I.       A contract for credit rating assignment is signed and a lead financial analyst for BCRA and a contact person for the issuer are named;

II.      Ananalytical report is drawn up about the state of the rated object and economic sector in which it operates in accordance with the BCRA’s methodology.

The main stages are as follows:

1. Designation of a lead analyst and team of analysts in assigning of an analytical report; 
2. Sending a questionnaire and a letter of notification (when it is an update of the credit ratng) to the client;
3. The lead analyst is responsible for sending an updated questionnaire and leading correspondence with the contact person in the rated entity for the receipt of the needed information in assignment of an initial rating, monitoring and update of the rating;
4. The office coordinator keeps up with the update periods of the ratings and is responsible for sending a letter of notification not later than two months before the update period;
5. Allocation of the tasks among the analysts in sections, parts of the future report. For this allocation is responsible the appointed lead analyst;
6. Drawing up of a work schedule, pursuant to the term of performance set out in the contract;
7. Determination of the significant factors, influencing on risk in a section, and their input in the working file;
8. The lead analyst is responsible for preparation of the working file containing all the sections of the relevant methodology, allocation of the analysts in these sections and work schedule, pursuant to the term of performance set out in the contract;
9. Receipt of the needed information on the basis of the sent BCRA's questionnaire and/or a letter of notification;
10. The lead analyst is responsible for the receipt, according to the approved work schedule, of the needed information from the clients of BCRA, which is necessary for implementaton in a timely manner of the entire work process related to assignment of an initial rating and/or an update of the rating;
11. In case that the lead analyst finds out that there is some delay or difficulty to receive all the needed information in a timely manner from the clients, his responsibility is to inform the CEO of BCRA or his substitute immediately;
12. Daily input of the analyzed data in the relevant section;
13. The responsibility for all activities related to preparation of individual sections lies with the relevant analyst;
14. A work meeting once a week among the members of the team of analysts and lead analyst at which the determined significant factors, available data, necessary future actions, etc. are being discussed;
15. The lead analyst fixes a day and a time for running a work meeting;
16. Choosing a consultant of the sector, in which the issuer operates (if necessary);
17. Meeting a consultant working in the sector (if necessary);
18. Plant visits and knowledge of issuer's business (if necessary);
19. Meeting the management team of the issuer (if necessary);
20. The lead analyst puts together the seperate sections in a draft report, in accordance with the sturcture, accepted in the BCRA's methodology.

III.       The team become familiar with the report;

IV.       Sending a draft report to the issuer by the office coordinator;

V.         Discussion with the team of possible issues with the report brought up by the issuer;

VI.        Submission of supplementary documentation and information related to arousing issues;

VII.       Amendment of possible discrepancies in the draft analytical report;

VIII.      Rating Committee Meeting. Minutes for taken decisions are issued and signed by all participants. The Minutes are given to the office coordinator within the same day or as soon as possible but in any case before the client is informed about his assigned credit rating;

IX.        (Disaffirmed with a decision of the Board of directors dated back to 25.03.11);

X.         Presentation of the final report and credit rating assigned to the issuer which is verified by the office coordinator on the basis of the information in the Rating Committee Minutes;

XI.        A short rationale of the report is prepared;

XII.       Credit rating publication on the website of BCRA which is verified by the office coordinator on the basis of the information in the Rating Committee Minutes;

XIII.      Surveillance, monitoring and credit rating update in compliance with the acquired internal rules by BCRA.