7.The individual ratings, the key elements underlying the ratings, and whether the issuer participated in the rating process should be information that is publicly available on a non-selective basis.

8.In order to promote transparency and enable stakeholders to make decisions about the appropriateness of its credit rating methods, an ECAI should disclose sufficient information (e.g., rating definition, methods of arriving at the rating, rating process, time horizon of the rating, and the surveillance and review procedure) to facilitate such decisions. The ECAI’s general procedures, methodologies, and assumptions for arriving at ratings should be publicly available.