Technical note – Credit Rating Agencies and ICS Rating Category mapping
This technical note complements the 2025 technical note (Explanatory text and examples on ICS) by clarifying the Insurance Capital Standard (ICS) Rating Categories (RC) Mapping for the Credit Rating Agencies (CRAs) listed in Table 1, which originated during the monitoring period and was retained at ICS adoption for practical reasons. It also outlines the pathways under the ICS to recognise ratings from other CRAs.