Emerging Credit Rating Limited

Emerging Credit Rating Limited (ECRL) is a credit rating agency based in Dhaka, Bangladesh. It began operations in 2009 with the stated aim of providing credible, high-quality credit rating opinions across various industry segments in Bangladesh. In June 2010, ECRL obtained a credit rating license from the Bangladesh Securities and Exchange Commission (BSEC) under the Credit Rating Companies Rules 1996, and in October 2010 it received recognition from Bangladesh Bank as an External Credit Assessment Institution (ECAI). ECRL provides credit rating services to corporates, financial institutions, and small and medium enterprises, assigning both long-term and short-term ratings. Its published rating rationales include examples such as upgrading Panama Composite Textile Mills Limited to A- (long-term) and ST-2 (short-term) with a stable outlook, and assigning ESME ratings to smaller enterprises such as M/S Liza Enterprise (ESME-3) and Sheikh Jalal Tours And Travels (ESME-4). The agency also offers research and consultancy services, including feasibility analysis, project finance, background verification, process evaluation, field audit, industry analysis, market research, and financial, economic, and social research. ECRL is affiliated with the Association of Credit Rating Agencies in Asia (ACRAA) and follows the International Organization of Securities Commissions (IOSCO) code of conduct. It maintains internal committees including a Rating Committee and a Risk Management Committee, and publishes rating methodologies, rating symbols, transition matrices, and default studies. The firm also engages in broader market development work; in August 2026 it hosted consultations with the International Finance Corporation (IFC) and the World Bank at its Dhaka headquarters as part of a joint feasibility study for the proposed Bangladesh Mortgage Refinance Company (BMRC), an initiative requested by the Financial Institutions Division of the Ministry of Finance. As a private company, ECRL is not listed on a stock exchange. Its operations are focused on the Bangladesh market, where it serves issuers, lenders, and investors seeking independent credit assessments.

Emerging Credit Rating Limited (ECRL) was established in 2009 in Dhaka, Bangladesh, with the objective of delivering credible and high-quality credit rating opinions across various industry segments in the country. The following year was pivotal for the agency's regulatory standing: in June 2010, ECRL obtained a credit rating license from the Bangladesh Securities and Exchange Commission (BSEC) under the Credit Rating Companies Rules 1996, and in October 2010 it received recognition from Bangladesh Bank as an External Credit Assessment Institution (ECAI). These approvals allowed ECRL to operate as a domestic credit rating agency serving issuers, financial institutions, and investors. Over the years, ECRL expanded its service offering beyond core credit ratings into research and consultancy. Its service portfolio grew to include feasibility analysis, project finance, background verification, process evaluation, field audit, industry analysis, market research, and financial, economic, and social research. The agency also developed a data bank with primary survey data and secondary data, and it publishes industry analyses, quarterly working papers, and a monthly magazine. ECRL maintains affiliations with international bodies and standards. It is a member of the Association of Credit Rating Agencies in Asia (ACRAA) and adheres to the International Organization of Securities Commissions (IOSCO) code of conduct. Internally, it operates a Rating Committee and a Risk Management Committee, and it discloses its rating process, rating methodology, rating symbols, transition matrix, default studies, and unsolicited rating policy in line with BSEC requirements. In August 2026, ECRL participated in a high-level consultation with the International Finance Corporation (IFC) and the World Bank at its Dhaka headquarters. The meeting, held on August 19, 2026, was part of a joint feasibility study for the proposed Bangladesh Mortgage Refinance Company (BMRC), an initiative requested by the Financial Institutions Division of the Ministry of Finance and approved by the Economic Relations Division. The proposed BMRC aims to deepen Bangladesh's primary mortgage market by providing long-term refinancing to financial institutions and mobilizing capital market funding for housing finance. ECRL's involvement in this initiative reflects its role in the broader development of Bangladesh's financial sector. As of the available information, ECRL remains an active private credit rating agency focused on the Bangladesh market.

• 2026

  IFC, World Bank, and ECRL convened at ECRL's Dhaka headquarters to progress a feasibility study for the Bangladesh Mortgage Refinance Company (BMRC).

• 2010

  ECRL obtained a credit rating license from the Bangladesh Securities and Exchange Commission (BSEC) as per Credit Rating Companies Rules 1996.

• 2010

  ECRL received Bangladesh Bank recognition as an External Credit Assessment Institution (ECAI).

• 2009

  ECRL began its journey with the motive to deliver credible superior and quality credit rating opinion in various industry segments around Bangladesh.

Independent credit rating agency providing credible credit opinions and research for the Bangladesh market, licensed by BSEC and recognized by Bangladesh Bank as an ECAI.

• Credit rating services

  Long-term and short-term credit ratings for corporates, financial institutions, and SMEs, with published rationales.

• ESME ratings

  Credit ratings for small and medium enterprises, such as ESME-3 and ESME-4.

• Feasibility analysis

  Assessment of project viability and feasibility.

• Project finance

  Advisory and analysis related to project financing.

• Background verification

  Verification services for counterparties and entities.

• Process evaluation report

  Evaluation of business or operational processes.

• Field audit

  On-site audit and verification services.

• Industry analysis

  Sector and industry research reports.

• Market research

  Market research services including primary and secondary data.

• Financial, economic and social research

  Research services covering financial, economic, and social topics.

1. 1Emerging Credit Rating Ltd (ECRL) - Homepageemergingrating.com
2. 2Services - Emerging Credit Rating Ltdemergingrating.com
3. 3Corporate Profile - Emerging Credit Rating Ltdemergingrating.com
4. 4IFC, World Bank, and ECRL Convene to Progress Feasibility Study for Bangladesh Mortgage Refinance Company - Emerging Credit Rating Ltdemergingrating.com