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.

ANNEX III Mapping tables for the purposes of Article 16

Credit quality step

1

2

3

4

5

6

AM Best Europe-Rating Services Ltd

Long-term issuer credit ratings scale

aaa, aa+, aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, rs

Long-term debt ratings scale

aaa, aa+, aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, d

Financial strength ratings scale

A++, A+

A, A-

B++, B+

B, B-

C++, C+

C, C-, D, E, F, S

Short-term ratings scale

AMB-1+

AMB-1-

AMB-2, AMB-3

AMB- 4

ARC Ratings S.A. and ARC Ratings (UK) Limited

Medium and long-term issuers rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Medium and long-term issues rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuers rating scale

A-1+

A-1

A-2, A-3

B, C, D

Short-term issues rating scale

A-1+

A-1

A-2, A-3

B, C, D

ASSEKURATA Assekuranz Rating-Agentur GmbH

Long-term credit rating scale

AAA, AA

A

BBB

BB

B

CCC, CC/C, D

Short-term corporate rating scale

A++

A

B, C, D

Axesor SA

Global rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D, E

Banque de France

Global long-term issuer credit ratings scale

3++

3+, 3

4+

4, 5+

5, 6

7, 8, 9, P

BCRA – Credit Rating Agency AD

Bank long-term ratings scale

AAA, AA

A

BBB

BB

B

C, D

Insurance long-term ratings scale

iAAA, iAA

iA

iBBB

iBB

iB

iC, iD

Corporate long-term ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Municipality long-term ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Issue long-term ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Bank short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Corporate short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Municipality short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Issue short-term rating scale

A-1+

A-1

A-2, A-3

B, C, D

Capital Intelligence Ltd

International long-term issuer rating scale

AAA, AA

A

BBB

BB

B

C, RS, SD, D

International long-term issue rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

International short-term issuer rating scale

A-1+

A-1

A-2, A-3

B, C, D

International short-term issue rating scale

A-1+

A-1

A-2, A-3

B, C, D

Cerved Rating Agency S.p.A.

Corporate long-term rating scale

A1.1, A1.2, A1.3

A2.1, A2.2, A3.1

B1.1, B1.2

B2.1, B2.2

C1.1

C1.2, C2.1

Creditreform Ratings AG

Long-term rating scale

AAA, AA

A

BBB

BB

B

C, D

CRIF S.p.A.

Global long-term rating scale

AAA, AA

A

BBB

BB

B

CCC, D1, D2

Dagong Europe Credit Rating

Long-term credit rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

A-1

A-2, A-3

B, C, D

DBRS Ratings Limited

Long-term obligations rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Commercial paper and short-term debt rating scale

R-1 H, R-1 M

R-1 L

R-2, R-3

R-4, R-5, D

Claims paying ability rating scale

IC-1

IC-2

IC-3

IC-4

IC-5

D

Egan-Jones Ratings Co.

Long-term credit rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, SD, D

Short-term credit rating scale

A-1+

A-1

A-2

A-3, B, C, D

Euler Hermes Rating GmbH

Global long-term rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, SD, D

European Rating Agency, a.s.

Long-term rating scale

AAA, AA, A

BBB

BB

B

CCC, CC, C, D

Short-term rating scale

S1

S2

S3, S4, NS

EuroRating Sp. z o.o.

Global long-term rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Fitch Ratings

Long-term issuer credit ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, RD, D

Corporate finance obligations – Long-term ratings scale

AAA AA

A

BBB

BB

B

CCC, CC, C

Long-term international IFS ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C

Short-term rating scale

F1+

F1

F2, F3

B, C, RD, D

Short-term IFS ratings scale

F1+

F1

F2, F3

B, C

GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH

Global long-term rating scale

AAA, AA

A, BBB

BB

B

CCC, CC, C, D

HR Ratings de México, S.A. de C.V.

Global long-term rating scale

HR AAA(G)/

HR AA(G) HR A(G)

HR BBB(G)

HR BB(G)

HR B(G)

HR C(G)/HR D(G)

Global short-term rating scale

HR+1(G)/HR1(G)

HR2(G)

HR3(G)

HR4(G), HR5(G), HR D(G)

ICAP Group S.A

Global long-term rating scale

AA, A

BB, B

C, D

E, F

G, H

INC Rating Sp. z o.o.

Long-term issuer credit rating scale

AAA, AA

A

BBB

BB

B

CCC,CC, C, D

Japan Credit Rating Agency Ltd

Long-term issuer ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, LD, D

Long-term issue ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuer ratings scale

J-1+

J-1

J-2

J-3, NJ, LD, D

Short-term issue credit ratings scale

J-1+

J-1

J-2

J-3, NJ, D

Kroll Bond Rating Agency and Kroll Bond Rating Agency UK Limited

Long-term credit rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

K1+

K1

K2, K3

B, C, D

modeFinance S.r.l.

Global long-term rating scale

A1,A2

A3

B1

B2

B3

C1, C2, C3, D

Moody's Investors Service

Global long-term rating scale

Aaa, Aa

A

Baa

Ba

B

Caa, Ca, C

Bond fund rating scale

Aaa-bf, Aa-bf

A-bf

Baa-bf

Ba-bf

B-bf

Caa-bf, Ca-bf, C-bf

Global short-term rating scale

P-1

P-2

P-3

NP

Rating-Agentur Expert RA GmbH

International credit rating scale

AAA, AA

A

BBB

BB

B

CCC,CC, C, D, E

International reliability rating scale

AAA, AA

A

BBB

BB

B

CCC,CC, C, D, E

Scope Ratings AG and Scope Ratings UK Limited

Global long-term rating scale

AAA, AA

A

BBB

BB

B

CCC, CC,C, D

Global short-term rating scale

S-1+

S-1

S-2

S-3, S-4

Spread Research

International long-term rating scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

S&P Global Ratings Europe Limited and S&P Global Ratings UK Limited

Long-term issuer credit ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, R, SD/D

Long-term issue credit ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D

Insurer financial strength ratings scale

AAA, AA

A

BBB

BB

B

CCC, CC, SD/D, R

Fund credit quality ratings scale

AAAf, AAf

Af

BBBf

BBf

Bf

CCCf

Mid Market Evaluation ratings scale

MM1

MM2

MM3, MM4

MM5, MM6

MM7, MM8, MMD

Short-term issuer credit ratings scale

A-1+

A-1

A-2, A-3

B, C, R, SD/D

Short-term issue credit ratings scale

A-1+

A-1

A-2, A-3

B, C, D

The Economist Intelligence Unit Ltd

Sovereign rating band scale

AAA, AA

A

BBB

BB

B

CCC, CC, C, D