Here you can download Euler Hermes Rating GmbH’s Code of Conduct and the report on how it is applied. The current Code of Conduct dated August 2010 replaces the version dated June 2009. The new Code of Conduct reflects and incorporates the amendments to the IOSCO Statements of Principles on Credit Rating Agencies of May 2008. For more information, go to:

Code of Conduct (March 2016)

In addition, the Code of Conduct defines the organisational principles to which Euler Hermes Rating is committed:

    • Integrity and quality of the rating process
    • Independence of the agency and avoidance of conflicts of interests
    • Agency’s responsibility towards the corporate sector and the general public

In addition to Euler Hermes Rating’s own Code of Conduct, its employees are additionally bound by the Allianz Code of Conduct as the Company is a member of the Allianz Group. It can be downloaded at:

free of charge.

Income of Euler Hermes Rating GmbH

In addition, Euler Hermes Rating publishes a list of the companies being rated or affiliated third parties from which it receives more than five percent of its annual income.

Currently Euler Hermes Rating receives more than five percent of its income from two companies being rated or affiliated third parties.

Breakdown of revenues

If Euler Hermes Rating receives ten percent or more of its annual revenues from a single rated issuer, originator, arranger, customer or any of their subsidiaries, this is disclosed here.

Currently, Euler Hermes Rating does not receive ten percent or more of its revenue from any third partie.

Conflicts of interests

Here, Euler Hermes Rating publishes its

Conflict of Interests policy.

Currently, there are no conflicts of interests.

All market participants who have any questions, suggestions or complaints with respect to the Code of Conduct or any other matters concerning Euler Hermes Rating are asked to contact the Compliance Officer.

Transparency report

Here, Euler Hermes Rating publishes its annual transparency report in accordance with Annex 1 Section E III of the EU Regulation on Credit Rating Agencies:

> transparency report 2017
> transparency report 2016
> transparency report 2015
> transparency report 2014
> transparency report 2013

The policies supplement the transparency report, namely the archiving policy as well as the current compliance report can also be downloaded here.

Employee remuneration principles

Here, Euler Hermes Rating discloses its employee remuneration principles in accordance with the EU Regulation on Credit Rating Agencies.

Rating migration and defaults

The following study on rating migration and defaults in the issuer ratings awarded by Euler Hermes Rating aims to encourage the transparency of the capital market and its ability to assess rating results as effectively as possible.

Rating migrations 2002 – 2016

If you have any questions, please contact our

Compliance Officer: Julia Brünner

Tel: (+49) 40 8834 – 6432