been possible to prepare this report.
Moreover, I would like to thanks the following people from their respective organizations for sharing
their rating outstanding database with me.
Name Organization
Shahed Rayhan CRISL
Mavin Ahmed CRAB
Monira Islam WASO
Sindy D. Costa ECRL
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Executive Summary
Credit rating evaluates the credit worthiness of a debtor, especially an individual, a business or a
government. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the
debt and the likelihood of default. Over the year 2012 and 2013, the number of credit rating agencies
(CRA) has increased by several folds, from only two in 2009 to eight 2013. As a result, the competition
among the CRAs for market share has become severe. As credit rating is very sensitive to quality, this
increase competition may lead to deteriorated or inflation ratings by the CRAs to retain its clients and
keep the cash-flow unharmed.
There are several types of credit rating practiced all around the globe. Credit rating types based on the
subject matter of rating includes issue rating, issuer rating, and sovereign rating. Credit rating types
based on the tenure can be divided into short-term rating, and long term rating. Other types of credit
rating include structure finance rating, mutual fund scheme rating, Corporate Governance and
Stakeholder Value Addition Rating, Micro Finance Capacity Rating, and project finance rating. However,
many of these types are not practiced in Bangladesh yet.
Credit rating plays a vital role in developing the financial markets, regulating the financial markets,
estimating risk premium, enhanced transparency in the credit and fixed income securities market, and
standardization of credit evaluation process. However, there are also some drawbacks of the credit
rating. These drawbacks include that credit rating can be biased, in absence of proper knowledge
management by the credit rating companies changing the concerned analyst of a rating assignment may
lead to discrepancies, and credit ratings cannot be treated as a standalone measure to invest.
The history of credit rating in Bangladesh is very new. The first credit rating law was enforced in 1996,
followed by establishment of CRISL. Subsequently, CRAB also started its operation two years later. In
2012, Bangladesh Securities and Exchange Commission permitted two more credit rating agencies. By
2012, there were eight credit rating agencies operating in Bangladesh. This is number is significantly high
compared to the number of credit rating agencies operating all over the world.
According the common business model followed by the credit rating agencies in Bangladesh, the main
source of business is the commercial banks implementing the BASEL II guidelines. Other source of
business is the client/issuer itself. This model of business is problematic in itself as the awareness of the
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page XI of XI
credit rating is still at primitive stage and both the banks and clients want to inflate the credit rating for
self-serving bias. However, this can be detrimental to the capital market, the money market, and the
overall economy. Moreover, because of severe competition among the credit rating agencies, there is
always a probability of rating shopping by the clients.
Banks play a vital role in the business model of the credit rating agencies. From the bank’s perspective,
credit rating is important both when bank is a borrower and when bank is a lender. Another important
part of the business model of credit ratings is the corporate houses of Bangladesh.
The analysis of effectiveness is segregated in two different parts. One part is concerned with the
qualitative analysis of the business model of the credit rating agencies. The other part focuses on the
quantitative analysis based on credit ratings assigned by CRAB, CRISL, ECRL, and WASO. There are about
2,515 samples collected from these CRAs. The quantitative analysis is further divided into two different
segments. The first segment includes finding out whether any significant relationship/similarity exists
among the credit rating agencies. About 6 (six) relationships were tested using hypothesis testing and
Chi-Square. Among all six relationships, it was found that only WASO and CRISL reflected similar
patterns in the credit rating. This indicates that there is a possibility for the clients to get benefits from
the act of rating shopping. The other section focuses on the analysis of changes in the rating distribution
over 3 (three) years of time. To analyze the changes in the rating assigned the rating distribution of 2011
was taken as a standard and subsequent changes have been compared. The statistical tool used for
testing the significance was Chi-square. Through Chi-square testing, it was found that the rating
distribution changed significantly during 2012 and 2013, which implies that the quality of the ratings has
deteriorated.
Finally, it was suggested that proper monitoring and supervision should be carried out by both
Bangladesh Bank and Bangladesh Securities & Exchange Commission for a more effective credit rating
system. Further, a dedicated body to supervise the CRAs can also be formed. Another recommendation
is that the government can also reduce the competition by segregating or defining target markets for
the CRAs.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Chapter 1: Introduction
1.1 Background of the Report
This report is prepared as a requirement for the completing the Masters in Business Administration
(MBA) program of Department of Banking, University of Dhaka. Honorable guide-teacher, Mr. Abu
Taleb, supervised during the preparation this report on “Effectiveness Analysis of Credit Ratings of CRAB,
CRISL, ECRL, and WASO”.
Credit rating evaluates the credit worthiness of a debtor, especially an individual, a business or a
country. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the debt
and the likelihood of default. The history of credit rating is almost 100 years old, which started with
three companies Standard & Poor’s, Moody’s Investor Service, and Fitch Ratings. Credit rating in
Bangladesh is relatively new with the Credit Rating Companies Rules got approved in 1996. Since then
up to very recently (2011) there have been two major players. However, in 2011 Bangladesh Securities
& Exchange Commission (BSEC) awarded license to two new companies. Additionally, in the subsequent
year (2012) BSEC awarded 4 (four) more companies with the license to rate companies. So there are
eight rating companies currently operating in Bangladesh. This has led to tighter competition among the
players and declining rating fees. By the definition of credit rating, it should reflect the credit worthiness
of the debtor, taking into consideration both the capacity and the willingness of the borrower. However,
the effectiveness of the ratings within Bangladesh has been questioned.
This report will focus on the analysis of effectiveness of the credit ratings provided by Credit Rating
Agency of Bangladesh (CRAB), Credit Rating Information Services Limited (CRISL), Emerging Credit Rating
Limited (ECRL) and WASO Credit Rating Company Limited (WASO). The reason behind choosing these
four companies was the availability of data and cooperation from their end.
1.2 Objectives of the study
The research is going to serve three particular objectives, which are-
Describe the current scenario of credit rating in Bangladesh
Analyze the shifting of ratings and rating transitions over the years
Find out any relationship, if exists, between the number of rating agencies and quality of rating,
where quality is primarily indicated by fluctuations in rating.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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1.3 Methodology
The data accumulated from the rating agencies will be analyzed to attain the aforementioned
objectives. The types of analyses to be run on the data are following-
Descriptive Analysis, and
Inferential Analysis
The research will be based on the following analyses:
Hypothesis testing, and
Chi-square analysis.
1.4 Research Design
As the research is trying to find out whether there have been any deterioration in the quality of the
credit rating assigned because of increased number of rating agencies, this implies to a Causal Research.
In addition to that the research also tries to depict the current scenario of the credit rating industry,
which involves Descriptive Research. As result, the research would follow a Holistic Approach.
The research involves data that are of both qualitative and quantitative in nature. As a result, the
methods followed would also be a mixed approach of qualitative and quantitative aspects.
1.5 Sources of Data
Only primary source of data was used. Data was collected from the rating companies directly.
1.6 Sample Design
The total number of elements collected was 2,515. The analysis is run on this data.
1.7 Limitations of the study
The research and report have some limitation, which are as following:
Time was a real constraint for such a large scale research.
All the rating agencies were not enthusiastic about providing their rating data.
More statistical analyses could have been applied
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Chapter 2: Literature Review
Credit ratings aim to measure the creditworthiness of an entity, e.g. a corporation, or issue. They
represent an opinion of a rating agency that evaluates the fundamental credit strength of an issuer and
his ability to fully and punctually meet his debt obligations (Gonzalez, et al., 2004). Credit ratings are
produced by professional rating agencies and in most of the countries it requires establishment of
regulatory guidelines that permits and monitors the credit rating agencies. For example, in the USA,
agencies must be approved as Nationally Recognized Statistical Rating Organizations (NRSRO) by the
Securities and Exchange Commission (SEC) (Hill, 2004). In Bangladesh, credit rating agencies has to be
approved by Bangladesh Securities and Exchange Commission (BSEC). Subsequently, for the CRAs to rate
issues and issuers under the BASEL II guideline has to be approved by Bangladesh Bank (BB) as External
Credit Assessment Institution (ECAI). In an economic sense, rating agencies function as financial
intermediaries, the existence of which would not be justifiable under the hypothesis of efficient markets
(Ramakrishnan & Thakor, 1984).
Ratings are placed on a discrete ordinal scale, where for example under the S&P scale an AAA (the so
called `triple A') rating is the highest credit rating assigned to issuers with the highest credit-quality and
a D rating is the lowest rating assigned to bonds or firms in default. Moreover, CRAs stress that ratings
are just opinions. These opinions, which stem from fundamental credit analysis, are used to classify
credit risk. In keeping with their status as opinions, ratings are determined by a rating committee. As
such, ratings do not constitute a recommendation to buy, sell or hold a particular security, and do not
address the suitability of an investment for a particular investor (Hilderman, 1999).
Empirical studies on credit ratings can be roughly divided into three lines of research (Blume, Lim, &
MacKinlay, 1998). The first two measure the information content of credit ratings in different ways. The
first line analyses whether credit ratings measure what they claim to measure, i.e. an issuer’s
creditworthiness. More specifically, the relationship of ratings and corporate default is measured (Zhou,
2001). The second line measures the information content of ratings on capital markets. Here, capital
market reactions around rating changes are analyzed to see if ratings contain additional information
(Gonzalez, et al., 2004). The third line of research investigates the determinants of credit ratings. Here
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 4 of 63
ratings as independent variables are modeled on a number of financial data (Ederington, 1985),
corporate governance characteristics (Bhojraj & Sengupta, 2003), and macroeconomic factors (Amato &
Furfine, 2004). These studies show that ratings can be replicated to a certain degree solely using publicly
available data. Further studies in this context analyze the stability of credit ratings with respect to their
'through-the-cycle' approach and the determining factors of rating changes and transition probabilities.
The CRAs attempt to assess the long term quality of a corporation. They therefore, take a through-the-
cycle approach in contrast to a more point-in-time perspective. The through-the-cycle approach means
that agencies try to form their opinion independently of short term business cycle effects (Amato &
Furfine, 2004). The quality of credit rating has been criticized in many of the literatures done over the
years. However, most of those literatures were primarily targeted to the bond market of the United
States of America. According to some researches credit rating agency is likely to issue less accurate
ratings in boom times and in high competition (Bar-Isaac & Shapiro 2013) (Doherty, Kartasheva &
Phillips 2007). Moreover, Bo Becker, an Assistant Professor in Finance unit at Harvard Business School
also argued the increased competition because of emergence of Fitch as a peer of Standard & Poor and
Moody’s has led to lower quality products in the US corporate bond rating (Becker & Milbourn 2010).
Additionally, by definition rating should be monotonous and not affected by any kind of cyclicality or
sudden surge in business activities (Bar-Isaac & Shapiro 2013).
Several academic studies have examined the behavior of credit ratings over time, for instance through
the analysis of credit upgrades and downgrades. Altman and Kao (1992) for example analyze the
stability of newly issued S&P ratings for two sub-periods (1970 to 1979 and 1980 to 1988). They show
that for every rating and time horizon (one to five years) newly-rated issues from the earlier period
exhibit greater stability.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Chapter 3: Credit Rating
3.1 Credit Rating Definition
A credit rating evaluates the credit worthiness of a debtor, especially a business (company) or a
government. It is an evaluation made by a credit rating agency of the debtor's ability to pay back the
debt and the likelihood of default. Credit ratings are determined by credit ratings agencies. The credit
rating represents the credit rating agency's evaluation of qualitative and quantitative information for a
company or government; including non-public information obtained by the credit rating agencies
analysts. Credit ratings are not based on mathematical formulas. Instead, credit rating agencies use their
judgment and experience in determining what public and private information should be considered in
giving a rating to a particular company or government. The credit rating is used by individuals and
entities that purchase the bonds issued by companies and governments to determine the likelihood that
the government will pay its bond obligations. A poor credit rating indicates a credit rating agency's
opinion that the company or government has a high risk of defaulting, based on the agency's analysis of
the entity's history and analysis of long-term economic prospects.
3.2 Types of Credit Rating
3.2.1 Classification based on Subject-matter of Rating
Based on the subject matter, credit ratings are divided into two categories. They are:
Issue Rating: An issue credit rating is an opinion of the creditworthiness of an obligor with respect to a
specific financial obligation, a specific class of financial obligations, or a specific financial program. It
takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit
enhancement on the obligation and takes into account the currency in which the obligation is
denominated. Most of the rating agencies claim that the issue credit rating is not a recommendation to
purchase, sell, or hold a financial obligation. Similarly, it also does not comment as to market price or
suitability for a particular investor.
Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to
those obligations considered short-term in the relevant market. In the Bangladesh, for example, that
means obligations with an original maturity of less than or equal to 365 days. Short-term ratings are also
used to indicate the creditworthiness of an obligor with respect to put features on long-term
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in
addition to the usual long-term rating.
Issuer Rating: Issuer Ratings also provide an opinion on the general creditworthiness of the rated
entities in relation to their senior unsecured obligations. Before investors decide whether to invest into
a debt security from a company or foreign country, they must determine whether the prospective entity
will be able to meet its obligations. A ratings company can help you do this. Providing independent
objective assessments of the credit worthiness of companies and countries, a credit ratings company
helps investors decide how risky it is to invest money in a certain country and/or security.
Sovereign Rating: The credit rating of a country or sovereign entity. Sovereign credit ratings give
investors insight into the level of risk associated with investing in a particular country and also include
political risks. At the request of the country, a credit rating agency will evaluate the country's economic
and political environment to determine a representative credit rating. Obtaining a good sovereign credit
rating is usually essential for developing countries in order to access funding in international bond
markets. Another common reason for obtaining sovereign credit ratings, other than issuing bonds in
external debt markets, is to attract foreign direct investment. To give investors confidence in investing in
their country, many countries seek ratings from credit rating agencies like Standard and Poor’s,
Moody's, and Fitch to provide financial transparency and demonstrate their credit standing.
3.2.2 Classification based on the Tenure
The credit ratings are classified into two categories based on the tenure. They are:
Short-term rating: A short-term rating is a probability factor of an individual going into default within a
year. This is in contrast to long-term rating which is evaluated over a long timeframe. In the past
institutional investors preferred to consider long-term ratings. Nowadays, short-term ratings are
commonly used.
First, the Basel II agreement requires banks to report their one-year probability if they applied internal-
ratings-based approach for capital requirements. Second, many institutional investors can easily manage
their credit/bond portfolios with derivatives on monthly or quarterly basis. Therefore, some rating
agencies simply report short-term ratings.
Long-term rating: A long-term rating is a probability factor of an individual/issuer/issue going into
default in the long run. This is in contrast to short-term rating, which is evaluated within one year of
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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tenure. In the past institutional investors preferred to consider long-term ratings. Nowadays, short-term
ratings are commonly used.
3.2.3 Other types of Credit Rating
Structured Finance Rating: Structured Finance Rating inducted under this category will be asset backed
securitization, mortgage backed securitization, future flow transaction etc. Structured Finance ratings
are opinions on the likelihood of the concerned structured instrument servicing its debt obligations in
accordance with the terms. An SFR, which is generally different from the corporate credit rating of the
originator, is based on the risk assessment of the individual components of the structured instrument:
Assessment of issuer and/or originator/servicer
Legal issues and documentation
Originations, underwriting criteria and portfolio servicing
Historical portfolio performance
Portfolio characteristics and concentrations
Obligor characteristics and concentrations
Loan and lease features
Manufacturer/vendor concentration
Derivation of credit enhancement
Cash flow analysis
Mutual Funds Schemes Rating: Mutual Funds Schemes rating is designed to provide investors,
intermediaries and Fund Sponsors/Asset Management Companies with an Independent opinion on the
performance record and risks associated with various Mutual Fund Schemes. Funds ratings incorporate
various qualitative and quantitative factors affecting a fund's portfolio. Such analyses focus on the
resilience of portfolio companies to economic changes, assessing asset quality, portfolio diversification
and performance, and liquidity management.
Corporate Governance and Stakeholder Value Addition Rating: Such rating assesses the level to which
an organization accepts and follows the codes and guidelines of corporate governance practices. It is
evaluated from the system of distribution of rights and responsibilities among different participants in
the organization such as the board, management, shareholders and other financial stakeholders, and
the rules and procedures lay down and followed for making decisions on corporate affairs.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Micro Finance Capacity Rating: Micro Finance Capacity Assessment rating is intended as a service to
lenders by providing informed opinion on the credit worthiness of the MFIs, This would facilitate flow of
funds to MFIs by providing detailed information and analysis on the programs and performance of the
organization. The rating would also provide suggestions for improvements in MFIs' performance
strength facilitating the ability of more efficient utilization of funds.
Project Finance: Credit rating of Project Finance provides opinion on the types of risks associated with
the project and the relative ability of the project and its sponsors/executing agency to service the
financial obligations. These ratings are useful for the project sponsors in raising funds, and for the
lenders in designing and pricing their funds.
3.3 The Importance of Credit Rating Agencies
Credit rating agencies provide investors and debtors with important information regarding the
creditworthiness of an individual, corporation, agency or even a sovereign government. The credit rating
agencies help measure the quantitative and qualitative risks of these entities and allow investors to
make wiser decisions by benefiting from the skills of professional risk assessment carried out by these
agencies. The quantitative risk analysis carried out by credit rating agencies include comparison of
certain financial ratios with chosen benchmarks and the qualitative analysis focuses on the management
character, legal, political and economic environment in a jurisdiction.
3.3.1 Development of Financial Markets
Credit rating agencies help provide risk measures for various entities and make it easier for financial
market participants to assess and understand the credit risk of the parties involved in the investing
process. Individuals can get a credit score in order to be eligible for easy access to credit cards and other
loans. Institutions can borrow money easily from banks without having to go through lengthy
evaluations from each individual lender separately. Also corporations and governments can issue debt in
the form of corporate bonds and treasuries to attract investors based on the credit ratings.
3.3.2 Credit Rating Agencies Help Regulate Financial Markets
The credit ratings provided by popular rating agencies including Moody’s, Standard & Poor’s and Fitch,
have become a benchmark for regulation of financial markets. Legal policies require certain institutions
to hold investment graded bonds. Bonds are classified to be investment graded based on their ratings by
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these agencies, any corporate bond with a rating higher than BBB is considered to be investment graded
bond.
3.3.3 Estimation of Risk Premiums
The credit ratings provided by these agencies are used by various banks and financial institutions in
determining the risk premium they will charge on loans and corporate bonds. A poor credit rating
implies a higher risk premium with an increase in the interest rate charged to corporations and
individuals with a poor credit rating. Issuers with a good credit rating are able to raise funds at a lower
interest rate.
3.3.4 Enhanced Transparency in the Credit Markets
The credit rating agencies provide improved efficiency in the credit markets and allow for more
transparency in dealings. The ratings help monitor the credit soundness of various borrowers through a
set of well-defined rules.
3.3.5 Standardization of the Evaluation Process
Most credit agencies use their own methodology for determining credit ratings, but since only a handful
of popular credit rating providers exist, this adds a great deal of standardization in the rating process.
The credit ratings of different borrowers can be easily compared using ratings provided by a credit rating
company and the applications can be easily sorted.
3.4 Limitations of Credit Rating
Some limitations of credit rating are-
Rating could be biased depending on the relationship between the credit rating agency and
rated company. The "Big Three" global credit rating agencies - U.S.-based Standard and Poor's,
Moody's, and Fitch Ratings - have been under intense scrutiny since the 2007-2009 global
financial crises. They were initially criticized for their favorable pre-crisis ratings of insolvent
financial institutions like Lehman Brothers, as well as risky mortgage-related securities that
contributed to the collapse of the U.S economy.
Credit rating requires a fine knowledge about the rated company. Analyst needs to know about
the company, its operation properly which is time consuming and requires a very good effort.
Several meetings and conversations over phone are done to ensure that. Once a company is
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rated by a financial analyst of a credit rating agency and after that if that financial analyst
switches his/her job, new analyst faces a lot of troubles while performing surveillance of the
company.
As ratings are designed exclusively for the purpose of grading obligations according to their
credit quality, they should not be used alone as a basis for investment operations. For example,
they have no value in forecasting the direction of future trends of market price. Market price
movements in bonds are influenced not only by the credit quality of individual issues but also by
changes in money rates and general economic trends, as well as by the length of maturity, etc.
3.5 History of Credit Rating
The three renowned rating companies of today’s world are Fitch Ratings, Moody’s and Standard & Poor
(S&P). The history of credit rating is similar to the history of forming and adopting credit rating services
by these companies.
John Knowles Fitch founded the Fitch Publishing Company in 1913. Fitch published financial statistics for
use in the investment industry via "The Fitch Stock and Bond Manual" and "The Fitch Bond Book." In
1924, Fitch introduced the AAA through D rating system that has become the basis for ratings
throughout the industry. With plans to become a full-service global rating agency, in the late 1990s Fitch
merged with IBCA of London, subsidiary of Fimalac, S.A., a French holding company. Fitch also acquired
market competitors Thomson BankWatch and Duff & Phelps Credit Ratings Co. Beginning in 2004, Fitch
Ratings began to develop operating subsidiaries specializing in enterprise risk management, data
services and finance industry training with the acquisition of Canadian company, Algorithmic, and the
creation of Fitch Solutions and Fitch Training.
John Moody and Company first published "Moody's Manual" in 1900. The manual published basic
statistics and general information about stocks and bonds of various industries. From 1903 until the
stock market crash of 1907, "Moody's Manual" was a national publication. In 1909, Moody began
publishing "Moody's Analyses of Railroad Investments", which added analytical information about the
value of securities. Expanding this idea led to the 1914 creation of Moody’s Investors Service, which, in
the following 10 years, would provide ratings for nearly all of the government bond markets at the time.
By the 1970s, Moody's began rating commercial paper and bank deposits, becoming the full-scale rating
agency. Moody's ratings represent the opinion of Moody's Investors Service as to the relative
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creditworthiness of securities. As such, they should be used in conjunction with the descriptions and
statistics appearing in Moody's publications. Reference should be made to these statements for
information regarding the issuer. Moody's ratings are not commercial credit ratings. In no case is default
or receivership to be imputed unless expressly stated.
Henry Varnum Poor first published the "History of Railroads and Canals in the United States" in 1860,
the forerunner of securities analysis and reporting to be developed over the next century. Standard
Statistics formed in 1906, which published corporate bond, sovereign debt and municipal bond ratings.
Standard Statistics merged with Poor's Publishing in 1941 to form Standard and Poor's Corporation,
which was acquired by The McGraw-Hill Companies, Inc. in 1966. Standard and Poor's has become best
known by indexes such as the S&P 500, a stock market index that is both a tool for investor analysis and
decision making, and a U.S. economic indicator.
3.6 Profiles of Top 5 Credit Rating Agencies
Here is the list of Top 10 Credit Rating Agencies of the world. These agencies are Nationally Recognized
Statistical Rating Organizations by the U.S. Securities and Exchange Commission.
3.6.1 Moody’s Investor Service
Moody’s is the oldest credit rating agency. Moody's was founded by John Moody in 1909 to produce
manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified
as a Nationally Recognized Statistical Rating Organization (NRSRO) by the U.S. Securities and Exchange
Commission (SEC). Following several decades of ownership by Dun & Bradstreet, Moody's Investors
Service became a separate company in 2000; Moody's Corporation was established as a holding
company. The company ranks the creditworthiness of borrowers using a standardized ratings scale
which measures expected investor loss in the event of default. Moody's Investors Service rates debt
securities in several market segments related to public and commercial securities in the bond market.
These include government, municipal and corporate bonds; managed investments such as money
market funds, fixed-income funds and hedge funds; financial institutions including banks and non-bank
finance companies; and asset classes in structured finance. In Moody's Investors Service's ratings system
securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest
quality.
