ASIC today released guidance in the form of an information sheet clarifying how credit ratings issued by licensed credit rating agencies (CRAs) may be disclosed in Australia.

On 12 November 2009, we outlined changes to the regulation of CRAs in Australia (refer MR09-224).

Information Sheet 99 Disclosure of credit ratings in Australia (INFO 99) explains the circumstances in which a person may and may not disclose a credit rating in:

• a retail disclosure document or PDS; and
• other documents and communications (using some examples).

The information sheet also outlines how restrictions on disclosure of credit ratings interact with a person’s other obligations (including continuous disclosure obligations).