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Inbonis SA added to Esma list of registered credit rating agencies

Inbonis SA added to Esma list of registered credit rating agencies
  • Jonathan Boyd
  • Jonathan Boyd
  • @jonathanboyd
  • 28 May 2019
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The European Securities and Markets Authority has registered Inbonis SA, based in Madrid, as a CRA (credit rating agency) under the CRA Regulation, for purposes of issuing corporate ragings on issuers not considered financial institutions or insurance undertakings.

The Regulation seeks to ensure that credit ratings issued in the EU meet minimum standards of quality, transparency and independence. Only those registered by Esma as CRAs may lawfully issue credit ratings used for regulatory purposes by credit institutions, investment firms, insurance and reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers and central counterparties.

Related articles

  • Threadneedle warns of unintended consequences of credit rating reforms
  • ESMA slams internal processes at credit rating agencies
  • ESMA director fears competition among rating agencies
  • ESMA fines five banks for illegal credit ratings

Companies seeking registration must show they comply with requirements of the CRA Regulation, including:

• the governance of CRAs and the management of conflicts of interest;

• the development and application of methodologies for assessing credit risk; and

• the disclosure of information to ESMA and to market participants.

Once registered, CRAs are subject to on-going monitoring and supervision by Esma to ensure that they continue to meet the conditions for registration. ESMA will impose sanctions where it finds that a CRA has failed to meet its obligations under the CRA Regulation.

The total number of CRAs registered in the EU is 29, of which four operate a group structure totalling 19 legal entities in the EU. This takes the total number of CRA entities registered to 44.

Inbonis rates companies from AAA (highest) to D (lowest), based on analysis of risk factors including business risk, financial risk, corporate governance and economic environment.

It has developed a methodology that it says is particularly focused on the small to medium sized enterprise (SME) area. 

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