CRISL

What CRISL does

CRISL (Credit Rating Information and Services Limited) is Bangladesh's first and pioneer credit rating agency, founded in 1995 and headquartered in Dhaka. The firm delivers fee-based, independent credit assessments under a regulatory framework, licensed by the Bangladesh Securities and Exchange Commission (BSEC, since 2002) and recognized by Bangladesh Bank as an External Credit Assessment Institution (ECAI, since 2009). Its core products are long-term and short-term credit ratings applied to corporates, banks, non-bank financial institutions, insurance companies, merchant banks, brokerage firms, and asset management entities — including specialized franchises such as the SME Rating series (CRISL Se-2 through Se-8), Municipality Rating, Insurance CPA Series, Listed Companies Rating (CRISL-LCR), Corporate Bond Rating, and ongoing surveillance via Rating Watch and Default Statistics.

Operationally, CRISL runs a methodology-driven rating platform with sector-specific frameworks, public transition matrices (corporate and SME), and a published rating process supported by analyst committees. The technology stack is conventional rather than automated: ratings are human-assessed using financial and operational analysis with validity periods of ~12 months, and the agency does not present any AI/ML or API-based proprietary systems in the available data. Distribution is domestic-only (Bangladesh) via direct corporate engagement, public website access to rating lists, regulatory filings to BSEC and Bangladesh Bank, and bank referrals for SME ratings.

The revenue model is professional services fees billed per rating engagement, with no publicly disclosed pricing. Customer segments span large enterprises (Standard Chartered Bank, Lafarge Holcim Bangladesh, Reckitt Benckiser, Summit Meghnaghat Power, Eastern Bank, Square Hospitals), SMEs (traders and small manufacturers), and government/municipalities. The firm has completed over 51,000 rating assignments cumulatively, employs 101-250 staff, holds ISO 9001:2015 certification (renewed 2019, 2020, 2023), and is the founder sponsor member of the Association of Credit Rating Agencies in Asia (ACRAA). The Asset Triple A Rating Agency of the Year was awarded four times (2018, 2020, 2021, 2022).

Name

CRISL

Legal name

Credit Rating Information and Services Limited

Website

https://crislbd.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

CRISL is Bangladesh's first and pioneer credit rating agency (founded 1995, Dhaka), providing fee-based credit ratings to corporates, SMEs, banks, NBFIs, insurers, and municipalities, with over 51,000 ratings completed and BSEC licensing plus Bangladesh Bank ECAI recognition.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (56145)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Credit Bureaus & Consumer Credit Reporting Agencies (FSAKAKAA)

Keywords

• Credit rating services
• Corporate bond rating
• SME credit rating
• Insurance company rating
• Financial risk assessment

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Corporate Credit Rating Services: Fee-based credit rating services for corporate entities covering long-term and short-term ratings. Ratings are assigned based on financial analysis and carry validity periods typically of one year.
2. Financial Institution Rating: Rating services for banks, NBFIs, insurance companies, merchant banks, brokerage firms, and asset management companies.
3. SME Rating: Specialized rating services for small and medium enterprises including trader and manufacturer assessments.
4. Bond Rating: Credit assessments for debt instruments and bonds issued by corporations and financial institutions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

CRISL provides independent credit rating services for listed companies, municipalities, SMEs, corporate bond issuers, and insurance companies in Bangladesh. It also offers rating-related education, default statistics, and ongoing surveillance through its Rating Watch service, serving issuers, regulators, and investors who rely on third-party credit assessments.

Product overview

CRISL (Credit Rating Information and Services Limited) is Bangladesh's first and pioneer credit rating agency, offering a comprehensive suite of rating services. The company operates a platform-plus-specializations model, with core credit rating services supported by specialized offerings including Listed Companies Rating (CRISL-LCR), SME Rating (CRISL Se Series), Municipality Rating, Insurance Company Rating (CPA Series), and Corporate Bond Rating. Additional services include CRISL Education for training programs, Default Statistics for market intelligence, and Rating Watch for ongoing surveillance. The agency covers diverse economic sectors including Corporate, SMEs, Banks, NBFIs, Insurance, Merchant Banks, Brokerage Firms, and Asset Management Firms. CRISL has completed over 51,000 rating assignments since its inception in 1995.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Rating Services Foundational credit rating service offered by CRISL since its inception, providing independent assessments of creditworthiness to corporate and regulated entities in Bangladesh.
• CRISL-LCR (Listed Companies Rating) Dedicated credit rating service for companies listed on Bangladesh's stock exchanges, supporting investor transparency and regulatory disclosure requirements.
• Insurance Company Rating (CPA Series) Specialized credit rating service under the CPA Series for insurance companies operating in Bangladesh, addressing solvency and counterparty risk assessment needs.
• SME Rating (CRISL Se Series) Credit rating service under the CRISL Se Series tailored for small and medium enterprises in Bangladesh seeking access to debt and institutional capital.
• Corporate Bond Rating Independent credit rating of corporate bond issuances in Bangladesh, supporting issuer credibility and investor due diligence in the debt capital market.
• Municipality Rating Credit rating service for municipal and local government entities in Bangladesh, supporting governance transparency and borrowing capacity assessments.
• CRISL Education Education and training programs on credit rating concepts, methodologies, and related financial topics, serving professionals and stakeholders in Bangladesh's financial ecosystem.
• Default Statistics Publication and tracking of default statistics across CRISL-rated portfolios, providing market participants with default and transition data.
• Rating Watch Ongoing surveillance service that monitors rated entities for material changes and signals potential rating actions to investors and counterparties.

