ANNEX II Mapping table under the ratings-based method as referred to in Article 2

Credit quality step

1

2

3

4

5

6

7

8

9

10

11

All other

ARC Ratings SA and ARC Ratings (UK) Limited

Medium and Long-Term Issues

AAASF

AA+SF to AA-SF

A+SF

ASF

A-SF

BBB+SF

BBBSF

BBB-SF

BB+SF

BBSF

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)

AA+(sf) to AA-(sf)

A+(sf)

A(sf)

A-(sf)

BBB+(sf)

BBB(sf)

BBB-(sf)

BB+(sf)

BB(sf)

BB-(sf)

Below BB-(sf)

Creditreform Ratings AG

Long-term rating scale

AAA sf

AA+ sf to AA- sf

A+ sf

A sf

A- sf

BBB+ sf

BBB sf

BBB- sf

BB+ sf

BB sf

BB- sf

Below BB- sf

DBRS Ratings Limited

Long-term obligations rating scale

AAA (sf)

AA (high) (sf) to AA (low) (sf)

A (high) (sf)

A (sf)

A (low) (sf)

BBB (high) (sf)

BBB (sf)

BBB (low) (sf)

BB (high) (sf)

BB (sf)

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

AA+sf to AA-sf

A+sf

Asf

A-sf

BBB+sf

BBBsf

BBB-sf

BB+sf

BBsf

BB-sf

Below BB-sf

Fitch Ratings

Long-term issuer credit ratings scale

AAAsf

AA+sf to AA-sf

A+sf

Asf

A-sf

BBB+sf

BBBsf

BBB-sf

BB+sf

BBsf

BB-sf

Below BB-sf

Short-term rating scale

F1+sf, F1sf

F2sf

F3sf

Below Bsf

Japan Credit Rating Agency Ltd

Long-term issuer ratings scale

AAA

AA+ to AA-

A+

A

A-

BBB+

BBB

BBB-

BB+

BB

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)

AA+ (sf) to AA- (sf)

A+ (sf)

A (sf)

A- (sf)

BBB+ (sf)

BBB (sf)

BBB- (sf)

BB+ (sf)

BB (sf)

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)

Aa1(sf) to Aa3(sf)

A1(sf)

A2(sf)

A3(sf)

Baa1(sf)

Baa2(sf)

Baa3(sf)

Ba1(sf)

Ba2(sf)

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)

AA+ (sf) to AA- (sf)

A+ (sf)

A (sf)

A- (sf)

BBB+ (sf)

BBB (sf)

BBB- (sf)

BB+ (sf)

BB (sf)

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

AA+SF to AA-SF

A+SF

ASF

A-SF

BBB+SF

BBBSF

BBB-SF

BB+SF

BBSF

BB-SF

Below BB-SF

Global short-term rating scale

S-1+SF, S-1SF

S-2SF

S-3SF

S-4SF