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3.6.2 Standard & Poor’s
Standard & Poor's (S&P) is an American financial services company. It is a division of McGraw Hill
Financial that publishes financial research and analysis on stocks and bonds. S&P is known for its stock
market indices such as the U.S.-based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200, and
India's S&P CNX Nifty.
The company traces its future back to 1860, with the publication by Henry Varnum Poor of History of
Railroads and Canals in the United States. This book compiled comprehensive information about the
financial and operational state of U.S. railroad companies. In 1868, Henry Varnum Poor established H.V.
and H.W. Poor Co. with his son, Henry William Poor, and published an annually updated Manual of the
Railroads of the United States. In 1906, Luther Lee Blake founded the Standard Statistics Bureau, with
the view to providing financial information on non-railroad companies. Instead of an annually published
book, Standard Statistics would use 5"x7" cards, allowing for more frequent updates. In 1941, Poor's
Publishing and Standard Statistics merged to become Standard & Poor's Corp. In 1966, the company was
acquired by The McGraw-Hill Companies, extending McGraw-Hill into the field of financial information
services.
3.6.3 Fitch
Fitch Ratings Inc. is a jointly owned subsidiary of Hearst Corporation and FIMALAC SA. On April 12, 2012,
Hearst increased their stake in the Fitch Group to 50%. Previously, Hearst owned a 40% stake in the
company, while FIMALAC was the majority owner with 60% stake. Fitch Ratings and Fitch Solutions are
part of the Fitch Group. Fitch Ratings is dual-headquartered in New York, USA, and London, UK. It was
one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S.
Securities and Exchange Commission in 1975, together with Moody's and Standard & Poor's, and the
three are commonly known as the "Big Three credit rating agencies".
The firm was founded by John Knowles Fitch on December 24, 1913 in New York City as the Fitch
Publishing Company. It merged with London-based IBCA Limited in December 1997. In 2000, Fitch
acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch
(December). Fitch Ratings is the smallest of the "big three" NRSROs, covering a more limited share of the
market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a
"tie-breaker" when the other two agencies have ratings similar, but not equal, in scale.
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3.6.4 Dominion Bond Rating Service (DBRS)
DBRS is a credit rating agency founded in 1976 in Toronto, Canada by Mr. Walter Schroeder, who is
currently chairman of the ratings agency. DBRS is the largest rating agency in Canada with other offices
in New York, Chicago, and London. DBRS comprises three affiliated operating companies – DBRS Limited;
DBRS, Inc.; and DBRS Ratings Limited. David Schroeder is the agency’s CEO. Dan Curry serves as
president. DBRS is the fourth largest ratings agency in the world, with about a 2.5% global market share.
DBRS is registered as a Nationally Recognized Statistical Rating Organization from the United States’
Securities and Exchange Commission (SEC). DBRS is also registered with the European Securities and
Markets Authority (ESMA) and with the Ontario Securities Commission (OSC) in Canada. The company is
one of only four CRAs, along with larger competitors Standard & Poor’s, Moody's Investors Service, and
Fitch Ratings, to receive ECAI recognition from the European Central Bank (ECB). That designation
indicates CRAs whose ratings can be used by the ECB to determine collateral requirements for
borrowing from the ECB.
3.6.5 Egan-Jones Ratings Company
Egan-Jones Ratings Company, also known as EJR, was founded in 1995 and actively rates the credit
worthiness of approximately 2,000+ high yield and high grade U.S. corporate debt issuers. EJR positions
itself as unique among nationally recognized statistical rating organizations (NRSROs) for being wholly
investor-supported, a structure designed to minimize the potential for conflicts of interest in assessing
credit quality. The firm was granted NRSRO status on December 21, 2007, making it the ninth such
organization to be recognized by the SEC.
The effectiveness of Egan-Jones' investor-supported credit ratings has been measured by third parties,
including Richard D. Johnson of the Kansas City Federal Reserve, the Stanford University Business School
and the University of Michigan's Business School. Sean Egan, principal of Egan-Jones Rating, appeared
before Congress on October 22, 2008 and argued that issuers of complex securities "shopped" for
ratings which resulted in a race to the bottom in terms of credit transparency. Egan-Jones on July 16,
2011, became the first NRSRO to cut its rating on the United States from AAA to AA+. On April 5 2012,
Egan-Jones downgraded the credit ranking of the United States for the second time from AA+ (Excellent)
to AA (Very Good) assuming that the debt will reach $16.7 trillion by the end of 2012 while the GDP will
not grow further $ 15,7 trillion dollar limit and the debt to the GDP ratio will reach 112% of the national
GDP which is the highest level since the WW II. On September 14 2012, Egan-Jones downgraded the
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credit rating of the United States for the third time from AA to AA-, the lowest of what is considered
"high grade", as a reaction to QE3. Egan-Jones was also the first to downgrade WorldCom and Enron.
3.7 Rating Grades
Each rating agency has developed its own system of rating sovereign and corporate borrowers. Fitch
Ratings developed a rating system in 1924 that was adopted by Standard & Poor's. Moody's grading is
slightly different. Moody's sometimes argues that their ratings embed a conceptually superior approach
that directly considers not only the likelihood of default but also the severity of loss in the event of
default.
Exhibit 1: Rating Notches of Moody's, S&P, and Fitch
Description Moody's S&P Fitch
Maximum Safety Aaa AAA AAA
High Grade Aa AA AA
Higher Medium Grade A A A
Lower Medium Grade Baa BBB BBB
Speculative Ba BB BB
Highly Speculative B B B
Substantially Risky Caa CCC CCC
May be in Default Ca CC CC
Extremely Speculative C C C
Default D D D
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Chapter 4: Credit Rating in Bangladesh
4.1 Credit Rating in Bangladesh
Bangladesh credit rating industry started its journey with the mandatory requirement of having credit
rating for all public debt instruments, right offer issues and shares issued at a premium before the same
were offered to the public. In the year of 2002, Credit Rating Information & Service Limited (CRISL)
started its operation as the first registered credit rating agency of Bangladesh. The second rating agency,
Credit Rating Agency of Bangladesh Limited (CRAB) went to its operation on 2004, thus, making the
sustainability more difficult for two rating agencies.
Credit Risk Grading Manual of Bangladesh Bank was circulated by Bangladesh Bank vide BRPD Circular
No. 18 dated December 11, 2005 on Implementation of Credit Risk Grading Manual which is primarily in
use for assessing the credit risk grading before a bank lend to its borrowing clients. By that time CRISL
rating reports were appearing to be very useful for the users; specially CRISL rating report on the then Al
Baraka Bank convinced the Bangladesh Bank of the need of credit rating and it took the initiative to
make mandatory for all banks to have credit rating before it goes for public offering. The banking
regulator further decided to make it mandatory for all banks to submit credit rating reports to the
regulator within six months after the finalization of accounts.
Following the example of the central bank, the insurance regulator also came up with the requirement
to make rating mandatory for all general insurance companies every year and for the life insurance
companies bi-annually. The Dhaka Stock Exchange, while issuing the direct listing regulations, made the
credit rating mandatory before a company apply for direct listing. The above regulations created an
enabling environment for credit rating in the country’s capital and financial markets. The concept of
client rating by the rating agencies to support capital adequacy of the banks came up in view of the need
for implementation of Basel II capital adequacy framework by Bangladesh Bank.
According to Basel II framework, BB adopted a standardized approach for credit risk in which the
services of rating agencies were required under certain strict terms and conditions. Bank client rating is
a very sensitive issue in view of the fact that most of the private sector companies, enjoying banking
facilities, are not maintaining standard financials for appropriate evaluation. Unless and until all the
above factors are properly evaluated through sector wise studies, the ratings are bound to give wrong
signals. Security and Exchange Commission of Bangladesh (SECB) allows 2% default rate of the credit
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rating agencies. There are certain penalties in case default rate of more than 2% including cancellation
of license of the defaulter rating agency as the highest penalty by BSEC.
Other credit rating companies National Credit Ratings Ltd and Emerging Credit Rating Ltd started their
journey on 2010. ARGUS Credit Rating Services Ltd. is on operation since 2011. Lastly, new four credit
rating companies have come to operation on 2012, which are ARGUS Credit Rating Services Ltd., Alpha
Credit Rating Limited, The Bangladesh Rating Agency Limited and WASO Credit Rating Company (BD)
Limited. A list of credit rating companies operating in Bangladesh can be found in Exhibit 2: List of CRAs.
According to Association of Credit Rating Agencies of Asia, Bangladesh has the highest number of credit
rating companies. India, one of the largest economies of Asia has only two credit rating companies. On
the other hand China, another largest economy is continuing its economic growth with a single credit
rating company. The rating industry In Bangladesh is now considered to be a parentless industry. The
behavior of the regulators towards nourishing this industry does not appear to be rational. The rating
agencies are still defined by the SEC rules as an investment advisory company. This has not changed
over a long time. The paid-up capital still remains at Tk. 5.0 million, to start a rating agency by any group
of sponsors.
Exhibit 2: List of CRAs
Name of Company Date of Issuance of
Registration Certificate
Credit Rating Information and Services Ltd (CRISL) 21 August, 2002
Credit Rating Agency of Bangladesh Ltd (CRAB) 24 October, 2004
National Credit Ratings Ltd 22 June, 2010
Emerging Credit Rating Ltd 22 June, 2010
ARGUS Credit Rating Services Ltd. 21 July, 2011
WASO Credit Rating Company (BD) Limited 15 February, 2012
Alpha Credit Rating Limited 20 February, 2012
The Bangladesh Rating Agency Limited 7 March, 2012
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4.2 Laws and Guidelines Regulating CRAs
Credit rating agencies (CRA) in Bangladesh has been guided by the “Credit Rating Companies Rules,
1996” enacted by Bangladesh Securities and Exchange Commission (BSEC) through notification of
SEC/Section-7/117 on 24 June 1996. The basic snapshot of the law is provided below:
Requirement for credit rating: No issue of debt security, or public issue of shares (including
rights share) at a premium, shall be made by an issuer unless the issue is rated by a credit rating
company and declaration about such rating is given in the offer document, prospectus or rights
share offer document.
Eligibility for registration: A company proposing to commence business as a credit rating
company shall be eligible for registration under these rules if it fulfils or complies with the
following conditions or requirements:
o It is incorporated as a public company under the Companies Act, 1994
o It must have a paid-up capital of at least Tk. 5.00 million
o It has professional competence, financial soundness and has entered into a joint venture
or technical collaboration arrangement with a reputed credit rating company,
o It has at least two professional staff having professional or post-graduation degree in
finance, accountancy, business, economics and/or law and experience for at least two
years in credit rating or investment advisory activities,
Cancellation or Suspension of Registration: Where BSEC is of the opinion that a credit rating
company has contravened any provision or has otherwise failed to comply with any requirement
of the Ordinance or any rule or direction made or given there under the Commission may, if it
considers necessary in the public interest, so to do by order in writing, cancel or suspend the
registration of the credit rating company. Provided that no such order shall be made except
after giving the credit rating company an opportunity of being heard.
Submission of ratings report to the Commission: Every credit rating company shall submit to
BSEC a report giving such details of credit rating for a quarter of the year in such form as may be
required by the Commission by order in writing, within fifteen days of the close of the quarter.
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4.3 The Business Model
The business model used by the credit rating agencies in Bangladesh is primarily involves two parties
apart from the CRAs. These parties are:
1. Issuers/clients of the credit rating agencies
2. The investors, usually the financial institutions including: banks, non-banking financial
institutions, merchant banks, issue manager, donor organizations, and so on.
Exhibit 3: Common business model of CRAs
Usually, the CRAs receive their rating assignments directly from the clients. The purpose of the clients
may vary depending on the benefits they expect to derive from getting themselves rated. However,
because of implementation of BASEL II in Bangladesh, commercial banks have a great interest in getting
their borrowers rated by ECAIs. So, the providers of business for a CRA are both the clients and the
lenders. Although assignments can be received from both ends, the fees for such assignments are
usually paid by the clients.
On the other hand, the analysts of the credit rating agencies would require large amount of information
regarding the business operation, financials, bank relation, and management of the issuer being rated.
The information is regarding these are provided by both the peer parties. A qualitative analysis of the
rating model and its impact on the effectiveness of the credit rating is reported in a later part.
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4.4 Credit Rating Process
Rating is an interactive process with a prospective approach. It involves a series of steps. The main steps
are described as follows:
4.4.1 Rating Request:
Ratings in CRAs are usually initiated on formal request from the prospective Issuer. An undertaking is
also obtained on a Taka 150 non-judicial stamp paper before commencement of a Rating assignment;
which spells out the terms and conditions of the engagement of credit rating agency.
4.4.2 Rating Team
The Rating team usually comprises two members. The composition of the team is based on the
expertise and skills required for evaluating the business of the Issuer. The team is usually led by the
primary analyst with adequate knowledge of the relevant industry/instrument to be Rated.
4.4.3 Information Requirements:
Issuers are provided with a list of information requirements and broad framework for discussions.
These requirements are derived from the experience of the Issuers business and broadly conform to all
the aspects, which have a bearing on the Rating.
4.4.4 Secondary Information:
CRA draws on the secondary sources of information including its own in-house research and information
obtained through meetings with the Issuers’ bankers, auditors, customers and suppliers among many
other relevant market participants. CRA also has a panel of industry experts who provide guidance on
specific issues to the Rating team. The secondary sources generally provide data and trends including
changes in industry structure, sector outlook, global trends and government policies, etc. for the
industry.
4.4.5 Management Meetings and plant visits:
Rating involves assessment of number of qualitative factors with a view to estimate the future earnings
prospects of the Issuer. This requires intensive interactions with the Issuers’ management specifically
with a view to understanding the business plans, future outlook, competitive position and funding
policies, etc.
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4.4.6 Other Meetings:
The CRA’s analyst team may also decide to meet the auditors (accounting policies followed, quality of
internal controls, standard of disclosures, etc.), bankers/lenders (relationship, reputation, dealings in the
past in respect of timeliness of servicing obligations), lawyers (if there are major litigations pending
which may have serious impact on credit quality), trade union leaders (if industrial relations is a sensitive
issue), key functional executives as well as a few investors, customers and suppliers, depending upon
the circumstances to get a direct feedback from different stakeholder.
4.4.7 Meeting with the Issuers’ CEO /CFO:
This would be a very important meeting (usually, the last meeting) when the Rating team would discuss
all the critical issues/findings that may impact the Rating decision with the CEO/CFO of the Issuer (in the
absence of CEO/CFO, with a senior executive nominated by the Issuer for this purpose).
4.4.8 Internal Review Committee Meeting
Once the draft report is prepared by the Analyst team, it is placed before the Internal Review Committee
(IRC) Meeting. The committee comprise of senior analysts. The committee reviews the draft rating
report and analysis made by the analysts. Committee also reviews the due diligence, documents,
meetings, site visits etc.
4.4.9 Rating Committee Meeting:
The authority for assigning Ratings is vested in the Rating Committee of individual CRA. The Rating
reports are sent by the analyst team in advance to the Rating Committee members. A presentation
about the Issuers business and the management is made by the Rating team to the Rating Committee at
the meeting. All the key issues are identified and discussed at length during the meetings and all
relevant issues, which influence the Rating, are considered. The differences if any arise during the
discussion are taken note of. Finally, a Rating is assigned either by a consensus or by majority votes.
4.4.10 Surveillance:
It is obligatory on the part of CRAs to monitor ratings over the tenure of the rated instrument or till any
amount is outstanding under the program rated. The Issuer is bound by the agreement to provide
information to CRAs to facilitate such monitoring. In case the Issuer do not co-operate by way of
providing information, etc, for the purpose of surveillance, CRAs may on its own carry out the
surveillance on best efforts basis based on the available information and possible interactions after
giving the Issuer adequate notice requesting him to co-operate. The Ratings are generally reviewed
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every year, unless the circumstances of the case warrant an earlier review due to changes in
circumstances or major developments that were not anticipated/factored in the Rating decision.
The Ratings may be Upgraded, Downgraded or retained after the surveillance. The CEO, at his sole
discretion, may give one opportunity to the Issuer to represent his case if he is not satisfied with the
rating decision after the surveillance process. However, the Issuer would not have any option of not
accepting the Rating after the surveillance.
4.5 Profiles of CRAs in Bangladesh
4.5.1 Credit Rating Information and Services Ltd (CRISL)1
CRISL is the first ever joint venture rating agency operating in Bangladesh since 1995. It is a joint venture
of Malaysia Berhad (RAM), JCR-VIS Credit Rating Company of Pakistan, few financial institutions and a
host of celebrated professionals of Bangladesh. The company got license from the Securities Exchange
Commission (SEC) under Credit Rating Companies Rules 1996. CRISL is a founder member of the
Association of Credit Rating Agencies in Asia (ACRAA) which is sponsored by the Asian Development
Bank (ADB). CRISL is a public limited company dedicated for credit rating and related services and is
being recognized by Bangladesh Bank as the External Credit Assessment Institution (ECAI) to offer its
services to the banking community for banking client rating
4.5.2 Credit Rating Agency of Bangladesh Ltd (CRAB)2
CRAB was established in 2003 at the initiative of some leading personalities in private sector and
institutions of the country with the commitment to contribute to the development of the capital market
by providing quality ratings and comprehensive research services. CRAB was incorporated as a public
limited company in 2003 and received its Certificate for Commencement of Business in the same year. In
2004, CRAB was granted license by the Securities & Exchange Commission (SEC) of Bangladesh (under
the Credit Rating Companies Rules 1996) for operating as a Credit Rating Company. In 2009 CRAB has
been accredited as an External Credit Assessment Institution (ECAI) by Bangladesh Bank, to provide
rating of Bank Clients under Basel II regime. CRAB has established its reputation as a reliable source of
independent opinion on risks based on systematic and standardized analysis done by professionals
1 Credit Rating Information & Services Limited (CRISL) 2013, accessed 25 Nov. 2013, <http://www.crislbd.com>
2 Credit Rating Agency of Bangladesh Limited (CRAB) 2013, accessed 25 Nov. 2013, <http://www.crab.com.bd>
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4.5.3 National Credit Ratings Ltd (NCRL)3
NCR is a full service rating company that offers a wide range of services. The Securities and Exchange
Commission granted the license to NCR in June 2010 under the Credit Rating Companies Rules 1996. The
company is recognized by the Bangladesh Bank as an External Credit Assessment Institution (ECAI). NCR
has technical collaboration agreement with “The Pakistan Credit Rating Agency Ltd” (PACRA), Pakistan.
PACRA was set up in 1994 as the first credit rating agency in Pakistan as a joint venture between IFC of
the World Bank and IBCA London (now known as Fitch Ratings). PACRA, while helping NCR in design and
development of rating methodologies and programs, would support in training and development of
human resources
4.5.4 Emerging Credit Rating Ltd (ECRL)4
Emerging Credit Rating Limited was incorporated in March 2009, with the view to providing Credit
Rating Services in Bangladesh. ECRL is a licensed credit rating agency and is committed to providing
Bangladesh’s credit market with independent and prospective credit opinions, research and data. In
addition to our core rating business, in the future we hope to branch out into providing research data
and analytical tools for assessing credit risk, and publish market-leading credit opinions. The company
has been built on a foundation of local market experience, which spans throughout the corporate sector
of the country. The company is headquartered in Dhaka, Bangladesh, with a view to expand to other
financial districts all over the nation. ECRL has established a technical collaboration with a Malaysian
rating company known as Malaysian Rating Corporation Berhad (MARC). Under the technical
agreement, ECRL obtained technical support in relation to rating procedures and methodologies from
MARC. ECRL obtained credit rating license from Securities and Exchange Commission (SEC) in June 2010
as per Credit Rating Companies Rules 1996 and also received Bangladesh Bank Recognition as an
External Credit Rating Institution (ECAI) in October 2010. ECRL has already started its operation and
completed around 20 rating assignments
4.5.5 ARGUS Credit Rating Services Ltd. (ACRSL) 5
ARGUS Credit Rating Services Ltd. (ACRSL) is the next-generation Credit Rating Agency of Bangladesh.
Founded as a joint-venture between global experts in credit & equity research and local sponsors with
strong capital markets track record, ACRSL received its license from the SEC in 2011
3National Credit Rating Limited (NCRL) 2013, accessed 25 November 2013, <http://www.ncrbd.com>
4 Emerging Credit Rating Limited (ECRL) 2013, accessed 25 November 2013, <http://www.emergingrating.com>
5 ARGUS Credit Rating Services Limited (ACRSL) 2013, accessed 25 November 2013, <http://www.acrslbd.com>
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4.5.6 WASO Credit Rating Company (BD) Limited (WCRCL)6
WCRCL started its journey on 15th February, 2012 with acquiring license from Bangladesh Securities and
Exchange Commission (BSEC) and finally been recognized by Bangladesh Bank as and ECAI in October
2012. WCRCL also has the technical collaboration with Financial Intelligence Services Ltd. (FISL), Hong
Kong. FISL is the Hong Kong based rating wing of World Vest Base, USA which is renowned for its
unsolicited rating approach and unique rating model. Its comprehensive financial database spans over
51,000 public companies in more than 130 countries from Asia, Africa, Australia, Europe, Latin America,
and North America placed it in a unique position among the global financial intelligence service provider
companies. WCRCL envisaged offering both rating and related services with a vision to establish a
national risk management platform for the financial and non-financial sector
4.5.7 Alpha Credit Rating Limited (ACRL)7
ACRL was incorporated on the 24th of February 2011. a result of the initiative of a few distinguished and
renowned professionals of Bangladesh and the with support and organizational assistance from
SATCOM IT Ltd., Axis Resources Ltd., Equity Care Bangladesh Ltd., and TAN Equity and Investment Ltd.
4.5.8 The Bangladesh Rating Agency Limited (BDRAL)8
BDRAL is a subsidiary of Dun & Bradstreet South Asia Middle East Ltd., is the pioneer in rating the SME
sectors in Bangladesh. SMEs are the power house of the developing economy of Bangladesh and so to
turn Bangladesh into a middle-income nation, the SME sector is the only alternative which can help the
country to achieve the feat. Having congruence with the mentioned pragmatic approach, BDRAL SME
ratings aim to address the challenges faced by bank in SME lending and took the initiative to assist the
financiers to provide a comfort level for increasing the financing in the SME sector. BDRAL has launched
its SME ratings in Bangladesh following a successful pilot phase carried out in the year 2009. BDRAL’s
rating framework considers a number of financial and non financial parameters of the enterprise and
regulations and industry specific dynamics. BDRAL believes that the industry in which an SME operates
has a direct bearing on the overall performance of the SME and therefore rates SMEs based on industry
benchmarks. BDRAL Rating is a comprehensive assessment of the enterprise taking into consideration
the overall financial and non financial performance of the subject company vis à vis the other peers in
the industry in the same line of business and size criteria. The company strives for analytic excellence at
6 WASO Credit Rating Co. (BD) Limited (WCRCL) 2013, accessed 25 Nov. 2013, <http://www.wasocreditrating.com>
7Alpha Credit Rating Limited (ACRL) 2013, accessed 25 November 2013, <http://www.alpharating.com.bd>
8The Bangladesh Rating Agency Ltd (BDRAL) 2013, accessed 25 November 2013, <http://www.bdral.com>
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all times, evaluate its rating criteria, methodologies and procedures on a regular basis, and modify or
enhance them as necessary to respond to the needs of the Bangladesh’s markets
4.6 Importance of Credit Rating: Bangladesh
The motives act behind the entities’ paying fees to secure a credit rating depends on the surrounding
regulatory environment and form of financial market. There are several reasons of getting a rating. The
reasons are different in different markets and economies. The motives of getting a rating in Bangladesh
are not identical as USA or UK. As same, the motives of American entities are not same as those of
European or Australian entities. However, there are some common reasons for which the entities all
over the world are spending money to get rating from the rating agencies. The identical reasons are
enumerated here within the context of Bangladesh:
4.6.1 Market access
Any company that wishes to enter capital markets and issue debt in capital market is obliged to obtain a
credit rating. Rating conveys the entity’s ability and willingness to the market participants regarding
repayment of its borrowed money or equity capital. In Bangladesh, as per Credit Rating Companies Rules
1996, all the companies are required to be rated before issuing its debt or floating its equity share at
premium in the market.
