BULGARIAN AGENCY TO BE ASSIGNING CREDIT RATING TO LOCAL FIRMS
The Bulgarian Agency for Credit Rating is the first one in this country to be evaluating the creditworthiness of local companies. The service we offer will help Bulgarian firms to find opportuniteis for financing and expending their markets, Hristo Mihailovsky, BoD Chairman said when presenting the agency. The former deputy minister of economy announced that the database currently includes information about 70 firms. The agency can assign cretit rating to trade companies, manufacturing and energy enterprises, firms for services, construction companies, agricultiural cooperatives, financial institutions, non-profit organisations, and municipalities. The credit scale has ten grades. The evaluation of a company's creditworthiness includes a period of five years backwords, and the rating will be reevaluated each six months or each year. The credit rating will help companies when they apply for financiang from banks, investment funds or various programmes. It will be a good argument when negotiating with partners and investors, and will assist them to improve their internal management. The banks could order an analysis of their credit portfolio. Two textile enterprises have demanded analyses so far.