Ohio Admin. Code 113-6-01 - Investment rating standards

(A) As used in this rule:

(1) "NRSRO" means a credit rating agency duly registered with the securities and exchange commission as a nationally recognized statistical rating organization.

(2) "Fitch" means Fitch ratings, inc. or its successor.

(3) "Moody's" means Moody's investors service, inc. or its successor.

(4) "S&P" means Standard & Poor's S & P global ratings services or its successor.

(B) For purposes of sections 135.143, 135.45, and 135.46 of the Revised Code:

(1) Any reference to "nationally recognized standard rating service" or "nationally recognized rating agencies" shall mean an NRSRO as defined in paragraph (A)(1) of this rule.

(2)(1) Any reference to the "highest letter or numerical rating" of a rating means

(a) Fitch short-term rating category F1+ or long-term rating category AAA;

(b) Moody's short-term rating category P-1 or long-term rating category Aaa;

(c) S&P short-term rating category A-1+ or long-term rating category AAA; and

(d) the equivalent short-term and long-term rating categories by any other NRSRO.

(3)(2) Any reference to the "two highest categories" or "two highest classifications" of a rating means

(a) Fitch short-term rating categories F1+ and F1 or long-term rating categories AAA and AA, and any gradations within such categories;

(b) Moody's short-term rating categories P-1 and P-2 or long-term rating categories Aaa and Aa, and any gradations within such categories;

(c) S&P short-term rating categories A-1+ and A-1 or long-term rating categories AAA and AA, and any gradations within such categories; and

(d) the equivalent short-term and long-term rating categories, and gradations within such categories, by any other NRSRO.

(4)(3) Any reference to the "three highest categories" of a rating means

(a) Fitch short-term rating categories F1+, F1, and F2 or long-term rating categories AAA, AA, and A, and any gradations within such categories;

(b) Moody's short-term rating categories P-1, P-2, and P-3 or long-term rating categories Aaa, Aa, and A, and any gradations within such categories;

(c) S&P short-term rating categories A-1+, A-1, and A-2 or long-term rating categories AAA, AA, and A, and any gradations within such categories; and

(d) the equivalent short-term and long-term rating categories, and gradations within such categories, by any other NRSRO.

(4) Any reference to the "four highest categories" of a rating means

(a) Fitch short-term rating categories F1+, F1, F2, and F3 or long-term rating categories AAA, AA, A, and BBB, and any gradations within such categories;

(b) Moody's short-term rating categories P-1, P-2, and P-3 (or Moody's equivalent rating for municipal or variable rate demand obligation short-term securities) only or long-term rating categories Aaa, Aa, A, and Baa, and any gradations within such categories;

(c) S&P short-term rating categories A-1+, A-1, and A only or long-term rating categories AAA, AA, A and BBB, and any gradations within such categories; and

(d) the equivalent short-term and long-term rating categories and gradations within such categories, by any other NRSRO.

Notes

Ohio Admin. Code 113-6-01

Effective: 4/29/2024
Five Year Review (FYR) Dates: 2/8/2024 and 04/27/2029
Promulgated Under: 111.15
Statutory Authority: 135.48
Rule Amplifies: 135.143, 135.45, 135.46
Prior Effective Dates: 02/13/2014