In response to institutions’ need for additional time, the period for comments on an Exposure Draft of the “Code of Standard Practices for Participants in the Credit Rating Process” has been extended to June 30, 2004.
Developed by three leading global treasury and finance associations, the Code of Standard Practices is designed to restore confidence among issuers, credit rating agencies, investors and the regulators who oversee the credit rating process.
The Code promotes enhanced transparency, protection of non-public information, safeguards against conflicts of interest, and improved communications with market participants. The Associations are soliciting comments from interested parties on specific provisions in the Exposure Draft and appropriate ways to incorporate the final Code into the credit rating process.
We have been in discussion with a number of institutions some of whom have sought further time to consider their responses. We have agreed to extend the period for comment to allow all interested parties to develop their comments on this complex issue. We have been pleased with the generally positive response to our initiative Richard Raeburn, Chief Executive of the ACT
said Richard Raeburn, Chief Executive of the Association of Corporate Treasurers.
The Association of Corporate Treasurers (ACT), the United States’ Association of Financial Professionals (AFP) and France’s Association Française des Trésoriers d'Entreprise (AFTE) jointly developed the Code of Standard Practices.
The Associations collectively represent more than 18,500 corporate treasury and finance professionals. The Code of Standard Practices is further supported by the International Group of Treasury Associations (IGTA) and the Euro Associations of Corporate Treasurers (EACT).
The Exposure Draft of the Code of Standard Practices for Participants in the Credit Rating Process is available at www.AFPonline.org , www.treasurers.org, www.afte.com.
Comments may be submitted to technical@treasurers.org, jglenzer@afponline.org or patrice.tourliere@lafarge.com.
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