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Handbook on International Best Practices in Credit Rating.pdf
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2 Summary of the Main Recommendations 3
2.1 Essential Best Practices 3
2.2 Desirable Best Practices 4
2.3 Three-Phase Implementation 4
3 Essential Best Practices 5
3.1 Pre-Rating Requirements 5
3.1.1 Written Contract 5
3.1.2 Non-Assurance of Rating 6
3.1.3 Explanation of Important Terms 6
3.1.4 Publication and Availability of Policies, Practices,
and Methodologies 7
3.1.5 Adequate Resources 8
3.1.6 Rating Fees Do Not Influence Rating Decisions 8
3.2 Rating Definitions and Recognition of Default 10
3.2.1 Probability of Default or Expected Loss 10
3.2.2 Default Definition 10
3.3 Policies and Processes for Ratings 11
3.3.1 Operations Manual 11
3.3.2 Well-Defined and Updated Credit Rating Criteria 12
3.3.3 Well-Planned Training Program 13
3.3.4 Interactive Ratings—Detailed Meeting
with Management 13
3.3.5 Policy on Third-Party Dependence 14
3.3.6 Competent Rating Analysts 14
3.3.7 Expertise of Rating Committee Members 14
3.3.8 Credit Rating Report 15
3.3.9 Appeal Process 16
3.3.10 Formal Rating Committees Decide Ratings 16
3.3.11 Need to Keep Rating Under Surveillance 17
3.3.12 Formal Review Process 18
3.3.13 Adequately Disclosure if Rating Assigned to
Related Parties 19
3.3.14 Maintenance of Records 20
3.3.15 Rating Disclaimers 20
3.3.16 Functional Groups 20
Table of Contents
Table of Contents iii
3.4 Confidentiality Requirements 21
3.4.1 Information Submitted Presumed Confidential 21
3.4.2 Acknowledgment of Confidentiality in Writing 22
3.4.3 Restricted Access to Information 22
3.4.4 Formal Documentation of Confidentiality
Requirement 22
3.5 Independence and Avoidance of Conflicts of Interest 23
3.5.1 Rating Action and Its Potential Effect
Not a Deterrent 23
3.5.2 Credit Rating Influenced Only by Factors Relevant to
Credit Assessment 23
3.5.3 Adoption of Definition of a
Conflict-of-Interest Situation 23
3.5.4 Complete, Clear, and Prominent Disclosure
of Actual and Potential Conflicts of Interest 23
3.5.5 Avoidance of Conflict of Interest to Apply to All
Employees 23
3.5.6 Declaration of Conflict of Interest 23
3.5.7 Adoption of Trading and Investment
Declaration Policy 23
3.5.8 Ratings Assigned Independent of Business
Relationship between DCRA and Issuer 24
3.5.9 Rated Entities—Pursuing Oversight Functions
Related to DCRA 24
3.5.10 Employees with Conflict of Interest Not to
Participate in Rating Exercise 24
3.5.11 Restrictions on Gift and Favors 24
3.5.12 Disclosure of Ownership Structure 24
3.5.13 Analyst(s)’ Personal Relationship and
Conflict of Interest 24
3.5.14 Protection of Information and Records 24
3.5.15 Nonselective Disclosure of NonPublic Information 24
3.5.16 Not Sharing Confidential Information with Affiliates 25
3.5.17 Compensation for Analytical Personnel
Not Linked to Revenues 25
3.5.18 Disclosure of Large Revenue Contributors 25
3.5.19 Policies to Rate Securities Issued by DCRA’s Promoter 25
3.5.20 Policies to Review Work of Ex-Employees 25
3.5.21 Periodic Review of Analysts’ Remuneration Policies 25
3.5.22 Definition of Ancillary Business 25
Table of Contents iv
3.6 Policies For Private, Unsolicited, and Unaccepted Ratings 25
3.6.1 Private Ratings 25
3.6.2 Unsolicited Ratings 26
3.6.3 Unaccepted Ratings 26
3.7 General Code of Conduct 27
3.7.1 Adoption of Code of Ethical Conduct 27
3.7.2 Formal Adoption of IOSCO Principles 27
3.7.3 Compliance with the Code of Ethical
Conduct in Writing 27
3.8 Compliance with Policies and Process 28
3.8.1 Process Audit 28
3.8.2 Compliance Officer 28
3.8.3 Whistle-Blower Policy 28
3.9 Conducting Outreach 28
3.10 Relations with Regulator and Other DCRAs 29
4 Desirable Best Practices 30
4.1. Computation of Default Statistics 30
4.1.1 Publication of Annual Default and Transition Study 30
4.1.2 Methodology for Computation of Default Rates 30
4.1.3 Calculation of Transition Rates 32
4.2 Dedicated Advanced Functional Groups 32
4.3 DCRAs Engaged In Other Businesses 33
4.4 Use of Rating Enhancers as Early Warning Indicators 33
4.5 Publication of Rating Criteria 34
4.6 Market Feedback before Major Policy Changes 34
5 Implementation Schedule for Domestic Credit Rating Agencies 35
Appendix 1 Mapping of Rating Scales for Domestic Credit Rating
Agencies Compliant with Best Practices 39
Appendix 2 The International Organization of Securities
Commissions Code of Conduct 42
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