Key Benefits:
382. Regulation of the Financial Markets Authority (FMA) on the assignment of credit ratings of recognised rating agencies to credit rating levels (CRR-Mappingverordnung-CRR-MappingV)
On the basis of § 103q Z 5 of the Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 184/2013, shall be arranged:
Assignment of ratings to credit ratings
§ 1. The assignment of the credit rating agencies issued by recognised credit rating agencies pursuant to Articles 4 and 5 of Regulation (EC) No 1060/2009, OJ L 327, 22.10.2009, p. No. 1, credit ratings for credit ratings within the exposure classes in accordance with Articles 109 and 112 of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No 646/2012, OJ L 206, 22.7.2012. OJ L 176 of 27.06.2013 p. 1, shall be made on the basis of the tables in § § 2 to 5.
Fitch Ratings
§ 2. The ratings awarded by Fitch Ratings shall be assigned to the credit rating levels within the exposure classes according to Articles 109 and 112 of Regulation (EU) No 575/2013 as follows:
| 1. |
Long-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
AAA to AA- |
A + to A- |
BBB + to BBB- |
BB + to BB- |
B + to B- |
CCC + and lower |
| 2. |
Short-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
F1 + to F1 |
F2 |
F3 |
Lower than F3 |
--- |
--- |
| 3. |
Short-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
F1 + to F1 |
F2 |
F3 |
Lower than F3 |
| 4. |
Long-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 and below |
| Rating |
AAA to AA- |
A + to A- |
BBB + to BBB- |
BB + to BB- |
B + and lower |
| 5. |
Long-term ratings for receivables within the exposure class according to Art. 147 (2) (lit). Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
Below 11 |
| Rating |
AAA |
AA |
A + |
A |
A- |
BBB + |
BBB |
BBB- |
BB + |
BB |
BB- |
Lower than BB- |
| 6. |
Short-term ratings for receivables within the exposure class according to Art. 147 (2) lit. Regulation (EU) No 575/2013 (Ratings-based approach) |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
F1 + to F1 |
F2 |
F3 |
Lower than F3 |
| 7. |
Ratings for receivables within the exposure class according to Art. 112 lit. o of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
AAA to AA- |
A + to A- |
BBB + to BBB- |
BB + to BB- |
B + to B- |
CCC + and lower |
Moody's Investors Service Ltd
§ 3. The ratings awarded by Moody's Investors Service Ltd. shall be assigned to the credit rating levels within the exposure classes according to Articles 109 and 112 of Regulation (EU) No 575/2013 as follows:
| 1. |
Long-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
Aaa to Aa3 |
A1 to A3 |
Baa1 to Baa3 |
Ba1 to Ba3 |
B1 to B3 |
Caa1 and lower |
| 2. |
Short-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
P-1 |
P-2 |
P-3 |
NP |
--- |
--- |
| 3. |
Short-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
P-1 |
P-2 |
P-3 |
NP |
| 4. |
Long-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 and below |
| Rating |
Aaa to Aa3 |
A1 to A3 |
Baa1 to Baa3 |
Ba1 to Ba3 |
B1 and lower |
| 5. |
Long-term ratings for receivables within the exposure class according to Art. 147 (2) (lit). Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
Below 11 |
| Rating |
Aaa |
Aa |
A1 |
A2 |
A3 |
Baa1 |
Baa2 |
Baa3 |
Ba1 |
Ba2 |
Ba3 |
Lower than Ba3 |
| 6. |
Short-term ratings for receivables within the exposure class according to Art. 147 (2) lit. Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
P-1 |
P-2 |
P-3 |
All short-term ratings, which are lower than A3, P3 and F3 |
| 7. |
Ratings for receivables within the exposure class according to Art. 112 lit. o of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
Aaa to Aa3 |
A1 to A3 |
Baa1 to Baa3 |
Ba1 to Ba3 |
B1 to B3 |
Caa1 and lower |
Standard & Poor's
