巴黎人娱乐城

巴黎人娱乐城, Inc. and certain of its foreign credit rating subsidiaries are registered as a nationally recognized statistical rating organization (NRSRO) by the United States Securities and Exchange Commission, under Section 15(E) of the Securities Exchange Act of 1934. A paper copy of Exhibit 1 will be made freely available upon request.

The current Form NRSRO for 巴黎人娱乐城, Inc. includes the following Credit Rating Affiliates.鹿

• 巴黎人娱乐城 Ireland Limited虏 鈥� established in Ireland
• 巴黎人娱乐城 Australia PTY, Limited鲁 鈥� established in Australia
• 巴黎人娱乐城 Brasil LTDA 鈥� established in Brazil
• 巴黎人娱乐城 (Beijing) Ltd 鈥� established in China
• 巴黎人娱乐城 (Hong Kong) Limited 鈥� established in Hong Kong
• 巴黎人娱乐城 Japan Limited 鈥� established in Japan
• 巴黎人娱乐城 Mexico S.A. de C.V. 鈥� established in Mexico
• 巴黎人娱乐城 Singapore PTE Ltd 鈥� established in Singapore
• 巴黎人娱乐城 Ltd鈦� 鈥� established in the United Kingdom
• 巴黎人娱乐城 Canada, Inc. 鈥� established in Canada

鹿 Employees of other credit rating affiliates of 巴黎人娱乐城, Inc. not listed on this Item 3 may participate in the determination of credit ratings issued by or on behalf of 巴黎人娱乐城, Inc.

虏 巴黎人娱乐城 Ireland Limited is organized under the laws of Ireland, and includes the branch offices of this affiliate in France, Germany, Italy, Poland, Spain and Sweden.

鲁 巴黎人娱乐城 Australia PTY, Limited is organized under the laws of Australia, and includes the branch offices of this affiliate in Taiwan, Saudi Arabia and Korea.

鈦� 巴黎人娱乐城 Ltd is organized under the laws of the United Kingdom, and includes the branch office of this affiliate in Dubai.

巴黎人娱乐城 Ireland Limited (established in Ireland) is registered by the European Securities and Markets Authority (鈥淓SMA鈥�) pursuant to the Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended by Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011, as amended by Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011, as amended by Regulation (EU) No. 462/2013 of the European Parliament and of the Council of 21 May 2013, as amended by Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014, as amended by Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 and as amended by Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 (hereinafter referred to as the 鈥淓U CRA Regulation鈥�).

General Disclosures

1. Conflicts of Interest 鈥� A list of all identified conflicts of interest relating to 巴黎人娱乐城 Ratings' issuance of credit ratings, as well as information concerning the policies and procedures adopted to address such conflicts can be found in 巴黎人娱乐城 Ratings' NRSRO Exhibit 6 and NRSRO Exhibit 7 respectively, which are available on this page, in the section titled NRSRO.

2. Ancillary Services 鈥� 巴黎人娱乐城 does not provide any ancillary services, as defined by the EU Regulation. See also 巴黎人娱乐城' . 巴黎人娱乐城 Ireland Limited acts as the legal employer of a small number of staff located in Spain who are dedicated to supporting the business of 巴黎人娱乐城 Solutions Limited. For the avoidance of doubt these staff are not involved in the process of determining credit ratings.

3. 巴黎人娱乐城鈥�

4. Publication of Credit Ratings and Related Communications 鈥� 巴黎人娱乐城鈥� policy with respect to the publication of its ratings is contained in Section 4.1 of the 巴黎人娱乐城鈥� .

5. Compensation Arrangements 鈥� The general nature of 巴黎人娱乐城鈥� compensation arrangements is contained in Sections 2.2.6, 3.2.3 and 3.3.1 of the 巴黎人娱乐城鈥� .

6. Methodologies, Descriptions of Models and Key Rating Assumptions 鈥� 巴黎人娱乐城' policy with respect to the disclosure of models and key rating assumptions is contained within Section 4.1.4 of the 巴黎人娱乐城鈥� . 巴黎人娱乐城' criteria and methodology reports, which include details of analytical models as relevant, are available within the Criteria section of the agency's website.

