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Source Issuer Rating
Scope United States AA
Scope Denmark AAA
Scope Norway AAA
Scope Sweden AAA
Scope Finland AA+
RP - 2021-11-30
Sovereign Rating Reviews during December 2021

RP - 2021-11-25
Updated mapping of ECAI ratings in the EU officially adopted

RP - 2021-11-03
November 2021 Sovereign Rating Reviews

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Creditreform Rating AG
Country of Residence:
Languages spoken:
German, English

founded in 2000, Creditreform Rating AG (“CRAG”) is a rating agency based in Germany operating under the issuer-pays model and assigning rating to non-financial corporate, Structured Finance and Covered Bonds. 

Registered as CRA in the EU:
Certified as CRA in the EU:
ECAI Status:
European Union

CRAG is registered as CRA with ESMA since May 18th, 2011.

Until December 2013, CRAG was an ECAI in Germany, since January 2014 CRAG is an ECAI across the whole European Union. 

On November 1st, 2016, the following mapping of ECAI ratings to the 6 Credit Quality Steps under the Standardized approach for Banks (Capital Requirements Regulation, CRR) and the 7 Steps under Solvency II for insurances in the EU entered into force:


Note that additional rating scales may have been mapped. To view all mappings, login with your account and read the “RP Research” on this agency. To see how this agency’s mapping compares with other agencies, please read our dedicated page on the EU ECAIs.

CRAG is considered a small Credit rating agency for the purpose of Article 8d of CRAIII.

Market Segments Covered:
Other Corporates, Structured Finance, Covered Bonds
Countries Covered:
Austria, Germany
Business Model:

Business model: CRAG operates under the “issuer-pays” model, where the rated entity pays the agency for the rating.

Coverage: CRAG covers non-financial corporate mainly in Germany. CRAG also assigns Structured Finance and Covered Bond ratings.

Availability of ratings and reports at website: you will need to accept the terms of conditions before viewing CRAG’s rating list: