More Than 300 Raters Worldwide

Agencies, Bureaus, Raters, Read

There is a simple definition of the word “rater”: “one that rates”. A rater is specifically a person who estimates or determines a rating. Not every rater is a rating agency. In a number of countries, only legal persons can be recognized as rating agencies. In most countries, individuals are free to express their opinion publicly. In the case of credit ratings, however, companies in the European Union, for example, are prohibited from expressing opinions about the creditworthiness of other companies. In order for a rating agency to express an opinion freely, official approval is required.

Ratings appear in many contexts. On RATING.REPAIR, only those ratings are of interest that are important for investment and financing decisions. The “raters” category on RATING.REPAIR meets the need to find out more about names that may be classified as rating agencies. To date we have included the names of rating agencies from the following countries:

  1. Australia
  2. Austria
  3. Bahrain
  4. Bangladesh
  5. Brazil
  6. Bulgaria
  7. Canada
  8. Chile
  9. China
  10. Colombia
  11. Costa Rica
  12. Cyprus
  13. Ecuador
  14. El Salvador
  15. Estonia
  16. Finland
  17. France
  18. Germany
  19. Greece
  20. Hongkong/China
  21. Hungary
  22. India
  23. Indonesia
  24. Ireland
  25. Italy
  26. Japan
  27. Kazakhstan
  28. Kuwait
  29. Kyrgyzstan
  30. Latvia
  31. Liechtenstein
  32. Malaysia
  33. Mexico
  34. Montenegro
  35. Myanmar
  36. Nepal
  37. Netherlands
  38. New Zealand
  39. Nigeria
  40. Norway
  41. Pakistan
  42. Peru
  43. Philippines
  44. Poland
  45. Portugal
  46. Romania
  47. Russia
  48. Serbia
  49. Singapore
  50. Slovakia
  51. Slovenia
  52. South Africa
  53. South Korea
  54. Spain
  55. Sri Lanka
  56. Sweden
  57. Switzerland
  58. Taiwan/China
  59. Thailand
  60. Trinidad and Tobago
  61. Turkey
  62. Ukraine
  63. United Kingdom
  64. Uruguay
  65. USA
  66. Uzbekistan
  67. Vietnam
  68. Zambia

We have been collecting information about rating agencies since the 1980s – even at a time when the internet didn’t exist yet. At that time, information was only available from newspapers and magazines, books, archives, through visits, by post or by telephone. RATING EVIDENCE GmbH uses this unique documentation and answers questions about all known active and inactive agencies and even companies that provide information about creditworthiness, deliver credit reports or could be confused with Recognized Credit Rating Agencies. Some rating agencies have a large number of subsidiaries. In these cases only the most important companies are listed here.

More than 500 raters on our list

The following list contains the names of more than 500 rating companies regardless of whether they are still active, have changed their names or are even irrelevant or not recommendable for some investment and financing decisions. Our rough estimate is that around 300 of these 500 companies are active. The other 200 names refer to rating agencies that have since been taken over, renamed or ceased operations.

This list must not be confused with our favorites or a recommendation list. Rather, it is advisable to contact us to let us know what you want to read about. Depending on demand, you will read more on RATING.REPAIR about any of the names mentioned here.

Names of Chinese rating agencies, unless they have an official English name, appear here in Pinyin. If you have switched on the translation into your language with Google Translate, it is advisable to switch off the translation function when searching for the official name, otherwise the name may also be translated.

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RATING EVIDENCE GmbH
https://ratingevidence.com/news/

Read more of this content when you subscribe today. Please find here the most comprehensive list of raters worldwide. Contact us if you have any questions about the rating agencies listed here: mail@rating.repair

30 Registered Credit Rating Agencies in China

Agencies, Certifications, Read, Registrations

The credit rating industry in China has a history of more than 30 years. According to the “Interim Measures for the Administration of the Credit Rating Industry”, which came came into force on December 26, 2019, the People’s Bank of China is the department in charge of the credit rating industry and takes charge of the supervision and administration of credit rating nationwide. The National Development and Reform Commission, the Ministry of Finance and the China Securities Regulatory Commission are the entities in charge of the administration of the credit rating business, which legally supervise and administer the credit rating business within the scope of their duties.

The People’s Bank of China (http://www.pbc.gov.cn/)

The National Development and Reform Commission(https://www.ndrc.gov.cn/

the Ministry of Finance(http://www.mof.gov.cn/

the China Securities Regulatory Commission(http://www.csrc.gov.cn/

Until end of July 2020 there are 30 rating agencies and 133 credit reporting agencies registered by the People’s Bank of China.

List of registered rating agencies in China:

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What Happens When You Become A Founder and Start a New Rating Agency?

Agencies, Products, Read

What happens when you start a new rating agency and become a founder?

The 4 Ps are used here to identify some key factors for a new rating agency, including what investors and issuers want from them, how their services meets or fails to meet those needs, how rating services are perceived in the world, how they stand out from competitors, and how they interact with their customers.

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Rating in Austria

Advisors, Agencies, Read

The Recognized Credit Rating Agencies listed by the European Securities and Markets Authority (ESMA) have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on Credit Rating Agencies (the Credit Rating Agencies Regulation). The list does not contain a rating agency that is based in Austria. Registration or licensing by ESMA allows authorized agencies with headquarters outside of Austria to issue credit ratings in Austria.

In addition to the recognized agencies, there are other companies that deal with ratings. This is also the case in Austria: The following companies domiciled in Austria even have the word “rating” in their company name. These are specialists in credit insurance, companies from the real estate industry, insurance management or business consulting.

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Recognized Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

There are almost 200 countries in the world. Many countries do not have specific regulations on rating activities, but most industrialized countries do have laws on Credit Rating Agencies (CRAs). Credit Rating Agencies are required to get registered, licensed, recognized or certified.

