SINGAPORE (June 30): Singapore's central bank launched a grant on Friday to encourage the use of credit ratings by issuers in the Singapore dollar bond market, a move it said would improve transparency and attract a broader investor base.

The Monetary Authority of Singapore said issuers of SGD bonds could claim 100% of their credit rating expenses up to a limit of $400,000.

Investors were hit last year by a rout in Singapore's largely unrated offshore oil and gas bonds when companies defaulted on their debt obligations after a sharp fall in global oil prices.

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