Terms of use of credit ratings issued by EuroRating

Public ratings issued by EuroRating are provided to users free of charge and are publicly available. Users may use ratings issued by EuroRating free of charge, for any purposes, however the use of these ratings in any manner means a confirmation of becoming acquainted with these terms of use and their full acceptance.

Credit ratings issued by EuroRating constitute the agency's own independent opinion on the financial and economic condition and the credit risk of analysed entities, and cannot be treated in any other manner.

EuroRating does not deal with investment advisory, and ratings issued by EuroRating do not constitute a recommendation to purchase, maintain or sell any securities or other financial instruments, or a recommendation to initiate, maintain or end other forms of business cooperation with the rated entities. Persons who make decisions based on credit ratings issued by EuroRating do so solely on their own risk. EuroRating does not participate in profits, and does not bear any liability for any losses of users or third parties, which may result from using credit ratings issued by the agency.

Rating reports of EuroRating do not constitute prospectuses, and cannot replace information and documents presented to investors by an issuer or its representatives in connection with a sale of securities.

EuroRating undertakes all essential measures to ensure that obtained information used during the rating process is of appropriate quality and is derived from sources recognized as reliable by the agency. However, EuroRating does not have a possibility to check or confirm in each case the correctness, truthfulness and reliability of obtained information used during the assessment process and/or presented in rating reports and announcements. Therefore, EuroRating shall not accept liability for the correctness and topicality of information included in rating reports, announcements or press releases.

In case of solicited ratings EuroRating charges fees from the rated entities for provided services in the area of credit risk assessment. Such fees may constitute single payments or an annual subscription for assigning the rating and its future ongoing monitoring. Fee amounts mainly depend on the type, scale and level of complexity of the business activity of the rated entity. At the same time, the level of issued rating never depends on the form and amount of fees paid by the analysed entity.

Ratings may be changed or withdrawn at any time for any reason – the decision is solely up to EuroRating. Information about current levels of public ratings are presented in an ongoing manner on the agency's website (www.EuroRating.com). EuroRating does not guarantee and is not responsible for the correctness and topicality of information about the level of ratings provided to users by any third parties.

All copyrights and related rights connected with the issued credit ratings and the rating reports and announcements published by EuroRating are owned by EuroRating.