Nordic Credit Rating AS registered as Credit Rating Agency

On 27^th July 2018, the EFTA Surveillance Authority (EFTA SA) registered the Nordic Credit Rating AS (NCR) as a credit rating agency under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the CRA Regulation), as incorporated into the Agreement on the European Economic Area (EEA Agreement). This decision comes into effect on 3 August 2018.  NCR is based in Oslo, Norway, with a branch in Stockholm, Sweden. NRC intends to issue corporate ratings. 

The decision was adopted by the EFTA SA on the basis of a draft prepared by the European Securities and Markets Authority (ESMA), which is the EU’s single supervisor for Credit Rating Agencies (CRAs).

The CRA Regulation seeks to ensure that credit ratings issued in the EU respect minimum standards of quality, transparency and independence by providing that only companies registered as CRAs may lawfully issue credit ratings which can be used for regulatory purposes by credit institutions, investment firms, insurance and reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers and central counterparties.