ANNEX

‘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 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
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

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