Non-EU Credit Rating Agencies: List of Endorsements and Equivalence Decisions

Under Regulation (EC) No. 1060/2009 of 16 September 2009 and its subsequent amendments, credit rating agencies (CRAs) established outside the European Union can have their ratings recognized and used in the Union through:

  • endorsement, provided they comply with requirements as stringent as those set by the EU regulatory framework on CRAs, or

  • certification. This procedure is dependent upon an European Commission’s decision on the equivalence of third countries’ regulatory and supervisory regimes, and on the existence of a cooperation agreement between competent authorities in third countries and ESMA.

The following is a list of countries for which ESMA has assessed that their regulatory regime is as stringent as the EU regime, and countries for which the European Commission has adopted an equivalence decision.


EndorsementsEquivalence Decisions
Hong KongHong Kong
South AfricaUnited States of America
United States of America
Source: ESMA Official Website

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