Answer: The discontinuation of a credit rating should be accompanied by an appropriate level of disclosure that includes the full reasons for the discontinuation. This information should be disclosed on a timely basis and in a non-selective manner.

(i) Does this apply when a credit rating is incorrectly published and then discontinued? Yes.

(ii) Does this apply when a credit rating is published and then incorrectly discontinued? Yes.

(iii) Does this apply when a credit rating and information related thereto is removed from a credit rating agency’s website? Yes.

Answer: ESMA expects that the level of transparency accompanying a withdrawal would not be less than that provided when a credit rating is discontinued. All credit ratings and rating outlooks should be presented and processed in accordance with the requirements of Section D of Annex I of the CRA Regulation. Further details on ESMA’s expectations can be found in ESMA’s Guidelines on the Disclosure of Credit Ratings[1].