External Credit Assessment Institution (ECAI)

An external credit assessment institution draws up credit assessments of obligors, that conform with the criteria of objectivity, independence, transparency and international recognition, and which are disclosed at regular intervals. The ratings (credit assessments) of an external credit assessment institution may be used by the credit institutions for calculating own funds requirements, if the rating agency has been authorised or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on rating agencies.