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Jurisdiction(s):
United Kingdom

UK credit rating agencies: FCA registration/certification, use and endorsement of ratings, governance and disclosure obligations, civil liability and enforcement, prospectus references, and developing regulation of ESG ratings providers

Practice notes
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This Practice Note sets out the (CRAs) under Assimilated Regulation (EC) 1060/2009 (the UK CRA Regulation).

Key definitions

Credit ratings

A credit rating is an opinion on creditworthiness, formed using an established and defined ranking system of rating categories, regarding:

  • an entity, a debt or other financial obligation, a debt security, a preference share, or another financial instrument; or
  • an issuer of any such obligation, security, preference share, or instrument.

These are not credit ratings:

  • recommendations—research or other material that explicitly or implicitly suggests an investment strategy about one or several financial instruments or their issuers, including any view on the present or future value or price of such instruments, intended for distribution channels or the public;
  • investment research and other general recommendations, such as ‘buy’, ‘sell’ or ‘hold’, on transactions in financial instruments or on financial obligations; or
  • opinions on the value of a financial instrument or a financial obligation.

Credit rating agencies and credit rating activities

A credit rating agency is a legal person whose business includes issuing credit ratings on...

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Web page updated on 27/05/2026

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