Please
refer to the Prudential Regulations for Banks circulated vide
BPD Circular No.3 dated March 22, 2002.
It
has been decided with immediate effect to substitute para
3 of Prudential Regulation-XXVI with the following:
“3.
The credit rating will be an ongoing process i.e.
credit rating should be updated on a continuous basis from
year to year, within four months from the date of close
of the financial year and the rating report complete in
all respect be submitted to the State Bank of Pakistan within
a period of seven days of the notification of rating by
the Credit Rating Agency.”
All
other instructions on the subject shall, however, remain unchanged.
Please acknowledge receipt.
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