Long-term Rating Scales Comparison

The Basel Committee consultative document The New Basel Capital Accord proposes the use of external ratings as a basis for risk-weighting of the credit in the standard approach. used for illustrative purposes, the use of the consultation paper rating from Standard & Poor's notation. In support of the banks participating in the Committee Quantitative Impact Study, the following tables compare credit ratings by Standard & Poor's equivalent ratings by Moody's and Fitch IBCA. For more information on the allocation of external ratings to risk weights, see The New Basel Capital Accord 23rd from number

Agency	R A T I N G S
Standard & Poor's	AAA	AA+	AA	AA-	A+	A	A-
Moody's	Aaa	Aa1	Aa2	Aa3	A1	A2	A3
Fitch IBCA	AAA	AA+	AA	AA-	A+	A	A-

Agency R A T I N G S Standard & Poor's BBB+ BBB BBB- BB+ BB BB- B+ B B- Moody's Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Fitch IBCA BBB+ BBB BBB- BB+ BB BB- B+ B B-

Agency	R A T I N G S
Standard & Poor's	CCC+	CCC	CCC-	CC	C	D
Moody's	Caa1	Caa2	Caa3	Ca	C
Fitch IBCA	CCC+	CCC	CCC-	CC	C	D