7. Material modifications to 巴黎人娱乐城' Systems, Resources or Procedures 鈥� 巴黎人娱乐城' core approach to its rating systems, resources and procedures is documented within the 巴黎人娱乐城鈥� . In accordance with Section 1.1 of the 巴黎人娱乐城鈥� , 巴黎人娱乐城 will disclose on a timely basis any changes to the Code or to how the Code is implemented and enforced.

8. Preliminary Rating Reports 鈥� 巴黎人娱乐城 discloses information about certain entities or debt instruments where its ESMA-registered credit rating agencies provide an initial review or a preliminary rating using its international rating scale. These disclosures are made when 巴黎人娱乐城 or another credit rating agency subsequently publish a credit rating on the same entity or debt instrument. This information can be found on this page, in the section titled Preliminary Rating Reports. These reports are published monthly. Further detail regarding the basis on which these disclosures are made can be found on the Preliminary Rating Reports themselves.

The report entitled EU and UK Preliminary Ratings - from 1 July 2022 includes disclosures with respect to initial reviews and preliminary ratings provided on or after 1 July 2022 which reflect the principles of ESMA鈥檚 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings which came into force on that day. The reports entitled Structured Finance and Corporates, Financial Institutions and Infrastructure include disclosures with respect to initial reviews and preliminary ratings provided prior to 1 July 2022 which reflect 巴黎人娱乐城鈥� previous interpretation of regulatory disclosures requirements with respect to initial reviews and preliminary ratings.

9. Rating review calendars for the current year for EU issued sovereign and local and regional government public international credit ratings are available on this page, in the section titled Rating Review Calendars.

Periodic Disclosures Information regarding the historical default rates of 巴黎人娱乐城' public international scale credit rating categories can be found within the agency's Transition and Default Studies.

Transparency Report 巴黎人娱乐城鈥� Transparency Reports are available on this page, in the section titled EU/UK Transparency Reports.

Ratings Endorsement* Pursuant to the terms of the EU Regulation, 巴黎人娱乐城 Ireland Limited (鈥淔RIL鈥�) endorses on an ongoing basis international credit ratings published by the following entities (including any branches that publish such ratings wherever located):

• 巴黎人娱乐城, Inc.*
• 巴黎人娱乐城 Australia Pty Ltd.
• 巴黎人娱乐城 Brasil Ltda.
• 巴黎人娱乐城 (Hong Kong) Ltd.
• 巴黎人娱乐城 Japan Ltd.
• 巴黎人娱乐城 Mexico S.A. de C.V.
• 巴黎人娱乐城 Singapore Pte. Ltd.
• 巴黎人娱乐城 Ltd

^{*巴黎人娱乐城, Inc. includes its credit rating affiliate, 巴黎人娱乐城 Canada, Inc.}

All such entities assign ratings under the trade name of '巴黎人娱乐城'. At this time, FRIL is not permitted to endorse ratings published by any other credit rating agency (鈥淐RA鈥�) based outside the EU that issues ratings under the trade name of '巴黎人娱乐城'. Conditions to endorsement include: (i) ESMA has determined that the legal and supervisory framework for CRAs in the non-EU country achieves the same objectives in practice as the EU framework, (ii) ESMA has entered into a cooperation agreement with that country鈥檚 CRA supervisor and (iii) the EU CRA has verified and is able to demonstrate to ESMA that the conduct of the credit rating activities by the non-EU CRA resulting in the issuing of the credit rating to be endorsed fulfils requirements (regardless of the local law/regulations) which are at least as stringent as the relevant requirements under the EU Regulation. FRIL acknowledges that it is, and remains, fully responsible for each international credit rating that it endorses and for the fulfilment of the relevant conditions, with respect to such ratings, set forth in the EU Regulation.

The endorsement status of all public international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for all structured finance transactions on the 巴黎人娱乐城鈥� website. These disclosures are updated on a daily basis.

Rating Action Commentaries 鈥� Issuer Notification 巴黎人娱乐城 publishes Rating Action Commentaries ("RACs") to assign, change or affirm issuer default ratings, rating watches and rating outlooks. It also publishes RACs when it initially assigns debt issuance ratings at each different debt class level. These RACs remain available on 巴黎人娱乐城鈥� free website while the associated ratings are outstanding. It may not publish RACs when assigning ratings to a subsequent debt issuance that is part of a class of debt it has previously rated. For the avoidance of doubt, notification to the rated entity made at the time of the initial rating, or the latest rating committee, of a debt issuance within a class of debt constitutes the issuer notification with respect to the rating of any subsequent debt issuance within that same debt class.

