14.The ECAI must demonstrate that it enjoys credibility in the markets in which it operates. Such credibility is gauged on the basis of:

1. (i)The extent to which it meets the resources requirements stated above;
2. (ii)The extent to which independent parties (investors, insurers etc.) rely on the ECAI’s risk ratings; and
3. (iii)The existence of internal procedures to prevent misuse of confidential information.