Feri EuroRating Services AG, is now one of only three rating agencies in Europe to have fulfilled the registration requirements under the recent EU Credit Rating Agencies Regulation. It has successfully completed the rating agency registration procedure with the German Federal Financial Supervisory Authority (BaFin). The registration covers credit ratings throughout the entire European Union, an area in which Feri brings more than 20 years experience in issuing sovereign ratings.
“The successful completion of this critically important registration procedure officially validates the high quality and transparency of our rating methods and practices,” said Dr. Tobias Schmidt, Managing Partner at Feri EuroRating Services AG. “This marks a key milestone for us in the expansion of our existing rating business throughout the entire European market, which we aim to further build on a truly pan-European basis. At the same time, the big step forward which this registration represents encourages us to take a look at new and attractive business opportunities in the changing market for rating services.”
The EU Credit Rating Agencies Regulation brings rating agencies for the first time under regulatory supervision, with registration based on stringent criteria to ensure the quality and independence of rating decisions. The Regulation includes provisions for avoiding conflicts of interest, prohibiting an agency from simultaneously providing rating services and advisory services to the same client, and establishes a rotation principle for rating analysts. The rating agency, in addition, must regularly provide the supervisory authority with information on their working methodologies, models, results, range of services offered, and ownership structure.