+Article 263 7.

Article 263 7.

For the purposes of using inferred ratings, institutions shall attribute to an unrated position an inferred rating equivalent to the credit assessment of a rated reference position which meets all of the following conditions:

(a) 

the reference position ranks pari passu in all respects to the unrated securitisation position or, in the absence of a pari passu ranking position, the reference position is immediately subordinate to the unrated position;

(b) 

the reference position does not benefit from any third-party guarantees or other credit enhancements that are not available to the unrated position;

(c) 

the maturity of the reference position shall be equal to or longer than that of the unrated position in question;

(d) 

on an ongoing basis, any inferred rating shall be updated to reflect any changes in the credit assessment of the reference position.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards