Bulgarian Credit Rating Agency was established by enthusiastic experts incl. Mr. Christo Mihailovsky, Mrs. Sonya Sofronova, Mrs. Leda Minkova, Mr. Daniel Denchev, etc.
Information about BCRA`s registration was announced.
BCRA's business activity started officially and a first credit rating contract was signed.
First credit rating was assigned to “Solid 55”.
From 3 November to 5 November 2003 the Fifth Southeast Europe Economic Forum took place in Sofia. The main focus was on “Integrating the Southeast Europe Economic Space – European and Broader Perspectives”. The first Round Table discussion was about "Credit Rating Systems - Experience and Opportunities for Development in Southeast Europe". S & P, Japan Credit Rating Agency (JCRA) and ICRA Ltd. (An Associate of Moody’s Investors Service) participated.
Mr. Kazuo Imai, General Manager, Mr. Toshihiko Naito, Senior Analyst from International Department от JCRA and Mr. P.K. Choudhury, Managing Director, ICRA Ltd. (An Associate of Moody`s Investors Service) had a meeting the team of BCRA.
BCRA and ICRA Ltd. (An Associate of Moody’s Investors Service) signed an agreement for providing technical help in elaborating and assigning credit ratings.
BCRA worked together in Sofia with Mr. PK Choudhury, Managing Director and Vice Chairman & Group CEO of ICRA Ltd. (An Associate of Moody’s Investors Service) for adapting the Methodology of corporate credit rating, procedures and structure of BCRA.
BCRA worked together with Mr. PK Choudhury, Managing Director and Vice Chairman & Group CEO, ICRA Ltd. (An Associate of Moody’s Investors Service) from October 4th to October 10th, 2004, Mr. Subrata Ray, astt. General Manager, ICRA Ltd. (An Associate of Moody’s Investors Service) from October 6th to October 15th, 2004, Mr. L.Shivakumar, General Manager, ICRA Ltd. (An Associate of Moody’s Investors Service), from October 12th to October 23th, 2004.
Presentation before the Financial Supervision Commission.
Adapting the Methodology claims paying ability rating of insurance company and assigning a credit rating together.
Adapting the Methodology of pension fund rating and assigning a credit rating together.
BCRA worked together with Mr. Shubomoy Muckerjee, insurance CPA ICRA Ltd. (An Associate of Moody’s Investors Service) from October 11th to December 15th, 2004 for adapting the Methodology of claims paying ability rating of insurance company and assigning a credit rating together.
BCRA worked together with Mr. Jayanta Chatterjee, municipalities, ICRA Ltd. (An Associate of Moody’s Investors Service), from April 25th to May 12th, 2005 for adapting the Methodology of credit rating of municipalities and assigning a credit rating together.
BCRA worked together with Mr. Devashis Sengupta, project credit ratings, ICRA Ltd. (An Associate of Moody`s Investors Service) from January 18th-25th, 2006 for adapting the Methodology of project credit ratings and credit rating of construction enterpreneurs and real estate projects and assigning credit ratings together.
BCRA also worked with Dr. Shayama Nagarajan, Manager, ICRA Ltd. (An Associate of Moody’s Investors Service) from January 22th to January 28th, 2006. He is a leading expert in healthcare department in ICRA and trained the experts of BCRA how to work with the methodology, procedures and assign credit ratings to healthcare institutions.
Bulgarian Credit Rating Agency became a member of Bulgaria Economic Forum.
The Financial Supervision Commission (FSC) put Bulgarian Credit Rating Agency on the list of the credit rating agency recognized for the aims of clause 75, paragraph 2 of the Insurance Code altogether with the international credit rating agencies - Moody`s, Fitch and S&P.
Working together with Mr. Nitesh Shanbhag, a leading expert in the insurance field in ICRA from 31.05.2006 to 08.06.2006. The methodology of a rating of claims paying ability of insurance company was updated, as well as update of a certain credit rating was implemented.
Working together with Mr. Vineet Gupta in Sofia, head of bank & financial Institution ratings from November 11 to November 25, 2006.
Adapting the methodologies of bank financial strength rating and ssue credit rating and joint assigning of a credit rating.
Credit rating No.70 was assigned.
Bulgarian Credit Rating Agency computed its first transition matrix based on ratings assigned from 2003 to 2007.
The Financial Supervision Commission (FSC) put Bulgarian Credit Rating Agency on the list of ratings agencies entitled to assign ratings to banks.
Credit rating number 137 was assigned to Burgas Municipality.
BCRA was selected by Hypo Investment AG to assign issue of bonds.
The Norwegian Embassy and BCRA signed a contract for analysis and creditworthiness assessment of companies in Bulgaria that apply for financing of projects on Norwegian Embassy's programmes.
On April 6th, 2011 BCRA became the first Bulgarian and the third competent European rating agency, registered in the EU. The Financial Supervision Commission (FSC) and European Securities and Markets Authority ( ESMA) have registered Bulgarian Credit Rating Agency in accordance with Regulation 1060/2009 of the European Parliament and European Council on credit rating agencies after one year of detailed study.
BCRA and Creditreform Rating AG signed an agreement for adopting each other credit ratings.
BCRA and Creditreform Rating AG established the European Rating Network. The two agencies intend to compete strongly to the dominating American credit rating agencies and to take over a leading role in European credit rating market.
BCRA, Creditreform AG, the leading Italian and Spanish credit rating agencies, respectively, Served Group SPA and AXESOR CONOCER PARA DECIDIR SA signed an agreement for launching a registration procedure of the European credit rating agency. The four agencies intend to compete with the dominating American credit rating agencies and play a leading role in European credit rating market.
BCRA assigned a sovereign rating to Republic of Bulgaria.
BCRA assigned a sovereign rating to FYR of Macedonia.
BCRA assigned a sovereign rating to Romania.
The EdB (Die Entschädigungseinrichtung deutscher Banken GmbH) confirms that BCRA meets the requirements of the EdB which give us opportunity to work mutually with financial institutions in Germany.