Document ID: 02016R1801-20221225
Language: ENG

02016R1801 — EN — 25.12.2022 — 001.001
This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document
<table><col/><col/><tr><td><p><a>&#9658;B</a></p></td><td><p>                        COMMISSION IMPLEMENTING REGULATION (EU) 2016/1801</p><p>of 11 October 2016</p><p>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</p><p><a>(Text with EEA relevance)</a></p><p>(OJ L 275 12.10.2016, p. 27)</p></td></tr></table>
Amended by:
<table><col/><col/><col/><col/><col/><tr><td><p>&#160;</p></td><td><p>&#160;</p></td><td><p>Official Journal</p></td></tr><tr><td><p>&#160;&#160;No</p></td><td><p>page</p></td><td><p>date</p></td></tr><tr><td><p><a>&#9658;M1</a></p></td><td><p><a>                              COMMISSION IMPLEMENTING REGULATION (EU) 2022/2365&#160;of 2&#160;December 2022</a></p></td><td><p>&#160;&#160;L&#160;312</p></td><td><p>101</p></td><td><p>5.12.2022</p></td></tr></table>
COMMISSION 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
<table><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><col/><tbody><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>A.M. Best (EU) Rating Services B.V.</span></p></td></tr><tr><td><p>Long-term issue credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>aaa(sf)</p></td><td><p>aa+(sf)</p></td><td><p>aa(sf)</p></td><td><p>aa-(sf)</p></td><td><p>a+(sf)</p></td><td><p>a(sf)</p></td><td><p>a-(sf)</p></td><td><p>bbb+(sf)</p></td><td><p>bbb(sf)</p></td><td><p>bbb-(sf)</p></td><td><p>bb+(sf)</p></td><td><p>bb(sf)</p></td><td><p>bb-(sf)</p></td><td><p>b+(sf)</p></td><td><p>b(sf)</p></td><td><p>b-(sf)</p></td><td><p>ccc+(sf)<span>,</span> ccc(sf)<span>,</span> ccc-(sf)</p></td><td><p>Below ccc-(sf)</p></td></tr><tr><td><p>Short-term issue rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AMB-1+(sf), AMB-1(sf)</p></td><td><p>AMB-2(sf)</p></td><td><p>AMB-3(sf)</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below AMB-3(sf)</p></td></tr><tr><td><p><span>ARC Ratings S.A.</span></p></td></tr><tr><td><p>Medium- and long-term issue rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>SF</span></p></td><td><p>AA+<span>SF</span></p></td><td><p>AA<span>SF</span></p></td><td><p>AA-<span>SF</span></p></td><td><p>A+<span>SF</span></p></td><td><p>A<span>SF</span></p></td><td><p>A-<span>SF</span></p></td><td><p>BBB+<span>SF</span></p></td><td><p>BBB<span>SF</span></p></td><td><p>BBB-<span>SF</span></p></td><td><p>BB+<span>SF</span></p></td><td><p>BB<span>SF</span></p></td><td><p>BB-<span>SF</span></p></td><td><p>B+<span>SF</span></p></td><td><p>B<span>SF</span></p></td><td><p>B-<span>SF</span></p></td><td><p>CCC+<span>SF</span>CCC<span>SF</span>, CCC-<span>SF</span></p></td><td><p>Below CCC-<span>SF</span></p></td></tr><tr><td><p>Short-term issue rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>A-1+<span>SF</span>, A-1<span>SF</span></p></td><td><p>A-2<span>SF</span>,</p></td><td><p>A-3<span>SF</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below A-3<span>SF</span></p></td></tr><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>Axesor Risk Management S.L.