Credit enhancement disclosures require supported and unsupported ratings to be published, with due diligence and enforceability verification. For ratings that consider any specified support consideration, CRAs must publish both the unsupported rating (excluding explicit support) and the supported rating (including the support) in the press release, provide a detailed explanation of security covenants, conduct independent due diligence and, where warranted, obtain external legal opinion, and verify that the support is unconditional, irrevocable and legally enforceable, that the support provider has adequate financial strength, and that the provider's probability of default remains lower than the issuer's for the life of the ratings.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Credit enhancement disclosures require supported and unsupported ratings to be published, with due diligence and enforceability verification.
For ratings that consider any specified support consideration, CRAs must publish both the unsupported rating (excluding explicit support) and the supported rating (including the support) in the press release, provide a detailed explanation of security covenants, conduct independent due diligence and, where warranted, obtain external legal opinion, and verify that the support is unconditional, irrevocable and legally enforceable, that the support provider has adequate financial strength, and that the provider's probability of default remains lower than the issuer's for the life of the ratings.
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