EU to deny five nations, including Singapore, some market access rights: report

This would remove a status enabling European banks to rely on credit ratings.

Bloomberg reports that The European Commission (EC) will deem that Canada, Brazil, Singapore, Argentina and Australia don’t regulate credit ratings agencies with the same rigor as the EU, a decision that would withdraw some market access rights of the country, according to a document cited by the Financial Times.

This would remove a status that makes it possible for European banks to rely on the ratings and marks .

the first time that the access rights have been withdrawn. Credit ratings agencies can try a different method , such as endorsement, to allow individual agencies to get access by setting up units in the EU that vouch for ratings produced elsewhere.

Head of European compliance at Dominion Bond Rating Service (DBRS) told the Financial Times that the EC decision to repeal equivalence for Canada will have no impact on the agency’s business.

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