巴黎人娱乐城 Ltd (established in the United Kingdom) is registered by the Financial Conduct Authority (鈥淔CA鈥�) pursuant to the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (hereinafter referred to as the 鈥淯K Regulation鈥�).

General Disclosures

1. Conflicts of Interest 鈥� A list of all identified conflicts of interest relating to 巴黎人娱乐城鈥� issuance of credit ratings, as well as information concerning the policies and procedures adopted to address such conflicts can be found in 巴黎人娱乐城鈥� NRSRO Exhibit 6 and NRSRO Exhibit 7 respectively, which are available on this page, in the section titled NRSRO.

2. Ancillary Services 鈥� 巴黎人娱乐城 does not provide any ancillary services, as defined by UK Regulation. See also 巴黎人娱乐城's .

3. 巴黎人娱乐城鈥�

4. Publication of Credit Ratings and Related Communications 鈥� 巴黎人娱乐城鈥� policy with respect to the publication of its ratings is contained in Section 4.1 of the 巴黎人娱乐城鈥� .

5. Compensation Arrangements 鈥� The general nature of 巴黎人娱乐城鈥� compensation arrangements is contained in Sections 2.2.6, 3.2.3 and 3.3.1 of the 巴黎人娱乐城鈥� .

6. Methodologies, Descriptions of Models and Key Rating Assumptions 鈥� 巴黎人娱乐城' policy with respect to the disclosure of models and key rating assumptions is contained within Section 4.1.4 of the 巴黎人娱乐城鈥� . 巴黎人娱乐城鈥� criteria and methodology reports, which include details of analytical models as relevant, are available within the Criteria section of the agency's website.

7. Material modifications to 巴黎人娱乐城鈥� Systems, Resources or Procedures 鈥� 巴黎人娱乐城鈥� core approach to its rating systems, resources and procedures is documented within the 巴黎人娱乐城鈥� . In accordance with Section 1.1 of the 巴黎人娱乐城鈥� , 巴黎人娱乐城 will disclose on a timely basis any changes to the Code or to how the Code is implemented and enforced.

8. Preliminary Rating Reports 鈥� 巴黎人娱乐城 discloses information about certain entities or debt instruments where its FCA-registered credit rating agencies provide an initial review or a preliminary rating using its international rating scale. These disclosures are made when 巴黎人娱乐城 or another credit rating agency subsequently publish a credit rating on the same entity or debt instrument. This information can be found on this page, in the section titled Preliminary Rating Reports. These reports are published monthly. Further detail regarding the basis on which these disclosures are made can be found on the Preliminary Rating Reports themselves.

These disclosures are made in the same Preliminary Rating Reports referenced in section 02- EU Regulation above.

9. Rating review calendars for the current year for UK issued sovereign and local and regional government public international credit ratings are available on this page, in the section titled Rating Review Calendars.

Periodic Disclosures Information regarding the historical default rates of 巴黎人娱乐城鈥� public international scale credit rating categories can be found within the agency's Transition and Default Studies.

Transparency Report 巴黎人娱乐城鈥� Transparency Reports are available on this page, in the section titled EU/UK Transparency Reports.

Ratings Endorsement Pursuant to the terms of UK Regulation, 巴黎人娱乐城 Ltd (鈥淔RL鈥�) endorses on an ongoing basis international credit ratings published by the following entities (including any branches that publish such ratings wherever located):

• 巴黎人娱乐城, Inc.*
• 巴黎人娱乐城 Australia Pty Ltd.
• 巴黎人娱乐城 Brasil Ltda.
• 巴黎人娱乐城 (Hong Kong) Ltd.
• 巴黎人娱乐城 Japan Ltd.
• 巴黎人娱乐城 Mexico S.A. de C.V.
• 巴黎人娱乐城 Singapore Pte. Ltd.
• 巴黎人娱乐城 Ireland Limited

