By contrast, activities at the riskier end of the continuum would include highly complex, opaque and leveraged securities, such as some of the non-bank-sponsored, asset-backed commercial paper (ABCP) that existed in Canada prior to the crisis. The size and composition of shadow banking also vary across jurisdictions, partly in response to the structure and regulation of the banking system.
Last July 16, 2020, Moody’s gave a vote of confidence on the Philippines by affirming its Baa2 2/6  BIS central bankers' speeches  rating and maintaining its outlook as “stable.” In June, the Japan Credit Rating Agency upgraded our credit rating to A- from BBB+. Another Japanese credit rating agency, R&I, upgraded the Philippines’ credit rating to BBB+ from BBB in February.