</span></p></td></tr><tr><td><p>Long-term structured finance credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>(sf)</span></p></td><td><p>AA+<span>(sf)</span></p></td><td><p>AA<span>(sf)</span></p></td><td><p>AA-<span>(sf)</span></p></td><td><p>A+<span>(sf)</span></p></td><td><p>A<span>(sf)</span></p></td><td><p>A-<span>(sf)</span></p></td><td><p>BBB+<span>(sf)</span></p></td><td><p>BBB<span>(sf)</span></p></td><td><p>BBB-<span>(sf)</span></p></td><td><p>BB+<span>(sf)</span></p></td><td><p>BB<span>(sf)</span></p></td><td><p>BB-<span>(sf)</span></p></td><td><p>B+<span>(sf)</span></p></td><td><p>B<span>(sf)</span></p></td><td><p>B-<span>(sf)</span></p></td><td><p>CCC+<span>(sf),</span>CCC<span>(sf)</span>, CCC-<span>(sf)</span></p></td><td><p>Below CCC-<span>(sf)</span></p></td></tr><tr><td><p><span>Creditreform Rating AG</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>sf</span></p></td><td><p>AA+<span>sf</span></p></td><td><p>AA<span>sf</span></p></td><td><p>AA-<span>sf</span></p></td><td><p>A+<span>sf</span></p></td><td><p>A<span>sf</span></p></td><td><p>A-<span>sf</span></p></td><td><p>BBB+<span>sf</span></p></td><td><p>BBB<span>sf</span></p></td><td><p>BBB-<span>sf</span></p></td><td><p>BB+<span>sf</span></p></td><td><p>BB<span>sf</span></p></td><td><p>BB-<span>sf</span></p></td><td><p>B+<span>sf</span></p></td><td><p>B<span>sf</span></p></td><td><p>B-<span>sf</span></p></td><td><p>CCC<span>sf</span></p></td><td><p>Below CCC<span>sf</span></p></td></tr><tr><td><p><span>DBRS Ratings GmbH</span></p></td></tr><tr><td><p>Long-term obligations rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>(sf)</span></p></td><td><p>AA<span>(high)(sf)</span></p></td><td><p>AA<span>(sf)</span></p></td><td><p>AA<span>(low)(sf)</span></p></td><td><p>A<span>(high)(sf)</span></p></td><td><p>A<span>(sf)</span></p></td><td><p>A<span>(low)(sf)</span></p></td><td><p>BBB<span>(high)(sf)</span></p></td><td><p>BBB<span>(sf)</span></p></td><td><p>BBB<span>(low)(sf)</span></p></td><td><p>BB<span>(high)(sf)</span></p></td><td><p>BB<span>(sf)</span></p></td><td><p>BB<span>(low)(sf)</span></p></td><td><p>B<span>(high)(sf)</span></p></td><td><p>B<span>(sf)</span></p></td><td><p>B<span>(low)(sf)</span></p></td><td><p>CCC<span>(high)(sf)</span>, CCC<span>(sf)</span>, CCC<span>(low)(sf)</span></p></td><td><p>Below CCC<span>(low)(sf)</span></p></td></tr><tr><td><p>Commercial paper and short-term debt rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>R-1<span>(high)(sf)</span>, R-1<span>(middle)(sf)</span>, R-1<span>(low)(sf)</span></p></td><td><p>R-2<span>(high)(sf)</span>, R-2<span>(middle)(sf)</span>, R-2<span>(low)(sf)</span></p></td><td><p>R-3<span>(sf)</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below R-3<span>(sf)</span></p></td></tr><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>Fitch Ratings Ireland Limited</span></p></td></tr><tr><td><p>Long-term rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>SF</span></p></td><td><p>AA+<span>SF</span></p></td><td><p>AA<span>SF</span></p></td><td><p>AA-<span>SF</span></p></td><td><p>A+<span>SF</span></p></td><td><p>A<span>SF</span></p></td><td><p>A-<span>SF</span></p></td><td><p>BBB+<span>SF</span></p></td><td><p>BBB<span>SF</span></p></td><td><p>BBB-<span>SF</span></p></td><td><p>BB+<span>SF</span></p></td><td><p>BB<span>SF</span></p></td><td><p>BB-<span>SF</span></p></td><td><p>B+<span>SF</span></p></td><td><p>B<span>SF</span></p></td><td><p>B-<span>SF</span></p></td><td><p>CCC<span>SF</span></p></td><td><p>Below CCC<span>SF</span></p></td></tr><tr><td><p>Short-term rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>F1+<span>SF</span>, F1<span>SF</span></p></td><td><p>F2<span>SF</span></p></td><td><p>F3<span>SF</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below F3<span>SF</span></p></td></tr><tr><td><p><span>HR Ratings de M&#233;xico, S.A. de C.V.