External Credit Assessment Institution

From Open Risk Manual


External Credit Assessment Institution (ECAI) is a Credit Rating Agency (CRA) recognized in the European Union for the purposes of Article 113(1) of the Capital Requirements Directive (CRR)

Current List of recognized ECAI

Credit rating agencies registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the Credit Rating Agencies Regulation) are available here. The list is published by ESMA in accordance with Article 18(3) of the Credit Rating Agencies Regulation and is updated within five working days of adoption of a registration or certification decision. The European Commission republishes the list in the Official Journal of the European Union within 30 days of any update.

Rating Agency Description
A.M. Best (EU) Rating Services B.V. A.M. Best (EU) Rating Services B.V. is based in Netherlands and is a wholly owned subsidiary of A.M. Best Rating Services Inc., which is in turn a wholly owned subsidiary of A.M. Best Company Inc. A.M. Best was founded in 1899 and is focused on the issuance of credit ratings to the insurance sector. A.M. Best (EU) Rating Services B.V. undertakes A.M. Best?s credit rating operations in the European, Middle Eastern and African region and also endorses selected ratings issued by Group companies.
ACRA Europe ACRA Europe is part of ACRA Group, which provides high-quality rating and non-rating services through various affiliated entities that operate according to global rating industry best practices. This is ensured by ACRA?s Senior Management, which have extensive professional experience in the industry. ACRA Europe, a subsidiary of ACRA, Russia?s leading CRA, has been operating in the rating market since 2001 and possesses a complete range of licenses required to provide rating services in the EU.
ARC Ratings, S.A. (previously Companhia Portuguesa de Rating, S.A) ARC Ratings, S.A. is an international credit rating agency based in Europe, with a global reach, amalgamating the know-how and background of five experienced partner agencies on four continents. ARC Ratings takes advantage of its local expertise and network-based approach to best serve issuers and investors by assigning stable credit ratings that optimally identify credit risk.
ASSEKURATA Assekuranz Rating-Agentur GmbH ASSEKURATA Assekuranz Rating-Agentur GmbH is the first German rating agency that has specialised in the quality assessment of insurance companies from a customer's perspective. To date Assekurata provides solicited corporate ratings for insurance companies in the following classes of insurance: life insurance, private health insurance, casualty insurance/accident and legal expense insurance and statutory health insurances.
AXESOR RISK MANAGEMENT Axesor is an independent company that provides ratings for corporations, bonds, project finance, structured finance instruments, financial institutions, and Sovereign and Sub-Sovereign Governments.
BCRA-Credit Rating Agency AD BCRA CREDIT RATING AGENCY is an entirely private company, established in the year 2002. BCRA?CREDIT RATING AGENCY is specialized in elaboration of ratings for financial institutions (banks, insurance, leasing, pension assurance companies), and bond issues of public and private issuers. Its activity also includes creditworthiness analysis and assignment of credit ratings to countries, municipalities and companies operating in the field of trade, production, services, energy, construction, etc.
Capital Intelligence Ratings Ltd Capital Intelligence Ratings (CI Ratings) is an international credit rating agency that provides credit analysis and independent rating opinions on financial institutions, corporates and governments located in Europe, the Middle East, Africa and Asia. CI is headquartered in Cyprus with a branch office in Hong Kong.
Cerved Rating Agency S.p.A. Cerved Rating Agency provides credit rating services on Italian non-financial corporates and corporate bonds. Cerved Rating Agency credit ratings may be used for regulatory purposes within the European Union.
Creditreform Rating AG Creditreform Rating AG,

Established: 2000, Located: Germany - Neuss, Subsidiaries: none, Legal Form: Corporation (Aktiengesellschaft), Shareholder: 100% Creditreform AG , Background: Creditreform group (founded in 1879) is a provider of b2b business information in Germany and Europe. Employees: 34, Main products:Company ratings, Issue ratings (bonds issued by companies), Structured Finance Ratings (ABS), Ratings for Funds

CRIF Ratings S.R.L. CRIF Ratings is an independent company which issues ratings for non-financial corporates.
Dagong Europe Credit Rating Srl (Dagong Europe) Dagong Europe is an international credit rating agency that provides credit ratings and non-rating analytical products on financial institutions, including insurance companies, and non-financial corporates.
DBRS Ratings Limited DBRS is a full-service rating agency that provides credit ratings on issuers of commercial paper, bonds, long/short term debt, and preferred shares, as well as asset-backed securities. DBRS also offers industry analysis, rating reports, and ratings indices for issuers and investors throughout the world.
Egan-Jones Ratings Co. (EJR) Egan-Jones Ratings started providing ratings in 1995 based in the USA for the purpose of issuing timely, accurate ratings. Egan-Jones is a Nationally Recognized Statistical Ratings Organization and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Egan-Jones is also certified by ESMA.
Euler Hermes Rating GmbH Euler Hermes Rating GmbH is registered as a credit rating agency in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended). The Agency is also considered as an external credit assessment institution by the European Banking Authority. As a general rule, an EHR credit rating constitutes an opinion on the creditworthiness and refers solely to the credit risk to the exclusion of all other kinds of risk.
EuroRating Sp. z o.o. EuroRating is a fully independent credit rating agency, operating since 2007, specialized in the credit risk assessment of corporations and financial institutions.
Feri EuroRating Services AG FERI EuroRating Services AG is a European rating agency active in the rating business since nearly 20 years, specialized in investment market and product ratings as well as debt issuance credit ratings. Its mission is to improve market transparency and to offer ratings that provide decision-making guidance to retail and institutional investors.
Fitch Ratings Limited Fitch Ratings is the trade name of the global group of credit rating agencies within the Fitch Ratings group of CRAs. This group encompasses more than 30 separate ratings companies operating across more than 50 offices worldwide.
GBB-Rating Gesellschaft fuer Bonitaetsbeurteilung mbH GBB-Rating Gesellschaft fuer Bonitaetsbeurteilung mbH, Cologne, Germany is an independent rating agency focused on financial institutions and medium-sized businesses of other industries. Due to a longtime rating experience and detailed knowledge of the individual industry framework and risk systems GBB-Rating offers special fitted rating procedures.
HR Ratings de Mexico, S.A. de C.V. (HR Ratings) HR Ratings issues credit ratings for entities that operate in the sovereign and public finance, structured finance and corporate (including financial institutions, insurance undertaking and corporate issuers not considered a financial institution) sectors. The analysis that HR Ratings performs is built on a strong understanding of the macroeconomic environment in which the entity operates, as well as specific factor that affect the entities that are analyzed.
ICAP Group SA Under the present legal form (ICAP S.A.) the company was established on 01-11-2018 following the Break Up of ICAP GROUP S.A. It is legally treated as the Final Successor of ICAP GROUP S.A.

