1874

The Article 180(7) states: "Exposures in the form of bonds and loans to a third country insurance or reinsurance undertaking for which a credit assessment by a nominated ECAI is not available..."This is probably a more matter of language but I would like to ask for a clarification whether sentence "for which a credit assessment by a nominated ECAI is not available" refers to the (a) EXPOSURE or (b) THIRD COUNTRY INSURANCE. In other words should I apply this article when:(a) Exposure is to third country insurance where exposure has no credit assessment (regardless whether third country insurance has or has not credit assessment) or(b) Exposure is to third country insurance where third country insurance has no credit assessment (regardless whether exposure itself has or has not credit assessment).