</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>HR AAA (E)</p></td><td><p>HR AA+ (E)</p></td><td><p>HR AA (E)</p></td><td><p>HR AA- (E)</p></td><td><p>HR A+ (E)</p></td><td><p>HR A (E)</p></td><td><p>HR A- (E)</p></td><td><p>HR BBB+ (E)</p></td><td><p>HR BBB (E)</p></td><td><p>HR BBB- (E)</p></td><td><p>HR BB+ (E)</p></td><td><p>HR BB (E)</p></td><td><p>HR BB- (E)</p></td><td><p>HR B+ (E)</p></td><td><p>HR B (E)</p></td><td><p>HR B- (E)</p></td><td><p>HR C+ (E)</p></td><td><p>Below HR C+ (E)</p></td></tr><tr><td><p><span>ICAP S.A.</span></p></td></tr><tr><td><p>Global credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>SF,</span> AAA-<span>SF</span></p></td><td><p>AA+<span>SF</span></p></td><td><p>AA<span>SF</span></p></td><td><p>AA-<span>SF</span></p></td><td><p>A+<span>SF</span></p></td><td><p>A<span>SF</span></p></td><td><p>A-<span>SF</span></p></td><td><p>BBB+<span>SF</span></p></td><td><p>BBB<span>SF</span></p></td><td><p>BBB-<span>SF</span></p></td><td><p>BB+<span>SF</span></p></td><td><p>BB<span>SF</span></p></td><td><p>BB-<span>SF</span></p></td><td><p>B+<span>SF</span></p></td><td><p>B<span>SF</span></p></td><td><p>B-<span>SF</span></p></td><td><p>CCC+<span>SF,</span> CCC<span>SF</span>, CCC-<span>SF</span></p></td><td><p>Below CCC-<span>SF</span></p></td></tr><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>Japan Credit Rating Agency Ltd</span></p></td></tr><tr><td><p>Long-term issue rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA</p></td><td><p>AA+</p></td><td><p>AA</p></td><td><p>AA-</p></td><td><p>A+</p></td><td><p>A</p></td><td><p>A-</p></td><td><p>BBB+</p></td><td><p>BBB</p></td><td><p>BBB-</p></td><td><p>BB+</p></td><td><p>BB</p></td><td><p>BB-</p></td><td><p>B+</p></td><td><p>B</p></td><td><p>B-</p></td><td><p>CCC</p></td><td><p>Below CCC</p></td></tr><tr><td><p>Short-term issue rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>J-1+, J-1</p></td><td><p>J-2</p></td><td><p>J-3</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below J-3</p></td></tr><tr><td><p><span>Kroll Bond Rating Agency Europe Limited</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>(sf)</span></p></td><td><p>AA+<span>(sf)</span></p></td><td><p>AA<span>(sf)</span></p></td><td><p>AA-<span>(sf)</span></p></td><td><p>A+<span>(sf)</span></p></td><td><p>A<span>(sf)</span></p></td><td><p>A-<span>(sf)</span></p></td><td><p>BBB+<span>(sf)</span></p></td><td><p>BBB<span>(sf)</span></p></td><td><p>BBB-<span>(sf)</span></p></td><td><p>BB+<span>(sf)</span></p></td><td><p>BB<span>(sf)</span></p></td><td><p>BB-<span>(sf)</span></p></td><td><p>B+<span>(sf)</span></p></td><td><p>B<span>(sf)</span></p></td><td><p>B-<span>(sf)</span></p></td><td><p>CCC+<span>(sf),</span> CCC<span>(sf)</span>, CCC-<span>(sf)</span></p></td><td><p>Below CCC-<span>(sf)</span></p></td></tr><tr><td><p>Short-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>K1+<span>(sf),</span> K1<span>(sf)</span></p></td><td><p>K2<span>(sf)</span></p></td><td><p>K3<span>(sf)</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below K3<span>(sf)</span></p></td></tr><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>Moody&#8217;s Investors