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The Monetary Authority of Singapore announced a Credit Rating Grant last week to encourage potential Singapore dollar bond issuers to obtain a credit ratings, subsidising 100 per cent of the corporate’s credit rating expenses, subject to a cap of S$400,000 per issuer. With the ample liquidity in the Singapore debt primary markets however, the feedback from local blue-chip companies has been that a credit rating for their bonds is unnecessary. Only about half of the outstanding volume of SGD bonds are rated currently and given the drain in management time to obtain one, it appears that this trend is expected to continue.