Rating Rationale

# Client Name Type Entity Long Term Debt Short Term Debt Outlook Rationale
1 BRAC Bank PLC Bank AAA – ST-1 Stable BRAC Bank PLC Rationale
2 Dutch Bangla Bank PLC. Bank AAA – ST-1 Stable Dutch Bangla Bank PLC. Rationale
3 Eastern Bank PLC. Bank AAA – ST-1 Stable Eastern Bank PLC. Rationale
4 Jamuna Bank PLC Bank AA1 – ST-1 Stable Jamuna Bank PLC Rationale
5 The City Bank Plc Bank AAA – ST-1 Stable The City Bank Plc Rationale
6 Prime Bank PLC. Bank AAA – ST-1 Stable Prime Bank PLC. Rationale
7 Trust Bank Ltd. Bank AA1 – ST-1 Stable Trust Bank Ltd. Rationale
8 Green Delta Insurance Company Ltd. Insurance AAA – ST-1 Stable Green Delta Insurance Company Ltd. Rationale
9 LankaBangla Finance PLC NBFI AA3 – ST-2 Stable LankaBangla Finance PLC Rationale
10 Aftab Automobiles Ltd. Corporate A2 A2(Lr) ST-3 Stable Aftab Automobiles Ltd. Rationale
11 Apex Foods Ltd. Corporate A1 – ST-1, ST-3 Stable Apex Foods Ltd. Rationale
12 Apex Spinning & Knitting Mills Ltd. Corporate AA3 – ST-2 Stable Apex Spinning & Knitting Mills Ltd. Rationale
13 Bata Shoe Company (Bangladesh) Ltd. Corporate AAA – ST-1 Stable Bata Shoe Company (Bangladesh) Ltd. Rationale
14 Beacon Pharmaceuticals PLC Corporate AA3 AA3(Lr) ST-2 Stable Beacon Pharmaceuticals PLC Rationale
15 Bengal Windsor Thermoplastics Ltd. Corporate AA2 AA2(Lr) ST-2 Stable Bengal Windsor Thermoplastics Ltd. Rationale
16 Confidence Cement PLC. Corporate AA3 AA3(Lr) ST-2 Stable Confidence Cement PLC. Rationale
17 Crown Cement PLC Corporate AA1 AA1(Lr) ST-2 Stable Crown Cement PLC Rationale
18 Esquire Knit Composite PLC Corporate AA3 AA3(Lr) ST-3 Stable Esquire Knit Composite PLC Rationale
19 Hakkani Pulp & Paper Mills Limited Corporate BBB1 BBB1(Lr) ST-3 Stable Hakkani Pulp & Paper Mills Limited Rationale
20 Heidelberg Materials Bangladesh PLC. Corporate AA2 – ST-2 Stable Heidelberg Materials Bangladesh PLC. Rationale
21 IFAD Autos PLC Corporate AA3 AA3(Lr) ST-2 Stable IFAD Autos PLC Rationale
22 Index Agro Industries Ltd. Corporate A2 A2(Lr) ST-3 Stable Index Agro Industries Ltd. Rationale
23 IT Consultants PLC Corporate AA1 AA1(Lr) ST-2 Stable IT Consultants PLC Rationale
24 Orion Infusion Ltd. Corporate A3 – ST-4 Stable Orion Infusion Ltd. Rationale
25 Orion Pharma Ltd. Corporate A1 A1(Lr) ST-4 Stable Orion Pharma Ltd. Rationale
26 Quasem Industries Ltd. Corporate A1 A1(Lr) ST-3 Stable Quasem Industries Ltd. Rationale
27 Runner Automobiles PLC Corporate A1 A1(Lr) ST-3 Stable Runner Automobiles PLC Rationale
28 Saiham Cotton Mills Ltd Corporate A1 A1(Lr) ST-3 Stable Saiham Cotton Mills Ltd Rationale
29 Samorita Hospital Ltd. Corporate A3 – – Stable Samorita Hospital Ltd. Rationale
30 Shahjibazar Power Company Ltd. Corporate AA1 – ST-1 Stable Shahjibazar Power Company Ltd. Rationale
31 Shasha Denim PLC Corporate AA3 AA3(Lr) ST-2 Stable Shasha Denim PLC Rationale
32 Silva Pharmaceuticals Ltd Corporate BBB1 – ST-1 Stable Silva Pharmaceuticals Ltd Rationale
33 Golden Son Limited Corporate BBB3 BBB3 (Lr) ST-1,ST-4 Stable Golden Son Limited Rationale
34 Sonali Paper & Board Mills Ltd. Corporate A2 – ST-3 Stable Sonali Paper & Board Mills Ltd. Rationale
35 Stylecraft Ltd Corporate BBB3 BBB3(Lr) ST-3 Stable Stylecraft Ltd Rationale
36 The Peninsula Chittagong PLC Corporate A1 A1(Lr) ST-3 Stable The Peninsula Chittagong PLC Rationale
37 Mamun Agro Prouducts Ltd. Corporate BBB2 – ST-3 Stable Mamun Agro Prouducts Ltd. Rationale
38 Summit Alliance Port Ltd. Corporate AA2 AA2(Lr) ST-2 Stable Summit Alliance Port Ltd. Rationale