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 3 Rating types

Credit rating agencies shall, when reporting credit ratings or rating outlooks, classify them as one of the following types of ratings:

  1. (a)

    corporate ratings;

  2. (b)

    structured finance ratings;

  3. (c)

    sovereign and public finance ratings;

  4. (d)

    other financial instruments.