the internal credit quality assessment methodologies are applied in a systematic way with respect to different issuers and instruments;

the internal credit quality assessment methodologies are supported by a sufficient number of relevant qualitative and quantitative criteria;

the internal credit quality assessment methodologies' qualitative and quantitative inputs are reliable, using data samples of an appropriate size;

past internal credit quality assessments produced using the internal credit quality assessment methodologies have been properly reviewed by the managers of the MMFs in question to determine whether the credit quality assessment methodologies are a suitable indicator of credit quality;

the internal credit quality assessment methodologies contain controls and processes for their development and related approvals that allow for suitable challenge;

the internal credit quality assessment methodologies incorporate factors that managers of MMFs deem relevant to determine the credit quality of an issuer or an instrument;

the internal credit quality assessment methodologies systematically apply key credit quality assumptions and supporting criteria to produce all credit quality assessments, unless there is an objective reason for diverging from this requirement;

the internal credit quality assessment methodologies contain procedures to ensure that the criteria referred to in points (b), (c) and (g) supporting the relevant factors in the internal credit quality assessment methodologies are of a reliable quality and relevant to the issuer or instrument being assessed.

continue to be used, unless there are objective reasons to conclude that the internal credit quality assessment methodologies have to be changed or to be discontinued;

be capable of promptly incorporating any finding from ongoing monitoring or a review, in particular where changes in structural macroeconomic or financial market conditions would potentially affect a credit assessment produced using those internal credit quality assessment methodologies;

make it possible to compare past internal credit quality assessments.

bond pricing information, including credit spreads and the pricing of comparable fixed income instruments and related securities;

pricing of money market instruments relating to the issuer, the instrument or the industry sector;

credit default-swap pricing information, including credit default-swap spreads for comparable instruments;

default statistics relating to the issuer, the instrument or the industry sector;

financial indices relating to the geographic location, the industry sector or the asset class of the issuer or instrument;

financial information relating to the issuer, including profitability ratios, interest coverage ratio, leverage metrics and the pricing of new issues, including the existence of more junior securities.

an analysis of any underlying assets, which for exposure to securitisation shall include the credit risk of the issuer and the credit risk of the underlying assets;

an analysis of any structural aspects of the relevant instruments issued by an issuer, which for structured finance instruments shall include an analysis of the inherent operational and counterparty risk of the structured finance instrument;

an analysis of the relevant market(s), including the degree of volume and liquidity of those markets;

a sovereign analysis, including the extent of explicit and contingent liabilities and the size of foreign exchange reserves compared to foreign exchange liabilities;

an analysis of governance risk relating to the issuer, including frauds, conduct fines, litigation, financial restatements, exceptional items, management turnover, borrower concentration and audit quality;

securities-related research on the issuer or market sector;

where relevant, an analysis of the credit ratings or rating outlook given to the issuer of an instrument by a credit rating agency registered with the F1FCA and selected by the manager of an MMF if suited to the specific investment portfolio of the MMF.

there is a material change with respect to any of the following:

1. (i)

   bond pricing information, including credit spreads and the pricing of comparable fixed income instruments and related securities;

2. (ii)

   credit default-swap pricing information, including credit default-swap spreads for comparable instruments;

3. (iii)

   default statistics relating to the issuer or instrument;

4. (iv)

   financial indices relating to the geographic location, industry sector or asset class of the issuer or instrument;

5. (v)

   analysis of underlying assets, in particular for structured instruments;

6. (vi)

   analysis of the relevant market(s), including their volume and liquidity;

7. (vii)

   analysis of the structural aspects of the relevant instruments;

8. (viii)

   securities-related research;

9. (ix)

   financial situation of the issuer;

10. (x)

    sources of liquidity of the issuer;

11. (xi)

    ability of the issuer to react to future market-wide or issuer-specific events, including the ability to repay debt in a highly adverse situation;

12. (xii)

    strength of the issuer's industry within the economy relative to economic trends and the issuer's competitive positon in its industry;

13. (xiii)

    analysis of the credit ratings or rating outlook given to the issuer or instrument by a credit rating agency or agencies selected by the manager of the MMF as being suited to the specific investment portfolio of the MMF.