Credit Rating Agency of Bangladesh

What Credit Rating Agency of Bangladesh does

Credit Rating Agency of Bangladesh Ltd. (CRAB) is an unlisted public limited company incorporated in Bangladesh in 2003. It received its Bangladesh Securities and Exchange Commission license in 2004 and provides entity and instrument ratings for banks, non-bank financial institutions, insurance companies, corporates, small and medium enterprises, NGOs and microfinance institutions, government-owned enterprises, securitizations, and power projects. Its assessments support lenders, investors, regulators, and capital-market participants making credit and investment decisions.\n\nCRAB applies standardized credit-rating methodologies that combine international best practices with local market conditions, with specialized corporate, loan and facility, SME, and project rating scales. It also offers grading services, default studies, transition metrics, and a defined rating process. The company charges primarily one-time, pay-as-you-go assignment fees ranging from Tk. 4,000 to Tk. 5,00,000 depending on exposure, instrument, size, and complexity, and reaches clients through direct engagement, its website, and offices in Dhaka, Chittagong, Bogura, and Sylhet. No parent company, subsidiaries, funding rounds, or public revenue figure is disclosed.

Name

Credit Rating Agency of Bangladesh

Legal name

Credit Rating Agency of Bangladesh Ltd.

Website

https://crab.com.bd

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Credit Rating Agency of Bangladesh Ltd. is a Bangladesh-based credit rating and grading firm serving banks, NBFIs, insurers, corporates, SMEs, NGOs, government entities, and projects with standardized local-market methodologies and one-time rating fees.

Ownership category

akta.pro rank

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Entity Rating Fees: Fees charged for credit ratings of banks, financial institutions, insurance companies, and corporate entities. Fees vary by entity type and exposure size, ranging from Tk. 12,000 to Tk. 5,00,000 depending on the category and complexity of the rating assignment.
2. SME Rating Fees: Fees for rating small and medium enterprises based on exposure limits, ranging from Tk. 4,000 to Tk. 1,00,000 (VAT inclusive)
3. IPO Rating Fees: Fees for rating companies going for Initial Public Offering, with specific tiers for SME-IPO (Tk. 30,000-50,000) and regular IPOs based on amount to be raised
4. Bond and Structured Obligation Ratings: Fees for rating bonds and structured finance instruments, ranging from Tk. 50,000 to Tk. 4,00,000 based on issuance size, with initial fees constant throughout instrument tenor
5. NGO/MFI Rating Fees: Fees for rating microfinance institutions and NGOs based on gross asset size, ranging from Tk. 15,000 to Tk. 5,00,000
6. Financial Intermediary Ratings: Fees for rating merchant banks, asset management companies, and securities brokerage houses, ranging from Tk. 25,000 to Tk. 100,000

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

CRAB provides credit ratings expressed in standardized symbols for banks, non-bank financial institutions, insurance companies, corporates, SMEs, NGOs/MFIs, government-owned enterprises, and power projects across Bangladesh. The agency also delivers specialized grading services using entity-specific evaluation methodologies, alongside research outputs such as rating default studies and transition metrics that validate historical rating performance.

Product overview

Credit Rating Agency of Bangladesh Ltd. (CRAB) operates as a credit rating firm offering a unified platform of rating and grading services. The core offerings include Rating Services (providing symbol-based credit ratings for securities and entities) and Grading Services (specialised evaluations for area-specific requirements). The product portfolio spans multiple sector-specific rating modules including Bank Rating, Financial Institution Rating, Corporate Rating, SME Rating, General Insurance Rating, Life Insurance Rating, Government Owned Enterprises Rating, Securitisation Rating, Microfinance Institutions Rating, and Power Project Rating. Supporting services include Rating Process methodology, Rating Default Study, and Transition Metrics research. CRAB was established in 2003 and is licensed by BSEC, operating across Bangladesh's seven divisions.

Differentiator

Problem solved

Functional benefit

Products and services

• Rating Services Core credit rating offering providing standardized symbol-based ratings (e.g., AAA to D, plus SME-specific scales) that help investors judge the credit quality of debt and equity instruments issued by banks, financial institutions, corporates, and other entities in Bangladesh.
• Grading Services Specialized evaluation methodologies addressing exclusive, area-specific requirements for grading different activities and entities beyond conventional credit ratings.
• Bank Rating Credit rating services specifically for banking institutions, evaluating their ability to meet financial commitments; supports Basel III compliance and is required by Bangladesh Bank regulatory mandate.
• Financial Institution Rating Credit rating services for non-bank financial institutions (NBFIs), both listed and non-listed, supporting funding access and regulatory compliance.
• Corporate Rating Credit rating services for corporate entities evaluating their overall creditworthiness, used for IPOs, bond issuances, and borrowing facilitation across multiple industries.
• SME Rating Credit ratings for small and medium enterprises, using a linear rating scale (SE 1/ME 1 to SE 8/ME 8) that bridges credit information gaps, supports lender decision-making, and helps SMEs access banking facilities at preferential rates.
• General Insurance Rating Credit rating services for non-life (general) insurance companies, supporting policyholder confidence and regulatory compliance.
• Life Insurance Rating Credit rating services for life insurance companies, evaluating financial strength to support policyholder trust and regulatory compliance.
• Government Owned Enterprises Rating Credit rating services for government-owned enterprises, addressing public accountability, borrowing requirements, and sovereign linkage assessment.
• Securitisation Rating Credit ratings for securitised instruments and structured obligations, including specialized suffixes like (Lr) for loan ratings and (Hyb) for hybrid instruments.
• Microfinance Institutions Rating Credit rating services for microfinance institutions and NGOs, based on gross asset size, supporting donor confidence and funding transparency.
• Power Project Rating Credit rating services for power generation and infrastructure projects, supporting project financing, investment risk assessment, and lender confidence.
• Rating Default Study Research service analyzing default rates across CRAB's rating categories to validate rating accuracy and provide empirical evidence of rating performance.
• Transition Metrics Research service analyzing rating transitions across time periods to demonstrate rating stability and migration patterns for CRAB-rated entities.

