Communication CBFA_2008_04: Recognition of External Credit Assessment Institutions (ECAIs)

rue du Congrès 12-14 | 1000 Bruxelles t +32 2 220 53 42| f +32 2 220 54 93 | www.cbfa.be Communication CBFA_2008_04 of 5 February 2008 Recognition of External Credit Assessment Institutions (ECAIs) Scope: Credit institutions and investment firms Summary/Objectives Pursuant to Article V.12 of the Regulation on the own funds of credit institutions and investment firms of 17 October 2006, the Banque de France is recognized as an ECAI.

Madam, Sir,

Pursuant to Article V.12 of the Regulation on the own funds of credit institutions and investment firms of 17 October 2006, external credit assessments published by ECAIs may only be used by institutions in the calculation of the risk-weighted exposure amount when these organizations have been recognized as eligible by the CBFA.

This communication completes the list of ECAIs recognized as eligible by the CBFA as well as the mapping tables mentioned in circular PPB-2007-2-CPB of 8 February 2007.

Thus, the Banque de France (or BdF) is recognized as an eligible ECAI for the segment of commercial entities (including companies, institutions, and financial institutions1) within the framework of the standard approach for long-term exposures.

The CBFA, pursuant to Article V.14, §2, authorizes the use of unsolicited ratings from this organization.

1 In the meaning of the Regulation of the Banking, Financial and Insurance Commission of 17 October 2006 concerning the own funds of credit institutions and investment firms.

CBFA_2008_04 2 / 2
5 February 2008

CBFA rue du Congrès 12-14 | 1000 Bruxelles t +32 2 220 53 42| f +32 2 220 54 93 | www.cbfa.be

Pursuant to Article V.13, the assessments of the Banque de France are associated with the following credit quality steps:

Standard Approach:
Long-term Mapping

Credit Quality Step	Banque de France Rating
1	3++ to 3+
2	3
3	4+
4	4 to 5+
5	5 to 6
6	8 to 9

This mapping table is applicable solely to listed companies based on accounting and financial documentation. Companies with a credit rating of "X0" are weighted at 100%.

Please accept, Madam, Sir, the expression of our distinguished sentiments.

R. Bonte, H. Becquaert,
Member of the Management Committee. Member of the Management Committee.