ANNEX
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
AM Best Europe-Rating Services Ltd
Long-term issuer credit ratings scale | aaa | aa+, aa, aa- | a+, a, a- | bbb+, bbb, bbb- | bb+, bb, bb- | b+, b, b- | ccc+, ccc, ccc-, cc, c, rs
Long-term debt ratings scale | aaa | aa+, aa, aa- | a+, a, a- | bbb+, bbb, bbb- | bb+, bb, bb- | b+, b, b- | ccc+, ccc, ccc-, cc, c, d
Financial strength ratings scale | | A++, A+ | A, A- | B++, B+ | B, B- | C++, C+ | C, C-, D, E, F, S
Short-term ratings scale | | AMB-1+ | AMB-1- | AMB-2, AMB-3 | AMB- 4 | |
ARC Ratings SAS.A.
Medium- and long-term issuers rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
MediumMedium- and long-term issues rating 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 issues 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 | |
Axesor SAS.A.
Global rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale | | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, P
BCRA —– Credit Rating Agency AD
Bank long-term ratings scale | AAA | AA | A | BBB | BB | B | C, D
Insurance long-term ratings scale | iAAA | iAA | iA | iBBB | iBB | iB | iC, iD
Corporate long-term ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Municipality long-term ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Issue long-term ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Bank short-term ratings scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Corporate short-term ratings scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Municipality short-term ratings scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Issue short-term rating scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Banque de France
Global long-term issuer credit ratings scale | | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, P
Capital Intelligence
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 short-term issuer rating scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
International short-term issue rating scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Cerved Rating Agency SpA.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
Creditreform Ratings AG
Long-term rating scale | AAA | AA | A | BBB | BB | B | C, D
CRIF S.p.A.
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, D1, D2
Dagong Europe Credit Rating
Long-term credit rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Short-term credit rating scale | | A-1 | | A-2, A-3 | B, C, D | |
DBRS Ratings Limited
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 | |
Claims paying ability rating scale | | IC-1 | IC-2 | IC-3 | IC-4 | IC-5 | D
EuropeanEgan-Jones RatingRatings AgencyCo.
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 | |
Euler Hermes Rating GmbH
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, SD, D
European Rating Agency, a.s.
Long-term rating scale | | | AAA, AA, A | BBB | BB | B | CCC, CC, C, D
Short-term rating scale | | | S1 | S2 | S3, S4, NS | |
EuroRating Sp. z o.o.
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Euler Hermes Rating
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, SD, D
FERI EuroRating Services AG
FERI EuroRating rating scale | AAA | AA | A | | BBB, BB | B | CCC, CC, D
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia SpA,S.p.A., Fitch Polska SA,S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited
Long-term issuer credit 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 IFS ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C
Short-term rating scale | | F1+ | F1 | F2, F3 | B, C, RD, D | |
Short-term IFS ratings scale | | F1+ | F1 | F2, F3 | B, C | |
GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbHmbH
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 Group S.AS.A.
Global long-term rating scale | | | AA, A | BB, B | C, D | E, F | G, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, LD, D
Long-term issue ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Short-term issuer ratings scale | | J-1+ | J-1 | J-2 | J-3, NJ, LD, D | |
Short-term issue credit ratings scale | | J-1+ | J-1 | J-2 | J-3, NJ, D | |
Kroll Bond Rating Agency
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 | |
modeFinance S.r.l.
Global long-term rating scale | A1 | A2 | A3 | B1 | B2 | B3 | C1, C2, C3, D
Moody's Investors Service Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España SA,S.A., Moody's Investors Service Ltd
Global long-term rating scale | Aaa | Aa | A | Baa | Ba | B | Caa, Ca, C
Bond fund rating scale | Aaa-bf | Aa-bf | A-bf | Baa-bf | Ba-bf | B-bf | Caa-bf, Ca-bf, C-bf
Global short-term rating scale | | P-1 | P-2 | P-3 | NP | |
Rating-Agentur Expert RA GmbH
International credit rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E
International reliability rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E
Scope Ratings AG
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Global short-term rating scale | | S-1+ | S-1 | S-2 | S-3, S-4 | |
Spread Research
International long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Standard & Poor's Credit Market Services France S.A.S., Standard & Poor's Credit Market Services Italy S.r.l., Standard & Poor's Credit Market Services Europe Limited
Long-term issuer credit ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, R, SD/D
Long-term issue credit ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Insurer financial strength ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, SD/D, R
Fund credit quality ratings scale | AAAf | AAf | Af | BBBf | BBf | Bf | CCCf
Mid market evaluation ratings scale | | | MM1 | MM2 | MM3, MM4 | MM5, MM6 | MM7, MM8, MMD
Short-term issuer credit ratings scale | | A-1+ | A-1 | A-2, A-3 | B, C, R, SD/D | |
Short-term issue credit ratings scale | | A-1+ | A-1 | A-2, A-3 | B, C, D | |
Scope Rating
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC,C, D
Global short-term rating scale | | S-1+ | S-1 | S-2 | S-3, S-4 | |
Spread Research
International long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
The Economist Intelligence Unit Ltd
Sovereign rating band scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D