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Currently, there are eight credit ratings companies providing credit rating services in Bangladesh.
Statistics available with Bangladesh Bank, unveiled on Financial Stability Report 2018 last month, also showed that since 2012 no new rating company entered into the market.
In that year, three companies get approval to provide the service. These are: WASO Credit Rating Company (BD) Limited, Alpha Credit Rating Limited (ACRL) and The Bangladesh Rating Agency Limited (BDRAL).
According to Investopedia: “A credit rating is a quantified assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation.”
Credit Rating Information and Services Ltd (CRISL) is the first credit rating company in Bangladesh which comes into operation in 2002 and followed by Credit Rating Agency of Bangladesh Ltd (CRAB) in 2004.
In 2010 two new entities joined them. These are: Emerging Credit Rating Ltd. (ECRL) and National Credit Rating Ltd (NCRL).
In the next year, ARGUS Credit Rating Services Ltd (ACRSL) entered into the market.