Until the Credit Rating Agency Reform Act of 2006 was introduced in the United States, there was no really orderly procedure for recognizing Credit Rating Agencies. However, if ratings are used in law to regulate certain issues, provisions are also required as to which agencies may issue the relevant ratings.

Certain authorities are charged with administering the rules of their countries with respect to the practices of Credit Rating Agencies in determining credit ratings for the protection of users of credit ratings and in the public interest. They are promoting accuracy in credit ratings issued by Credit Rating Agencies. The authorities are working to ensure that credit ratings are not unduly influenced by conflicts of interest and that Credit Rating Agencies provide greater transparency and disclosure to investors.

In support of this mission, competent authorities conduct examinations of Credit Rating Agencies to assess and promote compliance with statutory and other requirements.

  • They monitor the activities of Credit Rating Agencies,
  • conduct outreach with investors, issuers, and other industry participants,
  • develop and administer rules affecting Credit Rating Agencies; and
  • provide guidance generally with respect to the regulatory initiatives related to Credit Rating Agencies.

The competent authorities publish lists of the Credit Rating Agencies that they have recognized or certified. For various reasons, these are not always visible. Have a look at what happened on Monday, July 27, 2020 @ 09:00 – the relevant page of the website of the European Securities and Markets Authority (ESMA) was not accessible to everybody. No matter, which device and which browser you are using, you would not get their information online.

We therefore have lists of the data available to us here. In contrast to the official lists, our ones include links to Credit Rating Agencies’ websites. This makes it easy to get an overview of all recognized agencies and to contact Credit Rating Agencies. Please ask us for updates.

To find the Credit Rating Agencies recognized in the respective jurisdictions, follow the links in this table.

ArgentinaComisión Nacional de Valores (CNV)
AustraliaAustralian Securities and Investments Commission (ASIC)
AustriaEuropean Securities and Markets Authority (ESMA)
BangladeshBangladesh Securities and Exchange Commission (BSEC)
BelgiumEuropean Securities and Markets Authority (ESMA)
Bolivia…more
BrazilComissão de Valores Mobiliários (CVM)
BulgariaEuropean Securities and Markets Authority (ESMA)
CanadaCanadian Securities Administrators
(
CSA/ACVM)
ChinaPeople’s Bank of China (PBoC), National Association of Financial Market Institutional Investors (NAFMII), China Insurance Regulatory Commission (CIRC), National Development and Regulatory Commission (NDRC), China Securities Regulatory Commission (CSRC)
Costa RicaSuperintendencia General de Valores (SUGEVAL)
CroatiaEuropean Securities and Markets Authority (ESMA)
Czech RepublicEuropean Securities and Markets Authority (ESMA)
DenmarkEuropean Securities and Markets Authority (ESMA)
EcuadorSuperintendencia de Compañías, Valores y Seguros (SC)
El Salvador…more
EstoniaEuropean Securities and Markets Authority (ESMA)
FinlandEuropean Securities and Markets Authority (ESMA)
FranceEuropean Securities and Markets Authority (ESMA)
GermanyEuropean Securities and Markets Authority (ESMA)
GreeceEuropean Securities and Markets Authority (ESMA)
Guatemala…more
Honduras…more
HungaryEuropean Securities and Markets Authority (ESMA)
IndiaSecurities and Exchange Board of India (SEBI)
IndonesiaOtoritas Jasa Keuangan (OJK)/Financial Services Authority (FSA) …more
IranSecurities & Exchange Organization of Iran (SEO)
IrelandEuropean Securities and Markets Authority (ESMA)
ItalyEuropean Securities and Markets Authority (ESMA)
JapanFinancial Services Agency
(
FSA)
LatviaEuropean Securities and Markets Authority (ESMA)
LithuaniaEuropean Securities and Markets Authority (ESMA)
LuxembourgEuropean Securities and Markets Authority (ESMA)
MalaysiaSuruhanjaya Sekuriti Securities Commission Malaysia (SC)
MaltaEuropean Securities and Markets Authority (ESMA)
MexicoComisión Nacional Bancaria y de Valores (CNBV)
NetherlandsEuropean Securities and Markets Authority (ESMA)
Nicaragua…more
PakistanSecurities and Exchange Commission of Pakistan (SECP)
Panamá…more
Perú…more
Philippines…more
PolandEuropean Securities and Markets Authority (ESMA)
PortugalEuropean Securities and Markets Authority (ESMA)
Republic of CyprusEuropean Securities and Markets Authority (ESMA)
República Dominicana…more
RomaniaEuropean Securities and Markets Authority (ESMA)
RussiaCentral Bank of the Russian Federation, Bank of Russia (CBR)
Saudi ArabiaCapital Market Authority of Saudi Arabia (CMA)
SingaporeMonetary Authority of Singapore (MAS)
SlovakiaEuropean Securities and Markets Authority (ESMA)
SloveniaEuropean Securities and Markets Authority (ESMA)
South AfricaFinancial Sector Conduct Authority (FSCA)
SpainEuropean Securities and Markets Authority (ESMA)
SwedenEuropean Securities and Markets Authority (ESMA)
SwitzerlandSwiss Financial Market Supervisory Authority FINMA
Taiwan…more
ThailandSecurities and Exchange Commission Thailand (SEC)
TurkeyCapital Markets Board of Turkey (CMB)
UkraineNational Securities and Stock Market Commission (NSSMC)
United States of AmericaU.S. Securities and Exchange Commission Nationally Recognized Statistical Rating Organizations (US SEC NRSRO)
UruguayBanco Central de Uruguay (BCU)

The table refers to the statutory rating requirements mandated by laws and regulations. In practice, however, ratings are often “encouraged”, “advised” and/or “requested by investors”. Please note that this is not an exhaustive list. RATING EVIDENCE has detailed information for a number of other countries. It should also be borne in mind that in some countries the regulation of credit rating agencies is not left to just one authority, but rather that a plurality of authorities within the same jurisdiction recognize credit rating agencies for different purposes according to different standards. Here are some examples:

