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Morningstar publishes its current Form NRSRO and Exhibits thereto on this Website. Form NRSRO Exhibit 2 sets forth Morningstar’s definitions of its letter-grade credit ratings and its rating outlooks and a general description of Morningstar’s credit rating procedures and methodologies. These definitions, procedures and methodologies are an integral part of Morningstar’s letter-grade credit ratings and rating outlooks published on this Website.
An NRSRO must disclose on its website its rating actions for ten percent (10%) of its credit ratings, selected on a random basis, for each class of securities for which it is registered as an NRSRO and has 500 or more outstanding issuer-paid credit ratings, with each required disclosure of a new rating action to be made no later than six months after the rating action was taken. Rule 17g-2(d)(2).
An NRSRO must disclose on its website all rating actions for any credit rating initially determined by the NRSRO on or after June 26, 2007 within: (a) 12 months for issuer-paid credit ratings; and (b) 24 months for other (e.g., unsolicited or subscriber-paid) credit ratings. Rule 17g-2(d)(3)(i).
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Certain SEC rules applicable to NRSROs may require an NRSRO to maintain a record of CUSIP information of securities rated by the NRSRO and to publish CUSIP information of securities rated by the NRSRO for which a rating, rating history, rating action or other information is made publicly available on its website (collectively, the "Ratings History").
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