How European Union CRA Regulation Affects Standard & Poor’s Sovereign, Regional, And Local Government Ratings
Additional European rules on credit rating agencies came into effect on June 20, 2013. Some of these rules, which apply to all credit rating agencies registered in the European Union, are specifically intended by policymakers to increase the transparency and predictability of sovereign ratings. The majority of the provisions came into effect on June 20, 2013, although some apply from January 2014. The requirement to publish an annual calendar setting publication dates for the publication of sovereign, regional, and local government ratings and related outlooks has applied since Jan. 1, 2014. On Dec. 30, 2013, we published the first sovereign calendar covering 2014. Throughout 2014, we also published quarterly updates, adding new ratings and removing withdrawn ratings from the calendar. Additional responses to questions may be added in the future.