  • Bond Public Offering,
  • Bond Private Placement,
  • Debt instrument other than bond (Medium Term Notes, Commercial Paper)
  • Bank Loan,
  • Asset Backed Security Issue,
  • Public Issue of Equity Shares,
  • Banks,
  • Non-bank Financial Institution (before IPO),
  • Non-Life & Life Insurance Company,
  • Microfinance Banks (MFBs),
  • Offshore Bond Market/External Commercial Borrowings,
  • Public Deposits of Non-Banking Finance Companies,
  • Security Receipts issued by Asset Reconstruction Companies,
  • Micro & Small Enterprises (MSE),
  • Grading of Maritime Training Institutes,
  • Parallel Marketers of Liquified Petroleum Gas/Superior Kerosene Oil,
  • Energy Services Companies,
  • Renewable Energy Service Companies (RESCOs),
  • System Integrators (SI),
  • Structured Products
  • Modaraba Certificates of Musharaka.

Please see each country’s page for details.

Authorization

German Authority Restricting the Number of Bank Customers

The state specification of the number of customers and the limitation of the number of customers who – regardless of market demand – are allowed to use certain services, are typical features of a central administration economy in times of financial repression. On October 5th, 2021, the Federal Financial Supervisory Authority (BaFin) ordered N26 Bank…

Assumptions of Implicit Government Support

Why is it not wise to ignore an important dimension of the bank rating, not even for capital adequacy purposes? According to the Basel Framework as it will appear in the future on January 1, 2025, banks incorporated in jurisdictions that allow the use of external ratings for regulatory purposes will assign to their rated…

Rating Agency Violates Disclosure Of Transparency Reports And More

CRA Transparency Reports 2021 “Transparency Reports” of credit rating agencies (CRAs) are published in accordance with Article 12 and Annex I, Section E.III of the EU Regulation on Credit Rating Agencies: (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended by Regulation (EU)…

Green Light For Greensill Was Legitimate

A Berlin rating agency remains as a scapegoat Now it is official: In the city of Mohnheim no failure of the administration could be determined before and in the insolvency of Greensill Bank in Bremen. The responsibility is put on the “investment grade” rating, which was issued by a local rating agency in Berlin. In…

The Graveyard of Authorized Credit Rating Agencies in the European Union

Rating agencies have been registered in the European Union since 2010 in order to operate in accordance with the EU regulation on rating agencies of 2009 (CRAR). Dozens of agencies have therefore made use of the option, but also the obligation, to register or get certified. Rating agencies are only allowed to operate in the…

Credit Rating Agency Authorisation 2021

Links to websites of the Credit Rating Agencies authorized in the European Union. The credit rating agencies listed below have been registered or certified by the European Securities and Markets Authority (ESMA) in accordance with the Credit Rating Agencies Regulation. Domains of websites are added. According to ESMA, the list was last updated on May…

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Recognized Credit Rating Agencies in Russia

Agencies, Certifications, Read, Registrations, Regulations

ACRA Analytical Credit Rating Agency

The Russian Government set a minimum credit rating for banks that service federal budget funds (the document is published on the official website of the Russian Federation Ministry of Finance at http://government.ru/docs/28240/).

The federal budget funds may be placed on deposits with bank that have a credit rating of at least A-(RU) under the ACRA’s (Analytical Credit Rating Agency; Russian: Аналитическое Кредитное Рейтинговое Агентство) national rating scale. A-(RU) reflects a moderately high creditworthiness, with some sensitivity to adverse changes in commercial, financial and economic conditions. Moreover, the Federal Treasury has the right to establish stricter credit rating requirements.

ACRA is a rating agency based in Moscow, Russia. It was established in 2015, due to their only relative independence colloquially known as the “Putin Credit Rating Agency”. Due to the withdrawal of US-based rating agencies because of legislative changes and sanctions against Russia, ACRA expects to become Russia’s main ratings issuer. ACRA apparently does not issue ratings to companies outside of Russia.

Expert RA

Expert RA was on the list of credit rating agencies accredited by the Bank of Russia. Being rated by Expert RA is among the official requirements imposed on banks, insurers, pension funds, and issuers. Expert RA ratings are used by Bank of Russia, Ministry of Finance, Ministry of Economic Development, Moscow Exchange and other financial market participants.

National Rating Agency Limited Liability Company (NRA)

National Rating Agency Limited Liability Company (NRA) was in the register of ratings agencies accredited with the Ministry of Finance of the Russian Federation. Ratings were officially recognized by the Central Bank of the Russian Federation, Vnesheconombank, Federal Financial Markets Service, Rusnano, Ministry of Agriculture of the Russian Federation, Agency for Housing Mortgage Lending, RTS and MICEX stock markets, National Association of Stock Market Participants, National Securities Association, National Managers’ League and  Association of Russian Banks. On January 13, 2017 NRA informed the market participants that it will not take any rating actions with respect to credit ratings (including NRA’s Credit Rating, Financial Reliability and Financial Strength Ratings) assigned before the end of the transitional period (before January 13, 2017) until it is entered in the Register of Credit Rating Agencies. NRA continued assigning and updating non-credit ratings, such as the Reliability Rating, the Service Quality Rating, the Corporative Management Quality Rating, the Risk Management Quality Rating, the Employer Attractiveness Rating, and some other. The assignment and update of the said ratings will go on as a normal course of NRA’s business, without any changes. NRA examined the Bank of Russia’s statement of reasons for its decision not to include NRA in the Register of Credit Rating Agencies in order to prepare a new folder of documents and re-apply for registration.

