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ESMA is the single direct supervisor of Credit Rating Agencies (CRAs) within the EU.
This rating analyzes the general creditworthiness of a country or foreign government. Sovereign credit ratings measure the overall economic conditions of a country, including the volume of foreign, public, and private investment, capital market transparency, and foreign currency reserves.
CRAs operating in the UK are regulated by the FCA under the retained EU law version of the CRA Regulation (UK CRA Regulation).
The ratings are based on an evaluation of a number of macroeconomic, financial, and political variables (see table), including a country's economic growth rate, its cur- rent account balance relative to GDP, and various ratios?savings to investment, external debt to GDP, debt-service pay- ments to GDP, and interest ...
Credit Rating S&PTENetherlandsAAA100SwitzerlandAAA100NorwayAAA99SwedenAAA99112 more rows