Emerging Credit Rating Limited (ECRL) has upgraded long term credit rating to AA-B (Pronounced as ‘Double A Minus Bond’) for Bank Asia 1st Perpetual Bond (hereinafter referred to as “Perpetual Bond” or “The Bond” or “The Issue”) issuance BDT 5,000.00 million in face value. The outlook on the rating is Stable. The rating is consistent with ECRL’s methodology for this type of bond rating. The rating is based on audited financial statement from FY2019 to FY2022, unaudited financial statements of FY2023 as well as other qualitative and quantitative information up to the date of rating.