Monetary Authority of Singapore Encourages Ratings By Singapore-dollar Credit Rating Grant

Agencies, Certifications, Read, Registrations, Regulations

The European Commission’s decision to repeal the equivalence status for Singapore Credit Rating Agencies does not impact the operations of Credit Rating Agencies in Singapore. As confirmed by the European Commission, Credit Rating Agencies in Singapore will continue to be able to access the European Union market through the endorsement regime which they currently operate under. Under this regime, ratings issued by Credit Rating Agencies in Singapore are endorsed by their related entities in the European Union, and can continue to be recognised and used for regulatory purposes in the European Union.

There are two existing regimes for Credit Rating Agencies outside of European Union to have their ratings recognised and used for regulatory purposes in the EU, namely certification through the equivalence regime or endorsement. While Singapore’s regulatory regime for CRAs no longer has equivalence status, Singapore continues to be on the list of countries that the European Securities and Markets Authority (ESMA) has deemed as meeting the legal and supervisory framework for the endorsement regime.

Credit Rating Agencies play numerous roles in the financial system of Singapore. For example, direct insurer who apply for a licence need to report about credit raitngs. Since applicants need a licence to carry on life and/or general insurance business in Singapore, they have to meet admission criteria. The Monetary Authority of Singapore assesses applications for direct life and general insurance licences using a number of criteria, among them past and present credit ratings by international rating agencies, including Standard and Poor’s, A.M Best, Moody’s and Fitch.

Since June 30, 2017 the Monetary Authority of Singapore provides a Singapore-dollar Credit Rating Grant to encourage issuers in the Singapore-dollar bond market to issue rated bonds. The Singapore-dollar Credit Rating Grant covers the cost of issuer, programme and issue ratings from Fitch Group, Moody’s, and Standard & Poor (S&P). For each qualifying issuer, the SGD Credit Rating Grant can cover credit rating expenses from multiple issuances subject to the funding cap.

Although investors today generally have access to publicly available information such as company financial statements and offering documents when they consider their bond investments, the Monetary Authority of Singapore believes that greater availability of credit ratings in the domestic bond market will help to further improve market transparency, by providing timely and independent assessments of the credit worthiness of issuers throughout the life of a bond.

Credit ratings can also benefit bond issuers. Many regular issuers in the Singapore-dollar bond market are currently unrated and rely mainly on the same pool of domestic investors. Credit ratings will allow these issuers to attract a broader and more diverse investor base, including international institutional investors. The Singapore-dollar Credit Rating Grant is open to both foreign and domestic issuers.

Securities and Exchange Commission Thailand Approved Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

The following rating agencies shall be Credit Rating Agencies approved by the Office of the Securities and Exchange Commission of Thailand to issue credit rating for instruments or businesses related to issuance and offer for sale under the Notification of the Capital Market Supervisory Board and instruments. They are required to provide credit ratings under the rules related to investment of mutual funds and private funds.

In the case where the credit rating for instruments or businesses related to issuance and offer for sale under the Notification of the Capital Market Supervisory Board, the domestic Credit Rating Agencies shall assign the credit rating within the a specified scope. Credit rating agency business is excluded from securities business in the category of securities investment advisory. In case credit rating agencies established under a foreign law issue a credit rating for instruments or businesses related to issuance and offer for sale of instruments in the Kingdom of Thailand, such credit rating agencies shall comply with the following requirements:

  • In case of issuing the credit rating to structured finance product, symbols used shall be different from those used in issuing the credit rating to general debt instruments, provided that the symbols’ meanings shall be clearly explained and disclosed to investors;
  • in case of unsolicited rating disclosed in Thai language, the following requirements shall be complied:
    • policy and practice guideline for issuance of the credit rating in such cases shall be clearly specified;
    • in disseminating the credit rating to the public, the following information shall always be correctly and completely disclosed the issuance of the credit rating was not hired by instrument issuer and whether or not the instrument issuer participated in providing of information for the purpose of issuing the credit rating; sources of information used in issuing the credit rating. If any credit rating agency lacks suitability or credibility in undertaking of credit rating business or fails to comply with guideline in undertaking of credit rating business as specified by International Organization of Securities Commissions (IOSCO) or fails to comply with the requirement specified in Thai law.

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Comisión Nacional Bancaria y de Valores Supervised Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

Comisión Nacional Bancaria y de Valores (CNBV) main function is to inform the market about the real risks that the investing public faces in financial intermediation. Regulation is essential for greater transparency in its actions and less exposure to conflict of interest. The Comisión Nacional Bancaria y de Valores supervises 7 Credit Rating Agencies, called Instituciones Calificadoras de Valores (ICVs) in Mexico, within the framework of the Securities Market Law, the General Corporations Law Mercantile and Provisions on the matter.

In accordance with current regulations, among other information, these institutions must have available on their website the meaning and scope of their qualifications, the codes of conduct that govern their actions, the methodologies and procedures they use for the study, as well such as the analysis of the credit quality of the entities or issuers, and any substantial changes in them must be revealed so that they can be consulted by the investing public.

Comisión Nacional Bancaria y de Valores powers over Credit Rating Agencies:

  • Carry out inspection and surveillance.
  • Make observations and, where appropriate, order the adoption of measures aimed at correcting the irregular facts, acts or omissions that it has detected..
  • Impose sanctions of an administrative nature.
  • Issue provisions that contain minimum requirements that must be included in its Code of Conduct.
  • Determine the means through which Credit Rating Agencies must disclose to the public the ratings they make on securities already registered or to be registered in the National Securities Registry.
  • Issue provisions on the financial, administrative and operational information that rating agencies must submit, as well as their modifications and cancellations.
  • Revoke their authorization when they commit serious or repeated infractions to the provisions of the Securities Market Law; are declared bankrupt, or agree to its dissolution and liquidation, prior agreement of its Governing Board.
  • Authorize their merger or division, with the prior agreement of their Governing Board.
  • Require data, reports, records, minute books, documents, correspondence and other information deemed necessary for supervision.
  • Order the suspension of the rating service when in its judgment there is a conflict of interest between the client and the Credit Rating Agency.
  • Order the suspension of the publicity of the Credit Rating Agencies when in its judgment it implies inaccuracy, lack of clarity, unfair competition, or may lead to error.
  • It is important to mention that the ratings issued by Credit Rating Agencies are an opinion on the credit quality of an entity or issue, and in no way represent a recommendation on the purchase or sale of a certain security.

