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The ERP is an important element of ESMA’s work, following the financial crisis, to increase transparency around credit ratings and help investors make informed decisions.
The benefits of the new ERP include:
ESMA, since July 2011, has been solely responsible for the supervision, and registration, of credit rating agencies (CRAs) in the European Union (EU). The ERP holds all individual credit ratings and rating outlooks issued by CRAs registered and certified with ESMA except for those issued under the investor-pays model. Users can also access rating history details from 1 July 2015 onwards, press releases accompanying the rating issuances and research reports for sovereign ratings.
The rating information in the ERP is collected and published on a daily basis allowing for one daily update of the ERP to ensure it remains up-to-date. In providing granular information on specific rated entities and instruments, the ERP complements the statistical data on CRAs’ rating activities and rating performance which ESMA already publishes via its central repository database (CEREP).