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Accreditation of Credit Rating Agencies

Schedule of Availability of Service:
Mondays to Fridays, 8:00am-5:00pm without noon break

Who May Avail of the Service:
Credit Rating Agencies

What Are the Requirements:
1. Fully accomplished application form for credit rating agencies (SEC Form CRA-12);
2. Applicant should be a stock corporation and have a minimum paid-up capital of at least Ten Million Pesos (P10,000,000.00);
3. List of shareholders and their corporate affiliations;
4. List of other business activities, if any;
5. Copies of its Articles of Incorporation and By-Laws;
6. Sworn statement on the following:

a. Ownership structure and possible conflicts of interest;

b. Names, professional qualifications and independence of the staff involved in the rating decision (“rating specialists”);

c. Disclosure of affiliations, training, assistance or support it receives from international rating agencies, if any;

7. Written code of conduct that can ensure the independence of the rating specialists and the rating agency from the Issuers it is rating;
8. Rating scales, criteria, measurements, symbols and related assessment devices it uses;
9. Operating procedures, rating policies, rating criteria and other rationale used in arriving at a rating;
10. Copy of model written agreement with Issuers; and
11. Manual on Corporate Governance.

Pre-Evaluation Procedures:

1 Secures checklist of requirements from the OGA. Provides client a checklist of requirements with instructions. 5 minutes Officer of the Day of OGA
2 Presents application (SEC Form CRA-12) and supporting documents 1. Pre-evaluates application and supporting documents.
a. If application and supporting documents are not complete, the same are returned to applicant with list of requirements not complied with
b. If application and supporting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No. 2)
30 minutes Officer of the Day of OGA
2. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier 10 minutes Executive Assistant
3 Presents the PAF at the Cashier and settles the required fee.
Filing Fee: P50,000
LRF: P500
Total: P50,500
Process payment and issue O.R. 10 minutes Cashier
4 Submits the machine-validated PAF to OGA with the application and its supporting documents

1. Checks contents and stamps receive the three (3) sets of application documents

2. Returns one (1) copy of the application documents to the client.

5 minutes Executive Assistant
Pre-evaluation of application: 1 hour
Processing of application: 1 day
Mailing period (estimate): 30 days
Total duration: 31 days and 1 hour

Note: Duration of Activity under normal circumstances