Service</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>Aaa<span>(sf)</span></p></td><td><p>Aa1<span>(sf)</span></p></td><td><p>Aa2<span>(sf)</span></p></td><td><p>Aa3<span>(sf)</span></p></td><td><p>A1<span>(sf)</span></p></td><td><p>A2<span>(sf)</span></p></td><td><p>A3<span>(sf)</span></p></td><td><p>Baa1<span>(sf)</span></p></td><td><p>Baa2<span>(sf)</span></p></td><td><p>Baa3<span>(sf)</span></p></td><td><p>Ba1<span>(sf)</span></p></td><td><p>Ba2<span>(sf)</span></p></td><td><p>Ba3<span>(sf)</span></p></td><td><p>B1<span>(sf)</span></p></td><td><p>B2<span>(sf)</span></p></td><td><p>B3<span>(sf)</span></p></td><td><p>Caa1<span>(sf)</span>, Caa2<span>(sf)</span>, Caa3<span>(sf)</span></p></td><td><p>Below Caa3<span>(sf)</span></p></td></tr><tr><td><p>Global short-term rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>P-1<span>(sf)</span></p></td><td><p>P-2<span>(sf)</span></p></td><td><p>P-3<span>(sf)</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below P-3<span>(sf)</span></p></td></tr><tr><td><p><span>Scope Ratings GmbH</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>SF</span></p></td><td><p>AA+<span>SF</span></p></td><td><p>AA<span>SF</span></p></td><td><p>AA-<span>SF</span></p></td><td><p>A+<span>SF</span></p></td><td><p>A<span>SF</span></p></td><td><p>A-<span>SF</span></p></td><td><p>BBB+<span>SF</span></p></td><td><p>BBB<span>SF</span></p></td><td><p>BBB-<span>SF</span></p></td><td><p>BB+<span>SF</span></p></td><td><p>BB<span>SF</span></p></td><td><p>BB-<span>SF</span></p></td><td><p>B+<span>SF</span></p></td><td><p>B<span>SF</span></p></td><td><p>B-<span>SF</span></p></td><td><p>CCC<span>SF</span></p></td><td><p>Below CCC<span>SF</span></p></td></tr><tr><td><p>Short-term credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>S-1+<span>SF,</span> S-1<span>SF</span></p></td><td><p>S-2<span>SF</span></p></td><td><p>S-3<span>SF</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>,</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below S-3<span>SF</span></p></td></tr><tr><td><p>CQS</p></td><td><p><span>1</span></p></td><td><p><span>2</span></p></td><td><p><span>3</span></p></td><td><p><span>4</span></p></td><td><p><span>5</span></p></td><td><p><span>6</span></p></td><td><p><span>7</span></p></td><td><p><span>8</span></p></td><td><p><span>9</span></p></td><td><p><span>10</span></p></td><td><p><span>11</span></p></td><td><p><span>12</span></p></td><td><p><span>13</span></p></td><td><p><span>14</span></p></td><td><p><span>15</span></p></td><td><p><span>16</span></p></td><td><p><span>17</span></p></td><td><p><span>All other</span></p></td></tr><tr><td><p><span>S&amp;P Global Ratings Europe Limited</span></p></td></tr><tr><td><p>Global long-term issue credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>AAA<span>(sf)</span></p></td><td><p>AA+<span>(sf)</span></p></td><td><p>AA<span>(sf)</span></p></td><td><p>AA-<span>(sf)</span></p></td><td><p>A+<span>(sf)</span></p></td><td><p>A<span>(sf)</span></p></td><td><p>A-<span>(sf)</span></p></td><td><p>BBB+<span>(sf)</span></p></td><td><p>BBB<span>(sf)</span></p></td><td><p>BBB-<span>(sf)</span></p></td><td><p>BB+<span>(sf)</span></p></td><td><p>BB<span>(sf)</span></p></td><td><p>BB-<span>(sf)</span></p></td><td><p>B+<span>(sf)</span></p></td><td><p>B<span>(sf)</span></p></td><td><p>B-<span>(sf)</span></p></td><td><p>CCC+<span>(sf),</span> CCC<span>(sf)</span>, CCC-<span>(sf)</span></p></td><td><p>Below CCC-<span>(sf)</span></p></td></tr><tr><td><p>Global short-term issue credit rating scale</p></td></tr><tr><td><p>&#160;</p><div/></td><td><p>A-1+<span>(sf),</span> A-1<span>(sf)</span></p></td><td><p>A-2<span>(sf)</span></p></td><td><p>A-3<span>(sf)</span></p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>Below A-3<span>(sf)</span></p></td></tr></tbody></table>