LegalizeCommission Implementing Regulation (EU) 2018/633 of 24 April 2018 amending Implementing Regulation (EU) 2016/1800 laying down implementing technical standards with regard to the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance. )
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
| 25.4.2018 | EN | Official Journal of the European Union | L 105/6 |
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2009/138/EC of 25 November 2009 of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) 1, and in particular Article 109a(1) thereof,
Whereas:
- (1) After the adoption of Commission Implementing Regulation (EU) 2016/1800 2, five new external credit assessment institutions have been registered or certified. It is therefore necessary to amend the Annex to that Implementing Regulation in order to allocate the credit assessments of those newly registered or certified external credit assessment institutions to the objective scale of credit quality steps.
- (2) The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That deregistered institution should therefore be removed from the Annex to that Implementing Regulation.
- (3) This Regulation is based on the draft implementing technical standards submitted by the European supervisory authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) to the Commission.
- (4) The European supervisory authorities have conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council 3, the Insurance and Reinsurance Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council 4, and the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council 5.
- (5) Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendment to Implementing Regulation (EU) 2016/1800
The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text in the Annex to this Regulation.
Article 2
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.
Done at Brussels, 24 April 2018.
For the Commission
The President
Jean-Claude JUNCKER
1
Directive 2009/138/EC of 25 November 2009 of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
2
Commission Implementing Regulation (EU) 2016/1800 of 11 October 2016 laying down implementing technical standards with regard to the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (OJ L 275, 12.10.2016, p. 19).
3
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
4
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).
5
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
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 | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | 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. | 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 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 | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | 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. | Axesor S.A. | Axesor S.A. | Axesor S.A. | Axesor S.A. | Axesor S.A. | Axesor S.A. | Axesor S.A. |
| Global rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E |
| Banque de France | Banque de France | Banque de France | Banque de France | Banque de France | Banque de France | Banque de France | 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 | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | 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 | Capital Intelligence | Capital Intelligence | Capital Intelligence | Capital Intelligence | Capital Intelligence | Capital Intelligence | 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. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | 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 | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG |
| Long-term rating scale | AAA | AA | A | BBB | BB | B | C, D |
| CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. |
| Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, D1, D2 |
| Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | 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 | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | 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. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | 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 | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | 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. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | 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. | EuroRating Sp. z o.o. | EuroRating Sp. z o.o. | EuroRating Sp. z o.o. | EuroRating Sp. z o.o. | EuroRating Sp. z o.o. | EuroRating Sp. z o.o. | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH | 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. | 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. |
| 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. | ICAP Group S.A. | ICAP Group S.A. | ICAP Group S.A. | ICAP Group S.A. | ICAP Group S.A. | ICAP Group S.A. | 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. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | 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 | 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 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 | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | 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. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | 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 | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | 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 | Spread Research | Spread Research | Spread Research | Spread Research | Spread Research | Spread Research | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd |
| Sovereign rating band scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D |
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