1. A credit rating agency shall report a default in respect of a rating in Fields 6 and 13 of Table 2 of Part 2 of Annex I where one of the following events has occurred:

(a) the rating indicates that a default has occurred according to the credit rating agency's definition of default;

(b) the rating has been withdrawn due to insolvency of the rated entity or due to debt restructuring;

(c) any other instance in which the credit rating agency considers a rated entity or rated instrument as defaulted, materially impaired or equivalent.

2. Where a reported rating is withdrawn, the reason for that shall be reported in Field 11 of Table 2 of Part 2 of Annex I.