July 2002

Bulgarian Credit Rating Agency was established by enthusiastic experts incl. Mr. Christo Mihailovsky, Mrs. Sonya Sofronova, Mrs. Leda Minkova, Mr. Daniel Denchev, etc.

January 2003

Information about BCRA`s registration was announced.

April 2003

BCRA's business activity started officially and a first credit rating contract was signed.

July 2003

First credit rating was assigned to “Solid 55”.

November 2003

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.

November 2003  

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.

 

July 2004

 BCRA and ICRA Ltd. (An Associate of Moody’s Investors Service) signed an agreement for providing technical help in elaborating and assigning credit ratings.

August 2004  

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.

October 2004

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.

November 2004

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.

April 2005

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.

January 2006

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.

February 2006

Bulgarian Credit Rating Agency became a member of Bulgaria Economic Forum.

May 2006

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.

June 2006

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.

November 2006

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.

January 2007

Credit rating No.70 was assigned.

January 2008

Bulgarian Credit Rating Agency computed its first transition matrix based on ratings assigned from 2003  to 2007.

July 2008

The Financial Supervision Commission (FSC) put Bulgarian Credit Rating Agency on the list of ratings agencies entitled to assign ratings to banks.

August 2008

Credit rating number 137 was assigned to Burgas Municipality.

November 2008

BCRA was selected by Hypo Investment AG to assign issue of bonds.

March 2009

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.

April 2011

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.

December 2011

BCRA and Creditreform Rating AG signed an agreement for adopting each other credit ratings.

January 2012

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.  

July 2012

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.

September 2014

BCRA assigned a sovereign rating to Republic of Bulgaria.

September 2015

BCRA assigned a sovereign rating to FYR of Macedonia. 

January 2016

BCRA assigned a sovereign rating to Romania.

February 2018

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.