Although each rating agency has its own rating scale, in general the rating levels granted by the Credit Rating Agencies could be grouped into: AAA, AA, A, BBB, B, CCC, CC, C, D. However, for greater In detail, the Comisión Nacional Bancaria y de Valores recommends to review the scales published on the internet pages of each Credit Rating Agency (see below).

The regulation of these types of entities requires that the information they disclose to the public be updated, relevant, timely, of quality and clear. The information provided by the Credit Rating Agencies allows the investor to have reliable reference information for investment decision making.

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Suruhanjaya Sekuriti Securities Commission Malaysia Committed to Allow ASEAN-Owned Credit Rating Agencies in Malaysia

Agencies, Certifications, Read, Registrations, Regulations

Under the Working Committee on Financial Services Liberalisation, the Association of South-East Asian Nations (ASEAN) completed the Eighth Package of Financial Services Commitments (Eighth Package), which was signed by the Association of South-East Asian Nations Finance Ministers on April 5, 2019. To enhance access into the capital market via the Eighth Package, the Suruhanjaya Sekuriti Securities Commission Malaysia (SC) committed to allow 100% ASEAN-owned credit rating agencies in Malaysia. This offer came into force on October 7, 2019. Among them, are these two Credit Rating Agencies in Malaysia:

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Securities and Exchange Commission of Brazil Recognized Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

Here are all recognized Credit Rating Agencies with name, address, district, city, state, postal addressing code, direct distance dialing, phone, fax, names of the risk rating director and internal controls director, registration date, Brazil national registry of legal entities number and current situation as of August 6, 2020.

In addition to the credit risk rating agencies registered with the Securities and Exchange Commission of Brazil, there are others, domiciled in third jurisdictions, which are recognized by the Securities and Exchange Commission for proving compliance with the requirements established by article 5 of CVM Instruction No. 521/2012. So far, agencies in this condition are as follows:

  • A.M.Best Rating Services, Inc., headquartered in the United States of America and supervised by the Securities and Exchange Commission (“SEC”).
  • S&P Global Ratings, headquartered in the United States of America and supervised by the Securities and Exchange Commission (“SEC”).

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Australian Securities and Investments Commission Licensed Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

The Australian Securities and Investments Commission (ASIC) published an information sheet (INFO 143) for credit rating agencies providing services in Australia. It gives guidance on the meaning of certain conditions that apply to these credit rating agencies under their Australian financial services (AFS) licence.

It covers the scope and purpose of Australian Securities and Investments Commission’s guidance, separating advisory services from credit rating services, applying methodologies in a continuous manner, timely disclosure of actual and potential conflicts of interest, periodic review of methodologies and models, and review of and disclosure about affected ratings after material changes. The conditions covered by Australian Securities and Investments Commission’s information sheet reflect certain provisions of the International Organization of Securities Commissions (IOSCO) Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO Code), which credit rating agencies must adopt with specified modifications under their Australian financial services licence.

The guidance is provided in the context of the assessment by the European Securities and Markets Authority (ESMA) as mandated by the European Commission of whether Australia’s regulation and supervision of credit rating agencies is equivalent to the European Union’s Regulation on Credit Rating Agencies (EU Regulation).

Under the EU Regulation, regulation and supervision of credit rating agencies in Australia that is at least as stringent as that in the European Union is necessary for ratings prepared in Australia to be endorsed for use in the European Union. Regulation and supervision of credit rating agencies in Australia needs to be considered equivalent in order for ratings prepared in Australia by a credit rating agency without any legal presence in the European Union to use those ratings in the European Union

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First Quality Check On A Credit Reporting Agency: Creditsafe

Agencies, Bureaus, Read, Repairs, Uses

This article is about the credit reporting agency Creditsafe, the performance of the company and a concrete example of what a credit report from Creditsafe looks like in practice. Details of the offer are examined and discussed in detail. We carry out a fact check based on the official data from the Federal Gazette of the Federal Republic of Germany.

With more than 1,200 employees, including 120 in Germany, Creditsafe provides business information and financials to over 115,000 customers with over 365 million company data from 160 countries and from more than 8,000 sources. This is roughly an average of more than 300,000 company data per employee, who supports over 500,000 users for 450,000 decisions every day with the data provided by Creditsafe. Company data is updated five million times a day from local sources. This provides insight into the thousands of business events that occur every day. About 60% of reports available online contain payment details from suppliers.

The presentation of Creditsafe is followed by a concrete example. This is a demanding case because it looks so simple and easy to understand at first glance. The example company looks simple, because it is a music house. The business model is very simple. Buying musical instruments from suppliers, selling to customers. But the music house is a wholly owned subsidiary of a parent company. The parent company was founded six years earlier because it focuses on online sales and the entrepreneur previously worked as a sole trader with his family business. The subsidiary does not make use of the permitted exemptions from separate accounting. This raises the question of whether Creditsafe still achieves an appropriate credit rating. In the following, you will first read general information about Creditsafe and the activities of this credit agency.

