HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 140/2
EN
Official Journal of the European Union
30.5.2012
REGULATIONS
COMMISSION DELEGATED REGULATION (EU) No 446/2012
of 21 March 2012
supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with
regard to regulatory technical standards on the content and format of ratings data periodic
reporting to be submitted to the European Securities and Markets Authority by credit rating
agencies
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
(3)
The data to be reported should be compiled in a standard
format to allow ESMA to receive and process the records
automatically in its internal systems. Due to technical
Having regard to the Treaty on the Functioning of the European
progress over time, a number of technical reporting
Union,
instructions concerning the transmission or the format
of the files to be submitted by credit rating agencies may
have to be updated and communicated by ESMA through
Having regard to Regulation (EC) No 1060/2009 of the
specific communications or guidelines.
European Parliament and of the Council of 16 September
2009 on credit rating agencies ( 1 ), and in particular point (e)
of Article 21(4) thereof,
(4) With
a
view
to
ensuring
complete
and
correct
reporting
of ratings data, and to taking into account further devel
Whereas:
opments in the financial markets, it is important to
enable credit rating agencies to develop adequate
systems and procedures following the technical specifi
(1) Point (e) of Article 21(4) of Regulation (EC) No
cations provided by ESMA. For this purpose, the Regu
1060/2009 requires the European Securities and
lation shall only enter into force six months after its
Markets Authority (ESMA) to submit by 2 January
publication. Meanwhile, credit rating agencies should
2012 draft regulatory technical standards to be
submit periodic ratings data in accordance with the
endorsed by the Commission concerning the content
existing guidelines issued by the Committee of
and format of the ratings data that credit ratings
European Securities Regulators.
agencies should periodically report to ESMA. The
purpose of this periodic reporting is to allow ESMA to
discharge its responsibility with regard to the ongoing
supervision of credit rating agencies, as established by
(5) Credit
rating
agencies
that
are
part
of
a
group
should
be
Article 21(1) of that Regulation.
able to either report their ratings data separately to
ESMA, or mandate one of the other agencies within
the group to submit the data on behalf of all group
(2) Ratings
data
should
allow
ESMA
to
supervise
closely
the
members that are subject to the reporting requirements.
conduct and activities of credit rating agencies, so as to
be able to react promptly in case of actual or potential
breaches of the requirements of Regulation (EC) No
1060/2009. For this reason, ratings data should
normally be reported to ESMA on a monthly basis.
(6)
This Regulation is based on the draft regulatory technical
standards submitted by ESMA to the Commission, in
However, in order to ensure proportionality, credit
accordance with Article 10 of Regulation (EU) No
rating agencies that have fewer than 50 employees and
1095/2010 of the European Parliament and of the Coun
that are not part of a group should be able to submit
cil (
ratings data every two months, instead of every month.

3 ).
ESMA should still be able to require those credit ratings
agencies to carry out monthly reporting, in light of the
number and type of their ratings, including the
complexity of the credit analysis, the relevance of the
(7) ESMA
has
conducted
open
public
consultations
on
the
rated instruments or issuers and the eligibility of the
draft regulatory technical standards on which this Regu
ratings to be used for purposes such as those of
lation is based, analysed the potential related costs and
Directive 2006/48/EC of the European Parliament and
benefits and requested the opinion of the Securities and
of the Council ( 2 ).
Markets Stakeholder Group established in accordance
with Article 37 of Regulation (EU) No 1095/2010,
( 1 ) OJ L 302, 17.11.2009, p. 1.
( 2 ) OJ L 177, 30.6.2006, p. 1.
( 3 ) OJ L 331, 15.12.2010, p. 84.

