Circles of the Ministry of Finance reminded that Scope Ratings has already upgraded the creditworthiness of the Greek State to investment grade since last August
Today’s decision is extremely positive news for Greece European Central Bank to include Scope Ratings to the recognized credit rating agencies.
Circles of the Ministry of National Economy and Finance reminded that Scope Ratings has already upgraded since last August the creditworthiness of the Greek State in the investment grade. The also recognized did the same from the ECB house S&P on October 20.
“The upgrades of the Greek economy they are a reward for the government’s economic policy which combines fiscal seriousness with social sensitivity and sends a strong message of confidence to investors. We will continue on the same path!” said the sources of the Ministry of Finance.
The decision of the ECB
Scope Ratings GmbH has been accepted as a new external credit rating agency by the European Central Bank.
In particular, on 2 November the Governing Council of the ECB decided to accept the credit rating agency Scope Ratings GmbH (Scope Ratings) as a new external credit rating agency (ECAI) for the purposes of the Eurosystem Credit Rating Framework (ECAF).
This decision follows a thorough evaluation by the Eurosystem of the application submitted by Scope Ratings, the ECB says in a related announcement and adds: In its evaluation, the Eurosystem considered all the acceptance criteria for ECAIs, which include quantitative and qualitative criteria, as and any relevant supervisory feedback from the European Securities and Markets Authority (ESMA). Registration by ESMA is also a condition for an organization’s acceptance into ECAF.
This evaluation took into account ECAI’s acceptance criteria, which include quantitative and qualitative criteria. The ABS ratings issued by Scope Ratings do not currently comply with the Eurosystem’s eligibility requirements, which makes them currently ineligible for the purposes of the Eurosystem’s monetary policy.
The process of integrating Scope Ratings into the IT infrastructure of the Eurosystem will start immediately and is likely to take several months. The launch date of the possibility to use Scope Ratings for monetary policy purposes will be announced on the ECB’s website.
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