Creditsafe is fortunate to have an extensive and ever growing database of up-to-date company information. As the database expands and increases the wealth of data Creditsafe holds, they must evaluate whether this data contains information that is indicative of company stability or future insolvency. Creditsafe must also re-validate whether previous indicators of future insolvency or stability remain true. In both cases, it is likely that adjustments to the scorecard will be needed to improve predictability.

creditsafe logo

To differentiate linguistically, Creditsafe calls its customers sometimes “partners” because customers are companies that in turn obtain information about other companies. Creditsafe partners can add companies from Belgium, Germany, Denmark, Finland, France, Great Britain, Ireland, Italy, Japan, Canada, Liechtenstein, Luxembourg, Netherlands, Norway, Austria, Sweden, Switzerland, Spain and USA to a list for which is monitored via email.

Because not all countries use a value from 1 to 100, Creditsafe is using a rating scale from A to E. This rating scale should make it easier to compare the credit risk of companies across national borders. A is the lowest risk, D is the highest, and E means that no assessment has been made.

Creditsafe accesses data on more than 49,000 active listed companies in over 165 countries around the world, as well as hard-to-find historical data on all non-trading companies involved in asset and real estate management:

  • Name, address and contact details of the company (fully verified),
  • Description of the main business activity,
  • Complete data on shareholders and owners,
  • Credit rating and maximum credit limit,
  • Geographical breakdown of sales and turnover,
  • Information about important competitors,
  • Annual and interim reports,
  • Sales, profit and loss accounts,
  • Balance sheets and cash flow,
  • Key balance sheet indicators,
  • Current and former directors,
  • Information about holding companies and subsidiaries,
  • Corporate ties.

The massive use of electronic data processing not only enables this high productivity unimaginable just a few decades ago, but also enables users to check their customers’ credit and financial data in real time. Unlike other credit bureaus, Creditsafe does not save historical reports, but checks all companies about which no information is available immediately. Whenever a report is not immediately available online for review, the company in question is re-examined to collect current, trustworthy information. Creditsafe wants to be able to serve research orders within five and a half days.

Integrating Creditsafe data with a customer relationship management system should be child’s play thanks to preconfigured apps for Salesforce, Sage, SugarCRM, SAP, Microsoft Dynamics, etc. Creditsafe apps should make manual entry and updating of customer data unnecessary and thus save time and resources. An option for the immediate creation and updating of data records is intended to correct and rely on the data.

The application programming interface makes the following systems available for Creditsafe:

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Telephone searches, stock indices, local agents, branches, official gazettes, payment histories, news, banks, directories, courts and registration authorities are among the sources of information (for researching registration addresses, see Civil Address).

Creditsafe also provides mass and individualized data in a file tailored to the ideas of the respective partner. With hundreds of selectable fields that support all aspects of the business, the content is designed to meet the specific requirements. Such files can be securely provided in a format of your choice, daily, weekly, monthly or quarterly.

Via a programming interface, Creditsafe enables integration into customer-specific Customer Relationship Management (CRM) systems and thus the consistent alignment of a company with its customers and the systematic design of customer relationship processes. The programming interface – Application Programming Interface, API for short – is the part of the program that is made available by a software system to other programs for connection to the system.

With Connect API, data should be integrated into the systems mentioned and users should have the opportunity to use Creditsafe business data in any required way. Direct real-time access to company data is intended to enable employees to make quick and informed decisions with data that the company can trust and that allow the development of new functions and automated processes.

If Creditsafe is connected to one of the systems mentioned, the following tasks should be possible:

  • Checking the creditworthiness of suppliers and customers,
  • Representation of corporate ties,
  • Representation of beneficial owners,
  • Credit ratings for companies worldwide,
  • Continuous monitoring,
  • Financial indicators,
  • Current and historical balance sheet numbers,
  • Check for debtor register entries / bankruptcies.

Creditsafe supports customer and credit decisions in companies with creditworthiness information about private individuals, whose data comes from publicly accessible sources. This data is continuously supplemented by data from national and international partners and by manual research. Negative features include recorded in bankruptcy and debtor registers. Overview of all companies in which a natural person is a manager or in which they hold shares (see also Palturai).

The Creditsafe Data Cleaning Tool is a solution to improve data quality and is available in a total of 14 countries to correct duplicates, errors and outdated information, to identify inactive companies and data with a lot of information (such as company master data, balance sheet data, credit ratings, credit limits and contact information) ) enrich.

The Creditsafe Compliance Check supports the identification of potentially high-risk business relationships and their continuous monitoring (monitoring), for example in the case of current and previous sanctions against companies and private individuals, for the identification of Politically Exposed Persons (PEPs) and in the search for court judgments, negative reporting and bankruptcies .

What does a company search on the platform of “creditsafe.com” deliver? In the following you will see what creditsafe has to offer, what information to expect and how key performance indicators are calculated. Screenshots as of August 2020 guide you through the Creditsafe cockpit. Click on the screenshots in the text below to overlay images on the current page and see more details.

As the example of the music store shows, a professional assessment of creditworthiness cannot be replaced by looking at a few key figures. In the presentation of Creditsafe, the credit index and risk score reflect the good creditworthiness of the music store, which is based among other factors on high profitability, but not on a high equity ratio. Equity is created in the parent company, the results of the wholly-owned subsidiary are always transferred to the parent company, and any losses would be offset by the parent company. It is only through an overall view of all the relevant assessment criteria that Creditsafe can come to a plausible credit rating of the company’s creditworthiness.

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Financial Sector Conduct Authority Registered Credit Rating Agencies in South Africa

Agencies, Certifications, Read, Registrations, Regulations

The Credit Rating Agencies listed below have been registered in accordance with Section 5(1) of the Credit Rating Services Act, 24 of 2012 in South Africa. The list is published by the Financial Sector Conduct Authority in accordance with section 5(10) of the Credit Rating Services Act and is updated within five working days of adoption of a registration decision.

