EIOPA · 2078
Reporting Templates
- Regulation
- (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
- Article
- 35
- Topic
- Reporting Templates
- Submitted
- 2019-11-29
- Answered
- 2020-01-20
Question
For registered securities, no direct issue rating is usually provided. In such cases, the rating of similar security with an equipollent risk perspective will be used as an external rating. Corresponding that rating will be reported field C0320 / C0330 for QRT S.06.02. The prerequisite here is, that the underlying comparison paper is from the same issuer and corresponds in its form and risk weighting to the registered securities (the issuer rating is not used in these cases). Can you confirm this procedure as applicable for S.06.02?
Answer
The reporting instructions for the QRT S.06.02 state that “If an issue rating is not available the item should be left blank (i.e. not reported)".
The issue rating (differently than the issuer rating) is assigned to a specific debt/financial obligation. It takes into consideration the seniority of the debt in the capital structure. Therefore, for the same issuer the ratings of each issue can be very different one to the other.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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