The EBA's future work on External Credit Assessment Institutions (ECAIs) will focus on the following:
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Mapping and decision on unsolicited ratings for newly registered or certified ECAIs as well as assessment of ECAIs originally issuing only solicited ratings and subsequently assigning unsolicited ratings;
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Monitoring the ECAIs' mappings;
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Monitoring unsolicited credit assessments of ECAIs covered in the EBA Decision on unsolicited credit assessments
The European Banking Authority (EBA) intends to carry out its work on ECAIs following a step by step approach. The first phase of the work plan, which focuses on the production of mappings and the treatment of unsolicited credit assessments for newly registered or certified ECAIs, is ongoing.
The second phase, which focuses on the monitoring of existing mappings, has started and will continue over time to ensure that the underlying credit assessments continue to reflect and predict the risks of rated exposures in a consistent manner across rating agencies. Under the umbrella of the Joint Committee, the three European Supervisory Authorities (ESAs) will engage with ECAIs in due course, in particular to gather information on developments registered by ECAIs since their mappings were produced.
Press release
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