(a)

contain clear and robust controls and processes for their developments and related approvals that allow suitable challenge;

(b)

incorporate all driving factors deemed relevant in determining creditworthiness of a rated entity or a financial instrument which shall be supported by statistical, historical experience or evidence;

(c)

consider the modelled relationship between rated entities or financial instruments of the same risk factor and risk factors to which the credit rating methodologies are sensitive;

(d)

incorporate reliable, relevant and quality related analytical models, key credit rating assumptions and criteria where these are in place.

(a)

each qualitative factor, including the scope of qualitative judgement for that factor;

(b)

each quantitative factor, including key variables, data sources, key assumptions, modelling and quantitative techniques.

(a)

a statement of the importance of each qualitative or quantitative factor used within that credit rating methodology including, where relevant, a description of and justification for related weightings assigned to those factors and their impact on credit ratings;

(b)

an assessment of the relationship between the key assumptions used in that credit rating methodology and the critical risk factors derived from macroeconomic or financial data; and

(c)

an assessment of the relationship between the key assumptions used in credit rating methodology and the volatility of credit ratings produced by that methodology over time.

(a)

the credit rating agency’s independent members of the administrative or supervisory board;

(b)

the credit rating agency’s review function;

(c)

any other relevant person or committee involved in the monitoring and reviewing of credit rating methodologies.