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Competent supervisory authorities across Europe have reached a shared view on the Fitch Ratings, Standard & Poor’s Ratings Services, and Moody’s Investors Service eligibility for regulatory capital purposes and on the mapping of their credit assessments. As required by the Capital Requirements Directive (CRD), competent authorities have considered whether the methodologies of the three external credit assessment institutions (ECAIs) meet the requirements of objectivity, independence, ongoing review and transparency and that their ratings meet the requirements of credibility and transparency. Furthermore they have considered which of the 'risk weights' should be attached to their ratings.
On the basis of the information provided by the ECAIs, all competent authorities share the view that their credit institutions and investment firms could use the ratings of all three agencies for determining the risk weights of their exposures. Competent authorities have also reached agreement on the mapping.
Press release
Further information on “mapping”