PRU 4.11.10

An Authorised Person must not use unsolicited external credit assessments to assign any CR Exposure to a Credit Quality Grade, unless:

(a) it has assessed the quality of the unsolicited external credit assessments that it intends to use and is satisfied that these are comparable in performance with solicited external credit assessments and maintains relevant records and documents to be made available to the Regulator upon request; and
(b) it uses unsolicited external credit assessments consistently for each type of Exposures, for both risk weighting and risk management purposes.