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
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global short-term rating scale | | S1 | | S2 | S3, S4, NS | |
AMA.M. Best Europe-Rating(EU) Rating Services Ltd.B.V. | | | | | | |
Long-term issuer credit ratings scale | aaa | aa, aa- | a +,a+, a, a- | bbb +,bbb+, bbb, bbb- | bb +,bb+, bb, bb- | b +,b+, b, b- | ccc +,ccc+, ccc, ccc-, cc, c, d, e, f, s
Long-term issue ratings scale | aaa | aa, aa- | a +,a+, a, a- | bbb +,bbb+, bbb, bbb- | bb +,bb+, bb, bb- | b +,b+, b, b- | ccc +,ccc+, ccc, ccc-, cc, c, d, s
Financial strength ratings scale | | AA++, ++, A +A+ | A, A- | BB++, ++, B +B+ | B, B- | CC++, ++, C +C+ | C, C-, D, E, F, S
Short-term issuer ratings scale | | AMB-1 +AMB-1+ | AMB-1- | AMB-2, AMB-3 | AMB- 4, d, e, f, s | |
Short-term issue ratings scale | | AMB-1 +AMB-1+ | AMB-1- | AMB-2, AMB-3 | AMB- 4, d, s | |
ARC Ratings S.A. | | | | | | |
MediumMedium- 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
GlobalClaims long-termpaying ability rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, DR
Short-term issuers rating scale | | A-1 +A-1+ | A-1 | A-2, A-3 | B, C, D | |
Short-term issues rating scale | | A-1 +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++ | A | | B, C, D | |
Axesor Risk Management SL | | | | | | |
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E
Global long-termshort-term issuer credit ratingsrating scale | | 3 ++AS1+ | 3 +, 3AS1 | 4 +AS2 | 4,AS3, 5AS4, +AS5 | 5, 6 | 7, 8, 9, P
Banque de France | | | | | | |
Global long-term issuer credit ratings scale | | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, P
Global NEC 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 ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Global short-term ratings scale | | A-1 +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-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
Guarantee fund long-term scale | AAA | AA | A | BBB | BB | B | C, D
Guarantee fund short-term scale | | A-1 +A-1+ | A-1 | A-2, A-3 | B, C, D | |
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+ | A1 | A2, A3 | B, C, RS, SD, D | |
International short-term issue rating scale | | A1 +A1+ | A1 | A2, A3 | B, C, D | |
International short-term insurer financial strength rating scale | | A1 +A1+ | A1 | A2, A3 | B, C, RS, SD, D | |
Cerved Rating Agency S.p.A. | | | | | | |
Corporate long-term rating scale | A 1.1A1.1 | AA1.2, 1.2, A 1.3A1.3 | AA2.1, 2.1,A2.2, A 2.2, A 3.1A3.1 | BB1.1, 1.1, B 1.2B1.2 | BB2.1, 2.1, B 2.2B2.2 | C 1.1C1.1 | CC1.2, 1.2, C 2.1C2.1
Long-termCorporate short-term rating scale | | AAAS-1 | AAS-2 | AS-3 | V-1, R-1 | | BBB | BB | B, C, SD, D
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.S.r.l. 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 | |
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
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
Euler Hermes Rating GmbH
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, SD, D
Short-term credit rating scale | | A-1 +A-1+ | A-1 | A-2 | A-3, B, C, D | |
EuroRating Sp. z o.o. | | | | | | |
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Fitch Ratings
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 IFS ratings 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
Short-term rating scale | | F1 +F1+ | F1 | F2, F3 | B, C, RD, D | |
Short-term IFS ratings scale | | F1 +F1+ | F1 | F2, F3 | B, C | |
GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | | | | | | |
Global long-term rating scale | AAA | AA | A | A, BBB | BB | B | CCC, CC, C, D
HR Ratings de México, S.A. de C.C.V. 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)
ICAP Group S.A
INC Rating Sp. z o.o.
Global short-term rating scale | HR +1 (G)HR+1(G) | HR1(G) | HR2(G) | HR3(G) | HR4(G), HR5(G), HR D(G) | |
ICAP S.A | | | | | | |
Long-termGlobal long-term issuer credit rating scale | | | AAA, AA | A |A, BBB | BB |BB, B | CCC,CC,CCC, CC | C, D
Global long-term issue rating scale | | | AA,AAA, AAA | A, BBB | BB, B | CCC, CC | C, D | E, F | G, H
INBONIS SA | | | | | | |
Long-term 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-1 | J-2 | J-3, NJ, LD, D | |
Short-term issue credit ratings scale | | J-1 +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
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 | |
Short-term credit rating scale | | K1 +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 | | | | | | |
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 | | | | N-1+ | N-1, N-2, N-3, N-4 | |
QIVALIO SAS (formerly Spread Research) | | | | | | |
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Global short-term rating scale | | SR0 | | SR1, SR2 | SR3, SR4, SR5, SRD | |
Rating-Agentur Expert RA GmbH | | | | | | |
International long-term 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
International short-term rating scale | | RA1+ | RA1 | RA2, RA3 | RA4, RA5, C, D | |
Scope Ratings AG | | | | | | |
Long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC,C, D
Short-term rating scale | | S-1 +S-1+ | S-1 | S-2 | S-3, S-4 | |
Scope Hamburg GmbH | | | | | | |
Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, SD, D
S&P Global Ratings | | | | | | |
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
Long-term Financial Institution Resolution Counterparty Ratings | AAA | AA | A | BBB | BB | B | CCC, CC, SD, D
Mid-Market Evaluation ratings scale | | | MM1 | MM2 | MM3, MM4 | MM5, MM6 | MM7, MM8, MMD
The Economist Intelligence Unit Ltd
Sovereign rating band scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D
Short-term issuer credit ratings scale | | A-1 +A-1+ | A-1 | A-2, A-3 | B, C, R, SD/D | |
Short-term issue credit ratings scale | | A-1 +A-1+ | A-1 | A-2, A-3 | B, C, D | |
Short-term Financial Institution Resolution Counterparty Ratings | | A-1+ | A-1 | A-2, A-3 | B, C, SD/D | |