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/3
HAS ADOPTED THIS REGULATION:
2. Credit
rating
agencies
shall
provide
the
data
set
out
in
Table 2 of the Annex for each action carried out by a credit
rating agency as specified in that Table and for each credit
rating concerned by that action. The actions to be reported
Article 1
shall refer to credit ratings issued or endorsed by the credit
Subject matter
rating agency.
This Regulation sets out the content and format of ratings data
periodic reporting to be requested from credit rating agencies
3. Where
no
action
as
specified
in
Table
2
has
occurred
for the purpose of ongoing supervision by the European
during a reporting period, the credit rating agency shall not
Securities and Markets Authority (‘ESMA’), in accordance with
be obliged to submit notification in this respect.
point (e) of Article 21(4) of Regulation (EC) No 1060/2009.
4. The data specified in Table 1 and Table 2 of the Annex
shall be submitted to ESMA in separate files. The qualitative
Article 2
data set out in Table 1 shall be submitted prior to the
Reporting principles
submission of the data set out in Table 2.
1. Credit
rating
agencies
shall
comply
with
the
requirements
established by this Regulation and shall be responsible for the
Article 4
accuracy and completeness of the data reported to ESMA.
Rating types
1. A
credit
rating
agency
shall
classify
the
ratings
to
be
2. In the case of a group of credit rating agencies, the
reported in accordance with the following types:
members of the group may mandate one member to submit
reports required under this Regulation on its behalf and on
behalf of the other members of the group. Each credit rating
(a) corporate ratings;
agency on whose behalf a report is submitted shall be identified
in the data submitted to ESMA.
(b) structured finance ratings;
3. Reports
submitted
in
accordance
with
this
Regulation
shall (c) sovereign and public finance ratings;
be submitted on a monthly basis and shall provide rating data
relating to the preceding calendar month.
(d) covered bond ratings.
4. Credit
rating
agencies
that
have
fewer
than
50
employees 2. For
the
purpose
of
paragraph
1,
structured
finance
ratings
and that are not part of a group of credit rating agencies may
shall relate to a financial instrument or other assets resulting
submit, every two months, reports that provide rating data
from a securitisation transaction or scheme referred to in
relating to the preceding two calendar months, unless ESMA
Article 4(36) of Directive 2006/48/EC.
informs the credit rating agency that it requires monthly
reporting in view of the nature, complexity and range of
issue of its credit ratings.
When reporting structured finance ratings, a credit rating
agency shall classify the rating within one of the following
asset classes:
5. Reports
shall
be
submitted
to
ESMA
within
15
days
of
the
end of the period which is the subject of the report.
(a) Asset-backed securities. This asset class includes auto/boat/
airplane loans, student loans, consumer loans, health care
loans, manufactured housing loans, film loans, utility loans,
6. Credit
rating
agencies
shall
notify
ESMA
immediately
of
equipment leases, credit card receivables, tax liens, non-
any exceptional circumstances that may temporarily prevent or
performing loans, credit-linked notes, recreational vehicle
delay their ability to report in accordance with this Regulation.
loans, and trade receivables.
(b) Residential mortgage-backed securities. This asset class
Article 3
includes prime and non-prime residential mortgage-backed
Data to be reported
securities and home equity loans.
1. At
the
end
of
the
first
reporting
period,
a
credit
rating
agency shall include in its reporting to ESMA the qualitative
(c) Commercial mortgage-backed securities. This asset class
data specified in Table 1 of the Annex. Where those data
includes retail or office property loans, hospital loans, care
change during a subsequent reporting period, the new data
residences, storage facilities, hotel loans, nursing facilities,
shall be submitted to ESMA.
industrial loans, and multifamily properties.

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L 140/4
EN
Official Journal of the European Union
30.5.2012
(d) Collateralised debt obligations. This asset class includes
reporting system established by ESMA. They shall name the files
collateralised loan obligations, collateralised bond
according to the naming convention indicated by ESMA.
obligations, collateralised synthetic obligations, single-
tranche collateralised debt obligations, collateralised fund
obligations, collateralised debt obligations of asset-backed
2. Credit
rating
agencies
shall
store
the
files
sent
to
and
securities, and collateralised debt obligations of collateralised
received by ESMA in electronic form for at least five years.
debt obligations.
These files shall be made available to ESMA on request.
(e) Asset-backed commercial papers.
3. Where
a
credit
rating
agency
identifies
factual
errors
in
data that has been reported, it shall cancel and replace the
(f) Other structured finance instruments that are not included
relevant data.
in the preceding asset classes, including structured covered
bonds, structured investment vehicles, insurance-linked
4. To
cancel
data
a
credit
rating
agency
shall
send
to
ESMA
a
securities and derivative product companies.
file including the fields specified in Table 3 of the Annex. Once
the original records have been cancelled, the credit rating
3. Covered
bond
ratings
shall
relate
to
covered
bonds
which agency shall send the new version of the records by using a
are not included in the list of asset classes regarding structured
file that includes the fields specified in Table 1 or Table 2, as
finance ratings set out in paragraph 2.
appropriate.
Article 5
Article 6
Reporting procedures
Entry into force
1. Credit
rating
agencies
shall
submit
data
files
in
accordance This Regulation shall enter into force six months following that
with the XML schemes provided by ESMA and using the
of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 21 March 2012.
For the Commission
The President
José Manuel BARROSO

