A small minority of respondents indicated that their LRSPs include an explicit definition of the term “ECAI.” For instance, under the Australian prudential standards, an ECAI is defined as “an entity that assigns credit ratings designed to measure the creditworthiness of a counterparty or certain types of debt obligations of a counterparty.” The majority of respondents indicated that their LRSPs reference specific credit rating agencies. All but one of those respondents mentioned Moody’s Investors Service, Standard & Poor’s Ratings Services, and Fitch Ratings. Several respondents indicated that the individual credit rating agencies listed in their LRSPs are formally reviewed on.
