Legal Background
Whereas credit assessments from Export Credit Agencies (“ECA”) are not covered by the CRA regulation, the directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions in its Annex VI Part 1 point 1.3 provides for the possibility to use credit assessments from ECAs if it is a consensus risk score from ECAs participating in the OECD “Arrangement on Guidelines for Officially Supported Export Credits” or if the ECA publishes its credit assessments using the eight minimum export insurance premiums (“MEIP”) that the OECD agreed methodology establishes.
Indicative mapping The MEIP may be mapped into risk weights:
The mapping into the 6 credit quality steps was derived by using table 1 in the Annex VI Part 1 point 1.1 of directive 2006/48/EC). Please note that these mappings are only of indicative nature.
At OECD’s website, you may also find the current minimum Country risk classification: http://www.oecd.org/document/49/0,3746,en_2649_34169_1901105_1_1_1_1,00.html
