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      the rating has been withdrawn due to insolvency of the rated entity or due to debt restructuring;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    Where a reported rating is withdrawn, the reason for that shall be reported in Field 11 of Table 2 of Part 2 of Annex I.