The differences between banking systems are naturally also reflected in the number of external ratings of enterprises: some 8,000 external corporate ratings in the USA compare with only about 600 such ratings in Europe. Even if, happily, three new private rating agencies have recently been established in Germany, it will be some years before they have compiled a significant number of corporate ratings.
To prevent distortions of competition, it is therefore imperative that, as an alternative to recourse to external ratings, internal bank rating systems be used, which are inherently of equal value and come into force simultaneously. In connection with the proposals on the external rating of countries, the question of the treatment of public authorities below the level of the central government also arises.