Regulatory
KBRA Europe Disclosures
Company Information
Kroll Bond Rating Agency Europe Limited is a private company limited by shares and does business as KBRA Europe. KBRA Europe is established in Ireland, No. 599995 at registered address: 25-28 North Wall Quay, Dublin 1, Ireland. KBRA Europe is a rating affiliate of Kroll Bond Rating Agency, LLC, a nationally recognized statistical rating organization.
European Union Registration
KBRA Europe was registered on November 13, 2017 in accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of September 16, 2009 on credit rating agencies (as amended).
Code of Conduct
The KBRA Code of Conduct can be found here.
Conflicts of Interest
A list of all identified conflicts of interest relating to KBRA Europe credit rating activities can be found here.
KBRA Europe maintains the policies listed below to identify, eliminate or manage and disclose its conflicts of interest.
Compliance Training Program for KBRA Europe and KBRA UK Policy
Disclosure and Public Attestation Policy for Published Credit Ratings
Duties of Commercial Personnel and Ratings Personnel to Avoid Conflicts Policy
Non-Executive Directors and Inside Information for KBRA Europe and KBRA UK
Personal Securities Trading Policy for KBRA Europe and KBRA UK
Relationship with Corporate Affiliates for KBRA Europe and KBRA UK Policy
Shareholder and Shareholder-related Companies for KBRA Europe and KBRA UK Policy and Procedure
General Disclosures
Ancillary Services
KBRA Europe does not provide ancillary services.
Clients from which KBRA Europe Receives More than 5% of its Annual Revenue
In accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (as amended), please find the list of rated entities or related third parties from which KBRA Europe received more than 5% of its annual revenue for the year ended 31 December 2022.
Compensation Arrangements
The general nature of KBRA Europe's compensation arrangements is contained in the Code of Conduct.
KBRA Europe Disclosure of Initial Reviews and Preliminary Ratings
Information on entities or debt instruments where KBRA Europe has provided an initial review or preliminary rating can be found here.
Information on entities or debt instruments where KBRA Europe has provided an initial review or preliminary rating prior to Q2 2022 can be found here.
Material Modifications to Systems, Resources, or Procedures
KBRA's approach to the development and maintenance of its systems, resources and procedures is contained within its Code of Conduct.
Further information on internal controls can be found in the KBRA Internal Controls Policy.
Any material modification to systems, resources or procedures will be disclosed here by the publication of the revised Code of Conduct and the revised Internal Controls Policy.
Methodologies, Models, and Key Rating Assumptions
Relevant information on KBRA's policy on methodologies, models and key rating assumptions can be found in the Code of Conduct and Methodologies and Models.
Publication of Credit Ratings and Other Related Communication
KBRA's policy on the publication of credit ratings and related communication is contained in the Code of Conduct.
Ratings Endorsement in the EU
In accordance with Article 4(3) of Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of September 16, 2009 on credit rating agencies (as amended) (the “CRAR”), Kroll Bond Rating Agency Europe Limited (KBRA Europe) endorses select public credit ratings issued by its credit rating affiliate, Kroll Bond Rating Agency, LLC (KBRA US), which is located in the United States and registered as a Nationally Recognized Statistical Rating Organization by the U.S. Securities & Exchange Commission. Also, in accordance with the CRAR, KBRA Europe endorses select public credit ratings issued by its credit rating affiliate, Kroll Bond Rating Agency UK Limited, which is located in the United Kingdom and is registered with the FCA. KBRA Europe endorses these credit ratings to be eligible for use in the European Union (EU) for regulatory purposes.
KBRA Europe’s endorsement activity in the EU complies with the CRAR and the updated Guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation that was published by the European Securities and Markets Authority on 18 July 2018 and apply to credit ratings issued on or after 1 January 2019 and to existing credit ratings reviewed after that date.
The endorsement status of ratings issued by KBRA US and KBRA UK is available on the relevant ratings page of the KBRA website. Ratings Press Releases for endorsed ratings will indicate that the credit rating is endorsed by KBRA Europe for use in the EU.
KBRA Europe updates its outstanding credit ratings, including endorsed ratings, at least on an annual basis.
Transparency Report
In accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (as amended), please find Transparency Reports for Kroll Bond Rating Agency Europe Limited below.
Unsolicited Credit Ratings in the European Union
The Unsolicited Ratings Policy can be found here and the Unsolicited Ratings Procedure can be found here.
2024 Sovereign Rating Calendar
In accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (as amended), please find the 2024 Sovereign Rating Calendar for Kroll Bond Rating Agency Europe Limited.
KBRA Europe Ownership Disclosures
European Union regulations require disclosure where there are certain relationships between rated entities and shareholders of KBRA Europe. General disclosures concerning KBRA Europe’s ownership may be found here. Shareholder disclosures may be found here.