Norges Bank requires a credit rating of securities provided as collateral for loans. The types of securities that require a credit rating and the credit rating agencies approved by Norges Bank are stipulated in Circular 5/2022. Credit rating agencies that have not already been approved must apply to Norges Bank for approval.

When approving credit rating agencies, Norges Bank attaches importance to efficient management of Norges Bank's credit risk. Norges Bank sets the following minimum requirements for the approval of credit rating agencies:

• The credit rating agency must be registered with the European Securities and Markets Authority (ESMA).
• Norges Bank must be able to collect daily credit rating data for Norges Bank's systems and be able to compare credit ratings from different rating agencies.
• The credit rating agency must rate a reasonable proportion of the securities accepted as collateral for loans from Norges Bank. The proportion of credit rated securities within each category of approved securities must be given weight.

Credit rating agencies can submit an application for approval to SIL@norges-bank.no. Upon receipt of the application, Norges Bank may request further information and documentation.