Transparency is not a buzzword in European credit markets – it is a regulatory backbone.
In this EACRA Educational Series (#19), we highlight two key pillars of this framework:
CEREP – a backward-looking database providing empirical evidence on rating performance (defaults, transitions, benchmarking)
ERP – a centralized platform aggregating all published ratings and outlooks across the EU
Together, they create something quite unique globally: the ability to assess both how ratings perform and how they shape market expectations
This dual perspective is essential for:
Investors evaluating rating reliability
Regulators ensuring market integrity
Academics studying credit risk dynamics
Understanding these tools is fundamental to understanding how credit risk is monitored and interpreted in Europe.
At EACRA, we remain committed to improving transparency, comparability, and trust in credit ratings.