§ 4. The ratings awarded by Standard & Poor's are to be assigned to the credit rating levels within the exposure classes according to Articles 109 and 112 of Regulation (EU) No 575/2013 as follows:
| 1. |
Long-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
AAA to AA- |
A + to A- |
BBB + to BBB- |
BB + to BB- |
B + to B- |
CCC + and lower |
| 2. |
Short-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
A-1 +, A-1 |
A-2 |
A-3 |
All short-term ratings, which are lower than A-3 |
--- |
--- |
| 3. |
Short-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
A-1 +, A-1 |
A-2 |
A-3 |
All short-term ratings, which are lower than A-3 |
| 4. |
Long-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 and below |
| Rating |
AAA to AA- |
A + to A- |
BBB + to BBB- |
BB + to BB- |
B + and lower |
| 5. |
Long-term ratings for receivables within the exposure class Art. 147 (2) (lit). Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
Below 11 |
| Rating |
AAA |
AA |
A + |
A |
A- |
BBB + |
BBB |
BBB- |
BB + |
BB |
BB- |
Lower than BB- |
| 6. |
Short-term ratings for receivables within the exposure class according to Art. 147 (2) lit. Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
A-1 +, A-1 |
A-2 |
A-3 |
All short-term ratings, which are lower than A-3 |
| 7. |
Ratings for receivables within the exposure class according to Art. 112 lit. o of Regulation (EU) No 575/2013 BWG: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| S&P Principal Stability Fund |
AAA m to AA-m |
A + m to A-m |
BBB + m to BBB-m |
BB + m to BB-m |
B + m to B-m |
CCC + m and lower |
| S&P Fund Credit Quality |
AAA f to AA-f |
A + f to A-f |
BBB + f to BBB-f |
BB + f to BB-f |
B + f to B-f |
CCC + f and lower |
Dominion Bond Ratings Services
§ 5. The ratings awarded by Dominion Bond Ratings Services shall be assigned to the credit ratings within the exposure classes according to Articles 109 and 112 of Regulation (EU) No 575/2013 as follows:
| 1. |
Long-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
AAA to AAL |
AH to AL |
BBBH to BBBL |
BBH to BBL |
BH to BL |
CCCH and lower |
| 2. |
Short-term ratings for receivables within the exposure classes under Art. 112 of Regulation (EU) No 575/2013: |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
| Rating |
R-1 (high), R-1 (middle), R-1 (low) |
R-2 (high), R-2 (middle) and R-2 (low) |
R-3 |
R-4, R-5 |
--- |
--- |
| 3. |
Short-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
R-1 (high), R-1 (middle), R1 (low) |
R-2 (high), R-2 (middle), R-2 (low) |
R-3 |
All short-term ratings, which are lower than R-3 |
| 4. |
Long-term ratings for receivables within the exposure class according to Art. 112 lit. m of Regulation (EU) No 575/2013 (standard credit risk standard): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 and below |
| Rating |
AAA to AAL |
AH to AL |
BBBH to BBBL |
BBH to BBL |
BH and lower |
| 5. |
Long-term ratings for receivables within the exposure class according to Art. 147 (2) (lit). Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
Below 11 |
| Rating |
AAA |
AA |
AH |
A |
AL |
BBBH |
BBB |
BBBL |
BBH |
BB |
BBL |
Lower than BBL |
| 6. |
Short-term ratings for receivables within the exposure class according to Art. 147 (2) lit. Regulation (EU) No 575/2013 (Ratings-based approach): |
|||||||||
| Credit level |
1 |
2 |
3 |
All other credit ratings |
| Rating |
R-1 (high), R-1 (middle), R1 (low) |
R-2 (high), R-2 (middle), R-2 (low) |
R-3 |
All short-term ratings, which are lower than R-3 |
§ 6. (1) This Regulation shall enter into force 1. Jänner 2014 in force.
(2) The Regulation of the Financial Markets Authority (FMA) on the assignment of credit ratings of recognised credit rating agencies to credit rating levels (mapping regulation), BGBl. II n ° 113/2007, as last amended by the Federal Law BGBl. II No 461/2011, with the expiry of 31 December 2013.
Ettl Kumpfmüller
