Record retention obligations require credit rating agencies to keep specified records and notify the regulator of their storage location. Credit rating agencies must retain specified books, records and documents for a minimum statutory period, including balance sheets, profit and loss accounts, auditor reports, client agreements and information, correspondence, ratings data (including upgrades and downgrades), rating notes, rating committee decisions, rating letters, particulars of fees and other records the Board may specify, and must inform the Board of the location where these records are maintained.