By upgrading a rating to “investment-grade rating”, public guarantees (or credits) can lead to a situation in which investors subscribe project bonds and thus encourage the participation of private investors. The “Europe 2020 Project Bond Initiative” should therefore be strictly limited to projects within the scope of trans-European networks.
Though the centralisation of the supervision of credit rating agencies with ESMA is justifiable, it is not absolutely necessary. At the same time, it is questionable whether or not it is inn line with EU law. Therefore, the maintenance of federal supervisory structures for ESMA and for the supervision rating agencies is a better solution.
The Commission is going too far. The Regulation should apply only to credit rating agencies whose ratings are to be used in the calculation by financial service providers of necessary own funds. Ratings of credit rating agency from outside the EU should also be useable to this end, when these agencies are subject to regulatory standards which are similar to those in the EU.