4.6.2 Build up market reputation
New companies that seek to build a reputation in the international financial markets demand credit
ratings to increase the exposure of their brand name. This brand exposure is important when companies
for example initiate foreign direct investments. An entity with a higher rating is considered as a
reputable organization. Recently, Delta BRAC Housing (DBH) has been awarded as an “AAA” rated
company of the country, which excels the company’s reputation that was reflected through the share
price the company at DSE and CSE.
4.6.3 Lower cost of funding
A less known company can lower their cost of borrowing if they obtain a higher investment grade rating.
Banks or financial institutions consider rating as an indication of an entity’s performance measurement
yardstick. Entities with a higher rating are sanctioned loan at a lower interest rate whereas a lower
graded entity is charged at a higher interest rate. So, it is going to be a common practice of the country
to require an entity to be rated itself before applying for a loan to the banks or financial institutions.
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4.6.4 Distinguish oneself from the competition
In sectors that are characterized by a limited number of competing companies such as the banking or
insurance industry, a credit rating is a tool to distinguish them from the competition. Our banking sector
is an example of this practice. In 2006, only Standard Chartered Bank was rated “AAA” by CRISL that
makes the bank unique. But in 2007, both Standard Chartered Band and HSBC operation of Bangladesh
has been awarded the highest rating “AAA” by CRISL and CRAB respectively that creates some
competitive advantage for both the banks.
4.6.5 Regulatory Requirement
All over the world entities are rated for the regulatory bindings by the securities commissions and other
authorities. In Bangladesh, SEC, Bangladesh Bank and Department of Insurance are the three regulators
who issued regulations, circulars and notifications for the entities for rating. Our banks and insurances
are now rated once in a year for these requirements of the regulatory authorities.
4.6.6 Implementation of BASEL II
Bangladesh Bank (BB) issued new guidelines on capital adequacy for Banks under the implementation
process of Basel II framework. Under the guidelines, Banks require to link the minimum size of their
capital to the credit risk in their portfolios. So far Banks were calculating required capital as proportion
of the entire loan portfolio, regardless of the degree of credit risk. To determine credit risk in their loan
portfolios, banks will need to use credit ratings assigned by approved External Credit Assessment
Institutions (ECAIs).
4.7 What is Basel II
4.7.1 Basel Accord
The world financial market is an extremely complex system that involves many different participants
from local banks to the central banks of each nation and even the investor. Due to its importance on the
global economy and our everyday lives it is vital that it is functioning properly. One tool that helps the
financial markets run smoothly is a set of international banking agreements called the Basel Accords.
These accords coordinate the regulation of global banks, and are "an international framework for
internationally active banks". The accords are obscure to people outside banking, but they are the
backbone of the financial system; the Basel Accords were created to guard against financial shocks,
which is when a faltering capital market hurts the real economy, as opposed to a mere disturbance.
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Basel II is recommendatory framework for banking supervision, issued by the Basel Committee on
Banking Supervision in June 2004. The objective of Basel II is to bring about international convergence of
capital measurement and standards in the banking system. The Basel Committee members who
finalized the provisions are primarily representatives from the G10 countries, but several countries that
are not represented on the committee have also stated their intention to adopt this framework. Basel II
is the second accord of the Basel Committee on Bank Supervision's recommendations, and unlike the
first accord, Basel I, where focus was mainly on credit risk, the purpose of Basel II was to create
standards and regulations on how much capital financial institutions must have put aside. Banks need to
put aside capital to reduce the risks associated with its investing and lending practices
4.7.2 Basel Committee
The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities
that was established by the central bank governors of the Group of Ten countries in 1974. It provides a
forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding
of key supervisory issues and improve the quality of banking supervision worldwide. The Committee also
frames guidelines and standards in different areas - some of the better known among them are the
international standards on capital adequacy, the Core Principles for Effective Banking Supervision and
the Concordat on cross-border banking supervision. The Basel Committee formulates broad supervisory
standards and guidelines and recommends statements of best practice in banking supervision (see bank
regulation or "Basel III Accord", for example) in the expectation that member authorities and other
nations' authorities will take steps to implement them through their own national systems, whether in
statutory form or otherwise.
4.7.3 Basel II and Credit Rating
Basel II is recommendatory framework for banking supervision, issued by the Basel Committee on
Banking Supervision in 2004. The objective of Basel II is to bring about international convergence of
capital measurement and standards in the banking system. BB, in December 2008, issued guidelines on
the New Capital Adequacy Framework (BRPD Circular 09, dated 31.12.08) to banks operating in
Bangladesh, based on the Basel II framework. These guidelines inform that BB suggests implementation
of Basel II with the following approaches:
i. Standardized approach for calculating RWA against credit risk
ii. Standardized approach for calculating RWA against Market Risk; and
iii. Basic indicator approach for calculating RWA against Operational Risk
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Under standardized approach for measuring credit risks, the risk grades are determined on the basis of
ratings assigned by ECAIs. Basel II is implemented from January 2009. In this regard a quantitative
impact study (QIS) to assess the preparedness for implementing Basel II as well as the bank’s view on
the optional approaches for calculating Minimum Capital Requirement (MCR) as stated in Basel II was
carried out in April-May 2007. Study & subsequent discussion with few related banks revealed that
bankers should be more acquainted with the New Capital Accord (Basel-II). To address this challenge
capacity building of concerned implementing & supervisory officials were given first priority in the
Action Plan/Roadmap.
As of 20 November 2013, there are 7 (seven) ECAIs in Bangladesh. All these CRAs are accredited by the
Bangladesh Bank (BB) to perform credit ratings of both issuers and issues, which can be considered by
the commercial banks to calculate the Risk-Weighted Assets (RWA).
4.7.4 Bank Loan Rating
All ECAIs offer Bank Loan Ratings (BLR) to various types of facilities provided by banks, such as working
capital demand loans, cash credit, project loans, loans for general corporate purposes, and non-fund-
based facilities. Bank loan ratings indicate the degree of risk with regard to timely payment of interest
and principal on the facility being rated.
The Bank Loan Rating service from ECAIs entails evaluating the capability of an issuer (borrower of a
bank) to timely meet its debt obligations against a specific line of credit, in the light of the relevant
terms, conditions and covenants. ECAIs consider all relevant factors that have a bearing on the future
cash generation and debt servicing ability of the issuer. The rating methodology and scale used are
similar to that used for Debt Instrument Rating.
4.8 Impact of Credit Rating on Banking Sector
Bangladesh Bank has made credit rating mandatory to all scheduled banks and insurance companies on
an annual basis. With a view to managing various risks in a prudent manner, scheduled banks are hereby
instructed to follow the attached risk management guidelines. The document should be treated as
Supplement to, and not a substitute for, existing core risks guidelines. Ratings of financial institutions
focus on the risks that can possibly affect the operations of such a company - operating risks, financial
risks and management risks.
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Banks have to prepare a risk management paper and must place the same in the monthly meeting of the
Risk Management Unit. The minutes of the meetings should contain specific decisions based on the
analyses/recommendations made in the risk management paper. Banks have to submit risk
management papers along with the minutes of the meetings within 10 days of each quarter end to the
Department of Off-site Supervision of Bangladesh bank.
In case of banks clients who have loan exposure of 10 million or above are required to be rated. The
eight credit rating companies are involved in the process. Banks can be rated by more than one credit
rating Company. In that situation lowest rating should be considered as per rule of BB.
The CRAs focus on the factors while rating a bank are- profitability, earnings & volatility, asset quality,
capital adequacy, liquidity & funding, investment quality, asset quality & provisioning, controls & risk
management, corporate governance, and earning diversification.
Credit Rating has two types of impact on banks which are:
Bank as borrower.
Bank as lender.
4.8.1 Impact while Bank is a Borrower
According to a very general thought banks are here to lend money. But banks sometimes need to
borrow money to meet its monetary necessity. Banks borrows this money either from other banks or
from other financial institutions. When bank is a borrower bank is rated by credit rating agencies and
bank can use that rating to get loans for its operation. The impact of credit rating on a bank while it is a
borrower are-
The main advantage of a credit rating is being rewarded for managing budget and finances
responsibly. This qualifies a bank for the best credit offers, including low interest. Good credit
ratings allow borrowers to easily borrow money from financial institutions or public debt
markets.
A better rated company gets priority while applying for a loan to a bank or a financial institution.
Pricing of fresh loans supposed to be effected by the rating of the borrower. Higher rated
companies in particular will benefit from this.
Good credit rating qualifies for insurance at preferred rates
Good credit rating makes an organization look more attractive to employers as well.
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Risk grading would also be relevant for surveillance and monitoring, internal MIS and assessing
the aggregate risk profile. It is also relevant for portfolio level analysis.
4.8.2 Impact while Bank is a Lender
At the pre-sanction stage, credit rating helps the banks to decide whether to lend or not to lend,
what should be the pricing for a particular exposure, what should be the extent of exposure,
what should be the appropriate credit facility and the various risk mitigation tools.
At the post-sanction stage, the bank can decide about the depth of the review or renewal,
frequency of review, periodicity of the grading, and other precautions to be taken.
Banks enjoy a facility while maintain capital reserve requirement of Bangladesh.
Basel II accord allows banks to maintain capital reserve requirement according to the risk weight
which saves capital of the bank and increase capital base of overall banking sector.
An illustration of capital-saving potential by banks on a loan of Tk. 1000 million is as following
4.9 Corporate Sector of Bangladesh
Corporate sector includes business entities which are Public Limited Companies and obtained consent
from the Commission to raise its paid up capital of more than Tk. 10.00 million. Bangladesh corporate
sectors are still in its initial stage. Most of the companies depend on the banks as their major source of
financing. Capital market in Bangladesh is still at an emerging stage with market capitalization
amounting to only 6.5% of GDP with low investor confidence on corporate governance and financial
disclosure practices in many companies listed in the stock exchanges. The neighboring countries are well
ahead vis-a-vis Bangladesh in terms of depth of capital market. For example, in India, Pakistan and Sri
Lanka, the market capitalization is 56%, 30% and 18% of their GDP respectively. However, Awareness of
the importance of corporate governance in Bangladesh is growing.
Securities and Exchange Commission of Bangladesh (SECB) issued a notification on Corporate
Governance Guidelines (CG Guidelines) for the publicly listed companies of Bangladesh under the power
vested on the Commission by Section 2CC of the Securities and Exchange Ordinance, 1969.
4.9.1 Impact of Credit Rating on Corporate Sector
Rating assesses the level to which an organization accepts and follows the codes and guidelines of
corporate governance practices. It is evaluated from the system of distribution of rights and
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responsibilities among different participants in the organization such as the board, management,
shareholders and other financial stakeholders, and the rules and procedures have lay down and
followed for making decisions on corporate affairs. Credit rating is not mandatory under Basel II.
However banks are likely to save capital if they get their counterparties/ loan portfolios rated. If a bank
chooses to keep some of its clients/ loans unrated, it may have to provide a risk weighted of 125% for
credit risk on such loans. That is why banks push their clients to be rated by credit rating agencies. For
the same reason credit rating agencies reach corporations or other business organizations through their
banks.
Credit rating methodology is developed for analysis of non-financial organizations operating in
manufacturing, assembling, service sector etc. The generic factors are common for all entities/ issuers,
while criterion specific for different industries are used for rating. The criterions used for corporate
rating are Industry Risk Analysis, Business Risk Analysis, Operating Environment, Strategy & Financial
Policies, Security Risk Analysis, Management Evaluation, Corporate Governance, Operating
Performance, Financial Strength and Relationship Risk Analysis. Among these Security Risk Analysis and
Relationship Risk Analysis are considered as generic risk factors, others are considers as corporate rating
factors. A chart of corporate rating factors and rating definition are presented in the appendix part of
the report.
Impact on Bangladesh Bank has made credit rating mandatory to all the business entities who have bank
loan exposure of BDT 10 million or more. The impacts of credit rating on the corporate sector of our
country are as following-
Credit rating works as a reward for managing budget and finances responsibly. This qualifies a
company for the best credit offers, including low interest. Good credit ratings allow the
companies to easily borrow money from financial institutions or public debt markets. Credit
rating may help in stabilizing issuers; access to the market even when the market price of listed
equities is relatively unfavorable in the prevailing market conditions.
Credit ratings of Entities would grant upon the companies a greater confidence of the market
and enhance a greater access to the financing sources. Rating opinion would facilitate the
investors to decide their portfolios by choosing investment options in the market according to
their profiles and preferences which gradually help a corporation to raise capital from
shareholders. A better rated company gets priority while applying for a loan to a bank or a
financial institution.
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Pricing of fresh loans supposed to be effected by the rating of the borrower. Higher rated
companies in particular will benefit from this. Good credit rating qualifies for insurance at
preferred rates.
Good credit rating makes an organization look more attractive to employers as well.
Credit rating would also be relevant for surveillance and monitoring, internal MIS and assessing
the aggregate risk profile. It is also relevant for portfolio level analysis.
Credit ratings may facilitate the process of issuing and purchasing bonds and other debt issues
by providing an efficient, widely recognized, and long-standing measure of relative credit risk.
Other market participants may use the ratings as a screening device to match the relative credit
risk of an issuer or individual debt issue with their own risk tolerance or credit risk guidelines in
making investment and business decisions.
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Chapter 5: Qualitative Analysis - Effectiveness of Rating
The qualitative analysis of the effectiveness is very important as it would define the restraining catalysts,
which the quantitative analysis would not be able to identify. The qualitative analysis would focus on the
probable discrepancies and self-serving biases.
The qualitative analysis of the effectiveness of credit ratings in Bangladesh would include two different
perspectives that are-
Analysis of business model
Analysis of the Industry dynamics
Observing the business model that was presented in previous chapter, it can be identified that the client
provides the fees for doing its own credit rating. This is the most vital point in the business model of the
credit rating agencies. It may result in inflated credit rating as the CRAs may try to get new clients or
may even try to retain the old ones. This scenario is worsened by the fact that there are about 8 (eight)
credit rating companies operating in Bangladesh. This made the Rating industry highly competitive. So,
the both client base creation and retention for CRAs have become very challenging with competition
proliferating. So, the possibilities of the CRAs sacrificing the quality of the credit rating increase
significantly.
Another point in the analysis is that under the BASEL II guideline banks and financial institutions are the
prime users of the credit rating assigned by the CRAs or ECAIs. If the credit rating of an issuer or issue is
rated high, the lending financial institution would have to maintain a lower capital, calculated based on
the risk-weighted assets (RWA). On the other hand, banks are also a significant source of rating
assignments for the CRAs. So, banks may try to influence the CRAs by promising to be a source of
business and in return expecting inflated ratings for its clients. This would also result in loss of
effectiveness for the credit rating.
Another possible source of discrepancies that can affect the effectiveness of the credit rating is the
information provided by the clients or banks. Clients and banks, in most of the cases, wish to inflate
their credit ratings. As a result, they may manipulate the information provided to the credit rating
agencies to reflect a better position of their business operation and financial position. However, this is
the duty of the analyst to find out such red flags and discount those in the credit rating report.
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The fourth point for loss of effectiveness can be the analysts themselves. If an analyst is not competent
enough to analyze an issuer or issue properly the credit rating derived from his/her analysis would not
reflect the actual scenario. However, this weakness can be ruled over by the seniors of the analysts by
supervising properly.
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Chapter 6: Quantitative Analysis - Effectiveness of Rating
The effectiveness of credit rating means how consistently and precisely the ratings can represent the
risk associated with the entity and/or issue. One of the significant signs of effective rating would be
consistent pattern across all the rating agencies (CRAs). Another perspective would be to measure the
consistency and monotonous-nature of the credit rating across the time line. That is, the credit ratings
assigned must exhibit similar distribution pattern over a period of time.
As a result, our quantitative analysis of effectiveness of credit rating would include two different
segments. In the first segment, we would analyze the consistency of the credit rating assigned across
different CRAs. For this purpose, we would consider 4 (four) CRAs, which are: Credit Rating Agency of
Bangladesh (CRAB) Limited, Credit Rating Information and Services Limited (CRISL), WASO Credit Rating
Company (BD) Limited (WASO), and Emerging Credit Rating Limited (ECRL). Secondly, we would analyze
credit rating across three different years i.e. 2011, 2012, and 2013.
As we know that CRAs assign different credit rating scales to different risk levels. As a result, the analysis
of consistency in rating scales would not be possible unless they can be converted into common
standardized scale/notches. To standardize the rating scales of these credit rating companies, we would
use the mapping for BASEL II guideline provided by the Bangladesh Bank trough the following circulars:
Circular Num. CRA’s Name BRPD Circular no: 31 ECRL
BRPD Circular no: 5 CRAB and CRISL BRPD Circular no: 16 WASO Under these circulars, the standardized classification of the rating notches will be as following:
Exhibit 4: Rating mapping of CRAs with BB Grades
BB Grades CRAB CRISL ECRL WASO
1 AAA AAA AAA AAA, AA1, AA2, AA3
2 AA1, AA2 AA+, AA AA+, AA, AA- A1,A2,A3
3 AA3,A1,A2,A3 AA-,A+,A,A- A+,A BBB1,BBB2,BBB3
4 BBB1,BBB2,BBB3 BBB+,BBB,BBB- A-,BBB+,BBB,BBB-,BB+ BB1,BB2,BB3
5 BB1,BB2,BB3,B1,B2,
B3,CCC1,CCC2
BB+,BB,BB-,B+,B, B-
,CCC+,CCC,CCC-
BB,BB- B1,B2, B3,CCC
6 CCC3,CC,C,D CC+,CC,CC-,C+,C,C-,D B+,B, B-,C,D CC1,CC2,CC3,C,D
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Moreover, to represent the precise risk grades determined by the Bangladesh Bank, we need to follow
the Basel II guideline for capital adequacy. Under which these BB grades, mentioned above, are further
classified regarding their risk grades and weights. The risk grades and their respective risk weights are as
following:
Exhibit 5: Risk weights for BB grades
Category Bangladesh Bank
Rating Grade
Risk Weight
(%)
1 1 20%
2 2 50%
3 3, 4 100%
4 5, 6 150%
N/A Unrated 125%
6.1 Analysis across CRAs
We would test the effectiveness of the credit ratings across 4 (four) different credit rating agencies
(CRAs). Their names will be denoted as CRAB, CRISL, WASO, and ECRL. When we classify the data set
according to this risk weight system, we get the following data table for analysis:
Exhibit 6: Sample distribution across CRAs
Category CRAB CRISL WASO ECRL Total
1 5 4 1 6 16
2 48 20 10 30 108
3 559 418 148 881 2,006
4 306 15 0 64 385
Total 918 457 159 981 2,515
To test the consistency/effectiveness across the CRAs we need to evaluate them on pair-basis. That is,
we need to test whether one pair of CRA is statistically different in assigning credit rating or not through
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hypothesis testing. The relationships that we need to test can be depicted thorough the following
diagram:
Exhibit 7: Diagram of relationships to be tested
6.1.1 CRAB and CRISL
The first relationship we would be testing is CRAB and CRISL. In analyzing so, we hold the values and
proportions of CRAB as observed value and the based on that calculate the expected values of CRISL. So,
the hypotheses for testing the significance are:
H0 = There is no significant difference between ratings provided by CRAB and CRISL
H1 = There is significant difference between ratings provided by CRAB and CRISL
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of CRAB and CRISL, is 196.51. This means that
the calculated value is more than the table value, which lead us to reject the H0 hypothesis and accept
the H1 hypothesis.
This implies that there is significant difference between credit ratings provided by CRAB and CRISL.
6.1.2 CRAB and WASO
The second relationship we would be testing is CRAB and WASO. In analyzing so, we hold the values and
proportions of CRAB as observed value and the based on that calculate the expected values of WASO.
So, the hypotheses for testing the significance are:
H2 = There is no significant difference between ratings provided by CRAB and WASO.
CRAB CRISL
ECRLWASO
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H3 = There is significant difference between ratings provided by CRAB and WASO
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of CRAB and WASO, is 80.42. This means that the
calculated value is more than the table value, which lead us to reject the H2 hypothesis and accept the
H3 hypothesis.
This implies that there is significant difference between credit ratings provided by CRAB and WASO.
6.1.3 CRAB and ECRL
The third relationship we would be testing is CRAB and ECRL. In analyzing so, we hold the values and
proportions of CRAB as observed value and the based on that calculate the expected values of ECRL. So,
the hypotheses for testing the significance are:
H4 = There is no significant difference between ratings provided by CRAB and ECRL.
H5 = There is significant difference between ratings provided by CRAB and ECRL
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of CRAB and ECRL, is 355.12. This means that the
calculated value is more than the table value, which lead us to reject the H4 hypothesis and accept the
H5 hypothesis.
This implies that there is significant difference between credit ratings provided by CRAB and ECRL.
6.1.4 CRISL and WASO
The fourth relationship we would be testing is CRISL and WASO. In analyzing so, we hold the values and
proportions of CRISL as observed value and the based on that calculate the expected values of WASO.
So, the hypotheses for testing the significance are:
H6 = There is no significant difference between ratings provided by CRISL and WASO.
H7 = There is significant difference between ratings provided by CRISL and WASO
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The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of CRISL and WASO, is 6.70. This means that the
calculated value is less than the table value, which leads us to accept the H6 hypothesis and reject the H7
hypothesis.
This implies that there is NO significant difference between credit ratings provided by CRISL and WASO.
6.1.5 CRISL and ECRL
The fifth relationship we would be testing is CRISL and ECRL. In analyzing so, we hold the values and
proportions of CRISL as observed value and the based on that calculate the expected values of ECRL. So,
the hypotheses for testing the significance are:
H8 = There is no significant difference between ratings provided by CRISL and ECRL.
H9 = There is significant difference between ratings provided by CRISL and ECRL
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of CRISL and ECRL, is 36.38. This means that the
calculated value is more than the table value, which lead us to reject the H8 hypothesis and accept the
H9 hypothesis.
This implies that there is significant difference between credit ratings provided by CRISL and ECRL.
6.1.6 ECRL and WASO
The sixth relationship we would be testing is ECRL and WASO. In analyzing so, we hold the values and
proportions of ECRL as observed value and the based on that calculate the expected values of WASO. So,
the hypotheses for testing the significance are:
H10 = There is no significant difference between ratings provided by ECRL and WASO.
H11 = There is significant difference between ratings provided by ECRL and WASO
The table value of chi-square with degree of freedom of 3 and level of significance of 5% is 7.82.
However, the calculated value of chi-square, from data of ECRL and WASO, is 15.17. This means that the
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calculated value is more than the table value, which lead us to reject the H10 hypothesis and accept the
H11 hypothesis.
This implies that there is significant difference between credit ratings provided by ECRL and WASO.
After all the relationships and hypothesis have been tested, the relationships should look like the
following (green representing similarity and red representing difference):
Exhibit 8: Relationship Status among CRAs
6.2 Analysis across Time
By definition rating should be monotonous and not affected by any kind of cyclicality or sudden surge in
business activities (Bar-Isaac & Shapiro 2013). Moreover, as we are dealing with only three years of data,
of which the later two years (2013 & 2012) would be compared to the initial year (2011), the effect of a
longer lasting cycle is less likely to affect the ratings. As a result, the main factor affecting the affecting
the ratings would be the deliberate increase in overall rating from the initial year (2011). So, it is
assumed that the quality of the ratings is dependent on the monotonous nature of the ratings and rating
distribution.