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/5
ANNEX
Table 1: Qualitative data for the first reporting and subsequent updates
No Field
identifier Description Type Standard
Technical fields to be included only once in the qualitative data file
1 Version The
version
of
the
XML
Schema
Mandatory. Shall
be
the
exact
version
Definition (XSD) used to
number.
generate the file.
2 Creation date and The date and time when the file Mandatory. ISO
8601
Extended
Date
Time
time
is created.
Format: YYYY-MM-DD
(HH:MM:SS)
It shall be reported as Coor
dinated Universal Time (UTC).
3 CRA unique
Code used internally by the Mandatory. ISO
9362.
identifier
system to identify the credit
rating agency. Must be the
Business Identifier Code (BIC) of
the credit rating agency sending
the file.
Business fields to be included where applicable and as many times as necessary in the qualitative data file
4 CRA name Name
of
the
credit
rating
agency.
Mandatory for initial —
It shall correspond to the name reporting or in case
of the credit rating agency as of changes.
notified to ESMA. In case one
member reports for the whole
group it shall be the name of
the group of credit rating
agencies.
5 Rating scale
Identifies uniquely a specific Mandatory for initial —
identifier
rating scale of the credit rating reporting or in case
agency.
of changes.
6 Rating scale
The date from which the rating Mandatory if ‘rating ISO 8601 Date Format
validity date
scale starts being valid.
scale identifier’ is (YYYY-MM-DD)
reported.
7 Time horizon Identifies
the
time
horizon
Mandatory if ‘rating — ‘L’ in case the rating scale is
referred to by the rating scale.
scale identifier’ is applicable to long term
reported.
ratings,
— ‘S’ in case the rating scale is
applicable to short term
ratings.
8 Scope of the
Description of the type of ratings Mandatory if ‘rating — Maximum of 200 characters.
rating scale
included in the scale, including scale identifier’ is
the geographical scope where reported.
relevant.
9 Rating category
Identifies a specific rating Mandatory if ‘rating —
label
category within the rating scale. scale identifier’ is
reported.

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L 140/6
EN
Official Journal of the European Union
30.5.2012
No Field
identifier Description Type Standard
10 Rating category
Definition of the rating category Mandatory if ‘rating —
description
in the rating scale.
scale identifier’ is
reported.
11 Rating category
Order of the rating category in Mandatory if ‘rating — The ordinal is an integer
value
the rating scale, considering scale identifier’ is value with minimum value 1
notches as subcategories.
reported.
and a maximum value of 20.
The declaration of the rating
categories values must be
consecutive. There must be
as a minimum one rating
category for each rating.
12 Notch label Identifies
a
specific
notch
within
Mandatory if a notch —
the rating scale. Notches provide is included in the
additional detail to the rating rating scale for
category.
which a ‘rating scale
identifier’ is reported.
13 Notch description Definition
of
the
notch
in
the Mandatory if a notch —
rating scale.
is included in the
rating scale for
which a ‘rating scale
identifier’ is reported.
14 Notch value Order
of
the
notch
in
the
rating
Mandatory if a notch The notch value is an integer
scale. The notch value is the is included in the with minimum value 1 and a
value that is assigned to each rating scale for
maximum value of 99. Values
rating.
which a ‘rating scale provided must be consecutive.
identifier’ is reported.
15 List of Lead
List of the identifiers of the lead Mandatory for initial —
Analysts Internal
analysts appointed by the credit reporting, or in case
Identifiers
rating agency.
of updates, in respect Each record in the list shall
of lead analysts that include the internal identifier
The lists shall be updated by operate in the
and the full name of the lead
including new lead analysts. European Union.
analyst.
Records may be deleted from
the list only in case of errors.
The internal identifier shall
include a maximum of 40 alpha
numeric characters.
Table 2: Data to be reported to ESMA
No Field
identifier Description Type Standard
Technical fields to be included only once in the data file
1 CRA unique
Code used internally by the Mandatory. ISO
9362.
identifier
system to identify the credit
rating agency. Must be the
Business Identifier Code (BIC) of
the credit rating agency sending
the file.

