Source Issuer Rating
Scope United States AA
Scope Denmark AAA
Scope Norway AAA
Scope Finland AA+
Scope Sweden AAA
RP - 2021-11-30
Sovereign Rating Reviews during December 2021

RP - 2021-11-25
Updated mapping of ECAI ratings in the EU officially adopted

RP - 2021-11-03
November 2021 Sovereign Rating Reviews


Date of last update: October 2020 

Legal Background

The regulatory use of ratings in Switzerland is mainly defined by Swiss Financial Market Supervisory Authority FINMA. Unlike in the EU, there is no formal registration process for rating agencies in Switzerland. Rating agencies are given the possibility to apply for recognition as an External Credit Assessment Institute (ECAI) only. According to international regulatory practice, FINMA determines the specific rating segments of recognized ECAI’s that can be used for regulatory capital requirements in consideration with domestic needs.

The FINMA Circular 2012/1 on Credit Rating Agencies entered into force on January 1st 2012 and can be found here: http://www.finma.ch/e/regulierung/Documents/finma-rs-2012-01-e.pdf

Recognized Rating Agencies

Currently, the following Rating Agencies are recognized by FINMA in Switzerland:

A.M.Best Rating Services


fedafin AG

Fitch Ratings

Moodys Investors Services

Scope Ratings

Standard & Poors

The recognition is granted separately for the 3 broad market segments “public finance”, “commercial entities” and “structured Finance”, which can be looked up following this link


Long term Ratings from the above agencies are mapped by FINMA onto the 7 credit quality steps applicable to banks in Switzerland as follows:

Mapping of credit ratings to regulatory steps in Switzerland