The text of publications must meet strict requirements.
The European Securities and Markets Authority considers that a credit rating or rating outlook should be accompanied by a press release or report. The press release or report should explain the key elements underlying the credit rating or rating outlook.
At least the following elements should be included::
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Where it would be disproportionate in length to include the full underlying detail of the above elements in the press release or report accompanying the credit rating or rating outlook, the European Securities and Markets Authority expects that credit rating agencies make clear and prominent reference where this underlying detail can be directly and easily accessed through direct web-link. Notwithstanding this, the Authority considers that the inclusion of the core of the above elements in the press release or report is necessary and proportionate to the overall length of the press release or report.