The Monetary Board, in its Resolution No. 76 dated 20 January 2005, decided to recognize, for bank supervisory purposes, internationally accepted credit rating agencies (CRAs) that will undertake local and national ratings: Provided, that said CRAs have at least a representative office in the Philippines.

Accordingly, credit ratings assigned by said CRAs 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.

This Circular takes effect fifteen (15) days following its publication in the Official Gazette or any newspaper of general circulation.

Adopted: 01 Feb. 2005

For the Monetary Board:

(Sgd.) RAFAEL B. BUENAVENTURA
Governor