^{*巴黎人娱乐城, Inc. includes its credit rating affiliate, 巴黎人娱乐城 Canada, Inc.}

All such entities assign ratings under the trade name of '巴黎人娱乐城'. At this time, FRL is not permitted to endorse ratings published by any other CRA based outside the UK that issues ratings under the trade name of '巴黎人娱乐城'. Conditions to endorsement include: (i) the FCA has determined that the legal and supervisory framework for CRAs in the non-UK country achieves the same objectives in practice as the UK framework and (ii) the UK CRA has verified and is able to demonstrate to the FCA that the conduct of the credit rating activities by the non-UK CRA resulting in the issuing of the credit rating to be endorsed fulfils requirements (regardless of the local law/regulations) which are at least as stringent as the relevant requirements under the UK Regulation. FRL acknowledges that it is, and remains, fully responsible for each international credit rating that it endorses and for the fulfilment of the relevant conditions, with respect to such ratings, set forth in the UK Regulation.

The endorsement status of all public international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for all structured finance transactions on the 巴黎人娱乐城鈥� website. These disclosures are updated on a daily basis.

Rating Action Commentaries 鈥� Issuer Notification 巴黎人娱乐城 publishes RACs to assign, change or affirm issuer default ratings, rating watches and rating outlooks. It also publishes RACs when it initially assigns debt issuance ratings at each different debt class level. These RACs remain available on 巴黎人娱乐城鈥� free website while the associated ratings are outstanding. It may not publish RACs when assigning ratings to a subsequent debt issuance that is part of a class of debt it has previously rated. For the avoidance of doubt, notification to the rated entity made at the time of the initial rating, or the latest rating committee, of a debt issuance within a class of debt constitutes the issuer notification with respect to the rating of any subsequent debt issuance within that same debt class.

On October 31, 2012, the Ontario Securities Commission issued an order (the Designation Order) which designated 巴黎人娱乐城, Inc. as a designated rating organization (DRO) as contemplated by National Instrument 25-101 Designated Rating Organizations (NI 25-101). The Designation Order also designated certain foreign credit rating subsidiaries of 巴黎人娱乐城, Inc. as 'DRO affiliates' (as that term is defined in NI 25-101 ). The Designation Order applies in all provinces and territories of Canada. 

General Disclosures

1.

2. The Designation Order for 巴黎人娱乐城, Inc. designated the following Credit Rating Affiliates鹿 as DRO affiliates.

• 巴黎人娱乐城 Australia PTY, Limited虏鈥� established in Australia
• 巴黎人娱乐城 Brasil LTDA 鈥� established in Brazil
• 巴黎人娱乐城 (Beijing) Ltd 鈥� established in China
• 巴黎人娱乐城 Ireland Limited鲁 鈥� established in Ireland
• 巴黎人娱乐城 (Hong Kong) Limited 鈥� established in Hong Kong
• 巴黎人娱乐城 Japan Limited 鈥� established in Japan
• 巴黎人娱乐城 Mexico S.A. de C.V. 鈥� established in Mexico
• 巴黎人娱乐城 Singapore PTE Ltd 鈥� established in Singapore
• 巴黎人娱乐城 Ltd鈦� 鈥� established in the United Kingdom
• 巴黎人娱乐城 Canada, Inc. 鈥� established in Canada

鹿 Employees of other credit rating affiliates of 巴黎人娱乐城, Inc. not listed on this Item 3 may participate in the determination of credit ratings issued by or on behalf of 巴黎人娱乐城, Inc.

虏 巴黎人娱乐城 Australia PTY, Limited is organized under the laws of Australia, and includes the branch offices of this affiliate in Taiwan, Saudi Arabia and Korea.

鲁 巴黎人娱乐城 Ireland Limited is organized under the laws of Ireland, and includes the branch offices of this affiliate in France, Germany, Italy, Poland, Spain and Sweden.

鈦� 巴黎人娱乐城 Ltd is organized under the laws of the United Kingdom, and includes the branch office of this affiliate in Dubai.

3. Rating Distribution Model 鈥� 巴黎人娱乐城 publishes all public ratings and related ratings actions and opinions, free of charge on a non-selective basis on its public website, fitchratings.com.

4. Procedures and Methodologies 鈥� 巴黎人娱乐城鈥� procedures and methodologies for assigning ratings are consistent with the 巴黎人娱乐城 Code of Conduct, and documented in detail in a combination of 巴黎人娱乐城鈥� published criteria and methodologies and its internal policies and procedures. A general summary of these procedures and methodologies can be found in several Special Reports and Criteria Reports.