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Canadian Securities Administrators Designated Rating Organizations

Agencies, Certifications, Read, Registrations, Regulations

The Canadian Securities Administrators identified Designated Rating Organizations, and imposed requirements on credit rating organizations wishing to have their credit ratings eligible for use in securities legislation. The rule of the Canadian securities regulators establishes a regulatory framework for the oversight of credit rating organizations by requiring them to apply to become a “Designated Rating Organization” and adhere to rules concerning conflicts of interest, governance, conduct, a compliance function and required filings.

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Comisión Nacional de Valores República Argentina Registered Credit Rating entities

Agencies, Certifications, Read, Registrations, Regulations

Credit Rating Agencies are those entities that are dedicated to making risk ratings. In Argentina, entities must be registered with the Comisión Nacional de Valores in order to carry out the activity and they can be private companies or public universities.

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Public Universities

Unidad CEPAF – Agente de Calificación de Riescos Universidad Pública (UBA)

Universidad Nacional de San Martin

Universidad Nacional de Tres de Febrero

Universidad Nacional del Centro de la Provincia de Buenos Aires

Securities and Exchange Commission of Pakistan Registered Credit Rating Companies

Agencies, Certifications, Read, Registrations, Regulations

An application for permission to form a credit rating company by persons meeting the eligibility criteria accorind to the Credit Rating Company Regulations shall be made to the Securities and Exchange Commission of Pakistan along with a number of documents. The Securities and Exchange Commission of Pakistan on being satisfied that the person seeking permission to form a Credit Rating Company has fulfilled the criteria in terms of the regulations may permit by an order in writing to establish a credit rating company.

The permission granted by the Securities and Exchange Commission of Pakistan to form a Credit Rating Company shall be valid for a period of six months unless extended for a maximum period of further three months under special circumstance, on the application of the promoters made before the expiry of initial six months.

The Securities and Exchange Commission of Pakistan may after making necessary inquiries and after obtaining such further information, as it may consider necessary, and if it is satisfied that each of its promoters or sponsors, directors, chief executive and chairman of the board of directors fulfill the terms and conditions mentioned in the Fit and Proper criteria given grant a licence, subject to compliance with the conditions of the grant of licence as specified in the regulation of Credit Rating Companies.

For renewal of its licence, the Credit Rating Company shall, one month prior to the date of expiry of its licence, apply to the Commission. The Securities and Exchange Commission of Pakistan if satisfied that the applicant continues to meet the requirements for licensing and is eligible for renewal of licence shall renew the licence for one year and issue a certificate of renewal of licence to the Credit Rating Company.

The detailed procedure for grant /renewal of licence and Annexures and Forms as mentioned above may be seen in Credit Rating Companies Regulations, 2016.

The following Credit Rating Agencies were registered according to the Credit Rating Companies Regulations, 2016:

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Finma Authorized Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

The Swiss Financial Market Supervisory Authority FINMA supervises financial institutions making use of the services of Credit Rating Agencies, e.g. for the capital-adequacy calculations carried out by banks. Supervised institutions can use ratings to meet a number of regulatory requirements. In certain specific cases, only ratings from agencies recognised by FINMA may be used. The requirements for recognition are set out in FINMA Circular 2012/1 “Rating agencies”. They are designed to ensure that the quality of ratings used for regulatory reporting meets certain minimum standards. FINMA recognized the following Credit Rating Agencies. Please note that recognition can be limited to certain types of ratings.

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Financial Services Agency of Japan Authorized Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

The purpose of supervising Credit Rating Agencies in Japan is, in view of specific problems in their governance, to ensure the appropriate business operations of Credit Rating Agencies in Japan, and to bring about the appropriate exercise of their functions.

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Capital Markets Authority of Saudi Arabia Authorized Credit Rating Agencies

Agencies, Certifications, Read, Registrations, Regulations

​As in many other countries, the work of Credit Rating Agencies has been regulated in the Kingdom of Saudi Arabia, since ratings are referenced in various ways in the financial system. It is therefore necessary to determine which Credit Rating Agencies give the relevant ratings. On November 10, 2014, the Capital Market Authority of Saudi Arabia issued the Credit Rating Agencies Regulations, coming into effect September 1st 2015. The Capital Market Authority of Saudi Arabia announced on September 16, 2015 that it received applications from six companies to be authorized to carry out credit rating activities in the Kingdom of Saudi Arabia.

Six companies applied at that time to be licensed to conduct credit rating activities in the Kingdom under the new regulations:

  • Saudi Credit Bureau ((SIMAH),
  • Standard & Poor’s Credit Market Services Europe Limited,
  • Moody’s Investors Services Middle East Limited,
  • Fitch Ratings,
  • The Islamic International Rating Agency; and
  • A.M. Best Europe- Rating Services Ltd.

The Credit Rating Agencies Regulations has been implemented to regulate and monitor the conduct of Credit Rating Agency activities in the Kingdom of Saudi Arabia, and to specify the procedures and conditions to be met prior to obtaining authorization to conduct such activities.

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Authorization of Credit Rating Agencies

Moody’s Updated Investor Presentation

Moody’s Corporation posted an updated management presentation for investors on its website, ir.moodys.com, reflecting certain information regarding the Moody’s results for the three months ended September 30, 2021, as well as updated full-year 2021 guidance as of October 28, 2021, and its posting is provided pursuant to Regulation FD. Senior management is expected use this…

Use of ESG Rating Agencies Will Increase Dramatically

Nearly one in three (30%) pension funds and institutional investors say their use of ESG rating agencies will increase dramatically over the next three years, and a further 38% believe it will increase slightly. This is according to new research from quant technologies provider SigTech, who surveyed institutional investors across North America, Europe and Asia…

Moody’s Extends Pole Position With Bogard

Moody’s Corporation has acquired Bogard AB, a leading provider of data and information on politically exposed persons (PEPs) in the Nordic region. The acquisition advances Moody’s ability to help customers perform Know Your Customer (KYC) screening and research to address financial crime. Bogard covers over 17,000 PEPs, relatives, and close associates across Sweden, Norway, Denmark,…

