Meaning of WASO Rating The WASO rating indicates the overall financial ability and willingness to service the debts and gauge the exposure to financial distress. WASO does not calculate the Expected Loss (EL), but instead the Probability of Default (PD). Currently, WASO ratings are in local currency and therefore, it does not take into consideration the sovereign risks and foreign currency risk of the national government. Waso considers the national government as the highest paymaster and all government securities are considered as AAA.
1.2
Rating Request Upon request of the issuer and subsequent MOU between Issuer and WASO, rating analysts start the assignment. This signifies that the issuer accepts the terms and conditions laid down by WASO in terms of co-operating with the analysts for providing the necessary information for carrying out the assignment. The mandate letter will also contain information regarding fees, the nature of information required from the issuer, terms related to appeal, withdrawal, suspension, etc…
1.3
Rating Declaration After completion of the draft report, it will be forwarded to the Issuer for their comments regarding the facts and figures containing the report. Draft report does not contain any rating decision or proposal keeping the independence of the Rating Committee in rating decision. A formal discussion meeting is required to conduct on the draft report and after finalization of the draft through consent of the issuer; report is processed for Rating Committee. After due acceptance from the Internal Review Committee, Rating Committee award the rating which is shortly released to the issuer.
1.4
Review Appeal Process Once WASO declared the rating, issuer may appeal to the Rating Committee within three days of the declaration with proper justification in accordance with the “WASO Rating Appeal Policy”. The Rating Committee reserves the right to reconsider the request only when it considers necessary and may revise the rating through press lease in its official website. On the contrary, if the grounds are not sufficient, WASO may go ahead and retain the rating on the original basis. According to the WASO Appeal policy, review appeal must not be more than once.
1.5
Ratings Surveillance WASO maintains ongoing surveillance of all its ratings as according to the SEC guideline, where WASO will keep the issuer under surveillance for the next three years after the initial rating and to the tenure of the Debt instrument i.e. for issue rating. Generally a rating is fully reviewed and a meeting conducted with senior management of the issuer on an annual basis. Unless the rating is based on public information, WASO expects the co-operation of the issuer in keeping WASO informed of any significant developments, providing WASO with continuing financial information as released, and responding to questions that arise.
1.6
Ratings withdrawal & Suspension The decision of whether to maintain surveillance of an issuer/Issue or not, only, if the available information is considered adequate by WASO. If the decision is made to discontinue surveillance, the ratings are generally changed to ‘Suspension’ soon after the decision taken by the Rating Committee. Rating Committee may change a rating prior to withdrawal, if it views the public rating as misleading based on current information. The changed rating would be publicly released and then the changed rating would be withdrawn. Whenever an issuer enters bankruptcy proceedings, WASO assigns rating of “Not Appropriate” for the issuer. In case of a need for WASO to maintain surveillance due to issuer emerges from default through a process of reorganization, then the issuer will be reassessed / assessed before assigning a fresh rating.
1.7
Ratings Release WASO strives to issue all press releases in a timely manner, placing a high priority on informing the public of its rating opinions in respect of the public ratings maintained by WASO, as soon as possible, following the rendering of the decision by the Rating Committee.
1.8
Confidentiality of Issuer information WASO maintains in confidence all non-public information communicated to them by any issuer, or its agents, under the terms of a confidentiality agreement or otherwise under a mutual understanding that the information is shared confidentially. WASO has adopted procedures and mechanisms to protect the non-public nature of information shared with them by issuers under the terms of a confidentiality agreement or otherwise under a mutual understanding that the information is shared confidentially. WASO use non-public information only for purposes related to their rating activities or otherwise in accordance with their confidentiality agreements with the issuer.
1.9
Recognition of Default WASO considers a borrower to be in default under the following conditions: 1) A missed or delayed payment of interest and/or principal, including delayed payments made within a grace period. No exceptions are made in default recognition and the treatment provided is uniform across all issuer segments. 2) All types of rescheduling or restructuring of any facility under default recognition if the above is done to avoid default recognition 3) Bankruptcy, administration, receivership or other legal blocks (Perhaps by regulation) to the timely payment of interest and/or principal. 4) A distressed exchange where (angel) the issuer offers bondholders a new security or package of securities that amounts to a diminished financial obligation, or (beer) the exchange had the apparent purpose of helping the borrower avoid default.
Razib Ahmed Profile Details:
Razib Ahmed has been working at WASO Credit Rating Company (BD) Ltd. as Chief Executive Officer (CEO) since September 2025. He was positioned as Chief Rating Officer (CRO) in the same organization from January 2024 to August 2025. Prior to joining WCRCL, he worked with Credit Rating Information and Services Ltd. (CRISL) as Vice President and Chairman of the Internal Review Committee. He joined CRISL in January 2022. He started his career in the credit rating industry in 2006 as a financial analyst at Credit Rating Agency of Bangladesh Limited (CRAB) and served for more than 15 years in different positions at this organization, including Head of Business Development Division, Unit Head of Rating Division, etc.
Mr. Ahmed has an MBA from Dhaka University in Finance and Banking. In CRISL and CRAB, he has performed several rating assignments including ratings of financial institutions (banks, NBFIs, General Insurance), large corporate, projects, structured instruments, and financial forecasting and modeling of various industries. He was also responsible for ensuring the analytical quality and due diligence aspects of four teams under the Rating Unit of CRAB. He was also actively engaged in methodology development for assessing credit worthiness and credit rating for urban local bodies (ULBs) in Bangladesh. At present, he is a member of the ‘Technical Committee’ formed by Bangladesh Bank to develop uniform rating methodologies and score models for credit rating agencies.
