The Hong Kong Monetary Authority (HKMA) announced today (7 July) that Fitch IBCA, Inc., a recognised credit rating agency for the purpose of the profits tax concession scheme under section 14A (4) (b) of the Inland Revenue Ordinance, has changed its name to Fitch, Inc.. Accordingly, the five existing credit rating agencies which have been recognised by the HKMA for the purpose of the profits tax concession scheme since May 1996 are:
| Recognised rating agency | Minimum rating required |
| Fitch, Inc. | BBB- |
| R&I | BBB+ |
| TBW | BBB+ |
| Moody's | Baa3 |
| S&P's | BBB- |
The HKMA reserves the right to make adjustments to the list of recognised rating agencies and the minimum rating requirements from time to time.
For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Caitlin Wong, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
7 July 2000
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