Commission Delegated Regulation (EU) No 448/2012 (repealed)Show full title

Article 9 Changes to and cancellations of qualitative data

1. A credit rating agency shall report changes to and cancellations of qualitative data reported where this is necessary to:

(a) reflect changes in qualitative data;

(b) correct factual errors in the reporting of a rating scale.

2. For changes in qualitative data, except data on the rating scale, a credit rating agency shall send a new report containing the updated data. A credit rating agency shall only send a new qualitative data report if there is a change in any of the data, and only the data that have changed shall be reported. In the event of a methodology change, a credit rating agency shall report the updated qualitative data and may refer to additional information on historical methodology changes provided on its website.

3. Where a change of a rating scale occurs limited to the labels of categories or notches a credit rating agency shall send the qualitative data report containing an updated record of the previous rating scale (identified by its unique rating identifier) modifying the labels or descriptions as appropriate. The other fields relating to the rating scale shall be included in the report with no changes. A credit rating agency shall use the fields specified in Table 1 of Annex I.

4. Where a material change to a rating scale occurs, a credit rating agency shall declare a new rating scale and perform the following steps:

(a) a qualitative file with an updated record of the previous rating scale modifying the end validity date to the date of the end of the previous reporting period shall be sent. The credit rating agency shall use the fields specified in Table 1 of Annex I;

(b) the credit rating agency shall report the new rating scale with a new unique identifier and a start validity date of the first reporting period for which it is valid;

(c) once the credit rating agency has received the feedback file from the central repository confirming that the new rating scale has been accepted, it shall send the rating data files corresponding to the first reporting period to which the new rating scale applies using the new rating scale.

5. Where a rating scale is cancelled, a credit rating agency shall perform the following steps:

(a) the cancellation shall take place before the credit rating agency reports any rating data to the central repository relating to that rating scale. In case rating data have already been reported, the credit rating agency has to cancel all rating data using the previous rating scale;

(b) the credit rating agency shall send the qualitative data file containing the cancellation of the rating scale. The credit rating agency shall use the field specified in Table 2 of Annex I.