Document ID: chunk:federal_register_of_legislation:F2015L01984:body:0:p18
Version: federal_register_of_legislation:F2015L01984
Segment Type: other
Provision Reference: 
Character Range: 51827–54670

collective investments.

Where an RSE has investments with multiple ratings from two or more rating agencies, the RSE licensee must consistently apply the lowest rating of a single agency whenever the individual ratings conflict.

The counterparty credit ratings used in these instructions are generally consistent with long term rating/debt securities. Where an RSE invests in counterparties/securities that have only been issued with a short term counterparty credit rating, the RSE licensee must use the most closely matched counterparty credit rating.

Grade 1  Represents a rating of Standard & Poor's AAA, Moody's Aaa, AM Best aaa, Fitch AAA

Grade 2  Represents a rating of Standard & Poor's AA+, AA, AA-; Moody's Aa1, Aa2, Aa3; AM Best aa+, aa, aa-; Fitch AA+, AA, AA

Grade 3  Represents a rating of Standard & Poor's A+, A, A-; Moody's A1, A2, A3; AM Best a+, a, a-; Fitch A+, A, A-

Grade 4  Represents a rating of Standard & Poor's BBB+, BBB, BBB-; Moody's Baa1, Baa2, Baa3; AM Best bbb+, bbb, bbb-; Fitch BBB+, BBB, BBB-

Grade 5  Represents a rating of Standard & Poors BB+, BB, BB-; Moodys Ba1, Ba2, Ba3; AM Best bb+, bb, bb-; Fitch BB+, BB, BB-

Grade 6  Represents a rating of Standard & Poor's B+, B, B-; Moody's B1, B2, B3; AM Best b+, b, b-; Fitch B+, B, B-

Grade 7  Represents a rating of Standard & Poor's CCC or below; Moody's Caa or below; AM Best b or below; Fitch CCC or below; unrated.

International exposure type

Global                    Represents countries located in more than one geographic region.

Americas region           Represents countries located in North America, Central America and South America.

Asia region               Represents countries located in Asia.

Europe region             Represents countries located in Europe. Includes: Eastern Europe.

Mid East / Africa region  Represents countries located in the Middle East and Africa.

Oceania region            Represents countries located in the Pacific Ocean region. Excludes: Asia region and Americas region.

Unlisted entity type

Unlisted corporation    Represents a corporation whose equity shares are not quoted on a stock exchange.

Unlisted private trust  Represents a collective investment vehicle with units on issue which is not traded on an Australian or an international stock exchange, which is not offered to the public and where there are no more than 50 investors.

Limited partnership     Represents an association of persons, other than a company, carrying on business as partners or in receipt of income jointly, where the liability of at least one of those persons is limited, or an association of persons with legal personality to carry on activities that are carried on by a body of that kind.

Joint venture           Represents a contractual arrangement of the RSE licensee whereby two or more parties