The Joint Committee of the European Supervisory Authorities has published its Opinion on the amendments proposed by the EU Commission on the draft ITS on credit quality steps for ECAIs credit assessments under the Capital Requirements Regulation and the Solvency II Directive. The Joint Committee disagrees with the approach taken by the EU Commission to extend the quantitative requirements proposed by the Joint Committee to apply for a phase-in period of three years, preferring the initial ITS proposed by them. The Joint Committee is of the view that favouring competition aspects over prudential considerations increases the risk to financial stability and is not in line with the mandate given to the European Supervisory Authorities.