10 November 2023 / Company news
Florian Schoeller, CEO of the Scope Group, says: “We thank the ECB for their trust and confidence in accepting Scope as the first European rating agency in the Eurosystem Credit Assessment Framework. With the ECAF status comes great responsibility. I am convinced that Europe needs strong domestic capital market infrastructure to support its independence and sovereignty. Scope Ratings’ recognition by the ECB can play a major role to support the European Capital Markets Union.”
Guillaume Jolivet, Chief Analytical Officer of Scope Group: “We are delighted that the Governing Council of the ECB has decided to accept Scope Ratings as a new external credit assessment institution. We have in the past five years worked hard to not only increase our rating coverage but also to build up the robustness of our systems and processes.”
About ECAF: ECAF is a framework that ensures the quality of collateral used in the Eurosystem's credit operations. The primary goal is to ensure the creditworthiness of counterparties and the collateral used in Eurosystem credit operations. ECAF aims to harmonise credit assessment standards across the euro area, ensuring consistency and fairness in how collateral is assessed.
With ECAF accreditation, Scope’s credit ratings can be used to fulfil credit quality requirements of marketable assets that are eligible as collateral in Eurosystem monetary policy operations.
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