Nationally Recognized Statistical Rating Organization
The Nationally Recognized Statistical Rating Organization ( NRSRO ) is a formal recognition from a rating agency issued by the United States Securities and Exchange Commission (SEC) since 1975 . Ratings of companies recognized as NRSRO may be used in the United States for capital market purposes. The term NRSRO corresponds to the External Credit Assessment Institution (ECAI) in the European Union , for whose recognition the European Banking Authority is responsible.
If seven rating agencies were originally recognized, the number fell to three in 2003 through takeovers. As of January 2013, 10 companies are recognized as NRSROs:
history
In July 1975 the SEC introduced the system of the Nationally Recognized Statistical Rating Organization (NRSRO) in the USA . The SEC determined the rating agencies that are allowed to meet the legal obligation of companies to be rated by at least two approved rating agencies before they are approved for the American capital market. The Credit Rating Reform Act of 2006 was intended to achieve transparency in the recognition process, as clear approval criteria were missing up to now. The SEC complied with this in 2008.
NRSRO list
- Fitch Ratings (since 1975)
- Moody’s (since 1975)
- Standard & Poor’s (since 1975)
- DBRS , Canada (since 2003)
- AM Best Company (since 2005)
- Japan Credit Rating Agency , Japan (since 2007)
- Egan-Jones Rating Company (since 2007)
- Realpoint LLC (since 2008), renamed Morningstar Credit Ratings on June 10, 2011
- Kroll Bond Rating Agency (since 2010)
Individual evidence
- ↑ SEC rules (PDF; 834 kB)
- ↑ SEC news (PDF; 332 kB)
- ↑ Annual Report on Nationally Recognized Statistical Rating Organizations (PDF; 506 kB) US Securities and Exchange Commission. March 15, 2012. Retrieved January 18, 2013.
- ^ Aaron Lucchetti: Kroll Gets a License to Shoot (Bonds) . In: The Wall Street Journal , August 30, 2010.
- ↑ Realpoint LLC Rebranding Notification ( Memento of the original from March 4, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
literature
- Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets (PDF; 332 kB)
- Rating Agencies and the Use of Credit Ratings under the Federal Securities Laws