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Cerved Group S.p.A. is the only Italian Credit Rating Agency that has obtained a dual regulatory recognition for its ratings.

From December 20, 2012, Cerved Group is registered as Credit Rating Agency (CRA), pursuant to EC Regulation No 1060/2009 and subsequent amendments.

This award confirms that Cerved Group meets organisational and corporate governance high standards, that ensure the integrity, objectivity and transparency of the rating process, as required by European regulation.

Cerved Group's continuous compliance with integrity, independence, transparency and objectivity requirements is supervised by ESMA (European Securities and Markets Authorities).

Thanks to registration as CRA Cerved Group's ratings are valid and may be used , also for regulatory purposes, in every EU Country.

From February 1, 2010, Cerved Group is recognised as ECAI (External Credit Assessment Institutions), pursuant to the provisions for prudential supervision of banks (Circ. Banca d'Italia, No 263 of 27th December 2006).

The ECAI status allows banks to use Cerved Group's ratings to calculate their capital requirements for credit risk in the standardised approach.

The ECAI recognition refers to unsolicited ratings (assessments of creditworthiness not required by the rated entity) of non-financial Italian companies issued by Cerved Group.

Cerved Group ensures adequate quality standards of its products and services; for this reason, Cerved Group has adopted a governance policy marked by the highest standards and applies policies, procedures and internal controls that safeguard the objectivity, integrity and transparency of rating opinions.

These values of objectivity, transparency and integrity, that inspired the company, are translated into the Code of Conduct drawn up in accordance with the principles set out by IOSCO (Internal Organisation of Securities Commission).

Cerved Group Rating is the result of analyses, research and studies.

Cerved Group Rating provides the organisations concerned (banks, investors, firms...) with an assessment of the risk of default of the rated entity. As an external rating issued by a recognized ECAI Cerved Group rating can be used by banks for calculating their capital adequacy ratios according to the Standard Approach provided for by the Basel II Framework, [...]
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Cerved Group assigns the Rating by means of a hybrid process which in the initial phase involves assessment of the probability of insolvency which determines the rating class.

The model has been developed taking into account the time series in the Cerved Group database containing the official and proprietary data of over 1.5 million Italian companies. [...]
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For over eighty years Cerved Group has been offering the Italian market financial information services and has specialised in the assessment of creditworthiness of large, medium-sized and small enterprises, typically not listed on the stock exchange.Cerved Group has always been attentive to the quality of its services and, throughout its history, has adopted and rigorously applied policies, procedures and internal controls designed to safeguard the objectivity and integrity of the rating assessments expressed. [...]
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