If no credit assessment is available under either (i) or (ii), the same procedure as for marketable assets applies: The debtor or guarantor is allocated to one of three classes in accordance with the CRD [74] as explained in Table 5. An implicit credit assessment for debtors or guarantors belonging to classes 1 and 2 is derived from the ECAI credit assessment of the central government of the country where the debtor or guarantor is established. This implicit assessment has to meet the Eurosystem credit quality threshold. If a credit assessment from the system or source selected by the counterparty (or from an ECAI in case (ii) for public sector debtors or guarantors) exists but is below the credit quality threshold, the debtor or guarantor is ineligible.
En caso de no existir una evaluación crediticia tal como se describe en el apartado (i), se utiliza una evaluación de la calidad crediticia del deudor o avalista efectuada por una ECAI [75].