LegalizeCommission Implementing Regulation (EU) 2016/1801 of 11 October 2016 on laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for securitisation in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
Article 2
Mapping tables under the External Ratings Based Approach
The correspondence of the rating categories of each external credit assessment institution for securitisation positions subject to the External Ratings Based Approach with the credit quality steps set out in Articles 263 and 264 of Regulation (EU) No 575/2013 is set out in Annex II to this Regulation.
Article 3
Entry into Force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
ANNEX II
Mapping tables for the purposes of Article 2
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. | A.M. Best (EU) Rating Services B.V. |
| Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale | Long-term issue credit rating scale |
| aaa(sf) | aa+(sf) | aa(sf) | aa-(sf) | a+(sf) | a(sf) | a-(sf) | bbb+(sf) | bbb(sf) | bbb-(sf) | bb+(sf) | bb(sf) | bb-(sf) | b+(sf) | b(sf) | b-(sf) | ccc+(sf), ccc(sf), ccc-(sf) | Below ccc-(sf) | |
| Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale |
| AMB-1+(sf), AMB-1(sf) | AMB-2(sf) | AMB-3(sf) | Below AMB-3(sf) | |||||||||||||||
| ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. |
| Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale | Medium- and long-term issue rating scale |
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCC+SFCCCSF, CCC-SF | Below CCC-SF | |
| Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale |
| A-1+SF, A-1 SF | A-2SF, | A-3SF | Below A-3SF | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. | Axesor Risk Management S.L. |
| Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale | Long-term structured finance credit rating scale |
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf),CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG | Creditreform Rating AG |
| Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale |
| AAAsf | AA+sf | AAsf | AA-sf | A+sf | Asf | A-sf | BBB+sf | BBBsf | BBB-sf | BB+sf | BBsf | BB-sf | B+sf | Bsf | B-sf | CCCsf | Below CCCsf | |
| DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH | DBRS Ratings GmbH |
| Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale | Long-term obligations rating scale |
| AAA(sf) | AA(high)(sf) | AA(sf) | AA(low)(sf) | A(high)(sf) | A(sf) | A(low)(sf) | BBB(high)(sf) | BBB(sf) | BBB(low)(sf) | BB(high)(sf) | BB(sf) | BB(low)(sf) | B(high)(sf) | B(sf) | B(low)(sf) | CCC(high)(sf), CCC(sf), CCC(low)(sf) | Below CCC(low)(sf) | |
| Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale | Commercial paper and short-term debt rating scale |
| R-1(high)(sf), R-1(middle)(sf), R-1(low)(sf) | R-2(high)(sf), R-2(middle)(sf), R-2(low)(sf) | R-3(sf) | Below R-3(sf) | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited | Fitch Ratings Ireland Limited |
| Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale | Long-term rating scale |
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCCSF | Below CCCSF | |
| Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale | Short-term rating scale |
| F1+SF, F1 SF | F2SF | F3SF | Below F3SF | |||||||||||||||
| HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. |
| Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale |
| HR AAA (E) | HR AA+ (E) | HR AA (E) | HR AA- (E) | HR A+ (E) | HR A (E) | HR A- (E) | HR BBB+ (E) | HR BBB (E) | HR BBB- (E) | HR BB+ (E) | HR BB (E) | HR BB- (E) | HR B+ (E) | HR B (E) | HR B- (E) | HR C+ (E) | Below HR C+ (E) | |
| ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. | ICAP S.A. |
| Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale | Global credit rating scale |
| AAASF, AAA-SF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCC+SF, CCCSF, CCC-SF | Below CCC-SF | |
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd |
| Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale | Long-term issue rating scale |
| AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC | Below CCC | |
| Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale | Short-term issue rating scale |
| J-1+, J-1 | J-2 | J-3 | Below J-3 | |||||||||||||||
| Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited | Kroll Bond Rating Agency Europe Limited |
| Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale |
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf), CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale |
| K1+(sf), K1(sf) | K2(sf) | K3(sf) | Below K3(sf) | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service | Moody’s Investors Service |
| Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale | Global long-term rating scale |
| Aaa(sf) | Aa1(sf) | Aa2(sf) | Aa3(sf) | A1(sf) | A2(sf) | A3(sf) | Baa1(sf) | Baa2(sf) | Baa3(sf) | Ba1(sf) | Ba2 (sf) | Ba3 (sf) | B1 (sf) | B2 (sf) | B3 (sf) | Caa1(sf), Caa2(sf), Caa3(sf) | Below Caa3(sf) | |
| Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale | Global short-term rating scale |
| P-1 (sf) | P-2 (sf) | P-3 (sf) | Below P-3(sf) | |||||||||||||||
| Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH | Scope Ratings GmbH |
| Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale | Long-term credit rating scale |
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCCSF | Below CCCSF | |
| Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale | Short-term credit rating scale |
| S-1+SF, S-1SF | S-2 SF | S-3 SF | , | Below S-3 SF | ||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited | S&P Global Ratings Europe Limited |
| Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale | Global long-term issue credit rating scale |
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf), CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale | Global short-term issue credit rating scale |
| A-1+(sf), A-1(sf) | A-2(sf) | A-3(sf) | Below A-3(sf) |
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