We would test the effectiveness of the credit ratings across 3 (three) consecutive years, i.e. 2011, 2012,
and 2013. Similar to the preceding analysis, we would classify the data set according to this risk weight
assigned by Bangladesh Bank (BB) (Please refer to Exhibit 5: Risk weights for BB grades). We get the
following data table for analysis:
CRAB CRISL
ECRLWASO
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 40 of 63
Exhibit 9: Sample distribution across time
Criteria 2011 2012 2013 Total
1 5 6 4 15
2 48 19 20 87
3 609 809 525 1943
4 306 137 27 470
Total 968 971 576 2515
The statistical level of significance is assumed to be 5% and the degree of freedom is (4-1) X (3-1) = 6.
This implies a table value of chi-square of 12.592. Moreover, we would test the following hypotheses:
H12 = There is no significant deviation in ratings of 2012 and 2013 from ratings of 2011, which implies the
quality of the ratings have not changed.
H13 = There is significant deviation in ratings of 2012 and 2013 from ratings of 2011, which implies the
quality of the ratings have not changed.
If the calculated value of chi-square is lower than the table value, we would accept the null hypothesis
(H12). Otherwise, we would reject the null hypothesis and accept the alternative hypothesis (H13).
The calculation of proportion is following:
Exhibit 10: Table of proportion for Chi-Square testing
Criteria 2011 2012 2013
1 1% 1% 1%
2 5% 2% 3%
3 63% 83% 91%
4 32% 14% 5%
Total 100% 100% 100%
From this, holding the 2011 proportion as base for calculating the expected values of 2012 and 2013, we
get the following table of expected values:
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 41 of 63
Exhibit 11: Table of Expected values for Chi-square
Criteria 2012 2013
1 5.02 2.98
2 48.15 28.56
3 610.89 362.38
4 306.95 182.08
Total 971.00 576.00
From this table, we calculated the summation of (O-E)2/E values, which is the calculated value of chi-
square. The calculated value of the chi-square thus is 384.17. As a result, it is evident that the calculated
value is higher than the table value of the chi-square. So, we should reject the null hypothesis (H12) and
accept the alternative hypothesis (H13). This states that that there is significant deviation in the rating
assigned of 2012 and 2013 from the rating assigned for 2011.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 42 of 63
Chapter 7: Findings
From the above mentioned qualitative and quantitative analyses we get the following findings:
As the clients provide the rating fees for rating assignments, there is a possibility that the client
would try to influence the credit ratings assigned.
The CRAs to attain and retain new clients may try to inflate the credit ratings.
The banks are the main users of credit rating under the BASEL II guideline, who also provide
business to the CRAs. As a result, the banks may try to influence the CRAs to get a higher credit
rating, which would result into lower capital reserve for the bank.
H1 is accepted which means there are significant difference between credit ratings provided by
CRAB and CRISL.
H3 is accepted which means there are significant difference between credit ratings provided by
CRAB and WASO.
H5 is accepted which means there are significant difference between credit ratings provided by
CRAB and ECRL.
H6 is accepted which means there are NO significant difference between credit ratings provided
by CRISL and WASO.
H9 is accepted which means there are significant difference between credit ratings provided by
CRISL and ECRL.
H11 is accepted which means there are significant difference between credit ratings provided by
CRISL and WASO.
As significant proportion of the hypothesis testing resulted that there is significant difference
between the ratings assigned by the credit rating agencies (CRAs), there is a potential scope for
rating shopping. This implies that the actual effectiveness of the credit rating can be violated by
switching among the CRAs.
H13 is accepted, which means that there is significant deviation in the rating assigned of 2012
and 2013 from the rating assigned for 2011. This implies, according the assumption, that in the
years 2012 and 2013 the overall rating distribution of Bangladesh has changed significantly. As
per the previous assumptions, this mean that as the number of rating agencies increased,
mainly in 2012, the rating distribution changed.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 43 of 63
Chapter 8: Recommendations
Based on the findings, above mentioned, the following recommendations can be suggested:
As the ratings assigned by the credit rating agencies differed, proper synchronization of the
methodologies and modus-operandi may result in similar rating assigned. Thus the effectiveness
would increase and the benefits from rating shopping would decline drastically. Moreover, if the
rating shopping declines, the tendency to get inflated credit ratings would also decline.
Increase government supervision through both Bangladesh Bank (BB) and Bangladesh Securities
& Exchange Commission (BSEC). This may abstain the CRAs from misconduct.
A separate body for monitoring credit rating agencies can be formed.
Government should provide clear and written “Code of Conduct” for the credit rating agencies.
The government can try to reduce the severe competition in the credit rating industry by
segregating their field of operation of clearly defining the rating fees to be charged.
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 44 of 63
Chapter 9: References
Amato, J. D., & Furfine, C. H. (2004). Are credit ratings procyclical? Journal of Banking & Finance
, 2641-2677.
Bar-Isaac, H., & Shapiro, J. (2013). Ratings Quality over the Business Cycle. Journal of Financial
Economics , 108 (1), 62-78.
Becker, B., & Milbourn, T. (2010). How did increased competition affect credit ratings? Journal
of Financial Economics , 101 (3), 493-514.
Bhojraj, S., & Sengupta, P. (2003). Effect of Corporate Governance on Bond Ratings and Yields:
The Role of Institutional Investors and Outside Directors. Journal of Business , 455-475.
Blume, M. E., Lim, F., & MacKinlay, A. C. (1998). The Declining Credit Quality of US Corporate
Debt: Myth or Reality. Journal of Finance , 1389-1413.
Doherty, N. A., Kartasheva, A. V., & Phillips, R. D. (2007). SSRN. Retrieved August 1, 2013, from
http://ssrn.com/abstract=967551
Ederington, L. (1985). Classification Models and Bond Ratings. The Financial Review , 237-261.
Gonzalez, F., Haas, F., Johannes, R., Persson, M., Toledo, L., Violi, R., et al. (2004). Market
dynamics associated with credit ratings: a literature review. Banque de France Financial Stability
Review , 53-76.
Hilderman, M. (1999). Opening the Black Box: The Rating Committee Process at Moody's. New
York: Moody's Investor Service.
Hill, C. A. (2004). Regulating the Credit Rating Agencies. Washington University Law Review , 43-
95.
Ramakrishnan, R. T., & Thakor, A. V. (1984). Information Reliability and a Theory of Financial
Intermediation. Review of Economic Studies , 415-432.
Zhou, C. (2001). Credit Rating and Corporate Defaults. Journal of Fixed Income , 30-40.
Credit Rating Information & Services Limited (CRISL) 2013, accessed 25 November 2013,
<http://www.crislbd.com>
Credit Rating Agency of Bangladesh Limited (CRAB) 2013, accessed 25 November 2013,
<http://www.crab.com.bd>
National Credit Rating Limited (NCRL) 2013, accessed 25 November 2013,
<http://www.ncrbd.com>
Emerging Credit Rating Limited (ECRL) 2013, accessed 25 November 2013,
<http://www.emergingrating.com>
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 45 of 63
ARGUS Credit Rating Services Limited (ACRSL) 2013, accessed 25 November 2013,
<http://www.acrslbd.com>
Alpha Credit Rating Limited (ACRL) 2013, accessed 25 November 2013,
<http://www.alpharating.com.bd>
WASO Credit Rating Company (BD) Limited (WCRCL) 2013, accessed 25 November 2013,
<http://www.wasocreditrating.com>
The Bangladesh Rating Agency Ltd (BDRAL) 2013, accessed 25 November 2013,
<http://www.bdral.com>
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 46 of 63
Chapter 10: Appendix (Elements of the Sample)
Name Ratin
g Name Ratin
g Name Ratin
g
South Asia Insurance Co. Ltd. BBB2 Unitrend Ltd. BBB1 M/S Asha Fish BBB3
Joint Iron Mart BB2 M/S Unique Auto Rice Mill BB1 M/s Asian Trading CO. BBB2
Masafi Bread and Biscuit Ind. Ltd. BBB1 Active Ind. Ltd. A3 M/S Asian Trading Co. BBB3
M/S Lata Ent. BBB1 Advance Textile Mills Ltd. BB2 M/s Asir Uddin Rice Mill BBB2
Zaman Traders BBB3 M/S Olympia Auto Rice Mill BB1 M/s Asma Ent. BBB2
Gazaria Builders & Engineering Associates A3 Quality Feeds Ltd. AA2 M/S Ataur Rahman Khan BBB1
Kohinoor Apparels Ltd. BB1 Ayubpur Textile Mills Ltd. BBB3 M/S Atiar Traders BBB2
Paramount Apparels Ltd. BBB1 Razmoni Film City Ltd. B1 M/S Azad Art Hall BBB2
Total Agro & Aqua Culture Ltd. BB1 Lovely Food Ind. (Pvt) Ltd. BB1 M/S Azmir Vandar BBB2
Aman Spinning Mills Ltd. BBB1 Sakura Steel Ltd. B1 M/S Azmir Vander BBB3
Mosharraf Composite Textile Mills Ltd. A1 M H International BB1 M/S B.P. Ent. BBB2
Concrete & Steel Technologies Ltd. BB2 F.M. Knitwear Ltd. B1 M/s Baia Trade Syndicate BBB3
Sami Chawl Kal BB2 GSP Finance Co. (Bangladesh) Ltd. BBB2 M/S Baishakhi Ent. BBB2
Natore Cold Storage Ltd. BBB1 Oasis Services (Agro) Ltd. BBB2 M/S Bangladesh Agricultural Ind. BBB2
Aman Seed Storage Ltd. A3 Zannath Ent. BBB3 M/s Banoful & Co. A3
Alam & Co. Pvt. Ltd. BBB3 Abul Khair Steel Ltd. AA2 M/S Bari Rice Mill BBB2
Global Beverage Co. Ltd. BBB2 IFAD Autos Ltd. A1 M/S Bashundhara Bricks BBB3
Surma Petroleum BBB3 Tara Spinning Mills Ltd. BBB2 M/S Bazal And Brothers BBB3
Unnayan International Engineers & Build. BB2
National Bank of Pakistan Ltd.-Bangladesh BBB3 M/S Bazlur Rahman Trading Co. BBB3
Fu-Wang Ceramic Industry Ltd. BBB2 Active Ind. Ltd. A3 M/S Bazlur Rahman Trading Co. BBB3
Ratul Collection BB2 Reedisha Spinning Ltd. A3 M/S Begum Auto Rice Mills BBB2
Associate Tubes Ltd. BBB1 Lucky Star Apparels Ltd. BB2 M/S Bhai Bhai Auto Rice Mill BBB3
Danish Condensed Milk Bangladesh Ltd. AA2 Karnaphuly Filling Station BB1 M/S Bhai Bhai Auto Rice Mill BBB3
Unicom Textile Mills Ltd. BBB2 Power Trade Building Ltd. BB2 M/S Bhuiyan Brothers BBB3
MKS Human Skill Development Ltd. A3 Blue Ocean Footwear Ltd. A3 M/S Bichitra BBB2
J K Spinning Mills Ltd. BBB2 IDLC Finance Ltd. AAA M/S Billal Hossain BBB3
EJAB Distribution Co. Ltd. A2 MRS Ind. Ltd. AA3 M/S Bismillah Motors BBB2
Orion Power Meghnaghat Ltd. / IEL A1 Euro Label Ltd. BBB2 M/S Biswas Agro BBB3
Prince High Design Ltd. BB3 Shaheen Garments BB3 M/S Biswas Flour Mill BBB2
Ershad Brothers Corporation A3 Crown Wool Wear Ltd. A2 M/S Bitoroni Rice Mill BBB3
Hamida Plastic Ltd. AA2 M/S Narsingdi Jute Traders BB1 M/S Brothers Auto Rice Mill BBB3
Jamal Ent. BB1 Max Power Ltd. BB1 M/S Brothers Auto Rice Mill BBB3
IFIC Bank Ltd. AA2 Pintu Dutta BB1 M/S Carrefamily BBB3
S. S. Business Line BB1 Hwa Well Textiles (BD) Ltd. A2 M/S Chamak Ent. BBB2
Jannath Medico BBB1 B A Corporation BB1 M/S Chhanda Auto Rice & Charcoal Ind. BBB2
Everest Ent. BB1 Siraj & Brothers BB1 M/S China Machineries BBB3
Fraternity Accessories Ltd. BB3 Hossain International BBB2 M/s Colour and Fashion Ind. Ltd. BBB2
Republic Insurance Co. Ltd. BBB1 Confidence Trade Ltd. BBB1 M/s D.K. Auto Rice Mill BBB2
Aman Cotton Fibrous Ltd. A2 Sumon Traders BBB3 M/S Daud & Co. BBB3
Aman Cold Storage Ltd. A3 M N Huda Construction Ltd. BBB3 M/S Deen Impex BBB2
Power Trade Engineering Ltd. BB2 Pacific Marine Service BBB3 M/S Desh Agro Ind. BBB3
Rahat Ind. BBB3 Abir Ent. BB1 M/S Dhaka Ent. BBB2
Nipa Oil & Flour Mill BBB3 CEL Telecom Ltd. BB2 M/S Dhaka Machineries BBB2
Jupiter Ent. A3 Ispahani Foods Ltd. BBB3 M/S Dulal & Brothers BBB3
A&A Trade Centre B1 Noboudoy Housing Ltd. BBB2 M/S Ekram Traders and Sister Concerns BBB2
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Anwer Khan Modern Hospital Ltd. BBB1 Walton Hi-Tech Ind. Ltd. A1 M/S Emon Fashion BBB2
Fakir Knitwears Ltd. AA3 Dong Bang Dyeing Ltd A1 M/S Euro Marble & Granite BBB2
Harbis Converting Ltd. BB3 Sonargaon Textiles Ltd. BBB2 M/S Extra Pace Logistics BBB3
Rupali Life Insurance Co. Ltd. BBB1 M/S Fancy Crockery House BB1 M/S Faieza Textile BBB3
Amin Tannery Ltd. BBB1 Energy+ Electric & Electronics (Pvt.) Ltd. BB1 M/S Fair Trade BBB3
Ruhul Amin Automatic Rice Mill BBB3 Shah Sultan Bij Himagar BB1 M/S Faizuddin & Co. BBB1
Amio Water Treatment Ltd. BB3 Beats Fashion Ltd. BBB3 M/S Fazlur Rahman Paiker & Sister Concerns BBB3
M/S Daihan Exim BB2 Refat Garments Ltd. AA2 M/S Feroz International BBB2
M/S Shantano Cold Storage BB2 Knit Concept Ltd. BB3 M/S Fizu Store BBB3
M/S Nazrul Super Rice Mill BB2 Resource Planning & Management Consultants (Pvt) Ltd. A3 M/S Fresh Agro Food Products BBB2
Mosharraf Composite Textile Mills Ltd. A2 Habiganj Agro Ltd. AA3 M/S Gazi Auto Rice Mill BBB2
M/S Selim Auto Rice Mill BB1 Prome Agro Foods Ltd BBB1 M/s GL Shipping Lines BBB3
Azad Syndicate BB1 Crown Fashion & Sweater Ind. Ltd. A2 M/s Global Sea Services BBB3
Younus Offset Paper Mills Ltd. AA3 Permess South East Asia Ltd. BB1 M/S Gold Star Electronics BBB3
United Traders AA3 Desh Traders BB2 M/s Golden Jute supply BBB1
Lub House Ltd. A3 Janata Jute Mills Ltd. AA3 M/S Gourab Auto Rice Mill BBB3
Cosmopolitan Ind. Pvt. Ltd. AA3 M/S Khairul Ent. BBB1 M/S Gram Sarkar Rice Mills BBB2
Y B Garments Ltd. A3 M/S Shahjadpur Travels & It’s Sister Concerns BBB1 M/S Grey Textile Mills BBB2
New Zealand Dairy Products Bangladesh Ltd. A2 Mohammadi Steel Works Ltd. BBB1 M/s H.K Jute Trading BBB2
Bangladesh Industrial Gases Ltd. BBB3 Lexicon Merchandise A2 M/S Habib & Hai Traders BBB3
Sanzi Textile Mills Ltd. BBB2 SAR & Co. Ltd. B1 M/S Haider Machineries BBB3
Singer Bangladesh Ltd. AA1 M/S A.G. Traders & M/S Jamuna Bricks BBB1 M/S Haider Machinery Store BBB3
Empire Dyeing Ltd. A3 Zahid Ent. Ltd. A3 M/S Haji Abdul Majid BBB2
Haque & Co. (Dry Cell) Ltd. BBB3 MRS Ind. Ltd. A1 M/S Haji Abdul Mannaf Boiler & Auto Rice Mill BBB3
Ruslan Corporation BBB2 Viyellatex Spinning Ltd. AA1 M/S Haji Abdul Mannaf Boiler & Auto Rice Mill BBB3
Mohubar Rahman Cold Storage Ltd. BB2 Sajida Foundation A1 M/S Haji Lutfar Rahman & Sons BBB3
M/S Momotaz Corporation BB1 EM Power Ltd. A3 M/S Haji Zanu Miah Flour & BBB3
AB Investment Ltd. A3 A & B Outwear Ltd. BBB2 M/S Hakkani Ent. BBB2
Sarker Printing & Publishing BBB1 Adex Engineering Ltd. AA3 M/S Haque Auto Rice Mill BBB3
M/S Shohag Trading Co. BB2 Fair Distribution Ltd. BBB2 M/S Haque Chaul Kall BBB3
Renata Agro Ind. Ltd. BBB3 Fabian Thread Ltd. BBB1 M/S Haque Krishi Vander BBB2
BRB Energy Ltd. A2 New Barawlia Store BB2 M/s Haque Traders BBB2
Ideal Spinning Mills Ltd. BBB3 ONE Bank Ltd. AA3 M/s Hasan Ent. BBB3
Chittagong Asian Paper Mills (Pvt.) Ltd. BBB3 Luna Polymer Industry Ltd. BBB3 M/s Hawa Flour Mill BBB2
Ased Corporation BBB3 Tithi Textile Mills (Pvt) Ltd. A3 M/S Hawlader Bricks & Manufacturing BBB2
Khandaker Store BBB3 North South Seed Ltd. BBB2 M/s Helal and Brothers A3
Nurul Islam Spinning Mills Ltd. BBB3 Piticon Ind. BBB2 M/S Hello Faridpur BBB2
Rupali Agencies BBB3 Al Amin Plywood Ind. Ltd. BBB3 M/S Holy Trade BBB2
Label Tex Ltd. BB3 Shahnaj Print Sharee BBB1 M/S Hossain Trading BBB2
Family Living Ltd. A2 New Wave Bottoms Ltd. BB1 M/s Humayra Associates BBB3
Rummon & Brothers BBB3 Akbar Cotton Mills Ltd. BB1 M/S Humayun Kabir BBB2
Cosmo Synthetic Ind. Ltd. BB1 Adhunik Paper Mills Ltd. BB2 M/S Humayun Timber Merchant & Saw Mill BBB3
Walton Micro Tech Corporation A2 Mediastar Ltd. AA2 M/S Ibrahim & Brothers Bricks BBB3
Abed Textile Processing Mills Ltd. BB1 Alfis Ltd. BBB3 M/S Ideal Products & Its Sister Concerns BBB2
Crymson Glory BBB3 Himalaya Ltd. BB2 M/S Imran Rice, Flour & Dal Mill BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 48 of 63
