ESMA, the EU's financial markets regulator, has initiated a call for evidence concerning restricted subscription and private credit ratings. This call aims to gather insights from stakeholders on the characteristics and uses of these ratings. ESMA seeks information on the benefits and comparison with publicly disclosed ratings. They are interested in understanding the parties involved in these ratings and their distribution practices. The regulators are investigating whether the analytical processes and controls used are similar to public credit ratings. Stakeholders are encouraged to provide evidence-based responses, including numerical data and market examples. The growing use of these ratings has sparked questions about their purpose and market need. ESMA is committed to evidence-based policymaking and understanding market developments. They will evaluate the responses by the second quarter of 2026 to assess the need for regulatory changes. The overall goal is to clarify the application of the CRA Regulation.