Application Provision
1
Application and Definitions
1.1
This Part applies to:
- (1) a firm that is a CRR firm; and
- (2) a CRR consolidation entity.
- 01/01/2026
- Legal Instruments that change this rule 1.1
Export chapter as
2
Level of Application
[Note: Provision left blank]
3
Securitisation (CRR) Part
Article 270F Securitisation ECAI Mapping
1.
For the purposes of Chapter 5 (Securitisation) of Title II of Part Three of the CRR, an institution shall use the following table setting out the correspondence of the rating categories for securitisation positions of each ECAI with the credit quality steps set out in Articles 263 and 264 of the CRR.
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| A.M. Best Europe Rating Services Limited |
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| 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 credit rating scale |
AMB-1+(sf), AMB-1(sf) |
AMB-2(sf) | AMB-3(sf) | Below AMB-3(sf) |
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| ARC Ratings (UK) Limited |
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| 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+SF, CCCSF, CCC-SF |
Below CCC-SF |
| Short-term issue rating scale |
A-1+SF, A-1SF |
A-2SF | A-3SF | Below A-3SF | ||||||||||||||
| Creditreform Rating AG | ||||||||||||||||||
| 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 | CCCsf | Below CCCsf |
| DBRS Ratings Limited |
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| 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 & short-term debt rating scale |
R-1 H(sf), R-1 M(sf), R-1 L(sf) |
R-2 H(sf), R-2 M(sf), R-2 L(sf) |
R-3(sf) | Below R-3(sf) | ||||||||||||||
| Fitch Ratings Limited | ||||||||||||||||||
| 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 |
F-1+SF, F1SF |
F2SF | F3SF | Below F3SF |
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| HR Ratings de México, S.A. de C.V. |
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| Global rating scale for structured finance | HR AAA (G)(E) |
HR AA+ (G) (E) | HR AA (G) (E) | HR AA- (G) (E) |
HR A+ (G) (E) |
HR A (G) (E) | HR A- (G) (E) | HR BBB+ (G) (E) | HR BBB (G) (E) | HR BBB- (G) (E) | HR BB+ (G) (E) | HR BB (G) (E) | HR BB- (G) (E) | HR B+ (G) (E) | HR B (G) (E) | HR B- (G) (E) |
HR C+ (G) (E) | Below HR C+ (G) (E) |
| Japan Credit Rating Agency Ltd |
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| 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 |
J-1+, J-1 |
J-2 | J-3 | Below J-3 | ||||||||||||||
| Kroll Bond Rating Agency UK Limited |
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| 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 | K1+(sf), K1(sf) | K2(sf) | K3(sf) | Below K3(sf) | ||||||||||||||
| Moody’s Investors Service Limited | ||||||||||||||||||
| 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 | P-1(sf) |
P-2(sf) | P-3(sf) | Below P-3(sf) | ||||||||||||||
| Scope Ratings UK Limited | ||||||||||||||||||
| 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 |
S-1+SF, S-1SF |
S-2SF | S-3SF | Below S-3SF | ||||||||||||||
| S&P Global Ratings UK Limited | ||||||||||||||||||
| 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 credit rating scale |
A-1+(sf), A-1(sf) |
A-2(sf) |
A-3(sf) | Below A-3(sf) |
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