On 18 December 2020, the Working Group on Sterling Risk-Free Reference Rates published a paper designed to support loan market participants in considering credit adjustment spreads for active transition. The paper facilitates consideration of the key methodologies emerging in the loan market, and how these compare to the approaches taken in the bond and derivatives markets.  The Bank of England (BoE) and FCA are each ex-officio members of the Working Group. The views and outputs set out in the paper do not constitute guidance or legal advice from the BoE (including the PRA) or the FCA or the Working Group and are not necessarily endorsed by the BoE (including the PRA) or the FCA. In addition, the paper is not intended to impose any legal or regulatory obligations on market participants. The paper has been prepared for the purpose of highlighting to market participants some of the potential considerations. It does not constitute a comprehensive outline of all relevant considerations. Market participants should seek their own advice in relation to their legal, regulatory, tax and other obligations and as to any other considerations or risks that may arise or be relevant.