Sundarban Industrial Complex Ltd. BBB1 Al Amin Export Ltd BBB1 M/S Imtiaz Traders BBB3
Salma Trade International Ltd. BBB2 J N Ind. Ltd. BBB2 M/S Islam Brothers BBB3
Agro Equipments Ltd. BBB3 Laila Food Products Ltd. BBB2 M/S Islam Stone Crusher Ind. BBB3
Jeans Express Ltd. BBB1 Have International A3 M/S Islamia Ent. & Active Telecom Ltd. BBB3
M/S Kushtia Ent. BBB1 Good Rich Sweaters Ltd. BBB3 M/S J.N. Corporation BBB3
Partex Furniture Ind. Ltd. AA3 Loqman Steel & Re-Rolling Mills BBB3 M/S J.R.K. International BBB2
Rashid Agro Food Products Ltd. A1 Anowara Fashions Ltd. BBB2 M/S Jalal & Sons BBB2
Lodestar Fashions Ltd. BB1 Global Specialized Garments Ltd. A3 M/s Janani Ball Pen Ind. BBB2
Orascom Telecom Bangladesh Ltd. A3 Danish Foods Ltd. A1 M/S Janani Ent. BBB2
Buro Bangladesh AA3 Radiance Fashion Ltd. BBB1 M/s Janani Stationary Products & Books BBB3
Lotus Corporation BB1 Globe Foundrical Works B1 M/S Japani Motors BBB3
Raj Steel Corporation BBB1 Abul Khair Steel Products Ltd. AA1 M/S Jashim Trading Corporation BBB3
M/S The New Bhowmick Jewellers BB1 Mars Textile Ltd A2 M/S Jewel Ent. BBB2
H S Ent. Ltd. BBB1 Well Foods Ltd. BBB1 M/S Jony Rice Mill BBB3
Techno Drugs Ltd. BB2 Globe Soft Drinks Ltd. AA3 M/s K R Steel A3
Partex Laminates Ltd. AA3 Advance Ready Mix Concrete Ind. Ltd. BBB2 M/S K.B. Jute Trading BBB3
Grace Packaging Ltd. BB1 Ishaque & Sons BB3 M/S K.S. Ent. BBB2
Tanima Knit Composite Ltd. BBB2 Raquef Apparel Washing & Packaging Ind. Ltd. BBB3 M/s Kafil & Brothers BBB2
First Security Islami Bank Ltd. – (Bond) A2 Nice Trade Liners BBB3
M/S Kafil Uddin And Its Allied Sister Concern A3
New Tara Ent. BBB3 Bappy Ent. BBB3 M/S Kalaikuri Rice Mill BBB3
Joynab Steel A3 Bluetex Knitwear Ltd. BB3 M/s Kanak Tex International BBB3
Silver Style & Design Ltd. BBB3 Dui Bhai Weaving Factory BBB3 M/S Kandapara Marine Shipyard BBB3
M/S Hafiz Store BBB1 Barkatullah Electro Dynamics Ltd. AA2 M/S Kazi Haider Hossain BBB3
Asset Development & Holdings Ltd. AA3 B B Textile BB1 M/s Keya Motors BBB1
EJAB Developers Ltd. BBB2 Sarder Auto Rice Agro Ind. Ltd. BB3 M/s Keya Paribahan BBB1
Crazy Fashions Ltd. BBB2 Dysin-Chem Ltd. BBB3 M/S Khalequzzaman BBB3
Dresden Textile Ltd. BBB3 SP Knit Wear Ltd. BBB1 M/s Khalid Jute Trading BB3
Chemimole Chemicals (Pvt.) Ltd. CCC1 Abdul Monem Sugar Refinery Ltd. A2 M/S Khan & Brothers BBB2
D S Fashion Ltd. BBB3 Apartment Properties Ltd. BBB1 M/S Khan Hardware BBB1
Brothers Fashion Ltd. BBB1 M/S Hossain Ent. BB2 M/S Khan Traders BBB2
Newtex Design Ltd. BBB3 Prime Specialized Hospital and Research Institute Ltd. A3 M/S Khan Trading BBB3
Rahman Brothers BBB3 Tamanna Ltd. BBB2 M/S Khawja Electronics BBB2
Fame Design Ltd. BBB3 Bengal Pacific (Pvt.) Ltd. BBB3 M/S Krishi Bitan BBB2
Bhuiyan & Co. B1 Interfab Shirt Manufacturing Ltd. AA1 M/S Laskar Traders BBB2
Globe Biscuits & Dairy Milk Ltd. A3 Orchid Sweater Ltd. BBB2 M/S Laxmi Narayan Saha BBB2
Fashion Skirt & Trousers Ltd. BB1 M/S Shahin Ind. BB1 M/S Limon Corporation & Sister Concerns BBB2
Al Amin Printing & Packages BBB3 Abdul Gaffar & Co. (Pvt) Ltd. BB3 M/s Lovely Sanitary and Hardware Store BBB2
Ananta Paper Mills Ltd. AA3 Saki Auto Rice Mills (Pvt) Ltd and Its Sister Concerns BBB1 M/S M. J. A. Ent. BBB3
M/S International Jute Traders BB2 Rhymer Chemical Ind. Ltd. A1 M/S M.A. Mannan and Others BBB3
Five Star Saw Mill BB2 Infinity Data & Power Ltd. BBB3 M/s M.B.Hossain BBB3
Anik Composite Mills Ltd. BBB3 Innstyle Fashion Ltd. BB3 M/S Madani Ent. BBB3
Popular Life Insurance Co. Ltd. A2 Bismillah Moshari Store BBB3 M/S Madina Hardware Store BBB2
M/S Hiron Traders BB1 Bismillah Automatic Rice Mills BBB3 M/s Maf International BBB1
S.B. Agro Fertilizer Ind. Ltd. BBB1 Petromax Refinery Ltd. BBB3 M/S Mahbub Bricks BBB3
Purabi General Insurance Co. Ltd. BB3 Beacon Pharmaceuticals Ltd. BBB2 M/S Maimuna Ent. BBB3
Younus Fine Paper Mills Ltd. AA3 Karnafuly Shipyard (Pvt.) Ltd. B2 M/S Mama Vagina Husking Mill BBB3
Abul Kalam & Brothers BB3 Rupsha Trading Corporation BBB1 M/s Masu and Sons BBB1
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 49 of 63
Woodland Plywood & Particle Board Ltd. BBB1 Hayet Trading BBB1 M/S Masum Trade International BBB3
M/S Kazi Sobhan Auto Rice Mill & Co BBB1 Imperial Embroidery Ltd. BB2 M/s Md. Abdul Wadud BBB3
Bhai Bhai Agency BB1 Bangladesh National Insurance Co. Ltd. BBB3 M/S Md. Abul Kalam BBB3
Universal Paper & Board Mills Ltd. AA3
Standard Collection Manufacturing Co. BBB3 M/s Md. Aynul Haque BBB1
CP Bangladesh Co. Ltd. AA3 Abed Holdings Ltd. BBB3 M/S MD. Delowar Hossain BBB1
Radiance Packaging & Accessories Ltd. BBB1 Golden Traders BBB3 M/S Md. Momtaz BBB1
Quest Accessories (BD) Ltd. BBB2 Corolla Corporation (BD) Ltd. BBB3 M/s Meem Ent. BBB3
M/S Needs Trading International BB3 Unifill Textile Mills Ltd. BBB3 M/S Meem Ent. BBB3
Fakir Apparels Ltd. A1 Transonic Communications Ltd. BBB3 M/S Meghna Traders BBB2
Afrin Jute Spinners Ltd. BBB3 Esack Brothers Ind. Ltd. BBB2 M/S Mehedi Traders BBB2
Patriot Packaging Industry BB2 Gold Mart Apparels (Pvt.) Ltd. BB1 M/S Mintu Datta BBB2
Shahjahan Spinning Mills Ltd. BBB3 Nilufa Automatic Rice Mill BB1 M/S Mishu Ent. BBB1
Versatile Apparel (PVT) Ltd BBB3 Unilliance Textiles Ltd. A3 M/S Mithi Rice Mill BBB3
Swan Jeans Ltd. BBB3 Global Trousers Ltd. A3 M/S Mitul Iron & Engineering Works BBB3
Kallandi Textile BB2 Grameenphone Ltd. AAA M/S Mobile Zone BBB2
Swiss Tex Ltd. BBB1 Rubel Dyeing Screen Printing Works (Pvt) Ltd. A3 M/S Mobin Auto Rice Mill BBB2
Dody Exportwear Ltd. BB1 Brothers Fabrication Engineering Ltd A3 M/S Modern Food Industry BBB3
Tushin Emporium BB1 Golden Containers Ltd. BBB3 M/S MODINA SANITARY BBB2
Fakhruddin Textile Mills Ltd. BBB1 Silver Fabrics BBB3 M/S Modina Trading Corporation BBB3
M/S Masim Flour Mill & Its Sister Concern BB2 Samannaz Super Oil Ltd. BBB2 M/S Mofiz Uddin BBB2
Azadi Printers Ltd. B1 Chittagong Waste Treatment Plants Ltd. BBB2 M/S Moktar Husking Mill BBB3
AST Knitwear Ltd. A3 Quasem Food Products Ltd. BBB3 M/S Mollah Bricks BBB3
Blue Bell Auto Rice Mill BBB3 Purabi Agro Ind. Ltd. BBB3 M/S Mollah Chal Kol BBB3
Apex Yarn Dyeing Ltd. AA3 General Pharmaceuticals Ltd. A1 M/S Mollah Hardware Store BBB2
AA Synthetic Fibers Mills Ltd. BBB2 M/S Shahidul Traders BB1 M/S Mona Ent. BBB3
Mosharraf Composite Textiles Mills Ltd. A1 Haque Traders BBB3 M/S Monihar Jewellers BBB1
BRB Cable Ind. Ltd AA3 Syed Grand Centre A3 M/S Monir Oil Agency BBB2
R M Seed Cold Storage BBB3 Afrin Cold Storage Ltd. BBB3 M/S Monjur Auto rice Mill BBB3
Satkhira Ice & Cold Storage BB1 Techven Properties Ltd. BBB2 M/S Monjur Auto Rice Mills BBB2
ARL Ship Breaking Ltd. BBB3 Rubel Steel Mills Ltd. BBB2 M/S Monjur Traders BBB2
M/S Paul & Co. BB2 M/S Barnamala Prokashoni and Its Sister Concerns BB2
M/s Mostafiz & Brothers and Its Sister Concern BBB3
BRB Cable Ind. Ltd AA2 Joardar Rice Mills BBB3 M/S Mostak Motors BBB3
Southern Renewable Energy Ltd. BBB1 Juvenile Trade Int’l Ltd. BBB3 M/S Mostak Motors BBB3
Unique Footwear Ind. BBB3 Crystal Insurance Co. Ltd. BBB2 M/S Motor Cycle Emporium BBB2
Mustafa Cold Storage (Pvt.) Ltd. BB1 Crossline Factory (Pvt.) Ltd. BBB2 M/S Mridha Ent. BBB3
Ayman Ent. BBB3 Southern Posak Shilpa Ltd. BB3 M/S Mukles Ent. BBB2
Shawon Fish Product (Pvt) Ltd. BBB3 R.K.Fashion Ltd. BB1 M/S Multibis International BBB3
Button Tex Ltd. BB3 Kalam Brothers Tannery Ltd. BBB1 M/S Murad & Brothers BBB3
ACME Specialized Pharmaceuticals Ltd. AA2 Jalalabad Steel Building Ltd. BBB1 M/S Murad & Brothers BBB2
J M Steel BB1 Central Depository Bangladesh Ltd. (CDBL) AAA M/s Musa & Sons A3
J B Cylinder Ltd. BBB1 Fashion Suit & Trousers Ltd. BB1 M/S Muselina Textile Mills BBB3
Purbani Rotor Spinning Ltd. A2 Hasmotullah Knitwear Ltd. BB2 M/S N. N. Telecom & Sister Concern BBB2
Enayetpur Spinning Mills Ltd. BBB3 Supti Sweater Ltd. BB2 M/S N.B. Auto Rice Mills BBB2
Fularin Ind. Ltd. BB2 Runner Automobiles Ltd. A3 M/S Nabina Fruits International BBB2
E B Solutions Ltd. BBB3 Logistics Management Services Ltd. AA1 M/S Nahar Trading BBB3
Global Apparels Ltd. BBB3 Salman Khurshid BB2 M/S Nakkhatra BBB2
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Page 50 of 63
Fashion Point Ltd. BB1 Gelco Steel (Bangladesh) Ltd. A1 M/S Nandigram Auto Rice Mill BBB2
Saif Powertec Ltd. BBB1 SAK Knit & Textile Mills Ltd. B2 M/S Narsingdi Steel BBB2
Jamuna Traders BBB2 Organic Shrimps Export Ltd. BBB1 M/S Nasim Trading BBB3
Electrical & Electronics Co. Ltd. BBB3 Renata Ltd. AA1 M/S National Machinery BBB3
Standard Finis Oil Co. BBB3 Amin Trading Corporation BBB3 M/S Nawab Auto Rice & Feed Mills (Pvt) Ltd BBB3
Hannan Knit & Textiles Ltd. BB1 Kazi Md. Shoyeb BBB3 M/S Nawab Food Products BBB2
Vai Vai & Mama Automatic Rice Ind. BBB3 Rumana Fashion Ltd. BB1 M/S Nazrul Super Rice Mills BBB3
S K Motors BBB2 Smart Accumulator Pvt. Ltd. BB2 M/S New Asha Traders BBB2
Ruby Food Products Ltd. BBB3 First Security Islami Bank Ltd A3 M/S New Biswas Sons & Co. BBB3
M/S Noor Ent. BB1 Akhtar Furnishers Ltd. A3 M/s Nippon Motors BBB3
Garland Fashions Ltd. BB1 R B Rice & Flour Mill BBB3 M/S Nirmata BBB2
M N Traders BB1 Bashundhara LP Gas Ltd. A3 M/S Nisha Trade International BBB2
BRB Polymer Ltd. A1 M/S New Meghna Mosaic Agency BB1 M/s Nobab & Co. BBB2
Padma Traders BBB2 Hot Dress Ltd. BBB1 M/S Nobi Brothers BBB3
Globex Marketing Co. Ltd. A3 Arshad Ent. BB1 M/S Northern Paddy Bi Product BBB3
Toma Concrete Ltd. BBB2 Techno Venture Ltd. A3 M/s Nurul Islam & Brothers BBB2
JMS Garments Ltd. BBB1 Trust Bank Ltd. AA3 M/s Nurul Islam Brothers & its Sister Concern BBB2
Ratanpur Steel Re-Rolling Mills Ltd. AA3 Creative Sweater Pvt. Ltd. A3 M/s Ocean Fuels International BBB2
Younus Paper Mills Ltd. AA3 MRS Ind. Ltd. A2 M/S Opal Trade BBB3
Bangal Cold Storage Ltd. BB2 International Shirt Line Ltd. BBB2 M/S Pahan Trading BBB3
Amana Knittex Ltd. BBB3 Borak Trading & Carrier BBB3 M/S Parbata Agency BBB2
Solar Television Mfg. Ltd. BBB3 SP Fashions Ltd. BBB1 M/s Parvez Jute Trading BB2
Al Amin Ent. (UCBL) BBB3 Protein House Ltd BBB1 M/S Phool Mohammad Traders BBB2
HNS Automobiles A3 Spark Poly Ltd. BBB1 M/S Pioneer Ent. & Its Sister Concerns BBB2
Bonny Designers Ltd. BB1 Alvi & Co. BB3 M/S Pipa Rice Mills BBB3
Kamal & Brothers BBB3 Shadhin Dyeing (Pvt.) Ltd. BB3 M/S Pita-Mata Furniture BBB2
Al Madina Traders BBB3 Sobuz Flour Mill BBB3 M/S Polash and Brothers BBB2
Jamuna Seeds Storage (Pvt.) Ltd. BB2 Ram Automatic Rice Mill BB2 M/S Popular Ent. BBB3
Quality Feeds Ltd. AA2 M/S Robin Ent. BBB1 M/S Powerpac Engineering Co. BBB3
Globe Textile B1 Cedar Bangladesh Ltd. BBB1 M/S Pradip Chandra Shaha BBB3
Global Garments Ltd. BBB3 Fatema Ent. BB3 M/S Prime International BBB3
Impress Newtex Composite Textile Ltd. BBB2 Dhaka Trading House BBB3 M/S Priyanka Printing and Publication BBB2
Kibria Agro Ind. BBB3 That’s It Sports Wear Ltd. AA2 M/S Progoti Rice Mill BBB2
Bonny Designers Ltd. BB1 Jagorani Chakra Foundation A1 M/S Purnima BBB2
Sonali Concrete Products (Pvt.) Ltd. BBB3 Bilkis Auto Rice Mill BB2 M/S R M Co. BBB3
Shirat Chemicals Ltd. BBB2 Kohinoor Automatic Rice Mill BBB3 M/S Rafi Ent. BBB2
Central Depository Bangladesh Ltd. (CDBL) AAA Orion Pharmaceuticals Ltd. A1 M/S Rahim Trading BBB3
Nourish Poultry and Hatchery Ltd. AA2 SAM Pack Ltd. BB2 M/S Rahima Traders BBB2
JIZ Textile Ltd. BB1 Falguni Traders BB1 M/S Rahman Ent. BBB2
Chittagong Electric Manfg. Co. Ltd. BB2
Association for Development Activity (ADAMS) BBB3 M/S Rahman Mill Store BBB3
Tung Hai Sweaters Ltd. A3 Kurigram Spinning Mills Ltd. C M/S Rahmat Store BBB3
Celluler Mobile Pte Ltd. BBB2 Vulua Tannery Ltd. BBB1 M/S Raj Ent. BBB2
Papri Traders BBB3 Gram Bangla Tubes Ltd. BBB3 M/s Raja Ent. BBB3
F.M. Knitwear Ltd. B1 Urmi Garments Ltd. BBB1 M/S Rajbadhu Sharee Ghar BBB2
Fashion Trousers Ltd. BB1 Combined Food & Cold Storage Ltd. A2 M/S Raju Traders BBB2
Suvastu Development Ltd. A3 Annyasha Trading Agency BB2 M/S Ramisha Ent. BBB3
Cutting Edge Garments Ltd. A2 R S Machineries BB1 M/S Rana Ent. BBB2
Fariha Spinning Mills Ltd. BBB2 Dutch-Bangla Bank Ltd. AA1 M/S Ratna Ent. BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 51 of 63
Yeakin Polymer Ltd BBB2 Haque Rice Mill Ltd. BB1 M/S Rechi Ent. BBB2
Panasia Clothing Ltd. BBB2 New Bogdad Rice Mill BB2 M/S Rensco Rice Mill BBB3
Chakda Steel & Re-Rolling Mills Ltd. BBB3 North South Packaging Ind. Ltd. BB1 M/S Rezvi Construction BBB3
Star Line Food Products Ltd. BBB3 Sunlife Insurance Co. Ltd. BBB3 M/S Ripon Perfumery & Chemicals BBB3
Sujan Textile BBB3 Ranks FC Properties Ltd. BBB2 M/S Rony Bricks BBB3
Bright Sea Food Ltd. BBB3 Islamic Finance & Investment Ltd. A3 M/S Roy Traders BBB3
Sunflower Life Insurance Co. Ltd. BB1 Rudmila Knitwear Ltd. BB1 M/S Runa Ent. BBB3
OK Ent. Pvt. Ltd. BB3 Akther Hassan Traders BB1 M/S RUNIA Ent. BBB3
Meek Sweaters Ltd. BB1 M/S Haider Machineries BB3 M/s S K Ship Breaker BB2
Design & Source Ltd. BBB2 Pole Star Apparels (Pvt.) Ltd. C M/s S K Steel BB2
SAMP Ltd. BBB1 Smart Technologies (BD) Ltd A3 M/s S. Trading Corporation BBB1
Arian Chemicals Ltd. BBB3 Azmir Rice Mill BB1 M/S S.K. Traders BBB2
Ferdaus Jute Mills Ltd. BBB3 Base Textile Ltd. BBB2 M/S Sadman Bricks BBB2
BRB Polymer Ltd. A3 Al-Arafah Islami Bank Ltd. AA3 M/S Safi Ind. BBB3
Social Islami Bank Ltd. AA3 ASM Chemical Indusreies Ltd. A1 M/S Sagar Fish Export BBB2
LankaBangla Finance Ltd. A2 New Foods Ltd. BB2 M/s Sagir & Brothers BBB2
Karnafully Fish Products BB2 Kiam Metal Ind. Ltd. AA3 M/S Sahana Textile BBB2
Zaheen Knitwears Ltd. BBB1 BFL-HCL-JV A2 M/S Saiful Hoque & Brothers BBB3
Green Housing & Energy Ltd. BBB3 Rangs Motors Ltd. BBB1 M/S Sajani Ent. and Its Sister Concerns BBB3
Panorama Apparels Ltd. BBB1 Aru-Ato Properties Management Ltd. BB3 M/S Saki Auto Rice Mill and Its Sister Concerns BBB1
Global Fabrics (Pvt.) Ltd. BB3 M/S Emon Fashion BB2 M/S Salif International BBB2
Weavers Furnishing Ltd. A3 Hydroxide Knitwear Ltd. BBB1 M/S Salim Impex BBB3
Tip Top Fashions Ltd. BBB2 M/S Abdul Latif Molla Husking Mill BB1 M/S Sami Ent. BBB1
M/S N.S. Auto Rice Mills & M/S Nobibul Traders BBB1 Epcot Apparels Ltd. BBB3 M/S Samin Poultry Breeders BBB3
Haji Dana Miah and Sons BB1 Krishan Ent. BBB3 M/S Sar Bitan BBB2
TSN International BBB2 M B T Trade International BBB1 M/S Sarker Agro Food Products BBB3
Cherry Knitwear Ltd. BBB1 Hashem Paper Mills Ltd. BBB1 M/S Sat Tara Matsha Babosaye BBB3
Unicorn Ind. Ltd. BBB1 Impex Trade International BB1 M/S Sathi & Brothers BBB3
New Auto Galaxy BBB3 Ali Hossain Traders BB2 M/S Sathi & Brothers BBB3
Akther Hassan Traders BB1 Rashil & Brothers BBB1 M/S Sawon Bricks BBB3
Farid Uddin & Sons BB2 Shehab Knitwear Ltd. BB2 M/S Sazzad Ahmed & Sons BBB2
DBH Finance Corporation Ltd. AAA Kafil Agro Indutries Ltd. BBB3 M/s Seema Trading BBB1
Fiat Fashion Ltd. BB1 Kotalipara Maida Kal BBB3 M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. BBB2
T R Textile Mills (Pvt) Ltd. A3 Impressive Garments Ltd BB1 M/S Shafi Trading Corporation BBB2
Raghunath Kundu & Kalachand Kundu BB1 Sonali Super Food Varities BB2 M/S Shafique Traders BBB3
Star Sea Food Ind. Ltd. BB2 Mercantile Insurance Co. Ltd. A2 M/s Shah Amanat Marine Service BBB2
Pailac Chemicals Co. A3 Advance Animal Science Co. Ltd. BBB3 M/S Shah Sultan Bij Himagar BBB2
The Immaculate Exports Ltd. BB3 Gulf Oil Bangladesh Ltd. BBB3 M/S Shahadat Hossain Cold Storage BBB3
Bright Green Energy Foundation A1 SB Tel Ent.s Ltd. AA2 M/S Shahan Trade International BBB2
Khan & Sons Auto Rice Mill BB2 Advance EPS Technologies Ltd. BBB2 M/S Shaheen Traders BBB2
Dallas Filling Station BB1 Jharna Ent. BB3 M/S Shahjadpur Travels and Its Sister Concerns BBB1
Kushtia Rice Mill BBB3 M/S Kafil Uddin and its Allied Sister Concern A2
M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders BBB2
