Request for Comments

Date created: 26-May-2016

  • Methodology of Corporate Credit Rating
  • Methodology for Assignment of an Issue Credit Rating
  • Methodology for Rating of the Ability of InsuranceCompanies to Pay Claims
  • Methodology of Credit Rating of a Group of Companies and/or Individual Companies in the Group
  • Methodology of Credit Rating of a Leasing Company

Hereby, BCRA invites all stakeholders to submit their comments on the attached “Changes in the methodologies for assigning a corporate credit rating, issue credit rating, rating of the ability of insurance companies to pay claims, credit rating of a group of companies and/or individual companies in the group, credit rating of a leasing company” to e-mail address methodologycomments@bcra-bg.comby June 26th, 2016. At the end of this period and upon incorporating any changes deemed necessary, the methodologies will be adopted and published in their final form.  The changes in the methodologies may lead to downgrades of the current ratings of those BCRA clients who currently have been assigned ratings above the one assigned to the Republic of Bulgaria, namely six insurance companies and two corporate clients. Once the methodologies enters into force, the ratings of all clients assessed using those methodologies will be placed in status “Under Review” and will be reviewed within a six-month period using the new Methodologies.



The main changes made with this update of the Methodology are as follows:

·         Applying a new rating scale in line with BCRA’s unified rating scale (attached to this document);

·         Issuing national-scale ratings to banks using BCRA’s National Rating Scale;

·         Change in the method for evaluation of the effect of the sovereign risk on the rating using in line with BCRA’s Sovereign Rating Methodology.


In order for BCRA to consider your comments, please include in your response the following information:

  • Name
  • Job title
  • Organization
  • Phone
  • E-mail
  • Would you like BCRA to preserve your anonymity when publishing your comment?