Document ID: 02016R1800-20180515
Language: ENG

02016R1800 — EN — 15.05.2018 — 001.001
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<table><col/><col/><tr><td><p><a>&#9658;B</a></p></td><td><p>COMMISSION IMPLEMENTING REGULATION (EU) 2016/1800</p><p>of 11 October 2016</p><p>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</p><p><a>(Text with EEA relevance)</a></p><p>(OJ L 275 12.10.2016, p. 19)</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) 2018/633&#160;of 24&#160;April 2018</a></p></td><td><p>&#160;&#160;L&#160;105</p></td><td><p>6</p></td><td><p>25.4.2018</p></td></tr></table>
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
(Text with EEA relevance)
Article 1
The allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps shall be that set out in the Annex.
Article 2
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
Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps
<table><col/><col/><col/><col/><col/><col/><col/><col/><tbody><tr><td><p><span>Credit quality step</span></p></td><td><p><span>0</span></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></tr><tr><td><p><span>AM Best Europe-Rating Services Ltd</span></p></td></tr><tr><td><p>Long-term issuer credit ratings scale</p></td><td><p>aaa</p></td><td><p>aa+, aa, aa-</p></td><td><p>a+, a, a-</p></td><td><p>bbb+, bbb, bbb-</p></td><td><p>bb+, bb, bb-</p></td><td><p>b+, b, b-</p></td><td><p>ccc+, ccc, ccc-, cc, c, rs</p></td></tr><tr><td><p>Long-term debt ratings scale</p></td><td><p>aaa</p></td><td><p>aa+, aa, aa-</p></td><td><p>a+, a, a-</p></td><td><p>bbb+, bbb, bbb-</p></td><td><p>bb+, bb, bb-</p></td><td><p>b+, b, b-</p></td><td><p>ccc+, ccc, ccc-, cc, c, d</p></td></tr><tr><td><p>Financial strength ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A++, A+</p></td><td><p>A, A-</p></td><td><p>B++, B+</p></td><td><p>B, B-</p></td><td><p>C++, C+</p></td><td><p>C, C-, D, E, F,&#160;S</p></td></tr><tr><td><p>Short-term ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>AMB-1+</p></td><td><p>AMB-1-</p></td><td><p>AMB-2, AMB-3</p></td><td><p>AMB- 4</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>ARC Ratings S.A.</span></p></td></tr><tr><td><p>Medium- and long-term issuers rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Medium- and long-term issues rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term issuers rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Short-term issues rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>ASSEKURATA Assekuranz Rating-Agentur GmbH</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC/C,&#160;D</p></td></tr><tr><td><p>Short-term corporate rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A++</p></td><td><p>A</p></td><td><p>&#160;</p><div/></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Axesor S.A.</span></p></td></tr><tr><td><p>Global rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, D,&#160;E</p></td></tr><tr><td><p><span>Banque de France</span></p></td></tr><tr><td><p>Global long-term issuer credit ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>3++</p></td><td><p>3+, 3</p></td><td><p>4+</p></td><td><p>4, 5+</p></td><td><p>5, 6</p></td><td><p>7, 8, 9, P</p></td></tr><tr><td><p><span>BCRA &#8211; Credit Rating Agency AD</span></p></td></tr><tr><td><p>Bank long-term ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>C, D</p></td></tr><tr><td><p>Insurance long-term ratings scale</p></td><td><p>iAAA</p></td><td><p>iAA</p></td><td><p>iA</p></td><td><p>iBBB</p></td><td><p>iBB</p></td><td><p>iB</p></td><td><p>iC, iD</p></td></tr><tr><td><p>Corporate long-term ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Municipality long-term ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Issue long-term ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Bank short-term ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Corporate short-term ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Municipality short-term ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Issue short-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Capital Intelligence</span></p></td></tr><tr><td><p>International long-term issuer rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>C, RS, SD, D</p></td></tr><tr><td><p>International long-term issue rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>International short-term issuer rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>International short-term issue rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Cerved Rating Agency S.p.A.