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 I Mapping table under the standardised approach as referred to in Article 1

Credit quality step

1

2

3

4

All other

ARC Ratings SA and ARC Ratings (UK) Limited

Medium and Long-Term Issues

AAASF to AA-SF

A+SF to A-SF

BBB+SF to BBB-SF

BB+SF to BB-SF

Below BB-SF

Short-Term Issues

A-1+SF, A-1SF

A-2SF

A-3SF

Below A-3SF

Axesor SA

Structured finance rating scale

AAA(sf) to AA-(sf)

A+(sf) to A-(sf)

BBB+(sf) to BBB-(sf)

BB+(sf) to BB-(sf)

Below BB-(sf)

Creditreform Ratings AG

Long-term rating scale

AAA sf, AA- sf

A+ sf to A- sf

BBB+ sf to BBB- sf

BB+ sf to BB- sf

Below BB- sf

DBRS Ratings Limited

Long-term obligations rating scale

AAA (sf) to AA (low) (sf)

A (high) (sf) to A (low) (sf)

BBB (high) (sf) to BBB (low) (sf)

BB (high) (sf) to BB (low) (sf)

Below BB (low) (sf)

Commercial paper and short-term debt rating scale

R-1 (high) (sf) to R-1 (low) (sf)

R-2 (high) (sf) to R-2 (low) (sf)

R-3 (sf)

Below R-3 (sf)

FERI EuroRating Services AG

Rating scale

AAAsf to AA-sf

A+sf to A-sf

BBB+sf to BBB-sf

BB+sf to BB-sf

Below BB-sf

Fitch Ratings

Long-term issuer credit ratings scale

AAAsf to AA-sf

A+sf to A-sf

BBB+sf to BBB-sf

BB+sf to BB-sf

Below BB-sf

Short-term rating scale

F1+sf, F1sf

F2sf

F3sf

Below F3sf

Japan Credit Rating Agency Ltd

Long-term issuer ratings scale

AAA to AA-

A+ to A-

BBB+ to BBB-

BB+ to BB-

Below BB-

Short-term issuer ratings scale

J-1+, J-1

J-2

J-3

Below J-3

Kroll Bond Rating Agency

Long-Term Credit

AAA (sf) to AA- (sf)

A+ (sf) to A- (sf)

BBB+ (sf) to BBB- (sf)

BB+ (sf) to BB- (sf)

Below BB- (sf)

Short-Term Credit

K1+ (sf), K1 (sf)

K2 (sf)

K3 (sf)

Below K3 (sf)

Moody's Investors Service

Global long-term rating scale

Aaa(sf) to Aa3(sf)

A1(sf) to A3(sf)

Baa1(sf) to Baa3(sf)

Ba1(sf) to Ba3(sf)

Below Ba3(sf)

Global short-term rating scale

P-1(sf)

P-2(sf)

P-3(sf)

NP(sf)

Standard & Poor's Ratings Services

Long-term issuer credit ratings scale

AAA (sf) to AA- (sf)

A+ (sf) to A- (sf)

BBB+ (sf) to BBB- (sf)

BB+ (sf) to BB- (sf)

Below BB- (sf)

Short-term issuer credit ratings scale

A-1+ (sf), A-1 (sf)

A-2 (sf)

A-3 (sf)

Below A-3 (sf)

Scope Rating AG and Scope Ratings UK Limited

Global long-term rating scale

AAASF to AA-SF

A+SF to A-SF

BBB+SF to BBB-SF

BB+SF to BB-SF

Below BB-SF

Global short-term rating scale

S-1+SF, S-1SF

S-2SF

S-3SF

S-4SF