A registered credit rating agency must—
| (a) | adopt, implement and enforce adequate measures to ensure that the credit ratings it issues, are based on a thorough analysis of all the information that is available to it and that is relevant to its analysis according to its rating methodologies; |
| (b) | use rating methodologies that are rigorous, systematic, continuous and subject to validation based on historical experience, including back-testing; |
| (c) | regularly review its methodologies, models and key rating assumptions such as mathematical or correlation assumptions, any significant changes or modifications to them and the appropriateness of those methodologies, models and key rating assumptions if they are used or are intended to be used for the assessment of new financial instruments; and |
| (d) | establish internal arrangements to monitor the impact of changes in macro-economic or financial market conditions on credit ratings. |
