TITLE IQUANTITATIVE FACTORS, QUALITATIVE FACTORS AND BENCHMARK
CHAPTER 3Benchmark and related references
Article 14Benchmark
The benchmark referred to in point (c) of Article 136(2) of Regulation (EU) No 575/2013, shall be distinguished in:
- (a)
a long-run default rate benchmark for each credit quality step as set out in Table 1 of Annex I;
- (b)
a short-run default rate benchmark for each credit quality step as set out in Table 2 of Annex I.
Article 15Reference meaning of the rating category per credit quality step
The reference meaning of a rating category that corresponds to each credit quality step is set out in Annex II.