CESR out with CRA / IOSCO code comparison

CESR has published its first report on the compliance of the credit rating agencies in relation to the IOSCO code.

At the behest of the European Commission, CESR has published its first report on the compliance of the credit rating agencies (CRAs) in relation to the IOSCO code. The analysis encompasses the work done in 2006 by the CESR under the voluntary framework agreed to by the four rating agencies – Fitch, Moody’s, Standard and Poor’s and Dominion Bond Rating Service.

The report concludes that the CRA codes do largely comply but there are some areas for concern where the CRA codes do not exactly mirror