The Commission has issued its final report on studies relating to the Credit Rating Agencies Regulation (CRA Regulation) on the feasibility of alternatives to credit ratings and the state of the credit rating market. The former maps the various alternatives to external credit ratings that are currently being used by market participants across Europe and then assesses the feasibility of implementing the identified alternatives in a European context based on a consideration of certain criteria. It concludes that there are a range of alternatives that are currently being used by market participants, either as complementary tools or as substitutes for CRA ratings. Each has its strengths and weaknesses. This means CRA ratings need not be the default choice of regulators or market participants, and they should be encouraged to adopt the most suitable tool or combination of tools for particular circumstances. The latter evaluates the impact of measures introduced by the CRA Regulation and identifies potential measures to improve competition in the market. (Source: Commission reports on CRA studies)