Recognition of the national or domestic credit ratings undertaken by Fitch Singapore Pte Ltd. for bank supervisory purposes
CIRCULAR LETTER Series of 2005
TO : All Banks and Non-Bank Financial Institutions
Subject : Recognition of the National or Domestic Credit Ratings Undertaken by Fitch Singapore Pte. Ltd. for Bank Supervisory Purposes
Pursuant to Monetary Board Resolution No. 206 dated 10 February 2005, the national or domestic credit ratings of FITCH SINGAPORE PTE LTD., a BSP-recognized international credit rating agency with representative office in the Philippines, is hereby recognized by the BSP for bank supervisory purposes.
Accordingly, national or domestic credit ratings assigned by FITCH SINGAPORE PTE LTD. may be used, among others, as basis for determining appropriate risk weights in ascertaining compliance with existing rules and regulations on risk-based capital requirements.
For information/guidance.
ALBERTO V. REYES Officer-in-Charge
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