Regulatory Disclosures

On October 7, 2013, Companhia Portuguesa de Rating, S.A. (CPR) was legally converted into ARC Ratings, S.A. Therefore, all regulatory disclosures prior to that date refer to CPR.

Ancillary Services

ARC Ratings list of ancillary services

In addition to rating services, ARC Ratings also provides Credit Assessments and also may occasionally provide analytical services based on its risk analysis expertise to entities that do not have financial commitments subject to credit rating by ARC Ratings.

Ratings Publication 

ARC Ratings’ policy regarding the publication of its credit ratings and other related communications

ARC Ratings will issue a press release and simultaneously release the rating, outlook and public report supporting the rating rationale on its website ( Such information will also be electronically distributed to individuals and entities that are registered with ARC Ratings. However, such electronic distribution will occur simultaneously or subsequent to ARC Ratings’ public release of all relevant information in its website.


In addition to these forms of dissemination there is also the mentioning of ARC Ratings’ assigned ratings in the media or by its users (including in prospectus and related information), in specialized publications in the dissemination of credit ratings and, in aggregate form, in the database created by the European Securities and Markets Authority (designated Central Repository - CEREP).


ARC Ratings will use the same means of disclosure with regard to changes to assigned ratings and outlooks, changes to the methodologies, models, key assumptions and procedures used in the activity of assigning credit ratings as well as rating changes that may be the consequence of the previous.


ARC Ratings also publicly discloses ratings that were withdrawn as well as the reason(s) for such withdrawal.

Calendar for the Publication of Unsolicited Sovereign Ratings

UK                           February 22, 2019*    April 26, 2019        October 25, 2019   


Republic of Portugal                             May 10, 2019       November 8, 2019


* London, January 21, 2019, ARC Ratings, S.A. (ARC) has exceptionally delayed by 4 weeks from 25 January 2019 to 22 February 2019 its review of the United Kingdom’s (UK) ‘AA+’ local and foreign currency sovereign credit ratings with stable outlook, country ceilings of ‘AAA’ and its short-term ratings of ‘A-1+’. All ratings of the UK are unsolicited.


On January 15, 2019 the UK Government’s Brexit deal, which detailed the plans for the country’s exit from the European Union (EU) on March 29, 2019, was rejected by a majority of 230 votes in the House of Commons (the Commons). There are now numerous Brexit scenarios available to the UK Government. The earliest resolution would be from approval of an alternative Brexit plan (Plan B). Plan B will be presented to the Commons on January 21, 2019 however, a vote is not expected until January 29, 2019 which is after ARC’s scheduled rating review date of January 25, 2019. Accordingly, ARC would not be able to provide a full analysis of either Plan B if approved or next steps if Plan B is rejected.



Financial Compensation

ARC Ratings’ financial compensation policy

The amount charged by ARC Ratings to the issuer for the assignment of a rating is established on a case by case basis. It depends essentially on the expected amount of analytical work necessary to arrive at a rating decision and report and takes into account the complexity of the issuer’s business as well as a full assessment of the sector(s) in which issuer operates.


Unsolicited Ratings

ARC Ratings does not exclude the possibility of assigning unsolicited credit ratings. If it does so, the unsolicited ratings will be clearly identified as such, and ARC Ratings will establish and disclose the methodologies and procedures used for the purpose, also disclosing if the entity whose commitments were rated or a related entity participated in the rating process and whether ARC Ratings had access to internal information from those entities.

Changes in Systems, Resources and Procedures 

Any material changes to ARC Ratings’ systems, resources and procedures

In compliance with regulatory requirements as issued by the European Securities and Markets Authority, ARC Ratings strictly segregates any and all of its commercial activities, such as the determination of its fees for ratings, from the analytical determination of ratings, development of methodologies and models. Strict internal controls prevent any conflict of interest between ARC Ratings’ commercial interest and the analytical components of its business.

Conflits of Interest


Any conflicts of interest, actual or potential, referred to in point 1 of Section B of Annex I to Regulation (EC) No 1060/2009 of the European Parliament and of the Council, of 16 September 2009.


Nothing to report.







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