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Source Issuer Rating
Scope United States AA
Scope Denmark AAA
Scope Norway AAA
Scope Sweden AAA
Scope Finland AA+
RP - 2021-11-30
Sovereign Rating Reviews during December 2021

RP - 2021-11-25
Updated mapping of ECAI ratings in the EU officially adopted

RP - 2021-11-03
November 2021 Sovereign Rating Reviews

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Bulgarian Credit Rating Agency
Country of Residence:
Languages spoken:
Bulgarian, English

Bulgarian Credit Rating Agency (BCRA) is based in Bulgaria and assigns on an issuer-pays basis ratings to Municipalities, insurance companies and banks in Bulgaria and in Poland.

Registered as CRA in the EU:
Certified as CRA in the EU:
ECAI Status:
European Union

Registration status in the EU: BCRA is registered as CRA with ESMA since April 6th, 2011.

Since 1. January 2014, BCRA is also a recognized ECAI across the whole European Union.

On November 1st, 2016, the following mapping of ECAI ratings to the 6 Credit Quality Steps under the Standardized approach for Banks (Capital Requirements Regulation, CRR) and the 7 Steps under Solvency II for insurances in the EU entered into force:


Note that additional rating scales may have been mapped. To view all mappings, login with your account and read the “RP Research” on this agency. To see how this agency’s mapping compares with other agencies, please read our dedicated page on the EU ECAIs.

BCRA is considered a small Credit rating agency for the purpose of Article 8d of CRAIII. 

Market Segments Covered:
Financial Institutions, Insurances, Sovereign and Public Finance
Countries Covered:
Bulgaria, Poland
Business Model:

Business model: BCRA operates under the “issuer-pays” model, where the rated entity pays for the rating.

Coverage: While BCRA used to cover exclusively issuers in Bulgaria, BCRA has entered the Polish market in 2013. Segments covered are Banks, insurances, and Municipalities.

Availability of ratings and reports at website: a list of rated entities is available here: http://www.bcra-bg.com/ratings.php?ratings=1. Rating reports are usually available.