[F1ANNEX U.K. Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC

Textual Amendments

Credit quality step 0 1 2 3 4 5 6
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D
Global short-term rating scale S1 S2 S3, S4, NS
AM Best Europe-Rating Services Ltd.
Long-term issuer credit ratings scale aaa aa, aa- a + , a, a- bbb + , bbb, bbb- bb + , bb, bb- b + , b, b- ccc + , ccc, ccc-, cc, c, d, e, f, s
Long-term issue ratings scale aaa aa, aa- a + , a, a- bbb + , bbb, bbb- bb + , bb, bb- b + , b, b- ccc + , ccc, ccc-, cc, c, d, s
Financial strength ratings scale A ++ , A + A, A- B ++ , B + B, B- C ++ , C + C, C-, D, E, F, S
Short-term issuer ratings scale AMB-1 + AMB-1-

AMB-2,

AMB-3

AMB- 4, d, e, f, s
Short-term issue ratings scale AMB-1 + AMB-1-

AMB-2,

AMB-3

AMB- 4, d, s
ARC Ratings S.A.
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 Risk Management SL
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
Global long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D
Global short-term ratings scale A-1 + A-1 A-2, A-3 B, C, D
Pension-insurance company long-term scale AAA AA A BBB BB B CCC, CC, C, D
Pension-insurance company short-term scale A-1 + A-1 A-2, A-3 B, C, D
Pension fund long-term scale AAA pf AA pf A pf BBB pf BB pf B pf C pf
Guarantee fund long-term scale AAA AA A BBB BB B C, D
Guarantee fund short-term scale A-1 + A-1 A-2, A-3 B, C, D
Capital Intelligence Ratings 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 long-term insurer financial strength rating scale AAA AA A BBB BB B C,RS, SD, D
International short-term issuer rating scale A1 + A1 A2, A3 B, C, RS, SD, D
International short-term issue rating scale A1 + A1 A2, A3 B, C, D
International short-term insurer financial strength rating scale A1 + A1 A2, A3 B, C, RS, SD, D
Cerved Rating Agency S.p.A.
Corporate long-term rating scale A 1.1 A 1.2 , A 1.3 A 2.1 , A 2.2 , A 3.1 B 1.1 , B 1.2 B 2.1 , B 2.2 C 1.1 C 1.2 , C 2.1
Creditreform Rating AG
Long-term rating scale AAA AA A BBB BB B, C, SD, D
CRIF Ratings S.r. l.
Long-term issuer rating scale AAA AA A BBB BB B CCC, CC, C, D1S, D
Long-term issue rating scale AAA AA A BBB BB B CCC, CC, C, DS
Short-term issuer rating scale IG-1 IG-2 SIG-1, SIG-2, SIG-3, SIG-4
Short-term issue rating scale IG-1 IG-2 SIG-1, SIG-2, SIG-3, SIG-4
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
Financial Strength rating scale AAA, AA A BBB BB B CCC, CC, C, R
Egan-Jones Ratings Co.
Long-term credit rating scale AAA AA A BBB BB B CCC,CC, C, 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
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 default 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
Derivative counterparty ratings scale AAA dcr, AA dcr A dcr BBB dcr BB dcr B dcr CCC dcr, CC dcr, C dcr
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 Bonitätsbeurteilung 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 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
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
Kroll Bond Rating Agency Europe
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
Global short-term rating scale P-1 P-2 P-3 NP
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D
Global short-term rating scale SR0 SR1, SR2 SR3, SR4, SR5, SRD
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
Long-term rating scale AAA AA A BBB BB B CCC, CC,C, D
Short-term rating scale S-1 + S-1 S-2 S-3, S-4
S&P Global Ratings
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
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]