The Implementation of Credit Rating is Postponed to December 31st
With the decision of the Banking Regulation and Supervision Board (“BRSB”) dated 27.05.2021 and numbered 9590 (“Decision”), the due date regarding the rating requirement of companies is changed.
Pursuant to the “Regulation on Amendment to the Regulation on Loan Transactions of Banks” published in the Official Gazette dated 25.01.2019 and numbered 30666, it has become mandatory to obtain a credit rating from an institution which is authorized by BRSB for the loans to be determined by the BRSB.
In order for the companies which have been listed under BRSB Decisions dated 21.02.2020 and numbered 8876 and dated 10.09.2020 and numbered 9133 to utilize loans, such companies were obliged to obtain a credit rating from a rating agency authorized by the BRSB until the date of 30.06.2021 and submit these ratings to the banks that they are engaged with.
Due to the pandemic, it is resolved to continue the loan utilization until the date of 31.12.2021 even if the credit rating report has not been prepared yet, provided that the conditions specified in the Decision are met.
Please find the Turkish version of the relevant Decision here.
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