Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport ESMA na temat rynku ratingów kredytowych w UE

25 April 2023

ESMA50-165-2477

EU Credit Ratings market 2023

Editorial

Dear Readers –

With this edition, the European Securities and Markets Authority presents its first market report on EU credit rating markets.

In 2008, G20 leaders identified credit ratings as a source of financial stability risks and made commitments to strengthen the regulation of credit rating agencies. In the EU the Credit Ratings Agencies Regulation (CRAR) was subsequently adopted to reduce the overreliance on credit ratings, to improve the quality of ratings of sovereign debt of Member States, to enhance credit rating agency (CRA) accountability, to reduce conflicts of interest of credit rating agencies related to the ‘issuerpays’ business model, and to increase the transparency of credit ratings by requiring their publication on a European Rating Platform. Further amendments were later made to CRAR, first in 2011, to take into account the creation of the European Securities and Markets Authority (ESMA) as the...