CRA code of conduct

EthiFinance Ratings’ CRA Code of Conduct summarizes its policies, procedures and controls established and implemented for the following purposes: 

  • To ensure the quality, objectivity and integrity of its credit rating processes. 
  • To ensure equal conditions for its customers and rated companies by fair treatment and keeping all confidential information safely. 
  • To show full independence and prevent any actual or potential conflicts of interests. 

This Code reflects the principles established in the IOSCO Code of Conduct for Credit Rating Agencies, with the purpose to reaffirm the commitment of EthiFinance with the key values driving its business: objectivity, integrity and transparency. 

Conflict of interest policy

The purpose of the Conflict of Interest Policy of EthiFinance Ratings is to identify any actual or potential conflicts related to the issuance and distribution of credit ratings, pursuant to Regulation (EC) No. 1060/2009 of the European Parliament and of the Council, and establish the actions to be taken in order to ensure that they are properly managed. 

Historical default rates

With the objective of providing transparency and a better understanding about the given ratings, EthiFinance Ratings publishes the data about historical default rates of rating categories. This information is stored in the central statistics repository of the European regulator, European Securities and Markets Authority ESMA (CEREP). To access this repository you only have to click on the following link and with the help of pre-defined filters, find the information you are looking for. 

Pricing policy

EthiFinance Ratings’ Pricing Policy outlines the Agency’s pricing principles. 

Credit Rating Disclosure policy

The Credit Rating Disclosure Policy of EthiFinance Ratings summarises the procedures followed for the publication of credit ratings and other related information, pursuant to Regulation on Credit Rating Agencies (EC) No. 1060/2009 of the European Parliament and of the Council, dated September 16, 2009. 

This policy specifies the following: 

  • The policies and processes used for the publication of credit ratings. 
  • Other relevant information, available on EthiFinance Ratings website.


Transparency report

The Transparency Report summarizes EthiFinance Ratings responsibility of Credit Rating Agency in the development and publication of his rating reports, by describing the following: 

  • Legal and Shareholder Structure of the Agency 
  • Internal Control Mechanisms that ensure the integrity, reliability, transparency and quality of the rating activity 
  • Agency staff statistics 
  • Record-keeping policy 
  • Internal audit report on the Compliance Function 
  • Rating analyst rotation policy that ensures the independence, integrity and quality of rating services 
  • Financial information on the revenue of the credit rating agency 
  • Corporate Governance Report. 

According to Article 12 of Regulation (EC) No. 1060/2009 of the European Parliament and of the Council, EthiFinance Ratings publishes the following Transparency Report: 

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