Rating Oligopoly Persists

“The EU requirements for providers of credit ratings have not broken the dominance of the three big agencies S&P, Moody’s and Fitch”, says a story published in Germany’s only stock exchange daily, Börsen-Zeitung. in Frankfurt on October 28, 2021. The author, Detlef Fechtner, reports on a speech deliverd by Steffen Kern, Chief Economist and Head…

S&P Global Ratings’ Revenue Increased 14%

S&P Global reported third quarter 2021 results with revenue of more than $ 2 billion, an increase of 13% compared to the same period last year. Every segment was delivering revenue growth. Net income increased 75% to $797 million. Diluted earnings per share increased 75% to $3.30 primarily due to the debt tender premium and…

ESG Ratings: The Good, the Bad, the Ugly

Headline ratings no longer enough Prof. Dr. Nils Stieglitz gave a welcome address to the conference “ESG Ratings: The Good, the Bad, the Ugly” of the Corporate Governance Institute (Prof. Dr. Julia Redenius-Hövermann) at the Frankfurt School of Finance & Management, followed by Prof. Dr. Zacharias Sautner, showing data of Hartzmark and Sussman, 2019, proving…

U.S. SEC NRSRO

Agencies, Certifications, Compliances, Read, Registrations, Regulations

The Office of Credit Ratings (OCR) assists the U.S. Securities and Exchange Commission (US SEC) in executing its responsibility for protecting investors, promoting capital formation, and maintaining fair, orderly, and efficient markets through the oversight of Credit Rating Agencies registered with the Commission as Nationally Recognized Statistical Rating Organizations (NRSROs). In support of this mission, the Office of Credit Ratings monitors the activities and conducts examinations of registered Nationally Recognized Statistical Rating Organizations to assess and promote compliance with statutory and Commission requirements.

The Office of Credit Ratings is charged with administering the rules of the US SEC with respect to the practices of Nationally Recognized Statistical Rating Organizations in determining credit ratings for the protection of users of credit ratings and in the public interest; promoting accuracy in credit ratings issued by Nationally Recognized Statistical Rating Organizations; and working to ensure that credit ratings are not unduly influenced by conflicts of interest and that Nationally Recognized Statistical Rating Organizations provide greater transparency and disclosure to investors.

Klick on the names of the following Credit Rating Agencies currently registered as Nationally Recognized Statistical Rating Organizations to visit their websites:

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ESMA Authorized Credit Rating Agencies

Agencies, Certifications, Read, Registrations

In the period leading up to the financial crisis in 2008, 2010 and so on, the European Commission considered to strengthen the regulatory and supervisory framework for Credit Rating Agencies (CRAs) in the European Union (EU), to restore market confidence and increase investor protection:

  • (1) The first set of rules, which entered into force at the end of 2009, established a regulatory framework for Credit Rating Agencies and introduced a regulatory oversight regime, whereby Credit Rating Agencies had to be registered and were supervised by national competent authorities. In addition, Credit Rating Agencies were required to avoid conflicts of interest, and to have sound rating methodologies and transparent rating activities.
  • (2) In 2011, these rules were amended to take into account the creation of the European Securities and Markets Authority (ESMA), which supervised Credit Rating Agencies registered in the European Union.
  • (3) A further amendment was made in 2013 to reinforce the rules and address weaknesses related to sovereign debt credit ratings.

The competent authorities publish lists of the Credit Rating Agencies that they have recognized or certified. For various reasons, these are not always visible, such as on Monday, July 27, 2020 @ 09:00 – the relevant page of the website of the European Securities and Markets Authority was not accessible to everybody. No matter, which device and which browser you are using, you would not get their information online. We therefore have lists of the data available to us here. In contrast to the official lists, our ones include links to Credit Rating Agencies’ websites. This makes it easy to get an overview of all recognized agencies and to contact Credit Rating Agencies. Please ask us for updates.

Our list is based on the publication of the European Securities and Markets Authority on June 18, 2020. The European Securities and Markets Authority’s last update of this list was on November 14, 2019.

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Boat Rating System

Agencies, Associations, Read, Systems

When searching for the term “rating system”, you might come across a rating system for boats. Boats of different sizes and characteristics would not have an equal chance to win in races. The rating system for boats shall correct their elapsed time difference and put them on the same level. Boat owners, sailors, designers and handicappers are always looking for solutions that work as boat designs change with time.

Under these circumstances, an ideal rating system is said to have features like fairness to all boats, from cruisers to racers, with no strong typeforms in design, being open, transparent and freely available with rules that are objective, non-biased and open to input. Ratings should be simple, but accurate, have flexible scoring options for use with different course types, be easy to use and understand and be locally managed but available world wide.

Science and technology was used to develop handicap systems. With a complete set of measurement of the hull with appendages, propeller, stability, rig and sails, it is then possible to use computer software to calculate the theoretical speeds for the boat in various wind conditions. Experts in aero and hydrodynamic science are involved to tell you the performance differences between different boats in different wind conditions and course geometries.

Some tough questions can be answered with the rating system, such as at what wind speed and wind angle will the asymmetric spinnaker be faster than the jib or genoa while reaching. The rating system does not compare the characteristics of one boat to another; it measures how a racing crew can reach their boat’s theoretical performance potential. Such a system can only indirectly affect investment in boats.

The rating systems have no secret factors, everything is calculated and documented, and is available to an even broader audience. The boat rating systems are based on science and complete boat measurement with no guessing or any subjective element. The system helps to understand the theoretically possible performance of boats and to some extent also influence the choice of a boat. The boat rating systems are administered by national rating offices established worldwide in each country that has active offshore rating.