ARGUS Credit Rating Services Limited

What ARGUS Credit Rating Services Limited does

ARGUS Credit Rating Services Limited (ACRSL) is a Bangladesh-based credit rating agency licensed by the Bangladesh Securities and Exchange Commission (SEC) in 2011. The company operates as a joint-venture between international credit and equity research experts and local sponsors with capital markets track record, maintaining its registered and corporate office in Dhaka. Its core products span Corporate & Entity Rating, SME Rating, Bank Loan & Facility Rating, Financial Instruments Rating, and Project Financing Rating, complemented by advisory services including Credit Advisory, Company Profiling, and Project Feasibility Studies. The client base comprises banks, NBFIs, insurance companies, manufacturers, and SMEs across sectors such as Insurance, Textile, Paper and Printing, Services & Real Estate, Food & Allied, and Trading.

ACRSL's technology stack is built on a proprietary combination of quantitative mathematical models and qualitative analytical tools, supported by sector-specific rating methodologies co-developed with DP Information Group (Singapore) and a robust financial database covering listed and unlisted companies in Bangladesh. The company has accumulated 6,200+ rating assignments and 13,149+ rating reports since inception, forming a data layer that underpins its sector-specific rating frameworks. The business operates a fee-based model: one-time licensing fees for ratings, with quote-based pricing that is not publicly disclosed, plus professional services fees for advisory engagements. The team consists of 19 employees executing a sales-led, direct-engagement go-to-market targeting both enterprise and SME clients solely within Bangladesh. Strategic partnerships with DP Information Group and indirect affiliation with Experian Group (UK) provide access to international credit rating methodology and global best practices.

Name

ARGUS Credit Rating Services Limited

Legal name

ARGUS Credit Rating Services Ltd.

Website

https://acrslbd.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

ARGUS Credit Rating Services Limited is a Bangladesh-based, SEC-licensed credit rating agency offering Corporate, SME, Bank Loan, Financial Instrument, and Project Financing ratings, plus credit advisory and feasibility services, to banks, NBFIs, insurers, manufacturers, and SMEs across multiple sectors.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (561450)

SIC

Finance Services (6199)

akta.pro primary industry

Structured Finance Ratings & Surveillance (FSACACAI)

Keywords

• Credit rating services
• SME credit ratings
• Financial instruments rating
• Credit advisory services
• Project feasibility studies

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Credit Rating Services: One-time credit rating fees for corporate entities, SMEs, financial institutions, and instruments. Rating assignments include initial ratings, surveillance ratings, and ongoing monitoring.
2. Credit Advisory Services: In-depth analysis of company financials, management overview, growth potential assessment, challenge identification, information memorandum preparation, and tentative credit rating views.
3. Project Feasibility Studies: Technical and financial feasibility assessments, regulatory and compliance identification, risk identification and mitigation services.
4. Company Profiling: Preparation of company profiles for promotional use by rated entities.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

ARGUS Credit Rating Services Limited is a Bangladesh-based credit rating agency licensed by the SEC since 2011 that evaluates and quantifies credit and business risks for corporate entities, financial institutions, SMEs, and capital market instruments. Its core offerings include Corporate & Entity Rating, SME Rating, Bank Loan & Facility Rating, Financial Instruments Rating, and Project Financing Rating, supported by Credit Advisory, Company Profiling, and Project Feasibility Study services.

