Annex 1 - Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps

Credit quality step

0

1

2

3

4

5

6

A.M. Best (EU) Rating Services B.V.

Long-term issuer credit ratings scale

aaa

aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, d, e, f, s

Long-term issue ratings scale

aaa

aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, d, s

Financial strength ratings scale

A++

A+

A, A-

B++, B+

B, B-

C++, C+

C, C-, D, E, F, S

Short-term issuer ratings scale

AMB-1+

AMB-1-

AMB-2, AMB-3

AMB- 4, d, e, f, s

Short-term issue ratings scale

AMB-1+

AMB-1-

AMB-2, AMB-3

AMB- 4, d, s

ARC Ratings S.A.

Medium and long-term issuers rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Medium and long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Insurance Financial Strength Rating Criteria scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuers rating scale

A-1+

A-1

A-2, A-3

B, C, D

Short-term issue rating scale

A-1+

A-1

A-2, A-3

B, C, D

ASSEKURATA Assekuranz Rating-Agentur GmbH

Long-term credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC/C, D

Short-term corporate rating scale

A++

A

B, C, D

Banque de France

Global ANACOT long-term issuer credit rating scale

1+

1, 1-

2+, 2, 2-

3+, 3, 3-, 4+, 4, 4-, 5+

5, 5-, 6+, 6, 6-

7, 8, P

BCRA – Credit Rating Agency AD

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term rating scale

A-1+

A-1

A-2, A-3

B, C, D

Pension-insurance company long-term scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Pension-insurance company short-term scale

A-1+

A-1

A-2, A-3

B, C, D

Pension fund long-term scale

AAA pf

AA pf

A pf

BBB pf

BB pf

B pf

C pf

Capital Intelligence Ratings Ltd

International long-term issuer rating scale

AAA

AA

A

BBB

BB

B

C, RS, SD, D

International long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

International long-term insurer financial strength rating scale

AAA

AA

A

BBB

BB

B

C, RS, SD, D

International short-term issuer rating scale

A1+

A1

A2, A3

B, C, RS, SD, D

International short-term issue rating scale

A1+

A1

A2, A3

B, C, D

International short-term insurer financial strength rating scale

A1+

A1

A2, A3

B, C, RS, SD, D

Cerved Rating Agency S.p.A.

Corporate long-term rating scale

A1.1

A1.2, A1.3

A2.1, A2.2, A3.1

B1.1, B1.2

B2.1, B2.2

C1.1

C1.2, C2.1

Corporate short-term rating scale

S-1

S-2

S-3

V-1, R-1

Creditreform Rating AG

Long-term rating scale

AAA

AA

A

BBB

BB

B

C, SD, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

C, D

Short-term rating scale

L1

L2

L3

NEL, D

CRIF Ratings S.r.l.

Long-term issuer rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D1S, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, DS

SME rating scale

SME1

SME2

SME3

SME4

SME5, SME6

SME7, SME8

Short-term issuer rating scale

IG-1

IG-2

SIG-1, SIG-2, SIG-3, SIG-4

Short-term issue rating scale

IG-1

IG-2

SIG-1, SIG-2, SIG-3, SIG-4

DBRS Ratings GmbH

Long-term obligations rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Commercial paper and short-term debt rating scale

R-1 H, R-1 M

R-1 L

R-2, R-3

R-4, R-5, D

Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, R

Expected loss rating scale

AAA(el)

AA(el)

A(el)

BBB(el)

BB(el)

B(el)

CCC(el), CC(el), C(el)

Egan-Jones Ratings Co.

Long-term credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

A-1+

A-1

A-2

A-3, B, C, D

EthiFinance S.L. (formerly Axesor Risk Management S.L.)

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term rating scale

EF1+

EF1, EF2

EF3, EF4, EF5

EuroRating Sp. z o.o.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Fitch Ratings Ireland Limited

Long-term issuer default ratings scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, RD, D

Corporate finance obligations – Long-term ratings scale

AAA

AA

A

BBB

BB

B

CCC, CC, C

Long-term international Insurer Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C

Derivative counterparty ratings scale

AAA dcr

AA dcr

A dcr

BBB dcr

BB dcr

B dcr

CCC dcr, CC dcr, C dcr, RD dcr, R dcr

Short-term rating scale

F1+

F1

F2, F3

B, C, RD, D

Short-term IFS rating scale

F1+

F1

F2, F3

B, C

GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

HR Ratings de México, S.A. de C.V.

Global long-term rating scale

HR AAA(G)

HR AA(G)

HR A(G)

HR BBB(G)

HR BB(G)

HR B(G)

HR C(G)/HR D(G)

Global short-term rating scale

HR+1(G)

HR1(G)

HR2(G)

HR3(G)

HR4(G), HR5(G), HR D(G)

ICAP CRIF S.A. (previously ICAP S.A.)

Global long-term issuer rating scale

AAA

AA

A

BBB

BB

B, CCC

CC, C, D

Global long-term issue rating scale

AAA

AA

A

BBB

BB

B, CCC

CC, C, D

INBONIS SA

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Japan Credit Rating Agency Ltd

Long-term issuer rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, LD, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuer rating scale

J-1+

J-1

J-2

J-3, NJ, LD, D

Short-term issue credit rating scale

J-1+

J-1

J-2

J-3, NJ, D

Kroll Bond Rating Agency Europe

Long-term credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

K1+

K1

K2, K3

B, C, D

Insurance Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

modeFinance S.r.l.

Global long-term rating scale

A1

A2

A3

B1

B2

B3

C1, C2, C3, D

Moody’s Investors Service

Global long-term rating scale

Aaa

Aa

A

Baa

Ba

B

Caa, Ca, C

Global short-term rating scale

P-1

P-2

P-3

NP

Nordic Credit Rating AS

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D, SD

Short-term rating scale

N1

N2

N3

N4, N5, N6

Scope Ratings GmbH

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D/SD

Short-term rating scale

S-1+

S-1

S-2

S-3, S-4, D/SD

S&P Global Ratings Europe Limited

Long-term issuer credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, R, SD/D

Long-term issue credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Insurer financial strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, SD/D, R

Long-term Financial Institution Resolution Counterparty Ratings

AAA

AA

A

BBB

BB

B

CCC, CC, SD, D

Mid-Market Evaluation rating scale

MM1

MM2

MM3, MM4

MM5, MM6

MM7, MM8, MMD