ESMA_QA_1473
Topic
Credit rating disclosures
17/07/2023
Subject Matter
Disclosure and Presentation of Credit Ratings (ESMA33-5-87 Q&A 11)
Question
(a) When should a CRA notify a rated entity about the publication of a credit rating or rating outlook to which the rated entity is subject?

(b) How much time is required to elapse before a CRA can publish a credit rating or rating outlook after it has been notified to the rated entity?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1472
Topic
Credit rating disclosures
17/07/2023
Subject Matter
Article 10(5) – Disclosure and presentation of unsolicited credit ratings (ESMA33-5-87 Q&A 10)
Question
How should CRAs disclose and present unsolicited credit ratings according to the new requirements in Article 10(5) of the CRA Regulation?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1471
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 3(1)(x) – Definition of unsolicited credit ratings (ESMA33-5-87 Q&A 9)
Question
(a) Does any participation of the issuer in the credit rating process define a credit rating as a solicited credit rating?

(b) Is a credit rating issued upon the request of a person different from both the rated entity/issuer and a related third party a solicited credit rating?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1469
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 8(5a) and Article 14(3) – Notification of material changes to methodologies (ESMA33-5-87 Q&A 7)
Question
When is a change to methodologies, models or key rating assumptions considered as a “material change”?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1468
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 6a(1)(a) – Entry into force of the prohibition of holding 5% or more of the capital or the voting right of any other agency (ESMA33-5-87 Q&A 6)
Question
What is the entry into force of Article 6a(1)(a)?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009