4. ESMA considers that a credit rating or rating outlook, disclosed and presented within the meaning of Articles 10(1), 10(2), 10(5) and Annex I, Section D, I, 1, 2, 2a, 4 and 5 should be accompanied by a press release or report that explains the key elements underlying the credit rating or rating outlook and includes at least the following elements:

i. A clear statement or identifier as to whether the credit rating has been endorsed in accordance with the CRA Regulation.

ii. A clear statement as to whether the credit rating is an unsolicited credit rating.

iii. In the case of an unsolicited credit rating the use of the following scheme to clarify the level of the rated entities participation: