Disclosure and Presentation of Credit Ratings (ESMA33-5-87 Q&A 11)

(a) A CRA should inform the rated entity during the working hours of the rated entity, and at least 24 hours before the publication of the credit rating or rating outlook. Should the CRA transmit a notification to the rated entity outside of the rated entities’ working hours, the notification is considered as only becoming valid at the opening of the rated entities’ working hours. (b) A minimum of 24 hours should be provided to a rated entity to notify any factual errors with the credit rating or rating outlook. However, in the event that the rated entity reverts to the CRA before the expiry of the minimum 24 hours, confirming that it has not identified any factual errors in the credit rating or rating outlook, then the CRA may publish the credit rating or rating outlook without further delay.