Mr. Ahmed received training on ‘Best Practices in Rating’ and ‘Rating of Bond Market Mutual Funds’ arranged by Asian Development Bank (ADB), and the Association for Credit Rating Agencies in Asia (ACRAA), held in Manila, Philippines; training on ‘Indicators for Effective Macroeconomic Risk Analysis’ arranged by Malaysian Rating Corporation (MARC), and the Association for Credit Rating Agencies in Asia (ACRAA), held in Kuala Lumpur, Malaysia; and participated in various training programs and workshops arranged by CRAB, CRISL, MCCI, DCCI, BEI, etc.
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Md. Al Amin Jewel Profile Details:
Mr. Jewel has an MBA from Bangladesh Open University (BOU) with a major in Finance and Banking, and a Master's of Business Studies (MBS) with a concentration in Accounting from National University. He has been with WASO Credit Rating Company (BD) Limited since 2012. In addition, Mr. Jewel is an articleship student at the Institute of Cost and Management Accountants of Bangladesh (ICMAB) and has completed the business level. In WCRCL, he completed many rating assignments, including ratings of financial institutions (NBFIs and general insurance), large corporations, SME projects, instruments, and various industries.
Mr. Jewel received training on ‘Credit Risk Management’ (Credit Risk Analysis, Financial Risk, Operational Risk, and Cash Flow Analysis) conducted by Financial Excellence Limited and participated in various training programs and workshops arranged by WCRCL.
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Monira Islam Profile Details:
Mrs. Monira Islam has been working at WCRCL as Chief Rating Officer (In-Charge) since February 2026. She has act in different positions in the rating department since joining WCRCL in 2012.
Before joining WASO, she worked with Credit Rating Information and Services Ltd. (CRISL) as a research officer since 2010.
Mrs. Monira has an MBA from Daffodil International University in Finance. In WASO and CRISL, she is a dedicated and detail-oriented financial analyst with 12 years of experience. In this time, she completed many rating assignments, including ratings of general insurance, MFIs, power plants, large corporations, projects of various industries, and SME clients. As a senior financial analyst, she performs quantitative and statistical analysis, accounting, and decision-making with strong analytical skills. She also assists in training and, as needed, supervises her team members. Experienced in client relations, effective communication, report generation, process development, and documentation.
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Maharan Nasrin Profile Details:
Maharan Nasrin has been working at WCRCL as a senior financial analyst for WASO Credit Rating Company (BD.) Limited and as a team leader, since 2014. Maharan Nasrin has an MBA from Eastern University in Finance. In WCRCL, she completed many rating assignments, including ratings of large and medium corporations, projects, and SMEs. Besides, assessing, analyzing, and interpreting complicated business and financial information from different SMEs and corporations throughout her stint as an analyst, Ms. Nasrin gathered knowledge and learned different characteristics of numerous industries, such as textiles (RMG, RMG accessories, etc.), trading, rice mills, and others.
Ms. Nasrin has participated in all the in-house training and workshops. Before starting a career in the credit rating industry in Bangladesh, Maharan Nasrin worked with Jamuna Bank Limited.
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Ummay Fatema Profile Details:
Ummay Fatema has been working at WCRCL as a senior financial analyst and team leader since 2015. She has an MBA from Rajshahi University in finance and banking. In WCRCL, she completed many rating assignments, including ratings of large corporations, projects, and many other business entities. Her key responsibilities include reviewing and conducting critical examinations of credit rating applications, managing all kinds of risks and regulatory compliance, supervising and assisting team members to meet time-bound action plans, nurturing new members of the team, maintaining liaison at a regular interval across various clients, bankers, and auditors for gathering and updating business information, etc.
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Md. Rafiul Bary Profile Details:
Md. Rafiul Bary has been working at WCRCL as a senior financial analyst for WASO Credit Rating Company (BD) Limited since 2015 and is currently working as a team leader. Before starting his career in the credit rating industry in Bangladesh, Mr. Rafi also worked with Invesco Global.
Mr. Rafi has an MBA from the Bangladesh University of Business and Technology (BUBT) in Finance and Banking. In WCRCL, he completed many rating assignments, including ratings of large corporations, projects, and more than thousands of SME clients with diversified industries and modeling of various industries. He also worked for ensuring analytical quality and due diligence aspects of rating and actively engaged in industry paper writing.
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Md. Firoz Hossain Profile Details:
Md. Firoz Hossain has been working as a compliance officer for WASO Credit Rating Company (BD) Limited since 2020. Before joining this company, Mr. Firoz worked at BRB Hospitals Limited as the In-Charge of the Billing Section, and he also worked at WASO Credit Rating Company (BD) Limited as the Executive of the Business Development Department.
Mr. Firoz completed his graduation and post-graduation in economics from Dhaka College under the National University.
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Md. Akter Hossain Profile Details:
Demo Description
Md. Akter Hossain has been working at WCRCL as a Financial Analyst for WASO Credit Rating Company (BD) Limited. He joined in WCRCL in 2016. and is currently working as a deputy team leader. Mr. Akter has an MBA from the Prime University (PU) in Finance and Banking. In WCRCL, he completed many rating assignments, including ratings of large corporations, projects, and more than a thousand SME clients with diversified industries and modeling of various industries. He also worked to ensure analytical quality and due diligence aspects of rating and actively engaged in industry paper writing.
