ESMA’s Call for Evidence on Private Credit Ratings

In this episode, Emilie Nadler, senior director on KBRA’s Regulatory and Government Affairs (RGA) team, chats with Ryan Mensing, managing director on KBRA’s RGA team. Ryan and Emilie discuss the European Securities and Markets Authority (ESMA)’s recent Call for Evidence on restricted subscription and private credit ratings, published in April 2026. The Call for Evidence examines how these ratings products are used in practice, the risks and benefits associated with them, and whether regulatory clarification or reform may be needed under the EU Credit Rating Agency Regulation (CRAR).

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