CRAs that intend to make a material change to methodologies, models, or key rating assumptions which could have an impact on a credit rating need to disclose the reasons for such changes. Material changes to methodologies, models, or key rating assumptions might include among others:

i) a change in the key criteria used;

ii) a change in the key rating assumptions and key variables used in the rating methodology; iii) a change in the respective weight of the qualitative and quantitative factors;

iv) a change in the way driving factors are assessed; or

v) a change that has a direct or indirect impact on a significant number of credit ratings.

CRAs should explain in a comprehensive manner which of the above mentioned elements has significantly contributed to a change to methodologies, models, or key rating assumptions. The elements which have been changed should also be clearly disclosed.