Article 4
Rating types
1. A credit rating agency shall classify the ratings to be reported in accordance with the following types:
|
(a) |
corporate ratings; |
|
(b) |
structured finance ratings; |
|
(c) |
sovereign and public finance ratings; |
|
(d) |
covered bond ratings. |
2. For the purpose of paragraph 1, structured finance ratings shall relate to a financial instrument or other assets resulting from a securitisation transaction or scheme referred to in Article 4(36) of Directive 2006/48/EC.
When reporting structured finance ratings, a credit rating agency shall classify the rating within one of the following asset classes:
|
(a) |
Asset-backed securities. This asset class includes auto/boat/airplane loans, student loans, consumer loans, health care loans, manufactured housing loans, film loans, utility loans, equipment leases, credit card receivables, tax liens, non-performing loans, credit-linked notes, recreational vehicle loans, and trade receivables. |
|
(b) |
Residential mortgage-backed securities. This asset class includes prime and non-prime residential mortgage-backed securities and home equity loans. |
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(c) |
Commercial mortgage-backed securities. This asset class includes retail or office property loans, hospital loans, care residences, storage facilities, hotel loans, nursing facilities, industrial loans, and multifamily properties. |
|
(d) |
Collateralised debt obligations. This asset class includes collateralised loan obligations, collateralised bond obligations, collateralised synthetic obligations, single-tranche collateralised debt obligations, collateralised fund obligations, collateralised debt obligations of asset-backed securities, and collateralised debt obligations of collateralised debt obligations. |
|
(e) |
Asset-backed commercial papers. |
|
(f) |
Other structured finance instruments that are not included in the preceding asset classes, including structured covered bonds, structured investment vehicles, insurance-linked securities and derivative product companies. |
3. Covered bond ratings shall relate to covered bonds which are not included in the list of asset classes regarding structured finance ratings set out in paragraph 2.