Recognition of PhilRatings as domestic rating agency for bank supervisory purposes
CIRCULAR LETTER Series of 2004
TO : All Banks and Non-Bank Financial Institutions
Subject : Recognition of PhilRatings as Domestic Rating Agency for Bank Supervisory Purposes
Pursuant to Monetary Board Resolution No. 1769 dated 4 December 2003, Philippine Rating Services Corporation (PhilRatings) is hereby recognized by the Bangko Sentral ng Pilipinas (BSP) as a domestic credit rating agency for bank supervisory purposes.
Accordingly, credit ratings assigned by PhilRatings may be used, among others, for determining appropriate risk weights in ascertaining compliance with existing rules and regulations on risk-based capital requirements.
For information.
RAFAEL B. BUENAVENTURA Governor
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