Annex
United Kingdom
‘ANNEX
Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC
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 Short-term rating scale S-1 + S-1 S-2 S-3, S-4 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 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 The Economist Intelligence Unit Ltd Sovereign rating band scale AAA AA A BBB BB B CCC, CC, C, D ’