Fabitex Ind. Ltd. BBB3 Doreen Power House & Technologies Ltd. AA2
M/S Shamota Feeds & Its Sister Concern M/S Shamota Traders BBB2
Quality Can Ind. Ltd. BBB2 Star Line Auto Rice Foods & Beverage Ltd. BBB3 M/S Shamsu Saw Mills BBB3
Star Line Special Ltd. BBB2 Jahangir & Others Ltd. BBB1 M/S Shanto CNG Re-Fuelling Station BBB1
Blue North Fisheries BBB3 Subashati Properties Ltd. BB1 M/S Shapla Poultry Feed Mills BBB2
Purbachal Paper Mills Ltd. BBB2 Impex Traders BBB1 M/S Shawn Machineries BBB2
Ahmed & Brothers Re-Rolling Mills Ltd. BBB3 M/S Moazzem Hossain BBB1 M/S Shelly Traders BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 52 of 63
Gulf Travels BB3 M.H & Co. Ltd. BBB1 M/S Shemul Ent. BBB3
RR Trading & Co A2 Farr Ceramics Ltd. A3 M/S Shewly Chaul Kal BBB3
Dody Trims Ltd. BB3 S.S. Steel (Pvt) Ltd. A3 M/S Shewly Ent. BBB2
Provati Insurance Co. Ltd. A2 Electro Mart Ltd. BBB3 M/S Shimul Auto Rice Mill BBB3
Sirina Garments & Textiles Ltd. BBB3 Empire Dying Ltd. A3 M/S Shimul Auto Rice Mill BBB3
Chittagong Udaion Corporation Ltd. B1 Fiza & Co. BBB3 M/S Shohag Trading Co. BBB3
Sea Power Fishing Ltd. BBB2 Ahmmodia Rice & Flour Mills BBB3 M/S Shohel & Brothers BBB1
Trisha Flour Mill BB2 Asian Electronics BB1 M/S Shoyeb Boulders Crushing Industry BBB2
Shotodol Associates BB1 STS Holdings Ltd. A1 M/S Shoyeb Boulders Crushing Industry BBB2
Eurotex Knitwear Ltd. BBB1 M/S Awlad Machineries BBB1 M/S Shuhan Textile BBB3
SB TEL Ent. Ltd AA3 Biswas Traders & VIP Rice Mills BBB3 M/S Shuvo Auto Bricks Manufacturing Co BBB3
Credenz International Ltd. B2 Haque & Co. Ltd. BBB3 M/S Shuvo Auto Bricks Manufacturing Co BBB3
ONE Bank Ltd. – Subordinated Bond A1 S A Salt Ind. Ltd. BBB2 M/S Shuvro Ent. BBB2
Akco Ind. and Cold Storage Ltd. A2 Kibria Traders BBB3 M/S Siddique Traders BBB3
Trust Bank Investment Ltd. A3 Kabir Securities Ltd. BBB3 M/S Siraj & Co. BBB2
Central Insurance Co. Ltd. A3 Banga Dredgers Ltd. BBB3 M/S Siraj Agro International BBB3
Grace Accessories Ltd. BB1 RS & T International BBB2 M/S Siraj Traders BBB2
S H Trading Co. BB2 New Generation Trading Ltd. BB2 M/s Sohel & Brothers BBB2
Gobindaganj Cold Storage Ltd. BB1 Taj Trading BB1 M/S Sohel Motso Khamar BBB3
Nextgen Style Ltd. BB1 China Bangla Ceramic Ind. Ltd. BBB1 M/S Solar Ceramics Ltd. BBB2
S L Steel BB2 Rahbar Ent. BBB3 M/S Sonali Automatic Rice Mill & M/S Sonali Traders BBB3
Haque Chemicals Ent. BB3 ASM Chemical Indusreies Ltd. A1 M/S Sonali Fish BBB3
Arbab Poly Pack Ltd. A2 Five Star Tex International Ltd. BBB1 M/S Sonargaon Tata Bricks BBB2
Eurozone Fashion Ltd. BBB3 Wear Mag Ltd. AA2 M/S Sufi Steel BBB3
BASIC Bank Ltd. AA2 Saiham Cotton Mills Ltd. A3 M/S Suma Tube Well Agency BBB3
Pearls & Pouce Ltd. BBB1 Anowara Apparels Ltd. BBB3 M/S Sumaya Ent. BBB1
Sopura Silk Mills Ltd. BBB1 First Security Islami Bank Ltd. A2 M/S Sunny Auto Rice Mills Ltd BBB3
Goldstar Steel House BBB3 Niribili Fisheries Ltd. BB2 M/S Surovi Carriers and Its Sister Concerns BBB2
Jeans Manufacturing Co. Ltd. BBB3 Orion Infusion Ltd. BBB3 M/S Talukder Jute Trading BBB3
Anannya Traders BBB3 M/S Rana Ent. BBB1 M/S Tara Miah BBB2
Newtex Knit Fashions Ltd. BBB3 Electro Mechanical Service Ltd. A3 M/S Tawakkal Store BBB3
Sungarh Tex Ltd. BB3 Julfikar Re-Rolling Steel Mills Ltd. BBB3 M/S Tazan Agro Ent. BBB2
BRAC Bank Ltd. AA3 Khan Brothers BBB3 M/S Tazan Agro Ent. BBB2
Palli Bandhu Unnayan Sangstha BB3 Seven One Tex Ltd. BB1 M/S Tazim Vehicles Industry & Sister concerns BBB3
Golden Food Processing Industry BB1 Hua Thai Ceramics Industry Ltd. BBB1 M/S Tazin Bricks Manufacturer BBB1
Standard Group Ltd. AA3 Radisson Apparels Ltd. BBB3 M/S Tazin Bricks Manufacturer BBB3
Alim Ind. Ltd. BBB2 SKB Stainless Steel Mills Ltd. A3 M/S The Champion Cottage Ind. BBB2
Abul Khair Ltd. AA1 Shabbir Ent. BBB3 M/S Three Brothers Bricks Manufacturing Co. BBB2
Bonafide Knitting Mills Ltd. A2 East West Suiting Mills Ltd. BBB3 M/S Three Star Flour Mill BBB2
Hasan Flour Mills Ltd. AA2 East Asia Maritime BBB3 M/S Toriqul Islam BBB2
SS Steel (PVT) Ltd. A3 BHT Ind. Ltd. A3 M/s Trade Consortium BBB3
Nordic Woods Ltd. A3 Green Granite & Marble Ltd. BBB2 M/s Trade Overseas BBB3
Premier Style Ltd. BB1 Lolit Mohon Shaha BBB2 M/S Tuhin Bricks Traders BBB3
Peninsula Steel Mills Ltd. BBB2 Panasia Sweaters Ltd. BBB2 M/s Unique Traders BBB3
Atlas Bangladesh Ltd. AA2 Jes Motors BBB3 M/S United Seed Store BBB3
Grameen Knitwear Ltd. A3 Karotoa Spinning Mills Ltd. BBB3 M/S Uttam Kumar Kundu BBB2
BRB Cable Ind. Ltd AA1 Best Steel Ind. Ltd. BBB2 M/S V.I.P. Trading BBB1
Natore Cold Storage Ltd. A3 Kron Sweater Ltd. BBB3 M/S Vicar International BBB2
Skyline Garments Ltd. BBB3 J K Synthetic Mills Ltd. BBB2 M/S Wahab Husking Mill BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 53 of 63
Siam's Superior Ltd. BBB2 Shantano Cold Storage BB3 M/S Wahedul Traders BBB2
Dui Bhai Husking Mills B1 North Bengal Plastic Bag Ind. BB2 M/S Waz Ent. BBB3
RR Trading & Co A2 Hamid Fabrics Ltd. AA3 M/S Western Trading BBB2
United Ashuganj Power Ltd. AA2 Salam & Kalam Daul Mill BB3 M/s Wood Electrics BBB3
Karim Textiles Ltd. A2 Basher Spinning Mills Ltd. BBB1 M/S Yousuf Ali Textile BBB2
Naila Fashion Pvt Ltd. BB1 IFAD Multi Products Ltd. BBB1 M/S Yousuf Ent. BBB2
M K Steel Box & Pipe Mills BBB3 F Rahman Tea Co. Ltd. BBB3 M/S Zahurul Haque Dulal BBB2
Golden Son Ltd. AA3 Perfect Fashions Ltd. BBB3 M/S Zakir Ent. BBB2
Delhi Aluminum Factory Ltd. A3 Sinha Fabrics Ltd. BBB1 M/S Zaman Traders BBB3
Al Amin Garment Inds. Ltd. BB1 Fakir Flour & Daul Mill BB2 M/S Zia Guest Inn BBB2
Nourish Poultry and Hatchery Ltd. AA2 Tempaco Foils Ltd. A1 M/S Zianagar Rice Mill BBB3
BRAC Bank Ltd.-Bond A1 R.K. Spinning Mills Ltd BBB1 M/S Zikrullah Trading BBB2
Standard Bank Ltd. AA3 Crown Knitwear Ltd. BBB2 M/S Zikrullah Trading BBB2
Fortune Apparels Ltd. A3 Razzaque Steel House BB1 M/s. A.B Trade International BBB3
Shahadat Husking Mills BB1 Earth Footwear Ltd. BBB3 M/s. A.R Transport BBB3
Dye-Tex International A3 Globe Drugs Ltd. A3 M/s. Abdul Wahab BBB2
BRB Polymer Ltd A3 Asia Ind. (Pvt) Ltd. BBB3 M/s. Agrani Garments BBB3
Provati Insurance A3 P L Coconut Oil Mill BB2
M/s. Ahmed & Sons Ent. BBB3
Shohagpur Textile Mills Ltd. A2 S M Steel Re-Rolling Mills Ltd. A2 M/s. Alal Ent. A3
Blue Water Shopping City BBB3 Rabeya Automatic Rice Mill BBB3 M/s. Alam Auto Atop Rice Mill BBB3
J K Fabrics Ltd. BBB2 J K Knit Composite Ltd. BBB2 M/s. Al-Amin Traders BBB2
J K Cotton Mills Ltd. BBB2 Shahidul Bhander BBB3 M/s. Aleya International BBB3
Krishan Auto Rice Mill BBB3 Mango Teleservice Ltd. AA1 M/S. Amena Auto Flour Mills BBB1
Transcom Beverage Ltd AAA Universal Poultry Hatcheries Ltd A3 M/s. Ananna Foods BB1
Skyline Apparels Ltd. BBB3 Bismillah Ent. BB1 M/s. Anisur Rahman BBB2
M/S Zinat Rice Ind. BB1 First Security Islami Bank Ltd. A2 M/s. Arafah Rice Mill BBB3
DESHA BBB2 Hamdard Laboratories (WAQF) Bangladesh A1
M/s. Arafat Trading BBB3
Apex Spinning & Knitting Mills Ltd. A1 Fatima Alyaf Tala-E Jute Ind. Ltd. BBB1
M/s. Arif Electronics BBB3
Dekko Knitwears Ltd. A2 Pacific Impex BB2 M/s. Badhan Garments BBB3
Abul Khair Milk Products Ltd. AA1 Toma Construction & Co. Ltd. A3 M/s. Basak Auto Rice & Agro Food Ind. BBB3
Air Trip International Ltd. BBB3 Shampa Flour Mills Ltd. AA2 M/s. Business Media BBB3
S B Traders BBB2 APS Design Works Ltd. BBB1 M/s. China International BBB2
H K Steel Ltd. BBB2 Shahjibazar Power Co. Ltd. AA2 M/s. chitra International BBB3
Crossline Knit Fabrics Ltd. BBB2 Advance Development & Tech. Ltd. A1 M/S. Choudhury Auto Rice Mill BBB3
Chens Crop Science Bangladesh Ltd. BBB2 Al Noor Steel Complex Ltd. A3 M/S. Dulari Ent. BBB3
Siraz Cycle Ind. Ltd. BBB3 North’s Egg Ltd. BBB3 M/s. Expo Traders BBB3
Comfit Composite Knit Ltd. BBB2 Shovessa Electronics & Motors BBB3 M/s. Fashion Palace BBB1
J & J Fabrics and Textile Ltd. B1 Impex Trading Co. & Sister Concerns A3 M/s. Fashion Palace BBB1
PEB Steel Alliance Ltd. A3 M/S Ramzan Ent. A3 M/s. Fatullah Apprels BBB2
Dhaka Insurance Ltd. A3 Fashion Makers BBB3 M/s. Faysal Traders BBB2
M I Cement Factory Ltd. AA2 Shah Ent. BBB3 M/s. Habib Traders BBB3
Export Pack Ltd. B1 Herok Jute International B1 M/s. Halim Corporation BBB3
The City Bank Ltd. AA3 Disari Ind. (Pvt.) Ltd BBB1 M/s. Harun Enterprize BBB3
Cathweld Construction Co. Ltd. BBB1 First Security Islami Bank Ltd. – (Bond) A2
M/s. Islam Engineering BBB3
Thakral Information System Pvt. Ltd. BBB3 Executive Technologies Ltd. BBB2
M/s. Jalal Traders BB1
Nezam Uddin & Brothers BB1 BSB Spinning Mills Ltd. BBB2 M/s. Janani Stationary Products & Books BBB1
H&W Apparels Ltd. BB2 Plastic Concern (Pvt) Ltd. BBB3 M/s. Janata Chaul Kal BBB3
International Leasing and Financial Services Ltd A3 Fatullah Fabrics Ltd BBB2
M/s. Janata Traders BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 54 of 63
Ershad Builders Ltd. (Ershad & Sons) A3 Q N Queue Accessories Ltd. BBB3 M/s. K.R Jute trading BBB2
Sam Ree Dyeing (BD) Ltd. BB3 Didarul Alam & Brothers BBB2 M/s. M. R Trade International BBB3
Globe Engineering Works B1 Jalalabad Steel building Ltd. BB1 M/s. M.H Jute Traders BBB3
Billah Resources Ltd. BB2 R.K.Fashion Ltd. BB1 M/s. Maa –Babar Doa Ent. BBB3
M/S Able Shipping Line BB2 Sterling Designs Ltd. BBB2
M/s. Maruf & Brothers BBB3
Feaz Ent. B1 M/S Japan Steel Engineering BB2 M/s. Md. Rabiul Islam BBB2
Osmanli Trade Ltd. BBB2 Kores Bangladesh Ltd. BBB3 M/s. Midland Crusher BBB3
Pearl Garments Co. Ltd. AA3 Karooni Knit Composite Ltd. BBB3 M/s. Millennium Publications BBB3
Renaissance Hospital & Research Ins. Ltd. BB3 Bank Asia Ltd. AA3
M/s. Mim Ent. BBB3
Prime Corporation A3 Eastern Medical College & Hospital Ltd. BBB3
M/s. Minar Fashion BBB3
Jamuna Auto Rice Mill BB1 Ha-Meem Denim Mills Ltd. AA2 M/S. Modern Food Ind. BBB3
Radiance Jeans Ltd. BBB1 Lodestar Packaging Ltd. BB1 M/s. Modhumoti Steel Engineering BBB3
Tusuka Jeans Ltd. A3 Star Padding Ind. Ltd. BB2 M/s. Monir Sikder Textile and Sizing Mills BBB2
Karnaphuli Ent. B1 Salam Jute Mills (Pvt) Ltd. BBB3 M/s. Munshi Filling Station & CNG BBB2
The Cox Today Ltd. BBB1 Enam Medical College & Hospital A2 M/s. N.C Jute Trading BBB3
C & A Fashion Ltd. BB3 Runner Bricks Ltd. BBB3 M/s. Naba Puthighar BBB3
Jalalabad Ragib Rabeya Medical College A1 Empire Dying Ltd. A3 M/s. Nahar Commercial Agency BBB1
MP Spinning Mills Ltd. A1 Ratanpur Ship Re-Cycling Ind. Ltd BBB3 M/s. Network BBB1
Lifestyle Fashions Maker Ltd. B1 Progressive Shipping Lines Ltd. BBB1 M/s. Nippon Textile Mills BBB2
ABL Specialized Cold Storage Pvt. Ltd. B1 Shadhin Garments (Pvt.) Ltd. BB1
M/s. Nofor Traders BB1
Khan Auto Rice Mill Ltd. BB2 HSBC Bangladesh AAA M/s. Nurjahan Husking Mill BBB3
Mahmud Denims Ltd. AA3 Satkhira Feed Ind. Ltd BBB3 M/s. Padma Publishers BB1
Priyam Garments Ltd. A3 M/S Sheikh Traders A3 M/s. Perfect Engineering and Technology Ltd.
BBB3
Bashundhara Industrial Complex Ltd. A3 Transcom Foods Ltd. A2 M/S. Phool Mohammad Traders BBB2
Setara Fish Farm Ltd. BBB3 M/S Jamuna Motors & Engineering Works A3 M/s. Popy Library BBB2
Shadow BB1 Helal Electric Co. BBB3 M/s. Progati Traders BBB3
R.K. Spinning Mills Ltd. A3 M/S Mahtab Flexible Printing Press & Sister Concern BBB1 M/s. R.M. International BBB3
National Housing Finance & Investments Ltd. A2 M/S Katha Ent. BB2
M/s. Rahmania Offset Press BBB3
R M Carton Ltd. BB1 Les Pulls D'Alex Ltd. BB1 M/s. Rifat Trade International BBB2
Bangla Trac Ltd. A1 Jahangir Iron Mart BB3 M/s. Rony Ent. BBB2
Amex Ltd. AA2 Tamanna Sweaters Ltd. BB2 M/s. S. S Ent. BBB3
M/S Akhter & Brothers BB1 TNTS Ent. BBB3 M/s. Sad Ent. BBB3
S A Pulp & Paper Products Ltd. A2 Badar Spinning Mills Ltd. BBB3 M/s. Saikat Ent. BBB1
Prime Bank Ltd. AA2 Surma Oil Mills BB1 M/s. Saikat Trading BBB1
Novelta Bestway Pharmaceuticals Ltd. BB3 Funka Ind. Ltd. BB3
M/s. Sanitary World BBB3
Chittagong Padding Mills Ltd. BB2 Padma Cold Storage (Pvt.) Ltd. BB2 M/s. Sarder Trading BBB3
Zarjis Composite Knit Ind. Ltd. BB1 Building Technology & Ideas Ltd. AA3 M/s. Sathi Traders BBB2
VOTT Oil Refineries Ltd. AA2 Gold Star Garments Ltd. BBB3 M/s. Shafi Trade International BBB3
R M Interlinings Ltd. AA3 Anwara Mannan Textile Mills BBB1 M/s. Shafiqul Islam BBB3
United Ship Recycling BB1 M M Spinning Mills Ltd. BBB2 M/s. Shamim & Brothers BBB3
Gothic Design Ltd. AA1 Khaza Ent. BB1 M/s. Shohag Ent. BBB3
Ridwan Textile BB1 Jahanabad Sea Foods Ltd. BBB1 M/s. Spectra Dye-Chem (PVT) Ltd. BBB3
Prime Specialized Hospital & Research Institute Ltd. A3 Transcom Distribution Co. Ltd. A1
M/s. Suruchi Ent. BBB3
Taj Plastic Ind. BB1 Aswad Composite Mills Ltd. A1 M/s. Tamanna Petro Trading Co. BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 55 of 63
BRB Energy Ltd. A2 M/S Aminul Momin and its sister concern M/S A.M. Bricks BBB1
M/s. Travel International BBB2
Al-Haj Karim Textiles Ltd. A2 10% Convertible Zero Coupon Bonds A2 M/s. VIP Trading BBB1
Building For Future Ltd. A1 4A Yarn Dyeing Ltd. BBB3 M/s. Yasmin Chemical Works BBB2
Savar Sweater Ltd. A3 4s-Park style Ltd. BBB2 M/s. Youfa Trading BBB3
DAF Ctg. Accessories Ltd. A3 7 One Properties Ltfd. BBB1 M/s. Zahura Auto Rice Mill BBB3
M J Construction B1 7B Associates BBB1 Madina Oil Suppliers BBB2
Based & Sons Steel and Re-Rolling Mills Ltd. BBB2 A & A Trousers Ltd. BBB2 Mahdeen Sweaters Ltd. A3
Uttara Bank Ltd. AA3 A K Fish and Poultry Feed Private Ltd. BBB2 Mahmud Jeans Ltd. BBB2
M/S Hi-Tech Electronics BB1 A. Rahman Parash Auto Rice Mills Ltd. BBB3 Mahmud Jeans Ltd. BBB2
Aman Agro Ind. Ltd. A3 A. Rahman Parash Auto Rice Mills Ltd. BBB3 Mahmud Washing Plant Ltd. BBB2
Green Delta Insurance Co. Ltd. AA1 A.E. Knitwear Ltd. BBB3 Mahmud Washing Plant Ltd. BBB2
Boishakhi Automatic Rice Mills BBB3 A.G. Automobiles Ltd. BBB1 Maisha Property Development Ltd. BBB3
ATS Apparels Ltd. A3 A.H Ent. BBB3 Majumder Traders Ltd. A2
Ali Steel Ent. BB3 A.H. International Ltd. BBB3 Malek Spinning Mills Ltd. A1
SF Sweaters Ltd. BB1 A.R Steel Corporation BBB3 Manama Developments Ltd. BBB1
Arif Traders BBB2 A3 Color Chem Ltd. BBB2 Manik Atta Dal and Tel Mill BBB2
The Immaculate (Pvt.) Ltd. BB3 Aamra Technologies Ltd. A2 Mannan & Son's Beez Himagar Ltd BBB1
Bank Alfalah Ltd. A2 Abanti Colour Tex Ltd. A1 Marium Textile Mills Ltd. A2
Satata Garments BB2 ABC Building Products Ltd. BBB1 Mars Apparels Ltd. BBB1
The Rani Re-Rolling Mills Ltd. BBB1 Abdul Steel Mills Ltd. BBB3 Mars Sportswear Ltd. BBB2
Alauddin Trading Co. Ltd. BB3 Abdullah Battery Co. (Pvt.) Ltd. A1 Masafi Flour Mill Ltd. BBB2
Fakir Fashion Ltd. A3 Abed Textile Processing Mills Ltd. BBB3 Masafi Trade International BBB3
Pintu Motors BB1 Abhijat Tiles & Sanitary BBB3 Mashud Fish Processing and Ice Complex Ltd. BBB2
Everest Sweaters Ltd. BB1 Abir Ent. BBB2 Master Accessories (Pvt.) Ltd. BBB3
Pacific Spinning Mills Ltd. BB1 Aboni Knitwear Ltd. A2 Master Textile Mills Ltd. BBB2
DAF Knitwears Ltd. A3 ACE Autos (Pvt.) Ltd. BBB2 Masud Apparels Ltd. BBB3
FN Fan Ind. Ltd. BB3 ACME Laboratories Ltd. A1 Masud Apparels Ltd. BBB2
Sea Tex Ltd. BB2 Active Zipper Ltd. BBB1 Matin Spinning Mills Ltd. A1
Tongi Oil Mill & Co. BBB1 Active Zipper Ltd. BBB1 Mazeda Fabrics Ltd. BBB3
Khan Complex BB2 AD-Din Exim Ltd. BBB3 Mazeda Fabrics Ltd BBB1
LankaBangla Securities Ltd. AA2 ADN Technologies Ltd. BBB2 McDonald Bangladesh (PVT.) Ltd. BBB1
Ahmed Agro Agency BB1 Adobe Builders Ltd. BBB2 McDonald Steel Building Products Ltd. BBB2
Nizamia Trade International BB1 Adobe Builders Ltd. BBB2 Md Towhid Hossain BBB3
Nourish Poultry & Hatchery Ltd. AA2 Advance Power Electric Co. BBB2 Md. Enamul Haque BBB2
Computer Source Ltd. A2 Aerial Properties Ltd. BBB3 Meeazee Housing Co. BBB2
Shuvo Knit Ltd. BB3 Aesthete Ltd. BBB3 Meeazee Housing Co. BBB3
Five Star Ice & Clod Storage Ltd. A2 AFA Steel Ind. Ltd. BBB2 Meenhar Sea Foods Ltd. A1
Khulna Frozen Food Export Ltd. BB2 Afaku Cold Storage Ltd. BBB3 Megapower Engineering Ltd. BBB3
