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
3	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.

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