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 2 Reporting of default status and withdrawals

  1. (1)

    A credit rating agency shall report a default in respect of a rating in Fields 6 and 13 of Table 2 of Part 2 of Annex I where one of the following events has occurred:

    1. (a)

      the rating indicates that a default has occurred according to the credit rating agency’s definition of default;

    2. (b)

      the rating has been withdrawn due to insolvency of the rated entity or due to debt restructuring;

    3. (c)

      any other instance in which the credit rating agency considers a rated entity or rated instrument as defaulted, materially impaired or equivalent.

  2. (2)

    Where a reported rating is withdrawn, the reason for that shall be reported in Field 11 of Table 2 of Part 2 of Annex I.