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/7
No Field
identifier Description Type Standard
2 Version The
version
of
the
XML
Schema
Mandatory. Shall
be
the
exact
version
Definition (XSD) used to
number.
generate the file.
3 Creation date and The date and time when the file Mandatory. ISO
8601
Extended
Date
Time
time
is created.
Format: YYYY-MM-DD
(HH:MM:SS)
It shall be reported as Coor
dinated Universal Time (UTC).
4 Reporting
start
The date and time of the Mandatory. ISO
8601
Extended
Date
Time
date and time
beginning of the reporting
Format: YYYY-MM-DD
period.
(HH:MM:SS)
It shall be reported as Coor
dinated Universal Time (UTC).
5 Reporting
end
The date and time of the end of Mandatory. ISO
8601
Extended
Date
Time
date and time
the reporting period.
Format: YYYY-MM-DD
(HH:MM:SS)
It shall be reported as Coor
dinated Universal Time (UTC).
Business fields to be included where applicable and as many times as necessary in the data file
6 Action type Identifies
the
type
of
action
Mandatory. —
‘NW’,
where
the
rating
is
carried out by the credit rating
issued for the first time, or
agency in respect of a specified
rating.
— ‘UP’, where the rating is
upgraded, or
— ‘DG’, where the rating is
downgraded, or
— ‘WD’ where the rating is
withdrawn, or
— ‘AF’ where the rating is
affirmed, or
— ‘CA’ where either a ‘watch’ or
review status is assigned to a
rating or changed or
removed, or an outlook/trend
is assigned to a rating or,
changed or removed, or
— ‘SU’ where the rating status
changes from solicited to
unsolicited and vice versa, or
— ‘DF’, where a default is
announced for a rated issuer
or instrument.
7 Outlook/Trend Identifies
the
outlook/trend
Mandatory. —
‘POS’
for
a
positive
outlook/
assigned to a rating by the
trend, or
CRA according to its relevant
policy.
— ‘NEG’ for a negative outlook/
trend, or
— ‘EVO’ for an evolving or
developing outlook/trend, or
— ‘STA’ for a stable outlook/
trend, or
— ‘NOT’ for absence or removal
of outlook/trend.

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L 140/8
EN
Official Journal of the European Union
30.5.2012
No Field
identifier Description Type Standard
8 Watch/Review Identifies
the
watch
or
review
Mandatory. —
‘POW’
for
a
positive
watch/
status assigned to a rating by
review, or
the CRA according to its
relevant policy.
— ‘NEW’ for a negative watch/
review, or
— ‘EVW’ for an evolving or
developing watch/review, or
— ‘UNW’ for a watch/review
with uncertain direction, or
— ‘NWT’ for absence or
removal of watch/review.
9 Watch/review
Identifies the reason for the Mandatory if the — ‘1’ where the watch/review
determinant.
watch/review status of a rating. rating is issued or
status is due to changes in
endorsed in the methodologies, models or
European Union.
key rating assumptions, or
Applicable only in — ‘2’ where the watch/review
case the watch/review
status is due to economic,
status is different financial or credit reasons, or
from ‘NWT’.
— ‘3’ where the watch or review
status is due to other reasons
(e.g. departure of analysts,
occurrence of conflicts of
interests).
10 Responsible CRA Business Identifier Code (BIC) of Mandatory. ISO
9362.
unique identifier
the credit rating agency that has
performed the action.
11 Rating identifier Unique
identifier
of
the
rating.
It
Mandatory.
—
shall be maintained unchanged
over time.
12 Rating value
Identifies the value of the rating Mandatory.
—
after the action.
13 Previous rating
Identifies the value of the rating Mandatory if the —
value
before the action.
action type reported
is different from
‘NW’.
14 Rating scale
Identifies uniquely the scale of Mandatory.
—
identifier
the rating.
15 Internal Lead
Identifier assigned by the CRA to Mandatory if the Maximum of 40 alphanumeric
Analyst Identifier
the lead analyst responsible for rating is issued in characters.
the rating.
the European Union.
16 Country of the
Identifies the country of the Mandatory. ISO
3166.
Lead Analyst
office of the lead analyst
competent for the rating.
17 Solicited/Unsol
Identifies whether the rating is Mandatory. —
‘S’
where
the
rating
is
icited
solicited or unsolicited.
solicited, or
— ‘U’ where the rating is unsol
icited.

