What are the rules that apply to rating chains?

Rating chains refer to the sequence of ratings assigned to financial instruments or entities, typically in the context of credit ratings. The key rules governing rating chains include consistency in methodology, transparency in the rating process, and adherence to regulatory standards. Additionally, rating agencies must avoid conflicts of interest and ensure that their ratings reflect an accurate assessment of risk based on the available data. Ultimately, the integrity of the rating chain relies on the credibility and accountability of the agencies involved.