May short-term issuer ratings be used to assign risk weights in the context of article 131?
A client maintains that short-term issuer ratings may be used to assign risk weights in the context of article 131 because in French the article refers to 'Les expositions sur des établissements et des entreprises pour lesquels il existe une évaluation de crédit à court terme...'. The word 'lesquels' seems to refer to the issuers (institutions and corporates) because 'expositions' is feminine and the word would be 'lesquelles' if it referred to the exposures. 'Des établissements et des entreprises' is masculine, like 'lesquels'. As written in French the phrase could be read as 'exposures to institutions for which a short-term issuer rating exists and exposures to corporates for which a short-term issuer rating exists...'.
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