CRISL Ethical Code

CRISL believes that the items set out in CRISL Ethical Code of Conduct should be willingly abided by, in terms of objectivity, independence, transparency and other requirements. CRISL believes that the adequacy of credit rating agencies should be secured by self-regulation and evaluation by the market. While CRISL has established rigorous rules concerning the avoidance of conflicts of interest and the management of confidential information, it has also made efforts to improve the transparency of its ratings through the publication of many reports, rating rationales, rating perspectives, outlook etc., as well as through the enhancement of disclosures via its website. CRISL Ethical Code of Conduct consists of six chapters covering 32 articles effective from first of January 2006. It has been designed for CRISL and its employees and covers all aspects of CRISL’s rating, operations, management, and related matters.

The Ethical code covers

1. Quality and Integrity of the Rating Process (Articles 1-8)
2. Independence and Avoidance of Conflicts of Interests (Articles 9-12)
3. Analyst and Employee Independence and Avoidance of Conflicts of Interest (Articles 13-17)
4. Disclosure of Rating Information (Article 18-23)
5. Treatment of Confidential Information (Articles 24-31)

6. Disclosure of CRISL’s Code of Conduct and Communication with Market Participants (Articles 32-34)

CRISL Ethical Code of Conduct is principally based on the IOSCO Code Fundamentals but some provisions supplement it or are excluded in consideration of CRISL’s basic philosophy. Download here