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Bangladesh to get credit rating

BB to invite inf I agencies to submit proposals next week

Sajjadur Rahman
The Bangladesh Bank (BB) will invite three international credit rating agencies next week to submit proposals on conducting credit rating for Bangladesh in efforts to attract more foreign investment and receive easy internationalaid.
The central bank has initiated the move for Bangladesh's first-ever credit rating following arbitrary credit ratings for the country by donors and individual countries.
Standard & Poor's, Moody's Investors Service and Japan Credit Rating Agency will be invited to submit their proposals.
"Of the three, two agencies will be selected finally to conduct Bangladesh's credit rating separately," seeking anonymity a senior BB official said yesterday.
Citibank NA, Hongkong Shanghai Banking Corporation and Standard Chartered Bank will offer advisory services to the Bangladesh Bank to do the
ratings, sources said, adding that the BB has already got the nod from the government on die issue.
The central bank sources said the country's rating is also needed to enhance the country's image.
"We need credit rating for the country so that any organisation or country cannot do such ratings solely based on their perceptions," BB Governor Dr Salehuddin Ahmed told a discussion organised by the Metropolitan Chamber of Commerce and Industry last week in Dhaka.
"I have seen some kinds of ratings, which unnecessarily branded Bangladesh as a high
risk country," the governor said. He cited examples of Standard Chartered Bank and an OECD country that rated Bangladesh as a 'high risk' country.
BB officials said country rating will help Bangladesh mobilise resources from capital markets.
They said foreign investors and multilateral lenders evaluate credit ratings of a country before investment or providing loans.
Although credit rating for business organisations is common globally, country credit rating is a little new. However, some Middle East and many African countries have their
country credit ratings.
Credit rating generally reflects a country's overall economic situation, but sociopolitical issues also get high focus.
United Nations Development Programme (UNDP) has helped sub-Saharan African and a few developing countries obtain credit ratings.
When asked, a BB executive director said the central bank has decided not to take help from donors as the cost to employ international firms for rating is not much high.
sajjad@thedailystar.net