People's Leasing & Fin. Services Ltd. A2 Afaku Cold Storage Ltd. BBB3 Mehmud Ind. (Pvt.) Ltd. BBB1
Energy Meter Co. Ltd. A3 Aftabunnesa Textiles Ltd. BBB1 Mercantile Bank Ltd. AA3
BENZ Ind. (Bangladesh) Ltd. BBB1 AG Agro Ind. Ltd. BBB2 Mercantile Bank Ltd. AA3
Sifa Husking Mills B1 Agomony Cold Storage Ltd. BBB3 Meridien Washing Plant (Pvt.) Ltd. BBB2
Green Power Electrical & Electronics BB1 Agrani Bank Ltd. A1 Metro Steel Re-Rolling Mill Ltd. BBB3
Globe Pharmaceuticals Ltd. A2 Agricultural Marketing Co. Ltd. AA3 Mir Cement Ltd. A3
Rupali Garments BB3 Agro Resources Co. Ltd. BBB2 Mir Ceramic Ltd. A1
C & A Textiles Ltd. BB3 AGS International Ltd. BBB2 Mir Concrete Products Ltd. BBB1
M/s Abdul Mozid Khan B2 Ahmed Trade International BBB3 Mir Real Estate Ltd. BBB1
Shasha Denims Ltd. A1 Ahyan Jute Mills Ltd. BBB2 Mission Developers Ltd. A2
AMC Knit Composite Ltd. BBB1 Akbor Agro Auto Rice Mill BBB2 Mission Fashion Ltd. BBB2
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 56 of 63
Epic Garments & Manufacturing Co. Ltd. AA2 Akboria Bread and Biscuit Factory BBB3
Mission Food and Beverage Ltd. BBB3
Cotton Textile & Apparels Ltd. BB2 Al Amin Ent. BBB3 Mission Trade International Ltd. BBB3
Shah Fatehullah Textile Mills Ltd. A3 Al- Falah Steel & Re-Rolling Mills Ltd. BB1 MM Builders & Engineers Ltd. A3
Global Knitwear Ltd. A3 Alal Agro Food Products BBB3 Mobile Center BBB2
Jahara Fashion Ltd. BB1 Alam & Brothers BBB2 Modern Electrical Works BBB3
A-One Bread & Biscuit Factory BB1 Alauddin & Sons (Pvt.) Ltd BBB2 Modern Erection Ltd. BBB2
Oriental Services A.V. (BD) Ltd. BB1 Alauddin Garments Ltd. BBB1 Modern Structures Ltd. BBB2
Sonali Aansh Ind. Ltd. A2 Al-Falah Aam Unnayan Sangstha BBB2 Mohammad Ent. Auto Rice Mills Ltd. BBB3
Risda Bangladesh BB3 Al-haj Abdul Quddus Ltd. BBB2 Mohammadi Steel Works Ltd. BBB1
Ha Mim Footwear Ltd. B1 Al-Haj Abul Kashem Himagar Ltd. BBB2 Mohammadia Poly Printers Ltd. BBB3
DAF Accessories Ltd. A3 Alif Apparels Ltd BBB2 Mokhter & Sons Ltd. BBB3
Eskayef Bangladesh Ltd. AA1 Alif Garments Ltd BBB2 Mondal Agro Ind. Ltd. BBB2
Novimoda Knitwear Ltd. BB1 Alif Outwears Ltd. BBB2 Monjil Electrical and Electronics Ltd. BBB1
QNS Container Services Ltd. BBB1 Alif Textiles Ltd BBB2 Monjil Housing Development Ltd. BB1
Rabab Fashion Ind. Ltd. BBB1 Alif Textiles Ltd BBB2 Monowara Apparels Ltd. BBB2
Siddeswari Clod Storage Ltd. A2 Alin Food Products Ltd. BBB2 Moon Bangladesh Ltd. BBB1
Aryan Stone and Marble Ltd. BBB2 Aliza Fashion Ltd. A3 Mosharraf & Brothers & Abir Ent. BBB2
The Immaculate Accessories Ltd. BB3 Allplast Bangladesh Ltd. A2 Mostafa Oil Products Ltd. AA3
Pratik Apparels Ltd. BB2 All-Trans Cargo Services Ltd. BBB2 Mouchak Knit Composite Ltd. BBB2
Teco Electronics BB1 Al-Paca Sweater (pvt) Ltd. BBB2 Moulana & Sons BBB1
Global Shirts Ltd. A3 Amanat Shah Weaving Processing Ltd. A3 Moyna Noor Textile Mills Ltd. BBB2
Korotowa Bohomukhi Khamar BB2 Amanat Shah Weaving Processing Ltd. A2 Mozart Knit Ltd. BBB1
Appollo Engineering and Construction Ltd. BB2
Amanot Cold Storage BBB3 MS Ahmed Trade International BBB2
Sobhan Ice & Clod Storage Ltd. A2 Ambia Apparels Ltd. BBB3 Mukta Himagar (Pvt) Ltd. BBB3
Kiam Metal Ind. Ltd. AA3 Amena (Pvt.) Ltd. BBB2 Mukta Himagar (Pvt) Ltd BBB2
M/S MSC Real Estate BB1 Anew Apparel Ltd. BBB3 Multifabs Ltd. A1
Plummy Fashion Ltd. A2 Anika Apparels (Pvt.) Ltd. BBB3 Multiplus Ind. Ltd. BBB3
Sonali Paper & Board Mills Ltd. A2 Annesha Styles Ltd BB1 Mustafa Cold Storage (Pvt.) Ltd. BBB3
Hasan Book Depot BBB3 Anwar Integrated Steel Plant Ltd. BBB1 Mutual Concern Corporation Ltd. BBB2
GETCO Telecommunications Ltd. A3 Anwar Jute Spinning Mills Ltd. A3 Mutual Trust Bank Ltd. AA3
New Wave Style Ltd. BB1 A-One Polymer Ltd. A3 M-Yew Fashion Ltd. BBB2
Bengal Windsor Thermoplastics Ltd. AA1
Apartment Design & Development Ltd A3 Mymensingh Agro Ltd. A1
M/S Rupali Iron Ent. BB1 Apex Adelchi Footwear Ltd. AA2 Mymun Textiles Ltd. A2
City Sugar Ind. Ltd. AA1 Apex Tannery Ltd. AA3 Mymun Textiles Ltd. A2
Joty Plastic Co. BBB1 Apparel Concept Ltd. BB1 MyOne Electronics Ind. Ltd. BBB3
Shah Perfumery Products Ltd. BB1 Apparel Today Ltd. BBB3 N A Bag Ind. Ltd BBB2
Dushtha Shasthya Kendra A3 Apple Homes Ltd. BBB2 N. A. Bags Ind. Ltd BBB2
Well Mart Ltd. BB1 AR Real Estate Ltd. BB1 N.S Ent. and Its Sister Concerns BBB3
Electro Battery Co. Ltd. BBB1 Arabi Fashion Ltd. BBB2 Nabarun Jute Mills Ltd. BBB2
Shanta Trading Corporation BB2 Arefin Textile Mills Ltd. BBB1 Nafa Apparels Ltd. A2
Harun Flour Mills Ltd. BB2 ARH Knit Composite Ltd. BBB2 Nafisa Ent. BBB3
Unifill Composite Dyeing Mills Ltd. BB2 ARK Sea Foods Ltd. A3
Nahar & Brothers BBB3
Socio Economic Health Education Organization BB1 Arman Textile BBB3 Naheed Composite Textile Mills Ltd. A1
Gallant Fashion Ltd. A3 Armana Fashions Ltd. A2 Naheed Cotton Mills Ltd. A1
Grameen Knitwear Ltd. A3 Artex Fabrics ltd. A2 Naheed Ind. Ltd. BBB2
M/S Afzal Brothers & M/S Afzal Auto Rice Mills A3
Asha Ind. BBB3 NAM Corporation A3
Deepa Food Products Ltd. AA2 Asha Ind. BBB3 National Bank Ltd. AA3
Md. Khairul Basher BB1 Ashraf Rubber & Plastic Ind. BBB2 National Grain Products Ltd BBB3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 57 of 63
Nurani Poultry & Fishery Feeds Ltd. BB1 Associated Oxygen Ltd. BBB1 National Sea Food Ind. Ltd. BBB2
The Immaculate Textiles Ltd. BB3 Atlas Food and Beverage Ltd. BBB2 Natore Cold Storage Ltd. BBB1
Rabeya Flour Mills Ltd. A2 Atlas Shipping Lines Ltd BBB2 Nawab Auto Rice & Feed Mills (Pvt.) Ltd. BBB3
Drick ICT Ltd. BB3 Attires Manufacturing Co. Ltd. BBB2 New Eastern Cold Storage Ltd. BBB2
Bhawal Steel House BBB3 Attires Manufacturing Co. Ltd. BBB2 New Grameen Motors BBB2
North Bengal Grain Ind. Ltd. BBB1 Avesta Aluminum Industry Ltd. BBB3 New Islamia Borka House & Garments BBB2
Radial International Ltd. A2 Azharul Spinning Mills Ltd. BBB3 New Line Clothing's Ltd. BBB3
M/S Sheikh Brothers & M/S Hafizur Rahman Babu A3
Azizul Haque Auto Rice Mills (Pvt) Ltd. BBB3 Newtex Dyeing & Printing Ltd. BBB2
Haque Trading BBB3 Azmiri Timber Depot & Saw Mill BBB3 Newtown knitwear Co. ltd BBB3
Aysha Jute Fibres Ltd. BB3 B. R. Spinning Mills Ltd. BBB2 Nexus Securities Ltd. BBB3
Mahmud Denims Ltd AA3 B2B Excellence Ltd. BBB2 Nishong Jute Mills Ltd. B1
Layla Iron BB3 Babylon Garments Ltd. A2 Nitol Motors Ltd. AA3
United Fashion Trousers Ltd. BB1 Babylon Trims Ltd. BBB2 NITS Service (PVT.) Ltd. A3
Well Dresses Ltd. BBB3 Badsha Textiles Ltd. AA3 NOFS Garments Ltd. BBB2
Well Accessories Ltd. BBB3 Baishali Hatchery Ltd. BBB2 Noman Fabrics Ltd. A3
Premier Knitting & Trading Ltd. BB3 Baizid Steel Ind. Ltd. BBB1 Noor Business Ent. Ltd. BBB2
Sentu Auto Rice Mills BBB3 Bakul Powertech BBB3 Nordic Woods Ltd. BBB2
City Feed Products Ltd. AA2 Balaka Stitch (Pvt) Ltd. BBB2 North Bengal Cement Ind. Ltd. BBB3
Four H Fashion Ltd. A1 Banga Building Materials Ltd. A1 North East Medical (PVT.) Ltd. A3
City Navigations Ltd. AA2 Bangla Trac Communications Ltd. A1 Northern Fashion Ltd. BBB3
Arif Garments BB3 Bangladesh Commerce Bank Ltd. A3 Nova Holdings Ltd. BBB2
Apparel-21 Ltd. A3 Bangladesh Eye Hospital Ltd. BBB1 Nova Trread & packagers Ltd. BBB3
Niribili Poultry & Livestock Ltd. B1 Bangladesh Finance and Investment Co. Ltd. A3
Novelta BestWay Pharmaceuticals Ltd. BBB3
Younus Specialized Cold Storage Ltd. A2
Bangladesh Petroleum & Lubricants BBB1 Nur-E- Alahee & Brothers (Pvt.) Ltd. BBB2
Adex Corporation Ltd. AA3 Bangladesh Steel Re-Rolling Mills Ltd. AA3 Nurjahan Super Oil Ltd. A2
Esquire Knit Composite Ltd. A2 Bangladesh Submarine Cable Co. Ltd. AAA Nuvista Consumer Healthcare Ltd. A3
Landmark Fabrics Ltd. A3 Banoful & Co. Ltd. A3 Ocean Accessories Ltd. BBB2
Progati Electronics BB2 Base Fashions Ltd. BBB2 Ocean Containers Ltd. A1
Crystal Fisheries Ltd. BB3 Bayazid Match Ind. Ltd. BBB2 Ocean Pride (BD) Ltd. BBB3
Md. Badrul Iqbal BB1 Bayazid Match Ind. Ltd. BBB2 Olympic Accessories Ltd. BBB3
Progati Agro Food Ind. Ltd. BB1 BCL 18% CONVERTIBLE ZERO COUPON BONDS A2
Orchid Garments Ltd. A3
Bikrampur Potato Flakes Ind. Ltd. A3 Bengal Food Ind. BBB2 Organic Health Care Ltd. BBB1
Enam Medical Hospital (PVT) Ltd. A2
Bengal Leather Complex Ltd. BBB3 Oshin Spinning Mills Ltd. A3
Graphics Textiles Ltd. BB2 Bengal Plastics Ltd. BBB3 Osin Ent. BBB3
Sheema Spinning Mills (Pvt.) Ltd. BB1 Bengal Poly and Paper Sack Ltd. A3 Osman Interlinings Ltd. A3
S S Fabrics Ltd. BB3 Bepari Agro Food Products Ltd BBB2 OTL-Doublegull Manufacturing Co. Ltd. A3
Rashid Agro Food Products Ltd A1 Bhatiyari Ship Breakers Ltd. BBB3 OTOBI Ltd. AA3
Sadia Traders BB1 Bhuiyan & Brothers BBB3 Otto Spinning Mills Ltd BBB3
Star Associates Ltd. B2 Biopharma Agrovet Ltd BBB3 Otto Spinning Mills Ltd BBB2
Pantaloon Fashion Ltd. BB1 Bismillah Feed Mills Ltd BBB2 P.P S. Plastic Pipe Ind. BBB3
ADN Telecom Ltd. A2 Biswas Agro Food Ltd. BBB3 Padma Diagnostic Centre Ltd. BBB3
Samannaz Dairy & Food Products Ltd. A1 Biswas Agro Food Ltd BBB3 Padma Rubber Ind. BBB3
Sharija Oil Refinery Ltd. A1 BKC Sweater Ltd. BBB2 Pan Pacific Sweaters Ltd. BBB1
M/S Kibria Husking Mills BB1 BLP Warm Fashions Ltd. BBB2 Panigram Resort Ltd. BBB1
Sefat Trade International BB2 Bounty Food & Beverage Ltd BBB2 Panna Battery Ltd. A2
Apex Lingerie Ltd. AA3 Brilliance Sweater Ltd BBB2 Panna Distribution Ltd. A3
The ACME Laboratories Ltd. AA2 BSB Foundation BBB3 Panwin Designs Ltd. A3
Nowapara Clod Storage Ltd. A2 BSRM Steel Mills Ltd. A2 Panwin Fashions Ltd. BBB1
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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S A Oil Refinery Ltd. A1 BST Auto Bricks Ltd. BBB3 Panwin Garments Ltd. BBB1
Sharp Kargo Kare Ltd. BB3 BT Ltd. BBB1 Paramount Textile Ltd. A1
Wahed Steel Corporation BB1 Campex (BD) Ltd. A2 Parity Fashion Ltd. BBB2
Quasem Drycells Ltd. A3 Century Apparels Ltd. BBB3 Parity fashion Ltd. BBB2
Jalal Ahmed Spinning Mills Ltd. A3 Century Leather Works (PVT.) Ltd. BBB1 Parity Fashion Ltd. BBB2
Al Sahera & Sons BB3 Century Leather Works (PVT.) Ltd. BBB1 Parvin Properties & Technologies Ltd. BBB2
Northern Agriculture & Ind. Ltd. A2 Charka SPC Poles Ltd. BBB1 Patakuri Society BBB2
SARC Ent. BB3 Chashi Cold Storage (Pvt.) Ltd. BBB3 PB Birganj Automatic Rice Mill BBB2
Olympic Cement Ltd. A2 Chashi Cold Storage (Pvt.) Ltd. BBB3 Peak Apparels Ltd. BBB2
Habib Clinic & Diagnostic Centre BB2 China Bangla Ceramic Ind. Ltd. BBB2 Peoples Insurance Co. Ltd. A3
Zakir Textile BB1 China Palace BBB3 Perfect Sweaters Ltd. BBB1
Sea Food Corporation Ltd. BB3 Chittagong Denim Mills Ltd. BBB3 Phoenix Finance and Investments Ltd. A2
Esquire Accessories Ltd. A3 Chowdhury Leather & Co. Ltd. BBB3 Phoenix Insurance Co. Ltd. A1
S A Beverage Ltd. BBB1 CHP Chemical Ind. Ltd. BBB2 PHP Nof Continuous Galvanizing Mills Ltd. AA3
GQ Ball Pen Ind. Ltd. A1 CITEX Sweater Ltd. BBB2 Pioneer Sweaters Ltd. AA3
Rahat Corporation A3 City General Insurance Co. Ltd. A3 Polybag Manufacturing Co. Ltd.. BBB1
Bay Leasing & Investment Ltd. BBB1 Civic Apparels Ltd. BBB2 Polymer Agro Ind. Ltd. BBB2
Abul Khair Tobacco Co. Ltd. AA2 Civic Apparels Ltd BBB3 Popular Export & Import Co. (PVT.) Ltd A3
The Rose Dresses Ltd. A3 Claxton Apparels & Textiles Ltd. BBB1 Power Vantage Wear Ltd. BBB2
Motahar Hossain Chowdhury Jute Mills Ltd. BB1 COAST Trust BBB2 Pragati Life Insurance Ltd. A2
Geo Agro Ind. Ltd. BB3 Commercial Bank of Ceylon PLC (Bangladesh Operation) AAA PRAN Exports Ltd. A2
Takaful Islami Insurance Ltd. BBB1 Concept Knitting Ltd. BBB3 PRAN Foods Ltd. A2
Star Partical Board Mills Ltd. AA3 Confidence Steel Ltd. A3 Premier Steel Re-rolling Mills (Pvt) Ltd BBB1
Kismot Trading Corporation BBB1 Coral Reef Properties Ltd. BBB3 Prime Bank Ltd. AA1
Robi Axiata Ltd. AA3 Cortz Apparels Ltd. BBB2 Prime Bank Ltd. AA2
South Bengal Fertilizer Mills Ltd. BB1 Creative Designers Ltd. BB3 Prime Insurance Co. Ltd. A2
United Airways (Bangladesh) Ltd. BBB1 Creative Shirts Ltd. BBB1 Prime Islami Life Insurance Ltd. A1
Younus Spinning Mills Ltd. A3 Crescent Hospital & Diagonstic Ltd. BBB3 Primordial Ltd. BBB3
Deepshikha International BBB3 Crescent Leather Products Ltd. A3
Probashi Knitwears Ltd. BBB1
Daeyu Bangladesh Ltd. BB3 Crescent Tanneries Ltd. BBB1 Progati Steel Mills Ltd. BBB3
Doreen Power Generations & Systems Ltd. AA2 Crossline Woven Garments Ltd. BBB3
Progati Traders BBB3
American Life Insurance Co. Bangladesh AAA Crosswear Ind. Ltd. BBB2 Projectehsan Paper Products (Pvt.) Ltd. BBB3
Ibn Sina Trust A2 Crosswear Ind. Ltd. BBB2 Protein House Ltd. BBB2
OK Properties Ltd. BB3 Crown Cotton Ltd. BBB3 Purabi Salt Ind. Ltd. BBB3
Samannaz Condensed Milk Ltd. A2 Crown Cotton Ltd. BBB2 R. B. Steel Mills Pvt. Ltd. BBB3
Global Brand (Pvt) Ltd. A3 D & S Pretty Fashions Ltd. A3 R.B.P Woven Industry BBB2
Akbar Composite Mills Ltd. BB1 Dacca Gas Services Ltd. BBB3 R.K. Accessories Ind. BBB2
M/S Md. Abul Kalam Azad BB1 Dana Engineers International Ltd. A3 R.K. Fashion Ltd. BBB3
Sarna Auto Rice Mill BB1 Dana Sweater Ind. Ltd. A3 R.K. Spinning Ltd. BBB1
Best Shirts Ltd. BBB2 Daniel Corporation Ltd. BBB2 R.M.R Poultry and Hatchery Ltd. BBB3
Classic Fabrics BB1 Daniel Logistics Ltd. BBB3 R.R Marble & Granite Ltd. BBB3
Electro Solar Power Ltd. BBB1 Delsey Cotton Spinning Mills Ltd. A1 R.R. Packaging Ind. BBB2
G R Traders A3 Delta Hospital Ltd. A3 Rahim Textile Mills Ltd. A2
Sirajganj Iron & Steel House BB3 Delta Pharma Ltd. BBB1 Rahimafrooz Renewable Energy Ltd. AA2
KIAM Metal Ind. Ltd AA3 Delta Spinners Ltd. BBB1 Rahman Cycle Store BBB3
BD Foods Ltd. A3 Denim Art Ltd. BBB1 Raj Ent. Ltd BBB3
Blue Metal BB1 Denimach Washing Ltd. A2 Rajbari Jute Mills Ltd BBB2
The Delta Accessories Ltd. A3 Desh General Insurance Co. Ltd. BB1 Ran Power Engineering BBB2
Valuka Feeds BB1 Design Makers Ltd. BBB3 Rangpur Foundry Ltd. AA3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 59 of 63
Karnafuly Sea Fishers Ltd. BB3 Designer Jeans Ltd. BBB2 Rangpur Jute Mills Ltd. BBB2
M/S Jamuna Motors & Engineering Works A3 Dhaka Hide and Skins Ltd. BBB2 RANL Designers Ltd. BBB3
Himadri Ltd. A2 Dhaka Ice Creame Ind. Ltd. BBB1 RAR Holdings Ltd. BBB2
The Delta Composite Knitting Ind. Ltd. A3 Dhaka Regency Hotel & Resort Ltd. A1 Rashid Oil Mills Ltd. BBB2
S R Jute Processing BB1 DHS Motors Ltd. BBB2 Raven Agro Chemical Ltd. BBB2
Tex Win Spinning Ltd. B2 Diamond Cement Ltd. A2 Rayhan Packaging Industry Ltd. BBB2
Universal Poultry Hatcheries Ltd. A3 Diamond Particle Board Mill Ltd BBB3 Real Fibre Glass Ind. BBB2
S Ahmed Trading Corporation BBB3 Didar and Brothers BBB2 Redwan Packaging Ind. Ltd. BBB2
Asahi Knit Apparels B1 Dipa Sweater Ltd. BBB2 Regent Power Ltd. A1
IDLC Finance Ltd. – Zero Coupon Bond AA1 Dolphin Sea Food Ind. BBB3 Reliance Finance Ltd. A3
Noor Hossain BB1 Dragon Sweater & Spinning Ltd. A2 Resource Dvelopment Foundation BBB3
City Dal Mills Ltd. AA2 Dubai Bangladesh Bag Factory Ltd. BBB1 Reza Fabrics Ltd. BB3
Aman Feeds Ltd. A3 Durable Plastic Ltd. A2 Reza Fashion Ltd. BBB1
Gemini Fashions (PVT) Ltd. BB3 Dynamic Fashions Ltd. BBB2 Reza Telecom Bangladesh Ltd. BBB3
S N Corporation BBB1 East Man Steel Ltd. BBB3 Rifa Plastic & Manufacture Ltd. BBB3
DAL Knitwear Ltd. BBB1 Eastern Bank Ltd. AA2 RIMSO Foundation BBB1
Aman Associates Ltd. BBB1 Eastern Insurance Co. Ltd. A2 Riverview Steel & Trading Ltd. BBB3
Farzana Oil Refineries Ltd. AA2 Ehsan Fashions Ltd BBB3 RMT Textile Ltd. BBB2
Fabian Ind. Ltd. A3 Ekhlas Spinning Mills Ltd. BBB2 Romo fashion Todat Ltd. BBB3
Europa Cold Storage Ltd. A2 Electro Venture Ltd. BBB2 Roots Properties Ltd BBB3
Rahman Jute Mills (Pvt.) Ltd. BB1 Enam Medical College & Hospital A3 Royal Capital Ltd. A3
GPH Ispat Ltd. AA3 Energypac Power Generation Ltd. A1 Royal Denim Ltd. BBB2
Pearl Prince Apparels Ltd. BB2 Energypac Power Generation Ltd. AA2 Ruhama Properties Ltd. BBB1
Envoy Textiles Ltd. AA3
Engineers Consortium and Construction Co. Ltd.
