RATINGTICKER
Source Issuer Rating
Scope Greece BB+
Scope Georgia BB
Scope Austria AAA
Scope Italy BBB+
Scope Spain A-
NEWS
RP - 2021-09-30
Scheduled Sovereign rating reviews during October 2021

RP - 2021-09-01
September Sovereign Rating Updates

RP - 2021-08-02
August Sovereign Rating Updates

Regulatory framework: European Union

The European Union legislation makes currently references to ratings and assessments from different sources:

 

Credit Rating Agencies (“CRAs”)

 

Legal Background

In September 2009, the European Parliament and the Council of Ministers adopted the regulation on Credit Rating Agencies (1060/2009) (hereafter “CRA regulation”) defining the regulatory regime applicable to Credit Rating Agencies („CRA“). This regulation was amended in 2010 in order to take into account the set up of the European Securities and Markets Authority (“ESMA”), solely responsible for the on-going supervision of CRAs from July 1st, 2011.

In November 2011, the EU Commisssion tabled a new legislative proposal on Credit Rating Agencies (called “CRA III” thereafter). After negotiations between the European Parliament, the Council of Ministers and the EU Commission a compromise text was reached in December 2012.  The CRA regulation entered into force on June 20th, 2013. 

 

Registered or Certified Rating Agencies

Article 3 (1) a of the CRA regulation provides the following definition of credit ratings: ‘credit
rating’ means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories;

EU ESMA registered Credit Rating Agencies January 2021

 According to Article 2 of the CRA regulation, rating agencies need to register with ESMA so that their ratings can be used for regulatory purposes. The list of registered or certified rating agencies in Europe can be looked up at ESMA’s website.

ESMA registered or certified CRAs (in alphabetical order) and National Banks exempted from registering as CRA

Country of Residence

Status

AM Best (EU) Rating Services B.V.

Netherlands

Registered

ARC Ratings

Portugal

Registered

ASSEKURATA Assekuranz Rating-Agentur GmbH

Germany

Registered

Axesor Risk Management

Spain

Registered

Banque de France

France

Exempted

Bulgarian Credit Rating Agency AD

Bulgaria

Registered

Capital Intelligence Ratings Ltd 

Cyprus

Registered

Cerved Rating Agency S.p.A.

Italy

Registered

Creditreform Rating AG

Germany

Registered

CRIF S.p.A.       

Italy

Registered

DBRS Ratings GmbH

Germany

Registered

Egan-Jones Rating Company

USA

Certified

Scope Hamburg (formerly Euler Hermes Rating)

Germany

Registered

EuroRating Sp. z.o.o

Poland

Registered

Fitch Ratings Ireland Limited

Ireland

Registered

GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH

Germany

Registered

HR Ratings de Mexico, S.A. de C.V.

Mexico

Certified

ICAP Group SA

Greece

Registered

Inbonis SA

Spain

Registered

Japan Credit Rating Agency Ltd

Japan

Certified

Kroll Bond Rating Agency Europe

Ireland

Registered

modeFinance S.r.l

Italy

Registered

Moody’s Investors Service Cyprus Ltd, Moody’s France S.A.S., Moody’s Deutschland GmbH, Moody’s Italia S.r.l., Moody’s Investors Service España S.A., Moody’s Investors Service (Nordics) AB 

Several

Registered

Nordic Credit Ratings AS

Norway

Registered

Rating-Agentur Expert RA GmbH

Germany

Registered

Scope Ratings

Germany

Registered

QIVALIO (previously Spread Research)

France

Registered

S&P Global Ratings Europe Limited

Ireland

Registered

Date of last update: May 12th, 2021

The links provided above will direct you to the respective credit rating agency profile on this website. for nearly all these agencies, we provide research information to our registered users.

 

Not covered by this regulation are private credit ratings, credit scores, credit ratings from export credit agencies (see below) and credit ratings from central banks.

Who can use ratings for regulatory purposes?

According to Article 4 of the CRA Regulation the following market participants MAY use ratings for regulatory purposes:

  • Credit institutions as defined in Directive 2006/48/EC,
  • investment firms as defined in Directive 2004/39/EC,
  • insurance undertakings subject to the First Council Directive 73/239/EEC of24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance
  • assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance, reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and the Council of 16 November 2005 on reinsurance, 
  • undertakings for collective investements in transferable securities (UCITS) as defined in Directive 85/611/EEC
  • institutions for occupational retirement provisions as defined in Directive 2003/41/EC
  • Alternative investment funds as defined in Directive 2011/61/EU
  • Central counterparties authorized in accordance with Regulation 2012/648/EU

For Registered Users

To read more on the new requirements on issuers according to CRA III, as well a how ratings should be used and the rules relating to ratings issues in third countries, please login with your user account.   

 

 

To see more register now...