PINS Table A3.1.1 Grade of assets according to counterparty ratings

Item Rating of counterparty by: Grade of asset
  Standard & Poor's Moody's A.M. Best Fitch  
1 AAA Aaa A++ AAA 1
2 AA+
AA
AA-
Aa1
Aa2
Aa3
A+ AA+
AA
AA-
2
3 A+
A
A-
A1
A2
A3
A
A-
A+
A
A-
3
4 BBB+
BBB
BBB-
Baa1
Baa2
Baa3
B++
B+
BBB+
BBB
BBB-
4
5 BB+ or below Ba1 or below B or below BB+ or below 5


(3) Unrated assets, exposures and counterparties must be classified as grade 4.
Amended by QFCRA RM/2013-1 (as from 1st January 2015).