Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


Status: This chapter was amended on 31 December 2020 as a result of Brexit. However, it is subject to the FCA Prudential Transitional Direction, which means that firms should not comply with these provisions yet. Instead, firms must follow this link and continue to comply with pre-IP completion day requirements https://www.handbook.fca.org.uk/handbook?date=31-12-2020&timeline=True (unless specified otherwise in the Direction). To see a full list of Handbook modules affected, please see Section B of the Annex to the Direction.

BIPRU 12 Annex 1 Mapping of credit assessments of ECAIs to credit quality steps

R

Credit Quality Step

Fitch’s assessment

Moody’s assessments

S&P’s assessments

DBRS’ assessments

1

AAA to AA-

Aaa to Aa3

AAA to AA-

AAA to AAL

2

A+ to A-

A1 to A3

A+ to A-

AH to AL

3

BBB+ to BBB-

Baa1 to Baa3

BBB+ to BBB-

BBBH to BBBL

4

BB+ to BB-

Ba1 to Ba3

BB+ to BB-

BBH to BBL

5

B+ to B-

B1 to B3

B+ to B-

BH to BL

6

CCC+ and below

Caa1 and below

CCC+ and below

CCCH and below