Annex 1

Credit quality step

0

1

2

3

4

5

6

ACRA Europe a.s (formerly European Rating Agency a.s.)

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term rating scale

S1

S2

S3, S4, NS

AM Best Europe-Rating Services Ltd.

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 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 Risk Management SL

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

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-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

Guarantee fund long-term scale

AAA

AA

A

BBB

BB

B

C, D

Guarantee fund short-term scale

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

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

A 1.1

A 1.2, A 1.3

A 2.1, A 2.2, A 3.1

B 1.1, B 1.2

B 2.1, B 2.2

C 1.1

C 1.2, C 2.1

Creditreform Rating AG

Long-term rating scale

AAA

AA

A

BBB

BB

B, C, SD, 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

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

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

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

EuroRating Sp. z o.o.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Fitch Ratings

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

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

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

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

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

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 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

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC,C, D