BBB2
Runner Properties Ltd BBB3
Purbani Synthetic Spinning Ltd. A2 Etasia Interlinings Ltd. BBB1 Rupali Insurance Co. Ltd. AA2
Shah Amanat Iron Mart BB2 Everest Power Generation Co. Ltd. A2 Rupali Sea Foods Ltd BBB1
Chittagong Marine & Machinery BB2 Evergreen Sweaters Ltd. BBB3 Rupali trading Agency & Noore Madina Oversees BBB3
Karim Spinning Mills Ltd. A2 Evergreen Sweaters Ltd. BBB2 Rupayan Housing Estate Ltd. BBB2
Color Woven Bag Ind. Ltd. BB1 Evitex Polycot Ltd. BBB3 S. Alam Steels Ltd. BBB1
Dress Shirts Ltd. A3 Excellent Ceramic Ind. Ltd. BBB3 S. Alam Trading Co. (Pvt.) Ltd. BBB1
Shanta Properties Ltd. A3 Excellent Motors Ltd. BBB2 S. Jute Ind. Ltd. BBB3
Amity Design Ltd. BB3 Export Import Bank of Bangladesh Ltd. A1 S. Suhi Industrial Park Ltd. A3
Shah Cement Ind. Ltd. AA1 Export Import Bank of Bangladesh Ltd. AA3
S.B Designs Ltd. BBB3
Zihan Auto Rice Mills Ltd. BB2 F.R.Jute Mills Ltd. BBB3 S.B. Agro Fertilizer Ind. Ltd. BBB1
Viyellatex Ltd. AA1 Faizun Nahar Himagar Ltd. BBB2 S.B. Traders BBB3
Al Madina Ent. BB2 Faizun Nahar Himagar Ltd. BBB2 S.E.C. Fan BBB3
Desh Cold Storage (Pvt.) Ltd. BB2 Fakhruddin Textile Mills Ltd. BBB1 S.H.B. Garments Ltd. BBB2
On Line Properties Ltd. BB3 Far East Knitting and Dyeing Ind. Ltd. A1 S.H.B. Garments Ltd. BBB2
A K Khan Jute Mills Ltd. BB3 Fareast Finance & Investment Ltd. A2 S.R.P Automatic Flour Mill BBB3
Goribay Nawaj Ent. BB3 Fareast Islami Life Insurance Co. Ltd. A1 S.R.S Ship Breakers BBB3
Sonali Ent. BB3 Farid Fiver and Weaving Ltd. A3 S.S Dredgers & Engineers Co. Ltd. BBB1
Noor Alam EXIM Ind. Ltd. BB1 Farid Ind. Ltd. BBB1 Saad Saan Apparels Ltd. A2
Sea Blue Textile Ltd. BBB3 Farid Nets Ltd. BBB1 Sadma Fashion Wear Ltd. BBB2
Sakib Textiles BBB3 Farid Twine and Rope Ind. Ltd. A3 Safa Electronic Ltd. BBB3
Royal Engineering Works C Faridpur Al-Madina Pvt. Hospital & Diagnostic Centre Ltd BBB3 Sagufta City Developers Ltd. BBB2
Fakhor Uddin Ali Ahmed BB1 Fariha Apparels Ltd. BBB3 Sakib Ent. BBB3
Lubnan Trade Consortium Ltd A3 FAS Finance and Investments Ltd. BBB3 Salta Capital Ltd. BBB1
Amana Super Shop & Products (Pvt.) Ltd. BB2 Fashion Forum Ltd. A1 Salta Fishing Ltd. BBB2
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 60 of 63
Pragati Insurance Ltd. AA1 Fatuallah Apparela BBB3 Samsul Haque Auto Rice Mills (Pvt) Ltd BBB2
Singer Bangladesh Ltd. AA1 Federal Insurance Co. Ltd. A3 Sanita Ceramics (Pvt) Ltd. BBB3
Purbani Fabrics Ltd. A2 First Lease Finance and Investment Ltd. A3 Sanita Ceramics (Pvt.) Ltd. BBB2
Karnaphuli Fabrics Ltd. BB3 First Printing & Accessories Ltd. BBB2 Sanowara Drinks and Beverage Ind. Ltd. BBB1
Liza Garments BB2 FMC Dockyard Ltd. BBB2 Sapco Paints Bangladesh Ltd. BBB3
Hamid Weaving Ltd. A1 FnF Pharmaceuticals Ltd. BBB2 Sarah Composite Mills Ltd. BBB2
Apex Textile Printing Mills Ltd. AA3 Fountain Garments Manufacturing Ltd. BBB3 Sarkar Steels Ltd. BBB1
M/S Wahedul Islam BB1 Fuad Yarn & Trading BBB3 SAS Fashion Wear Ltd. BBB3
Aman Tex Ltd. A2 G.K.Builders BBB1 Sathi Fresh Fruits Ltd. BBB3
Zihan & Co. (Pvt.) Ltd. BB3 Galaxy Publications & its sister concerns BBB3
SB Agro Ind. Ltd. BB2
Jupiter Button Ind. Ltd. B2 Galpex Ltd. BBB3 SB Cold Storage (Pvt.) Ltd. BBB3
Rowa Knitwear Ltd. BB1 Gasko Industrial Services Co. BBB2 Sears Accessories Ltd. BBB3
Lal Teer Seed Ltd. BBB1 Genuity Systems Ltd. A2 Section Seven Apparels Ltd. A3
Polo Composite Knit Industry Ltd. BBB1
Glare Fashion Ltd. BBB2 Section Seven Ltd. AA2
Turjo Apparels Ltd. BB1 Global Concept BBB2 Sepal Garments Ltd. A3
D-Water Tech Ltd. BB3 Global Heavy Chemicals Ltd. A2 Sepal Washing plant Ltd. BBB2
Poly Point Ltd. B2 Global Trims Ind. Ltd. BBB3 Shadhin Garments (Pvt.) Ltd. BBB2
Ziska Pharmaceuticals Ltd. BBB3 Glory Fashion Wear Ltd. BBB2 Shahan Himagar Ltd. BBB3
A Kashem Timber & S'Mill BB1 GMS Composite Knitting Ind. Ltd. AA3 Shahan Himagar Ltd. BBB3
Younus Cold Storage Ltd. A2 Gold Air Ent. Ltd. BBB2 Shahi Himagar Ltd. BBB2
A Tex International Ltd. BBB1 Gold Bricks Ltd. BBB3 Shahjalal Islami Bank Ltd. AA2
Bright Geen Energy Foundation A2 Gold Land International Ltd. BBB2 Shahjalal Islami Bank Ltd. AA2
Jayson Pharmaceuticals Ltd. BB1 Golden Beez Himagar Ltd. BBB2 Shalbahan Firms Ltd. BBB3
Padakhep Manabik Unnayan Kendra BB1 Golden Beez Himagar Ltd. BBB2
Shampur Chemical Works & Rifat Chemical Works BBB3
Abdul Malek Mondol & Son's BB1 Golden Line Accessories Ltd BBB3 Shamsuddin Spinning Mills Ltd BBB2
Raya Spinning Mills Ltd. B3 Grameen Motors BBB3 Shamsul Alamin Real Estate Ltd. A2
Aman Cement Mills Ltd. A2 Gramtech Knit Dyeing Finishing & Garments Ltd. BBB2 Sharifa Printers & Packagers (Pvt.) LTD. A3
Ahmed & Sons Auto Rice Mill BB1 Green Bangla Agrovet Ltd. BBB3 Sharmin Steel Ltd. BBB2
Epyllion Fabrics Ltd. A2 Greystone Sweater Ltd. BBB1 Shawan Himagar Ltd. BBB3
S&S Poultry Farm BB1 H.I Apparels Ltd. BBB3 Shawan Himagar Ltd. BBB3
Apex Foods Ltd. A2 H.I Technology and Properties Ltd. BBB2 Sheema Steel Mills Ltd. BBB1
Esquire Electronics Ltd. AA3 Habib Bank Ltd. AA3 Sherwani Electrical Ind. BBB2
Friends Multi Trade Co. A3 Hajj Finance Co. Ltd. A3 Shetu Agro Ind. Ltd. BBB1
Appollo Ispat Complex Ltd. BBB1 HAMKO Corporation Ltd. A2 Shila Ent. Ltd BBB3
Al Mostafa Printing & Packaging Ltd. BBB1 HAMKO Corporation Ltd. A2 Shirts Mine Ltd. BBB3
Bengal NFK Textile Ltd. BBB2 HAMKO Ind. Ltd. A3 Shomahar Paper Converting Ltd. BBB3
Garib-E-Newaz Clod Storage Ltd. A2 Hamza Textiles Ltd. A2 Shova Advance Technology BBB2
Cosmos Ent. BB2 Hamza Textiles Ltd. A2 Shova Ent. BBB3
Sayeman Beach Resort Ltd. BBB1 Hannan Knit & Textiles Ltd. BBB3 Shovon Labels Ltd. BBB2
The Immaculate Apparels Ltd. BB3 Harrods Garments Ltd. BBB2 Shovon Packaging & Accessories Ltd. BBB2
Yasir Ent. BBB3 Hasher Mohammad Automatic Rice Mills Ltd. BBB3 Shovon Silk & Knitting Mills Ltd. A3
Fashion Plastic & Packaging Ltd. AA1 Helpline Resources Ltd. BBB2 Shovon yarn Dyeing Ltd. BBB2
Green Power Transformer Co. BB1 Hilful Fuzul Samaj Kallyan Sangstha BBB1 Shovon Zipper Ltd. A3
Hafiz Chaul Kal BB2 Home Pest Control BBB2 Shun Shing Power Ltd. A2
Southern Clothings Ltd. BB2 Hossain Dyeing & Printing Mills Ltd. A2 Shuvo Progati Agro Food Products Ltd BBB2
Wasco Biscuit & Bread Factory BBB1 Hotel Arena BBB3 Siam Computerized Elastic Ind. Ltd BBB1
East West Fashion Garments Ltd. BB1 Hudson Pharmaceuticals Ltd. BBB3
Siddique & Sons BBB3
Tanveer Ent. BB1 I Mart Computer Ltd. BB2 Simtex Ind. Ltd. A3
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
Page 61 of 63
Younus Newsprint Mill Ltd. AA3 I&A Travels Ltd BBB3 Simtex Ind. Ltd. A3
AJ Fashions Ltd. BB2 Ibrahim Consortium Ltd. BBB2 Sitalpur Steel Mills Ltd. A2
ARS Properties Ltd. BB1 ICEL Private Ltd. BBB1 SK. Akijuddin Ltd. AA2
Dhaka Bank Ltd. AA3 Ideal Fiber Ind. Ltd. BBB1 Sky Touch Apartments Ltd. BBB1
Shiv Textile BB1 Ideal Fiber Ind. Ltd. BBB2 SM Knitting Ind. Ltd. A3
BRAC AAA Ideal Publications BBB2 SM Knitwears Ltd. A2
Super Thai Plastic Ltd. BB1 Ideal Publications BBB2 Sobhan Agro Complex Ltd. BBB3
Emerald Oil and Poultry Ind. Ltd. BBB1 Iffat Ind. Ltd. BBB3 Sobi Fish Processing Ind. Ltd. BBB3
That's It Knit Ltd. AA2 Iffat Ind. Ltd. BBB2 Solaiman & Brothers Trading Corporation
BBB3
Legacy Fashion Ltd. BBB1 Iffat Ind. Ltd. BBB2 Sonali Bank Ltd. A3
Udyoug Jute Mills (Pvt) Ltd. BB1 Impex International BBB3 Sonali Steel Ent. Ltd. BBB1
Jamuna Bank Ltd. A1 Impressive Garments Ltd BBB3 Sonet Garments BBB3
Four H Dyeing & Printing Ltd. BBB1 Index Development Ltd. BBB2 Sonia & Sweaters Ltd. BBB2
Starling Rinse Effect Ltd. A3 Information Technology Consultants Ltd. A3 Sono Diagnostic Centre Ltd. BBB2
Pinaki & Co. BB3 InnStar Ltd. BBB2 South East Textile A3
National Bank Ltd.-Bond AA3 International Agencies Bangladesh Ltd. BBB3 South East Textile (Pvt.) Ltd. BBB1
M/S Shapla Agro Food Ind. BB1 Intraco Fashion Ltd BBB3 South End Sweater Co. Ltd. BBB3
Jamuna Automatic Rice Mill BB1 Iqbal Texware Ltd. A3 Southeast Bank Ltd. AA3
Kazipur Fashions Ltd. AA3 Islami Bank Bangladesh Ltd. AA1 Southern Image Ltd. BBB3
Southern Services Ltd. BB2 J. M. Fabrics Ltd. A3 Sparrow Apparels Ltd. BBB2
Sadat Jute Ind. Ltd. A1 J.M. Fabrics Ltd. BBB1 Square Pharmaceutical Ltd. AA1
Sizda Motors BB1 J.S Auto Rice Mill BB1 Square Textiles Ltd. AA2
Abul Khair Steel Ind. Ltd. AA1 Jabbar & Co. Ltd. BBB2 Sreeja Gold Palace (Pvt.) Ltd BBB3
Purbani Yarn Dyeing Ltd. A2 Jabber Feed Ind. BBB3 Sristy Ent. BBB3
City Seed Crushing Ind. Ltd. AA2 Jalalabad Steel Building Ltd. BBB2 Standard Chartered Bank AAA
Liz Fashion Ind. Ltd. A2 Jamaluddin Textiles (Pvt.) Ltd. BBB2 Step Three Apparels Ltd. BBB2
Delicate Knitwears Ltd. BB1 Jamaluddin Textiles (Pvt.) Ltd. BBB3 Sterling Apparels Ltd. BBB1
M/S Planet International BB1 Janata Mill Store Ltd. BBB2 Sterling Creations Ltd. A3
Idris & Co. (Pvt.) Ltd. BB3 Jeacon Garments Ltd. BBB1 Sterling Styles Ltd. A3
M/S Zelema Rahman Cold Storage (Pvt) Ltd. BB1 Jeacon Garments Ltd. BBB2 Stitch Tone Apparels Ltd. BBB2
Bismillah Marine Store BB2 Jeans Plus Ltd. BBB2 Sufia Cotton Mills Ltd. A1
Sharif Clod Storage Ltd. A2 Jedda Dyeing and Printing Ltd. BBB2 Sufia Fabrics Ltd. A1
Dhaka Bank Ltd. -Bond A1 Jibon Consumer Products Ltd BBB3 Summit Alliance Port Ltd. A1
Esquire Dyeing Ind. Ltd. AA1 Jinnat Knitwears Ltd. A2 Summit Industrial & Mercantile Corporation (Pvt.) Ltd. AA1
Haque Oil and Flour Mill BB2 Jobeda Textiles Mills Ltd. BBB2 Summit Narayanganj Power Ltd. AA2
ATS Pearls Ltd. A3 Johan Agro Food Products Ltd. BBB2 Summit Oil & Shipping Co. Ltd. A1
Snowtex Apparels Ltd. BB1 Joint Garments Ltd. BBB2 Summit Purbanchol Power Co. Ltd. AA2
Abdullah Rice Mill BB1 Joint Trading Corporation Ltd. BBB2 Summit Shipping Ltd. A1
M/S Khan Agro Food Ind. BB1 Joytun Developers Ltd. BBB1 Sumon steel and wooden furniture BBB3
BIDCO A3 Junior Laboratory (Pvt.) Ltd. A2 Sun Steel Re-Rolling Mills Ltd. BBB3
TMSS AA3 Jupiter Publication BBB2 Sundarban Shrimp BBB2
Tulagaon Fashions Ltd. AA3 Jute Spinners Ltd. BBB2 Sunny Trade International BBB3
Bhai Bhai Ent. BB1 Jute Spinners Ltd. BBB2 Super Jute Mills Ltd. A1
Bismillah Aluminum Works BBB1 Jyoti Biscuit Ind. Ltd BBB2 Super Property Development Co. Ltd. BBB3
AST Beverage Ltd. AA3 Kachua Motors(Appeal) BBB3 T.K. Paper Products Ltd. A3
Shangu Tex Ltd. BB2 Kamal Yarn Ltd. AA3 Talha Fabrics Ltd. AA3
AB Securities Ltd. A2 Kapotakhkho Properties & Builders Ltd. BBB2 Tamanna Tiles & Sanitery BBB3
Crown Metal Merchandising BB1 Kapotakkha Builders Ltd. BBB2 Tamanna Tiles and Sanitary BBB3
M/S Selim Auto Rice Mill BB3 Karim Trading BBB2 Tamim Agro Ind. Ltd. BBB1
Mozafor Textile Mills Ltd. B2 Karim Trading Corporation Ltd. BBB2 Tanni Autos BBB3
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The Delta Composite Knitting Ind. Ltd. A3 Karishma Residence and Suites BBB1 Tanveer Oils Ltd. A1
M/S Bismillah Auto Rice Mill BB3 Karupannya Rangpur Ltd. BBB2 Tasniah Fabrics Ltd. BBB3
Motahar Hossain Chowdhury Jute Mills Ltd. BB1 Kashba Housing (Pvt) Ltd. BBB2 Taufiq Sweater Ltd. A3
Sungarh Tex Ltd. BB3 Katha Ent. Ltd. BBB3 Techno Design & Development Ltd. BBB2
Krishikal Himagar Ltd BB2 Kaveri Sweaters BBB2 Techno Spinning Mills Ltd. A3
Concrete & Steel Technologies Ltd BB2 Kazi Air International Private Ltd. BBB2 Teco Electronics Ltd. BBB3
M/S Shanto CNG Re-Fuelling Station BBB1
Kazi Md. Mofizur Rahman Bricks Manufacturing Ind. BBB2 Tejgaon Textile Mills Ltd. BBB1
Dutch Bangla Power & Associates Ltd. A1 Kazla Woolen Mills Ltd. BBB2 Teletalk Bangladesh Ltd. AAA
M/S Sagar Auto Rice Mill BB2 KBC Agro Products Private Ltd. A3 The ACME Laboratories Ltd. A1
Active Ind. Ltd. A3 KDS Apparels Ltd. A1 The Bengal One Creation Ltd. BBB1
Integra International Ltd. BB1 KDS Fashion Ltd. A1 The Builders Engineers Associate Ltd. BBB2
M/S Bristi Ent. BBB1 KDS Garment Ind. Ltd. AA2 The Cloth & Fashion Ltd. BBB2
Apex Ent.s Ltd. BB3 Khansons Jutex Ltd. BBB3 The Dacca Dyeing & Manufacturing Co. Ltd. BBB2
A B S Carton & Accessories Ltd. BB3 Khansons Textiles Ltd. BBB1 The Engineers & Architects Ltd. BBB2
The Delta Spinning Mills Ltd. BB1 Knit & Knitwears Ltd. BBB1 The Golden Fibre Trade Centre Ltd BBB1
Shadhin Dyeing (Pvt.) Ltd. BB2 Knit Asia Ltd. A2 The Miracle Accessories Ltd. BBB3
S. M. Steel Re-Rolling Mills Ltd. A2 Knit Cotton Composite Mills Ltd. BBB1 Three Angle Marine Ltd. BBB3
Ultra Embroidery Ltd. BB3 Knit Cotton Composite Mills Ltd. BBB1 Three Eye Merchandise BBB2
ARMAC Services Ltd. BBB1 Koba Electronics Ltd. BBB2 T-International & Sister Concerns BBB2
Well Trade BB3 Kohinoor Chemical Co. Ltd. A2 Tour Planners Ltd. BBB3
Popular Jute Exchange Ltd. BB2 Kohinoor Chemical Co. Ltd. A2 Toyoo Pump Marketing BBB2
Shahsultan Feed Mills (Pvt.) Ltd. BBB3 KSRM Steel Plant Ltd. A1 Trade Venture Ltd. BBB1
Shajalal Motors BBB3 Labaid Cardiac Hospital Ltd. A1 TravelPro TRS Ltd. BBB2
International Leasing & Financial Services Ltd. A3 Labaid Medical Center Gulshan Ltd. A1 Trust Bank Ltd. AA3
Apparel Gallery Ltd. AA2 Labaid Pharmaceuticals Ltd. BBB1 TS Sweaters Ltd. BBB1
M/S Shyamoli Paribahan BBB1 Labaid Specialized Hospital Ltd. A1 TSF Corporation BBB2
M/S Sakib Ent. BB2 Laketouch Corporation BBB2 Tusuka Processing Ltd. BBB2
M/S Sagar Auto Rice Mill BB1 Landmark Design Wear Ltd. BBB2 Tusuka Trousers Ltd. A3
Master Accessories (Pvt) Ltd. BB1 Landmark Dyeing and Washing Ind. Ltd. BBB2 Unicorn Sweaters Ltd. BBB1
Nissho Koeki Tissue Papers Co. Ltd. BB1 Landmark Fashion Wear (Pvt.) Ltd. BBB2 Union Insurance Co. Ltd. BBB2
Shajalal Ent. BBB3 Landmark Printing & Packaging Ind. Ltd. BBB2
Union Insurance Ltd. A3
Educare Ind. Ltd. BB2 Landmark Yarn Dyeing Ltd BBB2 Unique poly Ind. Ltd. BBB2
M/S Highway Filling Station BBB1 Living Stone Ltd. BBB3 Unique Power Plant Ltd. A1
Mango Teleservices Ltd. AA1 LP Gas Ltd. BBB1 United Commercial Bank Ltd. A1
M/S Khan Ent. BB2 Lucky Steel Corporation BBB2 United Commercial Bank Ltd. AA3
M/S JB Ent. BB1 Luminux Image Transfer Ltd. BBB3 United Development Initiatives for Programmed Actions A1
M/S Ovi Trading BB1 Luna Agro Ind. (Pvt.) Ltd. BBB2 United Insurance Co. Ltd. AA3
The Delta Spinning Mills Ltd. BB1 Luxury Poly Ind. Ltd. BBB2 United International University A1
Al -hajj Karim Taxtile Ltd. A2 M M Jute Fibers & Ind. Ltd. BBB3 United Leather Ind. (Pvt) Ltd. A1
M/S Shabuj Auto Rice Mill & M/S Shabuj Ent. BB1
M. A. Wahab & Sons (Real Estate) Ltd. BBB2
United Melamine Ind. (Pvt) Ltd. A3
Sungarh Tex Ltd. BB3 M. Hossain Spinning Cotton Mills A2 United Mineral Water & Pet Ind. Ltd. A2
Jalalabad Steel Ltd. BB1 M. Hossain Spinning Mills Ltd. A1 United Plastic Wood Ind. (Pvt) Ltd. A3
M/S Friends Traders BB2 M.I.M Dresses Ltd BBB2 United Power Generation and Distribution AA2
Islami Insurance Bangladesh Ltd. BBB1 M.M. Vegetable Oil Products Ltd. A1 United Power Generation and Distribution Co. Ltd. AA2
M/S Sajeda Auto Rice Mill BB1 M.N. Clothing Ltd. BBB2 Unity Accessories (Pvt.) Ltd. BBB2
Effectiveness Analysis of Credit Ratings of CRAB, CRISL, ECRL, and WASO
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Popular Life Insurance Co. Ltd. A2 M.N. Knitwear Ltd. BBB3 Univogue Garments Co. Ltd. A3
Dong Bang Textile Ltd A2 M/S A. Rahman Saw & Auto Rice Mill BBB2 Uosan Knit Bangladesh BBB2
Transcom Beverages Ltd. AAA M/S A.G. Traders & M/S Jamuna Bricks BBB2 Urmi Garments Ltd BBB2
Titas Knitwear BB3 M/S Abdul Hakim BBB3 Uttar Banga Himagar Ltd. BBB3
Srizony Bangladesh BBB3 M/S Abdul Halim & Brothers BBB2 Uttara Acrylic Mills Ltd. BB2
Robel Agro Ind. Ltd BB2 M/S Abdur Razzaque & Sons BBB2 Uttara Jute Fibers & Ind. Ltd. BBB1
Taci Gold Agro Ltd BB1 M/S Abdus Samad & Sons Filling Station, BBB3 Uttara Rotors Yarn Mills Ltd. BB1
M/S Rasel Ent. BB1 M/S Abir Electronics & Sister Concern BBB3 Uttara Spinning Mills Ltd. BBB2
Soul Apparels Ltd. BB2 M/S Abir Fashions BBB1 Uttara Traders (Pvt.) Ltd. B2
M/S Musa Textile Mills BB1 M/s Abu Bakar & Brothers BBB1 V Knitwear ltd. BBB2
Talon Corporation Ltd. BB1 M/S Abu Bakar Khan & Co. BBB2 Valent Tech Ltd. BBB1
Lotus Ent. BB1 M/S Adarsha Brothers Vander BBB2 Venerable Export Ind. Ltd. BBB2
Siam Computerized Elastic Ind. Ltd A3
M/S Ador & Momota Automatic Rice Mill BBB3 Victory Cables Ind. Ltd. BB2
Paiker Jute Mills Ltd. BB3 M/s Agrani Traders BBB2 Victory Travels Ltd. BBB2
IDLC Finance Ltd. AAA M/S Ahona Auto Rice Mill BBB2 Victory Travels Ltd. BBB2
Prime Plus Diversified Jutex Ltd. BB1 M/S Aimpex International BBB2 Vikrampur Steel Ltd. BBB2
MP Spinning Mills Ltd. A2 M/s Ajad Brothers (MAB) BB3 Vintage Denim Ltd. A3
Opal Trading House BB3 M/S Al Modina Traders BBB3 Virgo Attires Ltd. BB2
M/S Uttara Rice Mill BB2 M/s Alam & Brothers BBB2 Virgo Media Ltd. BBB1
M/S Md. Faruk Miah BBB1 M/S Alam Store BBB2 Vision Batteries Ind. Ltd. BBB2
M/S Star International BBB1 M/S Alam Store BBB3 Vision Marketing BBB3
M/S Sami Ent. BBB1 M/s Al-Barakha Ent. BBB1 Walford International BBB3
M/S Saker Husking Mill BB2 M/S Al-Habib Ent. BBB2 Western Fishers Shipyard Ltd. BBB1
Lumina Textile Mills BB2 M/s AL-Hera Trade International BBB3 Western Marine Shipyard Ltd. A3
The Delta Accessories Ltd. A3 M/S Al-Koba Cloth Store BBB2 Wims Bricks Ltd. BBB3
Designer Jeans Ltd. BBB1 M/S Al-Madina Auto Rice Mills BBB2 Winner Packagers & Accessories Ltd. BBB3
Abed Textiles Processing Mills Ltd. BB1 M/S Al-Mahbub and Sister Concern BBB3 Winsome Knit Composite Ltd. BBB3
Bio-Stimulant Ind. Ltd. BB2 M/S Altaf & Brothers BBB3 Yoko Food & Agro Ltd. BBB2
M/S Md. Kamruzzaman BB2 M/S Amin Traders BBB3 Youth Spinning Mills Ltd. A3
Saiham Jute Mills Ltd. BB1 M/S Anjum Traders BBB2 Yusuf Flour Mills Ltd. BBB3
BSB Foundation BBB1 M/S Anu Electric & Co. BBB2 Zaber & Zubair Accessories Ltd. A1
DASF Feed Ingredients, DASF Equipment & Spares BB1 M/S Anupam Printers BBB3 Zaheen Knitwear Ltd. BBB2
Zayantex Ltd. BBB1 M/S Aqeel Ahmed BBB2 Zalo Knitting Ltd. BB1
Zarreen Farms Ltd. BBB1