ESMA launches a call for evidence on restricted subscription and private credit ratings

ESMA is encouraging all interested stakeholders to share views, data and analysis including: 

• The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with publicly disclosed ratings.
• The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed.
• Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to public credit ratings.

Stakeholders are invited to provide evidence‑based responses, including quantitative information where available, as well as concrete examples drawn from market practice. ESMA will consider all responses received by 31 May 2026.

Background

The use of restricted subscription and private credit ratings has been increasing in recent years. This development raises questions about the purposes and market needs these products are intended to serve; how they are produced, distributed and used in practice; and the potential benefits and risks associated with selective access to rating information.

Calls for evidence form part of ESMA’s commitment to evidence‑based policymaking and stakeholder engagement, enabling ESMA to better understand market developments and practices.

Next steps

ESMA will review the responses received in the second quarter of 2026 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the CRA Regulation. 

Further information:

Tayfun Yilmaz

Communications Officer
press@esma.europa.eu