Legal Practice Act, 2014 (Act No. 28 of 2014)

Regulations

Regulations under Section 109(1)(bA) of the Act

Annexures

Annexure B - National Rating Scales of Ratings Agencies

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ANNEXURE B

(Regulation 6(4))

 

NATIONAL RATING SCALES OF RATINGS AGENCIES

 


S&P

Moody's

Fitch Ratings

GCR

Money Market Rating Band

Long Term Rating

Short Term Rating

Long Term Rating

Short Term Rating

Long Term Rating

Short Term Rating

Long Term Rating

Short Term Rating

1

AAA

A-1+

Aaa.za

Prime

1.za

AAAzaf

F1+zaf

AAA

A1+

AA+

A-1+

Aa1.za

Prime

1.za

AA+zaf

F1+zaf

AA+

A1+

AA

A-1+

Aa2.zaq

Prime

1.za

AAzaf

F1+zaf

AA

A1+

AA-

A-1+

Aa3.za

Prime

1.za

AA-zaf

F1+zaf

AA-

A1

2

A+

A-1

A1.za

Prime

1.za

A+zaf

F1+ zaf

or

F1zaf

A+

A1

A

A-1

A2.za

Prime

1.za or

Prime

2.za

Aazaf

F1zaf

A

A1

A-

A-2

A3.za

Prime

1.za or

Prime

2.za

A-zaf

F1zaf

or

F2zaf

A-

A1-

3

BBB+

A-2

Baa1.za

Prime

2.za

BBB+zaf

F2zaf

BBB+

A2

BBB

A-2

Baa2.za

Prime

2.za or

Prime

3.za

BBBzaf

F2zaf

or

F3zaf

BBB

A2

 

Note:

1. The above table refers to the domestic or national rating scales.
2. In the instance of an instrument, entity or concern being assigned a rating by two or more rating agencies, the lowest rating applies.
3. Where the short-term rating of an instrument or issuer spans more than one rating band, reference must be made to the long-term issuer rating to determine the applicable rating band for inclusion limit purpose.