ICAP GROUP S.A. was founded in 1971 in Greece. It evolved following the conversion to SA of ICAP HELLAS LLC, which was founded in 1964. ICAP is actively involved since 1992 in Credit Risk measurement and management and Credit Rating evaluation of Greek companies, based on the data derived from ICAP DATABANK.

Inbonis S.A INBONIS SA is a credit rating agency providing corporate ratings on corporate issuers not considered a financial institution or insurance undertaking specialised on small and medium enterprises (SMEs)
INC Rating Sp. z o.o. INC Rating Sp. z o.o. is a subsidiary of INC SA. INC Rating rating functions as a CRA in the area of Poland and European Union. The agency is supervised by the European Securities and Markets Authority (ESMA). INC Rating dedicates its services to public sector entities, especially local government units.
Japan Credit Rating Agency Ltd JCR, established in 1985, provides mainly credit ratings and information services. As a CRA, it is registered in Japan and the U.S. and certified in the EU. Our credit ratings mainly cover corporations, financial/insurance institutions, governments, public sector, and structured finance products. Meanwhile, as for the action validity time, we fixed at 15:30 (JST) because we in principle publish news release at the indicated time.
Kroll Bond Rating Agency Kroll Bond Rating Agency (KBRA) was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
modeFinance S.r.l. modeFinance, as a registered Credit Rating Agency in accordance with EU Reg. 1060/2009, issues unsolicited credit ratings to financial and non-financial companies under the subscriber-pays model.
Moody's Investors Service Ltd Moody's is a leading provider of credit ratings, research & risk analysis. Moody?s submits certain data to ESMA, but bears no responsibility or liability for the timeliness or accuracy of its display on the European Rating Platform. Consult www.Moodys.com for current information & terms of use. (c)2021 Moody?s & affiliates. All rights reserved. Moody?s ratings are proprietary & protected by copyright laws. DATA MUST NOT BE COPIED, DISSEMINATED, MODIFIED, OR STORED, WITHOUT MOODY?S CONSENT.
Nordic Credit Rating AS Nordic Credit Rating is a credit rating agency headquartered in Oslo with a branch in Stockholm. We provide credit ratings to issuers of bonds in the Nordic region based on independent and objective analysis with local insights. Ratings will only be submitted to RADAR from the Norweigan entity.
Rating-Agentur Expert RA GmbH Rating-Agentur Expert RA GmbH is a business unit of International group RAEX in the European Union. The agency is operating since 2013 and its office is located in Frankfurt am Main.
Scope Ratings AG Scope Ratings GmbH ("Scope") started its business activities in 2002 with the headquarter based in Berlin. Scope has been registered by ESMA as a credit rating agency that issues and endorses credit ratings for the following rating divisions: Corporates, Financial Institutions, Sovereigns, Public Sector, Structured Finance including covered bonds, and Project Finance. Scope offers credit rating services, ancillary and other services as described in its service list published on its website.
Spread Research SAS Founded in 2004, Spread Research is a leading European Independent credit Research Providers (IRP). Our experienced team is dedicated to providing value-added analysis on the credit worthiness of high-yield convertible corporate bond issuers. Most of the company's clients are based in London: Asset managers, Credit funds, Prop desks and Banks. Our coverage include European High Yield, European Convertible and Emerging Market Corp
Standard & Poor's Credit Market Services Europe Limited S&P Global Ratings, a leading international credit rating agency, has been assigning credit ratings since 1916. The credit rating activities of S&P Global Ratings are conducted globally through various affiliated entities which are all direct or indirect subsidiaries, branches or divisions of S&P Global Inc. and that, within a globally integrated operating structure, operate in accordance with policies and procedures and criteria that are generally globally applicable.
The Economist Intelligence Unit Ltd The Economist Intelligence Unit

Market Share

The ESMA Report [1] reports annually the total market share for each registered CRA, calculated with reference to annual turnover generated from credit rating activities and ancillary services at group level in the EU


  1. ESMA, Report on CRA Market Share Calculation