Quantifiable outcome

• Over 51,000 rating assignments completed covering Corporate, SMEs, Bank, NBFIs, Insurance, Merchant Bank, Brokerage Firm, Asset Management sectors

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Duff and Phelps Credit Rating Company (DCR)coreStrategic or Co-development Partner · 1 January 1997Joint venture entered in 1997 for rating methodology development and knowledge sharing in credit assessment practices.
• Rating Agency Malaysia Berhad (RAM)coreStrategic or Co-development Partner · 1 January 1997Equity participation agreement in 1997 enabling regional expertise exchange and methodology alignment in Asian rating practices.
• JCR-VIS Credit Rating Company of PakistancoreStrategic or Co-development Partner · 1 January 1997Equity participation agreement in 1997 for South Asian regional rating standards cooperation.
• Association of Credit Rating Agencies in Asia (ACRAA)coreStrategic or Co-development PartnerCRISL is the founder sponsor member of ACRAA, contributing to regional credit rating standards and best practices development.

Scale indicators3 records

Recent moves9 records

Expansion highlights4 records

Broad incumbents

• Moody's Ratings: Moody's is a global rating incumbent offering sovereign, corporate, and structured finance ratings. It is comparable as a benchmark for rating methodology, regulatory recognition, and brand authority, though it operates on a vastly larger scale than CRISL.
• S&P Global Ratings: S&P Global Ratings is a global incumbent offering ratings across sovereign, corporate, and structured finance. It represents the upper bound of rating agency scale and credibility that CRISL competes against for large-cap and cross-border mandates in Bangladesh.

Direct peers

• ICRA Limited (India): ICRA is an Indian credit rating agency providing corporate, financial institution, and structured obligation ratings. It shares CRISL's issuer-pays model, regulatory recognition framework, and South Asian operating context.
• Credit Rating Agency of Bangladesh (CRAB): CRAB is another licensed credit rating agency operating in Bangladesh, directly competing with CRISL across corporate, FI, and SME ratings in the same single-country market with similar regulatory framework (BSEC-licensed).
• Emerging Credit Rating Limited (ECRL): ECRL is a Bangladesh-licensed credit rating agency offering corporate and financial institution ratings, competing directly with CRISL for the same domestic rating mandates and regulatory-recognized ECAI status.
• CRISIL Limited (India): CRISIL is a major South Asian credit rating agency offering ratings, research, and analytics with significant cross-border activity. It is highly comparable as a regional peer in business model (issuer-pays ratings, FI and corporate focus) and serves as a benchmark for CRISL's potential scale.
• CARE Ratings (India): CARE Ratings is an Indian credit rating agency offering bank, corporate, and SME ratings. It is directly comparable to CRISL in terms of rating product structure, FI focus, and South Asian emerging-market context.

Regional players

• JCR-VIS Credit Rating Company (Pakistan): JCR-VIS is Pakistan's leading domestic credit rating agency and CRISL's equity partner since 1997. It is a regional peer with the same business model (issuer-pays, FI/corporate/SME ratings) serving a comparable South Asian emerging economy.
• Malaysian Rating Corporation Berhad (MARC): MARC is Malaysia's domestic credit rating agency with a comparable product portfolio (corporate, FI, structured finance ratings). As CRISL's equity partner since 1997, MARC provides a useful comparison for institutional rating agency scale in an emerging Asian market.
• Rating Agency Malaysia Berhad (RAM): RAM is a Malaysian credit rating agency and CRISL's equity partner since 1997. Comparable to CRISL as a domestic-first rating agency in an Asian emerging market with a similar institutional client base (banks, corporates, insurers).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CRISLRatings
• Xx.com/CRISLRatings

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 CRISL