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/9
No Field
identifier Description Type Standard
18 Rating Type Identifies
the
type
of
rating
as
Mandatory. —
‘C’
where
the
rating
is
a
referred to by the rating scale.
corporate rating, or
— ‘S’ where the rating is a
sovereign or public finance
rating, or
— ‘T’ where the rating is a
structured finance rating, or
— ‘B’ where the rating refers to
a covered bond that is not a
structured finance instru
ment.
19 Country Country
code
of
the
rated
issuer
Mandatory. ISO
3166-1.
or instrument.
In the case of credit ratings
concerning supranational organi
sations the country shall be
indicated as ‘ZZ’.
In the case of credit ratings
concerning structured finance
instruments the country shall
be the domicile of the majority
of the underlying assets.
Where it is not possible to
identify the domicile of the
majority of the underlying
assets, the record reported shall
be ‘ZZ’.
20 Industry Industry
segment
of
the
issuer. Mandatory.
— ‘FI’ in case it is a financial
institution including credit
Applicable only in
institutions and investment
case the rating type
firms,
reported is ‘C’.
— ‘IN’ in case it is an insurance
undertaking,
— ‘CO’ in case it is a corporate
issuer that is not considered a
financial institution or an
insurance undertaking.
21 Sector Specifies
subcategories
for
Mandatory.
— ‘SV’ for a sovereign rating, or
sovereign and public finance
ratings.
Applicable only in — ‘SM’ for a sub-sovereign or
case the rating type
municipality rating, or
reported is ‘S’.
— ‘SO’ for a supranational
organisation rating, or
— ‘PE’ for a public entity rating.
22 Asset class Defines
the
main
asset
classes
for
Mandatory.
— ‘ABS’ for an asset-backed
structured finance ratings.
security, or
Applicable only in
case the rating type — ‘RMBS’ for a residential
reported is ‘T’.
mortgage backed security, or
— ‘CMBS’ for a commercial
mortgage backed security, or

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EN
Official Journal of the European Union
30.5.2012
No Field
identifier Description Type Standard
— ‘CDO’ for a collateralised debt
obligation, or
— ‘ABCP’ for an asset-backed
commercial paper, or
— ‘OTH’ in all other cases.
23 Time horizon Identifies
the
time
horizon
of
the
Mandatory. —
‘L’
for
a
long
term
rating,
or
rating as referred to by the rating
scale.
— ‘S’ for a short term rating.
24 Seniority Identifies
the
seniority
of
the
Mandatory.
— ‘SE’ where the issuer rating or
debt class of the issuer or
the instrument rated is
instrument rated.
Applicable only in
senior, or
case the Rating type
reported is ‘C’ or ‘S’. — ‘SB’ where the issuer rating or
the instrument rated is
subordinated.
25 Currency Identifies
whether
the
rating
is
Mandatory.
— ‘LC’ for a local currency
expressed in respect of local or
rating, or
foreign currency.
Applicable only for
issuer ratings.
— ‘FC’ for a foreign currency
rating.
26 Action validity
The date and time of validity of Mandatory. ISO
8601
Extended
Date
Time
date and time
the action. This shall coincide
Format: YYYY-MM-DD
with the Coordinated Universal
(HH:MM:SS)
Time (UTC) of publication of
the action or distribution by
subscription.
27 Action communi
The date and time of communi Mandatory only if the ISO 8601 Extended Date Time
cation date and
cation of the action to the rated rating is issued in the Format: YYYY-MM-DD
time
entity.
European Union.
(HH:MM:SS)
It shall be expressed as Coor Applicable only if the
dinated Universal Time (UTC).
action is
communicated to the
rated entity.
28 Action decision
Identifies the date when the Mandatory only if the ISO 8601 Date Format:
date
action is decided.
rating is issued in the (YYY-MM-DD)
European Union.
It shall be the date of
preliminary approval (by the
rating committee) of the action
where this is then communicated
to the rated entity before final
approval.
29 ISIN value ISIN
of
the
rated
instrument.
It
Mandatory if the ISO 6166 code.
shall be maintained unchanged rated instrument is
over time.
assigned an Inter
national Securities
Identifying Number
(ISIN).
Applicable only to
ratings concerning
instruments.
30 Internal
Unique code assigned by the Mandatory.
Maximum of 40 alphanumeric
Instrument
CRA to identify the rated
characters.
Identifier
instrument. It shall be main Applicable only to
tained unchanged over time.
ratings concerning
instruments.