5. 巴黎人娱乐城鈥� .

6. 巴黎人娱乐城 adopted and implemented multiple .

7. Conflicts of Interest Policies and Procedures 鈥� A list of all identified conflicts of interest relating to 巴黎人娱乐城鈥� issuance of credit ratings can be found in 巴黎人娱乐城鈥� . 巴黎人娱乐城鈥� address such conflicts.

8. 巴黎人娱乐城 adopted and implemented the  to ensure the quality of its credit rating activities.

9. 巴黎人娱乐城 established .

10. 巴黎人娱乐城 discloses the , The description of the minimum qualification and general competency requirements of credit analysts are guidelines only provided to assist managers in the recruitment, development, performance management and promotion of credit analysts, and are not firm requirements.

11. Certain .

12.  discloses structured finance transactions of issuers that received a preliminary rating from 巴黎人娱乐城 as required by section 4.7 of Appendix A to NI 25-101.

Pursuant to the Securities and Exchange Commission鈥檚 Rule 17g-7, 巴黎人娱乐城 is disclosing ratings history information for each class of credit ratings in which 巴黎人娱乐城 is registered with the SEC as of June 15, 2015, including the credit rating assigned to each obligor, security and money market instrument in the class that was outstanding as of, or initially determined after, June 15, 2015, and any subsequent upgrade or downgrade of the credit rating (including a downgrade to, or assignment of, default), and a withdrawal of the credit rating. 巴黎人娱乐城 will disclose each relevant ratings action no later than twelve months or twenty-four months after it is taken, depending on whether the rating is issuer-paid. Please contact Heather Merrigan at +1 212 908 0500 for any additional information. A link to the disclosure is available on this page, in the section titled Disclosures.

巴黎人娱乐城 discloses certain information with respect to Canadian, US, Hong Kong and Singapore structured finance transactions, where 巴黎人娱乐城 is engaged and where a public rating using its International rating scale is a potential output of that engagement. This report includes (1) the region, (2) the asset class, (3) the name of the transaction, and (4) the transaction announcement date. This report will be updated monthly. In order to avoid the risk of 巴黎人娱乐城 inadvertently disclosing confidential information, transactions will be included in the report in the month after the transaction has been announced publicly. The report and transaction archive are available on this page, in the section titled Preliminary Rating Reports.

Pursuant to Rule 17g-5 (the "Rule") under the Securities Exchange Act of 1934, 巴黎人娱乐城 must maintain on a password-protected Internet Website, , (the "巴黎人娱乐城 Site") a list in chronological order of each security or money market instrument issued by an asset pool or as part of an asset-backed or mortgage-backed securities transaction for which 巴黎人娱乐城 is currently in the process of determining an initial credit rating. The 巴黎人娱乐城 Site must identify (i) the type of security or money market instrument being rated, (ii) the name of the issuer, (iii) the date the rating process was initiated and (iv) the Internet Web site address where the issuer, sponsor or underwriter of the security or money market instrument represents that the information that must be provided by them pursuant to the Rule can be accessed. 巴黎人娱乐城 provides access to the 巴黎人娱乐城 Site to any NRSRO who provides 巴黎人娱乐城 with an executed copy of a certain certification described in the Rule. A link to the disclosure website is available on this page, in the section titled Disclosures.

巴黎人娱乐城 is disclosing instances of a possible conflict of interest when an analytical employee departs 巴黎人娱乐城 for employment with a Rated Entity where such analyst had direct involvement in the rating process or supervised those who had direct involvement in the rating process, in accordance with the 巴黎人娱乐城 .

In all such instances, 巴黎人娱乐城 will promptly undertake a review of rating actions in accordance with the policy then in effect to determine if a conflict appears to have influenced a rating, in which case 巴黎人娱乐城 will immediately publish a Rating Action Commentary (RAC) placing the applicable credit rating of the Rated Entity on Rating Watch. 巴黎人娱乐城 will then re-rate the entity and publish a RAC regarding those results. If the review concludes no conflict influenced the rating, 巴黎人娱乐城 will promptly remove the Rated Entity from this list.