Product overview

ARGUS Credit Rating Services Ltd. (ACRSL) operates as a next-generation Credit Rating Agency in Bangladesh, offering a comprehensive suite of credit rating and advisory services. The company's portfolio consists of core rating products (Corporate & Entity Rating, SME Rating, Bank Loan & Facility Rating, Financial Instruments Rating, Project Financing Rating) complemented by advisory services (Credit Advisory Service, Company Profiling, Project Feasibility Study). The rating products are delivered through proprietary methodologies designed for specific sectors with appropriate weightage to qualitative and quantitative factors, while advisory services provide deeper analytical support for credit evaluation and project assessment.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate & Entity Rating Credit rating service for banks, non-banking financial institutions (NBFIs), insurance companies, manufacturers, and other corporate entities, evaluating creditworthiness and business risks.
• SME Rating Specialized credit rating service for Small and Medium Enterprises, using a methodology developed by international partner DP Information Group with 30 years of SME rating experience in Singapore and emerging Asia.
• Bank Loan & Facility Rating Credit rating service for corporate houses seeking bank loans and credit facilities above certain regulatory thresholds, supporting bank lending approval processes.
• Financial Instruments Rating Credit rating service for various capital raising instruments including bonds, preference shares, derivatives, and securitized bonds.
• Project Financing Rating Credit rating service assessing a project's ability to service long-term debt for sectors such as real-estate, manufacturing, power, and infrastructure.
• Credit Advisory Service Advisory service providing in-depth analysis of company financials, management overview, growth potential assessment, identification of major challenges and opportunities, preparation of information memorandums for availing investing facilities, and a tentative credit rating view.
• Company Profiling Preparation of brief company profiles published as a promotional tool for rated companies.
• Project Feasibility Study Comprehensive project feasibility studies including technical and financial feasibility, regulatory and compliance identification, and risk identification and mitigation.

Quantifiable outcome

• 6,200+ rating assignments completed since 2011
• +2 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• DP Information GroupcoreStrategic or Co-development PartnerACRSL is partnered with DP Information Group (DP), the premier credit rating agency of Singapore for over 30 years. DP pioneered credit rating in Singapore and has played an influential role in developing the credit rating sector in China, Indonesia, and Philippines. DP provides specialized SME Rating expertise and methodology to ACRSL. The partnership includes joint development of international-standard rating processes.
• Experian GroupminorOthersUK-based Experian Group is the parent company of DP Information Group and is one of the world's top credit reference agencies. This indirect association provides ARGUS with access to global credit reference infrastructure and best practices from one of the world's leading credit data providers.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• S&P Global Ratings: S&P Global Ratings is a global incumbent in credit rating services, providing an analogous product set (corporate, sovereign, structured finance ratings) to ACRSL but at a vastly larger scale. It represents the upper bound of the rating agency competitive landscape.

Direct peers

• Credit Rating Information and Services Ltd. (CRISL): CRISL is another SEC-licensed credit rating agency in Bangladesh offering ratings for corporates, banks, NBFIs, and financial instruments. It overlaps directly with ACRSL's product portfolio within the same Bangladeshi market.
• Alpha Credit Rating: Alpha Credit Rating is another SEC-licensed local credit rating agency in Bangladesh competing with ACRSL in the same regulatory and market segment.
• Credit Rating Agency of Bangladesh (CRAB): CRAB is one of the oldest SEC-licensed credit rating agencies in Bangladesh, directly competing with ACRSL across corporate, bank, and instrument rating. Both operate with the same regulatory framework and target similar institutional clients in Bangladesh.
• Emerging Credit Rating Limited (ECRL): ECRL is a Bangladesh-based SEC-licensed credit rating agency directly competing with ACRSL in the same local market, offering corporate and instrument rating services.
• National Credit Rating Ltd. (NCRL): NCRL is a domestic competitor to ACRSL providing credit ratings for corporate entities, financial institutions, and debt instruments in Bangladesh under the same SEC licensing regime.

Regional players

• ICRA Limited: ICRA is a major Indian credit rating agency offering comparable corporate, bank, and structured finance rating services. While India-focused, it represents a regional benchmark for ACRSL's product mix and methodology.
• CRISIL Ratings Limited: CRISIL is one of India's leading credit rating agencies and a regional comparable given ACRSL's South Asian positioning. Both serve corporate and financial institution rating needs with similar methodology approaches, though CRISIL operates at much larger scale.
• CARE Ratings Limited: CARE Ratings is an Indian credit rating agency with similar product offerings (corporate, bank, SME, instrument ratings) to ACRSL. It serves as a regional comparable for South Asian credit rating agency operations.

Others

• DP Information Group: DP Information Group is ACRSL's strategic partner for SME rating methodology and rating process development. While not a direct competitor, it is a key enabling partner providing ACRSL access to Singapore/emerging Asia credit rating expertise through its affiliation with Experian.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/argus-credit-rating-services-limited

Revenue estimate

Valuation estimate

Number of profiles

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 ARGUS Credit Rating Services Limited