Recognition of the national or domestic credit ratings undertaken by Fitch Singapore Pte Ltd. for bank supervisory purposes

2inas

OFFICE OF THE GOVERNOR

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

the Philippines, is hereby recognized by the BSP for bank supervisory a BsP-recognized international credit rating agency with representative office in 2005, the national or domestic credit ratings of FITCH SINGAPORE PTE LTD. purposes Pursuant to Monetary Board Resolution No. 206 dated 10 February

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. Accordingiy, national or domestic credit ratings assigned by FITCH

For information/guidance.

ALBERTO V. REYES Officer-in-Charge

_ 2005

Pananalaping Matatag, Bansang Panatag

A. Mabini St., Malate 1004 Manila, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e e-mail: [email protected]