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 S.A. | |||||||
Medium- and long-term issuers rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D |
Medium- 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 S.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 | |||
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 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 | |
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 | |||
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 |
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska 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 mbH | |||||||
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.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 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 | |||