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/11
No Field
identifier Description Type Standard
31 Issuer BIC code BIC
code
of
the
issuer. Mandatory
if
the
ISO 9362 code.
Unique Business
Identifier Code (BIC)
of the issuer is
available to the credit
rating agency.
32 Internal Issuer
Unique code assigned by the Mandatory. Maximum
of
40
alphanumeric
Identifier
CRA to identify the issuer.
characters.
33 Issuer’s Name It
shall
contain
appropriate
Mandatory. Maximum
of
40
characters.
understandable reference to the
legal name of the issuer (or the
parent company of the issuer).
34 Originator BIC
BIC code of the originator. Mandatory
if
the
ISO 9362 code.
Code
Unique Business
Identifier Code (BIC)
of the originator is
available to the credit
rating agency.
Applicable only in
case the Rating type
reported is ‘T’.
35 Originator
Internal Unique code assigned by the Mandatory.
Maximum of 40 alphanumeric
Identifier
CRA to the originator.
characters.
Applicable only in
This should read ‘MULTIPLE’ in case the Rating type
case of multiple originators.
reported is ‘T’.
36 Originator’s Name It shall contain appropriate Mandatory.
Maximum of 40 characters.
understandable reference to the
legal name of the originator (or Applicable only in
the parent company of the case the Rating type
issuer).
reported is ‘T’.
This should read ‘MULTIPLE’ in
case of multiple originators.
37 Withdrawal
reason Reason in case the action Mandatory in case a — ‘1’ for incorrect or insuf
reported is a ‘withdrawal’.
‘WD’ action is ficient information on the
reported.
issuer/issue, or
— ‘2’ for insolvency of the rated
entity or debt restructuring,
or
— ‘3’ for reorganisation of the
rated entity including the
merger or acquisition of the
rated entity, or
— ‘4’ for the end of maturity of
the debt obligation, or

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L 140/12
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Official Journal of the European Union
30.5.2012
No Field
identifier Description Type Standard
— ‘5’ for automatic invalidity of
rating due to business model
of a credit rating agency
(such as expiry of ratings
valid for a predetermined
period), or
— ‘6’ for end of rating due to
other reasons.
Table 3: List of fields for the cancellation of data
No Field
identifier Description Type Standard
Technical fields to be always included only once in the cancellation file
1 CRA
unique
Code used internally by the Mandatory. ISO
9362.
identifier
system to identify the credit
rating agency. Must be the
Business Identifier Code (BIC) of
the credit rating agency sending
the file.
2 Version The
version
of
the
XML
Schema
Mandatory. Shall
be
the
exact
version
Definition (XSD) used to
number.
generate the file.
3 Cancellation
date The date and time of the cancel Mandatory. ISO
8601
Extended
Date
Time
and time
lation.
Format: YYYY-MM-DD
(HH:MM:SS)
It shall be reported as Coor
dinated Universal Time (UTC).
Business fields to be included as many times as necessary in the cancellation file
4 Rating
scale
Identifies uniquely a specific Mandatory.
—
identifier
rating scale of the credit rating
agency.
Applicable only if the
record to be cancelled
relates to a rating
scale reported as part
of the qualitative data
set out in Table 1.
5 Action
type Identifies
the
type
of
action
Mandatory.
— ‘NW’, where the rating is
carried out by the credit rating
issued for the first time, or
agency in respect of a specified Applicable only if the
rating.
record to be cancelled — ‘UP’, where the rating is
relates an action upgraded, or
reported as part of
the data set out in — ‘DG’, where the rating is
Table 2.
downgraded, or
— ‘WD’ where the rating is
withdrawn, or
— ‘AF’ where the rating is
affirmed, or

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EN
30.5.2012 Official
Journal
of
the
European
Union L
140/13
No Field
identifier Description Type Standard
— ‘CA’ where either a ‘watch’ or
review status is assigned to a
rating or changed or
removed, or an outlook/trend
is assigned to a rating or,
changed or removed, or
— ‘SU’ where the rating status
changes from solicited to
unsolicited and vice versa, or
— ‘DF’, where a default is
announced for a rated issuer
or instrument.
6 Action
validity
The date and time of validity of Mandatory.
ISO 8601 Extended Date Time
date and time
the action.
Format: YYYY-MM-DD
Applicable only if the (HH:MM:SS)
record to be cancelled
relates an action
reported as part of
the data set out in
Table 2.
7 Rating
identifier Unique
identifier
of
the
rating
Mandatory.
—
assigned by the credit rating
agency.
Applicable only if the
record to be cancelled
relates an action
reported as part of
the data set out in
Table 2.
8 Reason
for
cancel The reason why the record is Mandatory.
—
lation
cancelled.

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Document Outline

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