Regulations

ESMA Registration

CRIF Ratings is a European Rating Agency based in Italy and registered according to the European Regulation 1060/2009 by the European Securities and Markets Authority (ESMA).

In compliance with the provisions of the relevant EU regulations, CRIF Ratings has put in place suitable control systems aimed at continuously guaranteeing the independence and objectivity of the opinions expressed by the agency.

The list of certified or registered Credit Rating Agencies is published by ESMA in accordance with European Regulation 1060/2009 (https://www.esma.europa.eu/page/List-registered-and-certified-CRAs).

ECAI Recognition

CRIF Ratings has been recognized as an External Credit Assessment Institution (ECAI). This recognition was given in line with the provisions of European Regulation 575/2013 (Capital Requirements Regulation)  and the Directive of the European Parliament and of the Council 2013/36/EU.

Ratings issued by CRIF Ratings can be used to fulfill the prudential requirements of capital and solvency by Credit and Financial Institutions, Insurance and Reinsurance Companies.

The mapping, finalized to assign the appropriate risk weights (Credit Quality Steps, CQS) to the rating issued by ECAIs, was defined by the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) and published by European Commission on October 12th, 2016

 

Credit Quality Step or CQS

 

0

1

2

3

4

5

6

Credit risk

-

AAA, AA

A

BBB

BB

B

CCC, D1, D2

Solvency

AAA

AA

A

BBB

BB

B

CCC, D1, D2

 

Regulation for credit risk (Credit and Financial Institutions)

Regulation for solvency (Insurance and Reinsurance Companies)