Transparency

The rating services of CRIF Ratings include:

  • the assignment and monitoring of regulatory ratings, issued in accordance with Regulation 1060/2009 and subsequent amendments
  • the assignment and monitoring of private ratings, assigned using the same methodology, the same criteria, and processes used to assign regulatory ratings. Private ratings, in accordance with Regulation 1060/2009, cannot be used for regulatory purposes and cannot be published. The supply of private rating services is regulated by specific contractual agreements which define the nature and limitations of use.

CRIF Ratings discloses the following information in compliance with Regulation 1060/2009 and subsequent amendments.

General disclosures

Conflict of Interest

Information concerning CRIF Ratings' policies and procedures for the management of conflicts of interest are described in the document “Conflict of Interest Policy". For more information about existing and/or potential conflicts of interest identified, consult the document "Communication pursuant to the Regulation EC N° 1060/ 2009, Annex I, Section E". These documents are available via link in the "Documents" section.

Ancillary services

The ancillary services are products and services which are not part of the credit rating activities and, in accordance with  Regulation 1060/2009, include market forecasts, economic trend assessments, pricing analysis and other general data analysis, as well as related distribution services. In addition to this type of services, CRIF Ratings has included, in this category of ancillary services, other types of services do not fall into the category of regulatory or private ratings.

For more information on ancillary services click here.

The ratings policy concerning the publication of credit ratings and other related communications

The policies applied by CRIF Ratings on the disclosure and publication of ratings are available in the document "Policy on the publication of the credit ratings and other related communications" (document available via the link on the bottom of this page).

The nature of the compensation arrangement

The general nature of compensation arrangements of CRIF Ratings is described in the document "General scope of the provisions relating to CRIF Ratings’ remuneration” available via link in the "Documents" section.

Methodologies and model descriptions

The documents on the methodology and criteria applied by CRIF Ratings are available in the methodology section, as well as via the link in the "Documents" section.

Material modifications to our systems, resources or procedures related to 2018 year

Any significant amendments to CRIF Ratings systems, resources or procedures are reported in this section.

  • New updated version of the documents “Conflict of Interest Policy" and “Code of Conduct” available at the bottom of this page
  • New ancillary service "Financial Planner".

Code of conduct

CRIF Ratings has adopted a Code of Conduct containing a series of ethical and business principles and guidelines. CRIF Ratings voluntarily applies the “Code of Conduct Fundamentals for Credit Rating Agencies” issued by the International Organization of Securities Commissions («IOSCO code»). The Code of Conduct is available via link in the “Documents” section.

Periodic disclosures

Historic default rates

The information concerning CRIF Ratings default rates and their interpretation relating to the categories of rating can be consulted on the CEREP website.

The CEREP database provides information on the credit ratings issued by European Union registered or certified Rating Agencies and gives investors the possibility of assessing the performance and reliability of different types of rating, asset class and country on a single platform and in a defined time period.

Concentration of turnover from rated entities

Rated entities that contribute more than 5% of the annual turnover are reported in the List of rated entities that contribute more than 5% of the overall turnover of CRIF Ratings" available via link in the “Documents” section.

Transparency report

CRIF Ratings publishes the annual Transparency report on the basis of what is set out in art. 12 of EC regulation no. 1060/2009 of September 16, 2009 on credit rating agencies and subsequent amendments. The Transparency Report divided per year is available via link in the “Documents” section.

Documents

Conflict of interest policy

Communication pursuant to the Regulation EC N° 1060/ 2009, Annex I, Section E

Policy on the publication of the credit ratings and other related communications

General scope of the provisions relating to CRIF Ratings’ remuneration

Rating methodologies

Code of conduct

List of rated entities that contribute more than 5% to the overall revenue of CRIF Ratings

Transparency report (2017, 2016, 2015, 2014, 2013)