The Bangladesh Bank (BB) declared Bangladesh Rating Agency Limited (BDRAL) as a full-fledged credit rating agency (CRA).
With BDRAL, Bangladesh now has eight CRAs. The other rating agencies operating in the country are – CRISL, CRAB, NCRL, ECRL, ACRSL, WASO, and ACRL.
BDRAL earlier used to rate only SMEs (small and medium enterprises). From now on, it can rate all entities concerned, including banks and other financial institutions.
The central bank instructed that all the scheduled banks operating in Bangladesh may nominate any one or more of the rating agencies for own and counterparty credit ratings for the purpose of calculating RWA against credit risk as per the RBCA Guidelines.
Source: The Financial Express