In fact a spokesperson for the regulator sent an emailed statement that, while it did not address questions put to it, did reiterate the Regulator's role in relation to debt securities:

"The regulatory role of the Financial Regulator in relation to debt securities is to ensure that prospectus documents are issued which explain those debt instruments to the potential investors, who are exclusively institutional.

Issuers are required by law to set out key information, including information on the associated risks and the nature of the underlying assets. A detailed process is undertaken to ensure that this is the case and this process conforms to the high standards common across the European Union. Changes in the commercial rating of debt instruments after issuance are not a regulatory matter. These arise in the normal course of an effectively functioning securities market."

We regret the error and omission and are pleased to correct the record.