</span></p></td></tr><tr><td><p>Corporate long-term rating scale</p></td><td><p>A1.1</p></td><td><p>A1.2, A1.3</p></td><td><p>A2.1, A2.2, A3.1</p></td><td><p>B1.1, B1.2</p></td><td><p>B2.1, B2.2</p></td><td><p>C1.1</p></td><td><p>C1.2, C2.1</p></td></tr><tr><td><p><span>Creditreform Ratings AG</span></p></td></tr><tr><td><p>Long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>C, D</p></td></tr><tr><td><p><span>CRIF S.p.A.</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, D1, D2</p></td></tr><tr><td><p><span>Dagong Europe Credit Rating</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term credit rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1</p></td><td><p>&#160;</p><div/></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>DBRS Ratings Limited</span></p></td></tr><tr><td><p>Long-term obligations rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Commercial paper and short-term debt rating scale</p></td><td><p>&#160;</p><div/></td><td><p>R-1 H, R-1 M</p></td><td><p>R-1 L</p></td><td><p>R-2, R-3</p></td><td><p>R-4, R-5, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Claims paying ability rating scale</p></td><td><p>&#160;</p><div/></td><td><p>IC-1</p></td><td><p>IC-2</p></td><td><p>IC-3</p></td><td><p>IC-4</p></td><td><p>IC-5</p></td><td><p>D</p></td></tr><tr><td><p><span>Egan-Jones Ratings Co.</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term credit rating scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2</p></td><td><p>A-3, B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Euler Hermes Rating GmbH</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, SD,&#160;D</p></td></tr><tr><td><p><span>European Rating Agency, a.s.</span></p></td></tr><tr><td><p>Long-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>AAA, AA, A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>S1</p></td><td><p>S2</p></td><td><p>S3, S4, NS</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>EuroRating Sp. z o.o.</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, D</p></td></tr><tr><td><p><span>Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings Espa&#241;a S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited</span></p></td></tr><tr><td><p>Long-term issuer credit ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, RD, D</p></td></tr><tr><td><p>Corporate finance obligations &#8211; Long-term ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C</p></td></tr><tr><td><p>Long-term international IFS ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C</p></td></tr><tr><td><p>Short-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>F1+</p></td><td><p>F1</p></td><td><p>F2, F3</p></td><td><p>B, C, RD, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Short-term IFS ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>F1+</p></td><td><p>F1</p></td><td><p>F2, F3</p></td><td><p>B, C</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>GBB-Rating Gesellschaft f&#252;r Bonit&#228;tsbeurteilung mbH</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>&#160;</p><div/></td><td><p>A, BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</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>Global long-term rating scale</p></td><td><p>HR AAA(G)</p></td><td><p>HR AA(G)</p></td><td><p>HR A(G)</p></td><td><p>HR BBB(G)</p></td><td><p>HR BB(G)</p></td><td><p>HR B(G)</p></td><td><p>HR C(G), HR D&#160;(G)</p></td></tr><tr><td><p>Global short-term rating scale</p></td><td><p>HR+1(G)</p></td><td><p>HR1(G)</p></td><td><p>HR2(G)</p></td><td><p>HR3(G)</p></td><td><p>HR4(G), HR5(G), HR D(G)</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>ICAP Group S.A.</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>AA, A</p></td><td><p>BB, B</p></td><td><p>C, D</p></td><td><p>E, F</p></td><td><p>G, H</p></td></tr><tr><td><p><span>INC Rating Sp. z o.o.