巴黎人娱乐城 is disclosing instances of an actual conflict of interest when an analytical employee or member(s) of their Immediate Family has a personal or financial interest related to a Rated Entity where such analyst had direct involvement in the rating process in accordance with Section XII of the  (Bulletin 13). Both reports are available on this page, in the section titled Disclosures.

Section 3.2.3 of the 巴黎人娱乐城鈥� Code of Conduct and Ethics requires that 巴黎人娱乐城 shall publicly disclose if it receives 10 percent or more of its total net revenues (the "Ten Percent Threshold") for a fiscal year (for 巴黎人娱乐城, currently 1 January to 31 December) from a single issuer, originator, arranger or subscriber. In addition, in certain jurisdictions 巴黎人娱乐城 shall neither issue nor maintain a credit rating solicited by a rated entity if the Ten Percent Threshold is exceeded in respect of that specific entity in the most recently ended fiscal year.

Credit rating agency regulations in effect in certain jurisdictions additionally require that 巴黎人娱乐城 disclose all cases where any 巴黎人娱乐城 credit rating company bound by the applicable regulation receives revenues in the most recently ended fiscal year from a single party that account for more than a certain proportion of the total. In such cases both the party covered and the revenue proportion threshold are defined by the applicable regulation and the exact requirements vary from jurisdiction to jurisdiction. Such disclosure requirements do not take account of the relative importance of the 巴黎人娱乐城 credit rating company to its ultimate parent rating company, 巴黎人娱乐城, Inc.'s consolidated revenues and, as such, any revenue concentrations that require disclosure may still be minimal from the perspective of 巴黎人娱乐城, Inc.'s global ratings business. This disclosure shall be updated in a timely manner following the end of each fiscal year. The report is available on this page, in the section titled Disclosures.

By this statement, 巴黎人娱乐城 represents that it meets the definition of a "rating agency" for the purpose of allowing an entity to receive an "Underwriter Exemption" under ERISA from the U.S. Department of Labor.

巴黎人娱乐城 receives fees from issuers, insurers, guarantors, other obligors, and underwriters for analysis related to rating securities. The solicitation status of a rating is disclosed on the agency鈥檚 public website at and in all issuer specific research. 巴黎人娱乐城 is a credit rating agency and does not provide execution services to any person in respect of any financial instruments, or financial, investment or legal advice of any sort. In the event that a user or recipient of this material is required to make any appropriate assessments, and/or disclosures to their clients (whether on a specific or generic basis), with respect to the nature and the treatment of this material under applicable law (including the Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits), we note that: (i) 巴黎人娱乐城 is not engaged in the offer or sale of any security and makes no recommendation or inducement to any person to buy, sell or hold any security or to pursue any particular investment strategy; and (ii) 巴黎人娱乐城 makes no representation or warranty that the purchase, sale or ownership of any security will meet the requirements of any person.

[Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, 巴黎人娱乐城 will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent).]

In jurisdictions that allow the use of external ratings for regulatory purposes, only credit assessments from credit rating agencies (CRAs) that are recognised as external credit assessment institutions (ECAIs) are permitted. ECAI recognition determines whether the credit ratings of a CRA can be used for the calculation of regulatory capital requirements for credit risk under the international regulatory framework for banks established by the Basel Committee on Banking Supervision (the 鈥淏asel Framework鈥�).

National supervisors are responsible for determining ECAI recognition on a continuous basis where all criteria and conditions required in the Basel Framework are met. For further information on ECAI eligibility, please refer to the Bank for International Settlements鈥� website.

National supervisors also take into account the criteria and conditions provided in the International Organization of Securities Commissions' (IOSCO) Code of Conduct Fundamentals for Credit Rating Agencies when determining ECAI eligibility. For more details of this Code of Conduct, please refer to the IOSCO website.

巴黎人娱乐城 understands that it is currently recognised as an ECAI by competent supervisory authorities in most jurisdictions where credit ratings are used in bank regulation. However, ECAI status may change over time and supervisors are not obliged to inform 巴黎人娱乐城 of any changes to ECAI recognition. Users are advised to contact relevant national supervisors to verify the eligibility of credit ratings prior to use for prudential purposes.

Sensitivity of the Credit Rating to Assumptions Made by 巴黎人娱乐城 as Required by Paragraph (a)(1)(ii)(M) of Rule 17g-7 (RIDF Section 13).