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of <h1>New Guidelines for Credit Rating Agencies: Enhanced Disclosure, Default Rate Computation, and Rating Sensitivity Explanations.</h1> The circular outlines new guidelines for Credit Rating Agencies (CRAs) to enhance disclosure standards and rating practices. CRAs must compute Cumulative Default Rates (CDR) using a Marginal Default Rate approach and disclose these rates annually. They must establish a Standard Operating Procedure for tracking defaults and introduce Probability of Default benchmarks for rating categories. The suffix 'CE' will now denote explicit credit enhancement in ratings. CRAs must disclose both supported and unsupported ratings and provide detailed explanations of rating sensitivities and liquidity indicators. These measures aim to increase transparency and protect investors' interests in the securities market.
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