Quantifiable outcome

• 0.00% 1-year default rate and 0.00% 3-year cumulative default rate across AAA, AA, A, BBB, BB, B, CCC rating categories (2024 Default Study)
• +1 more outcomes

Named customers21 records

Segments9 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Bangladesh Securities & Exchange Commission (BSEC)coreOthers · 1 January 2003Regulatory authority that granted CRAB its operating license in 2004. BSEC mandates credit ratings for capital market participants including IPO candidates and listed companies, creating mandatory demand for CRAB's services.
• Bangladesh BankcoreOthersCentral bank of Bangladesh that regulates banking sector and provides supervisory oversight. Bangladesh Bank requires banks to maintain credit ratings, creating regulatory demand for CRAB's rating services.
• Association of Credit Rating Agencies in Asia (ACRAA)minorOthersRegional federation of domestic rating agencies formed with Asian Development Bank (ADB) support. CRAB is a member and has participated in best practices committee. ACRAA promotes cooperation among Asian credit rating agencies and best practices.
• Association of Credit Rating Agencies in Bangladesh (ACRAB)minorOthersNational industry association for credit rating agencies in Bangladesh. CRAB is a founder member, contributing to industry standards and practices development.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ICRA Limited: An India-based SEBI-registered credit rating agency offering ratings for banks, corporates, NBFCs, insurance, and structured finance. ICRA is a relevant broad comparable given CRAB's product mix of bank, FI, insurance, and corporate ratings.
• CRISIL Ratings Limited: One of India's largest credit rating agencies and a SEBI-registered CRA, providing ratings, research, and analytics across corporates, banks, and structured finance. CRISIL serves as a broad regional comparable for CRAB's rating methodology and scale potential in South Asia.
• Fitch Ratings: A major global CRA rating banks, insurers, corporates, sovereigns, and structured finance across emerging markets including Bangladesh. Comparable as a global incumbent whose presence in Bangladesh's cross-border issuance competes for premium mandates.
• CARE Ratings Limited: A leading Indian credit rating agency providing ratings for banks, corporates, NBFCs, insurance, and public sector entities. Comparable to CRAB in product taxonomy and B2B financial-institution customer base across emerging Asia.
• S&P Global Ratings: One of the three globally dominant CRAs, rating sovereigns, banks, corporates, and structured finance globally including Bangladesh-domiciled issuers. Relevant as the benchmark international competitor whose methodology and scales CRAB's domestic ratings are designed to align with.
• Moody's Ratings: A global CRA rating sovereigns, banks, corporates, and structured instruments worldwide, including Bangladesh-related issuers. Comparable as the global standard-setter for the rating scales CRAB adapts for the Bangladeshi market.

Direct peers

• Credit Rating Information and Services Limited (CRISL): The other BSEC-licensed domestic credit rating agency in Bangladesh, offering comparable entity and instrument rating services to banks, corporates, and financial institutions. CRISL is the most direct competitor to CRAB in the same regulatory and geographic market.
• National Credit Ratings Limited (NCRL): A Bangladesh-based credit rating agency also licensed by BSEC, providing entity and instrument ratings to banks, NBFIs, corporates, and SMEs. NCRL competes with CRAB for the same regulated entity-rating mandates in Bangladesh.

Emerging players

• Dagong Global Credit Rating: An Asian-origin CRA providing sovereign and corporate ratings with a focus on emerging-market issuers. Relevant as a regionally-rooted CRA competing in the same emerging-market sovereign and corporate rating space as CRAB's regional ambitions.
• Brickwork Ratings India: An India-based SEBI-registered CRA with focus on mid-market and SME ratings, structured finance, and bank loan ratings. Comparable to CRAB's emphasis on SME rating methodology and exposure-tier pricing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/crab_ratings_bd
• Facebookfacebook.com/185877871595963
• LinkedInlinkedin.com/company/credit-rating-agency-of-bangladesh-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Credit Rating Agency of Bangladesh