</span></p></td></tr><tr><td><p>Long-term issuer credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p><span>Japan Credit Rating Agency Ltd</span></p></td></tr><tr><td><p>Long-term issuer ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, LD, D</p></td></tr><tr><td><p>Long-term issue ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term issuer ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>J-1+</p></td><td><p>J-1</p></td><td><p>J-2</p></td><td><p>J-3, NJ, LD, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Short-term issue credit ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>J-1+</p></td><td><p>J-1</p></td><td><p>J-2</p></td><td><p>J-3, NJ, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Kroll Bond Rating Agency</span></p></td></tr><tr><td><p>Long-term credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Short-term credit rating scale</p></td><td><p>&#160;</p><div/></td><td><p>K1+</p></td><td><p>K1</p></td><td><p>K2, K3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>modeFinance S.r.l.</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>A1</p></td><td><p>A2</p></td><td><p>A3</p></td><td><p>B1</p></td><td><p>B2</p></td><td><p>B3</p></td><td><p>C1, C2, C3, D</p></td></tr><tr><td><p><span>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 Espa&#241;a S.A., Moody's Investors Service Ltd</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>Aaa</p></td><td><p>Aa</p></td><td><p>A</p></td><td><p>Baa</p></td><td><p>Ba</p></td><td><p>B</p></td><td><p>Caa, Ca, C</p></td></tr><tr><td><p>Bond fund rating scale</p></td><td><p>Aaa-bf</p></td><td><p>Aa-bf</p></td><td><p>A-bf</p></td><td><p>Baa-bf</p></td><td><p>Ba-bf</p></td><td><p>B-bf</p></td><td><p>Caa-bf, Ca-bf, C-bf</p></td></tr><tr><td><p>Global short-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>P-1</p></td><td><p>P-2</p></td><td><p>P-3</p></td><td><p>NP</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Rating-Agentur Expert RA GmbH</span></p></td></tr><tr><td><p>International credit rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, D,&#160;E</p></td></tr><tr><td><p>International reliability rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C, D,&#160;E</p></td></tr><tr><td><p><span>Scope Ratings AG</span></p></td></tr><tr><td><p>Global long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Global short-term rating scale</p></td><td><p>&#160;</p><div/></td><td><p>S-1+</p></td><td><p>S-1</p></td><td><p>S-2</p></td><td><p>S-3, S-4</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>Spread Research</span></p></td></tr><tr><td><p>International long-term rating scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p><span>Standard &amp; Poor's Credit Market Services France S.A.S., Standard &amp; Poor's Credit Market Services Italy S.r.l., Standard &amp; Poor's Credit Market Services Europe Limited</span></p></td></tr><tr><td><p>Long-term issuer credit ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, R, SD/D</p></td></tr><tr><td><p>Long-term issue credit ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr><tr><td><p>Insurer financial strength ratings scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, SD/D,&#160;R</p></td></tr><tr><td><p>Fund credit quality ratings scale</p></td><td><p>AAAf</p></td><td><p>AAf</p></td><td><p>Af</p></td><td><p>BBBf</p></td><td><p>BBf</p></td><td><p>Bf</p></td><td><p>CCCf</p></td></tr><tr><td><p>Mid market evaluation ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td><td><p>MM1</p></td><td><p>MM2</p></td><td><p>MM3, MM4</p></td><td><p>MM5, MM6</p></td><td><p>MM7, MM8, MMD</p></td></tr><tr><td><p>Short-term issuer credit ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, R, SD/D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p>Short-term issue credit ratings scale</p></td><td><p>&#160;</p><div/></td><td><p>A-1+</p></td><td><p>A-1</p></td><td><p>A-2, A-3</p></td><td><p>B, C, D</p></td><td><p>&#160;</p><div/></td><td><p>&#160;</p><div/></td></tr><tr><td><p><span>The Economist Intelligence Unit Ltd</span></p></td></tr><tr><td><p>Sovereign rating band scale</p></td><td><p>AAA</p></td><td><p>AA</p></td><td><p>A</p></td><td><p>BBB</p></td><td><p>BB</p></td><td><p>B</p></td><td><p>CCC, CC, C,&#160;D</p></td></tr></tbody></table>