The CRA Regulation includes a number of disclosure requirements relating to credit ratings. The purpose of these requirements is to ensure a sufficient level of transparency around the credit rating actions so as to enable the users of the credit rating to understand the main reasons for the credit rating, any limits or uncertainties underpinning the credit rating as well as where further information can be found to facilitate their own due diligence.
In this regard, ESMA has noted an inconsistent level between CRAs regarding the
information that is disclosed in accordance to these requirements. As a result, ESMA
believes that it would be beneficial to collate a set of good practices in a single guidance
document covering the disclosure requirements that are applicable to credit ratings’ press releases and reports. In doing so, this will contribute to ESMA’s core tasks of contributing to investor protection within the EU.