Rating Watch

Rating Watch and its implications

A rating watch indicates that there is high probability of the rating movement in the short term in respect of credit implications of which are either unclear or not fully ascertainable immediately. Such events include a proposed change in ownership control, a merger, a demerger, an acquisition, a sudden regulatory development/attitude towards government policy, a force majeure event, proposed equity infusion, proposed refinancing, proposed asset monetization, material deviation in performance vis-à-vis expectations and so on.

The “Rating Watch” period is typically used to gather further information and/or subject the information to further analysis. A rating may also be placed on "Rating Watch" where the rating implications of the event might already be clear, but where a triggering event–-example, a shareholder or a regulatory approval–-might be awaited. The final rating action is taken when the awaited milestone is reached. A rating may also be placed on "Rating Watch" if there is a methodology change whose implications on the rating might be in the process of being evaluated.

CRISL places its ratings on “Rating Watch” under the following three circumstances:

• “Rating Watch with Positive Implications”, which indicates that once the credit uncertainty gets resolved, the rating is more likely to be upgraded
• “Rating Watch with Negative Implications”, which indicates that once the credit uncertainty gets resolved, the rating is more likely to be downgraded
• “Rating Watch with Developing Implications”, which indicates that the likely direction of the rating change is unascertainable based on the available information

Once the desired information is received and/or evaluation exercise is completed, a review note is placed before the Rating Committee (RC) which may, after detailed examination of the facts, decide to either continue the rating on “Rating Watch” or remove the “Rating Watch” and assign an appropriate rating. It may be noted that placing ratings on “Rating Watch” does not always imply an imminent change in rating.

Rating Withdrawal

December 24, 2025

SL	Name of the Issue/Issuer	Long Term	Short Term	Outlook
1	Export Import Bank of Bangladesh PLC.	A+	ST-4	Developing
2	Exim Bank Mudraba Third Subordinated Bond (Issuance Amount Tk. 6000 MIllion)	A+
3	Exim Bank 4th Subordinated Mudaraba Bond (Issuance Amount Tk. 5000 MIllion)	A+
4	Exim Bank PLC Fifth Subordinated Bond (Tk.4000 Million)	A+

 

CRISL had previously assigned a Long-Term rating of “A+” (pronounced Single A Plus) and a Short-Term rating of “ST-4” to Export Import Bank of Bangladesh PLC (EXIM Bank PLC) on July 29, 2025, following a comprehensive assessment of the bank’s financial and operational performance. The evaluation incorporated both quantitative and qualitative factors, including profitability, liquidity, asset quality, capital adequacy, and management policies.

Subsequently, Bangladesh Bank dissolved the Board of Directors of EXIM Bank PLC and appointed an “Administrator” on November 05, 2025. On the same date, under the Bank Resolution Ordinance, 2025, Bangladesh Bank formally notified the merger of EXIM Bank with four other banks. The newly formed bank took over all assets and liabilities of the EXIM Bank and the bank was legally consolidated into “Sammilito Islami Bank PLC”. The merged entity commenced full banking operations on that date, with the completion of new signboard and operational transition by January 01, 2026.

In light of these moves and the cessation of EXIM Bank PLC as a standalone entity along with the aforementioned subordinated bonds/issues, CRISL has withdrawn the credit rating of EXIM Bank PLC with effect from December 24, 2025, in alignment with the commencement of operations of the merged bank.