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.

Article 5 Class of credit ratings

Any information regarding the class of credit ratings shall use the following ratings classes:

  1. (a)

    sovereign and public finance ratings;

  2. (b)

    structured finance ratings;

  3. (c)

    corporate ratings:

    1. (i)

      financial institution including credit institutions and investment firms;

    2. (ii)

      insurance undertaking;

    3. (iii)

      corporate issuer that is not considered a financial institution or an insurance undertaking.