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ESMA publishes letter to ESRB on procyclical impact of corporate bond downgrades on financial markets and entities

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Published on: 13 April 2021

Published by LNB News

LNB News 13/04/2021

Document Information

Issue Date: 13 April 2021

Published Date: 13 April 2021

Jurisdiction(s): United Kingdom

Article summary

The European Securities and Markets Authority (ESMA) has published its response to a letter from the European Systemic Risk Board (ESRB) regarding the procyclical impact of downgrades of corporate bonds on markets and entities across the financial system. ESMA’s letter, dated 29 March 2021, addresses some of the key issues raised in the ESRB’s letter, with a particular focus on two actions proposed by the ESRB regarding the transparency of credit rating agency (CRA) methodologies and contractual references to credit ratings.

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