Moody's Investors Service announced on January 23, 2006 its entry into a strategic cooperation agreement with National Credit Rating Agency (NCRA), a rating agency that provides credit rating and research services in Bulgaria. NCRA, headquartered in Sofia, has been operating in Bulgaria since 2005.

Moody's will provide NCRA with technical support and analyst training based on its globally recognized credit analysis techniques for companies, municipal governments, financial institutions and structured financings. NCRA will provide a domestic ratings service, rendering opinions on the relative creditworthiness of issuers or issues within Bulgaria. Separately, Moody's will continue to provide globally comparable ratings for domestic as well as cross-border financings of Bulgarian companies.

NCRA will provide credit rating and research services for a variety of issuers, including banks, local authorities, industrial companies, and utilities.