Contents
THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firmsnote, and in particular the third subparagraph of Article 136(1) thereof,Whereas:
(1)Commission Implementing Regulation (EU) 2016/1799note specifies in its Annex III, the correspondence of the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) to the credit quality steps set out in Section 2 of Chapter 2 of Title II of Part Three of Regulation (EU) No 575/2013 (mapping).
(2)Since the adoption of Implementing Regulation (EU) 2016/1799 additional credit rating agencies have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Councilnote. Furthermore, one of the ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping has been deregistered. Given that Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, it is necessary to amend Implementing Regulation (EU) 2016/1799 to provide mappings for the newly registered or certified ECAIs, and to remove the mapping for the deregistered ECAI.
(3)This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority jointly (the ‘European Supervisory Authorities’) to the Commission.
(4)The European Supervisory Authorities have conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Councilnote, the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Councilnote, and the Insurance and Reinsurance Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Councilnote.
(5)Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1Amendment to Implementing Regulation (EU) 2016/1799#
Annex III to Implementing Regulation (EU) 2016/1799 is replaced by the text set out in the Annex to this Regulation.
Article 2Entry into force#
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
III
Mapping tables for the purposes of Article 16
| Credit quality step | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| Long-term issuer credit ratings scale | aaa, aa+, aa, aa- | a+, a, a- | bbb+, bbb, bbb- | bb+, bb, bb- | b+, b, b- | ccc+, ccc, ccc-, cc, c, rs |
| Long-term debt ratings scale | aaa, aa+, aa, aa- | a+, a, a- | bbb+, bbb, bbb- | bb+, bb, bb- | b+, b, b- | ccc+, ccc, ccc-, cc, c, d |
| Financial strength ratings scale | A++, A+ | A, A- | B++, B+ | B, B- | C++, C+ | C, C-, D, E, F, S |
| Short-term ratings scale | AMB-1+ | AMB-1- | AMB-2,AMB-3 | AMB- 4 | ||
| Medium- and long-term issuers rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Medium- and long-term issues rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Short-term issuers rating scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Short-term issues rating scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Long-term credit rating scale | AAA, AA | A | BBB | BB | B | CCC, CC/C, D |
| Short-term corporate rating scale | A++ | A | B, C, D | |||
| Global rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D, E |
| Global long-term issuer credit ratings scale | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, P |
| Bank long-term ratings scale | AAA, AA | A | BBB | BB | B | C, D |
| Insurance long-term ratings scale | iAAA, iAA | iA | iBBB | iBB | iB | iC, iD |
| Corporate long-term ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Municipality long-term ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Issue long-term ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Bank short-term ratings scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Corporate short-term ratings scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Municipality short-term ratings scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Issue short-term rating scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| International long-term issuer rating scale | AAA, AA | A | BBB | BB | B | C, RS, SD, D |
| International long-term issue rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| International short-term issuer rating scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| International short-term issue rating scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Corporate long-term rating scale | A1.1, A1.2, A1.3 | A2.1, A2.2, A3.1 | B1.1, B1.2 | B2.1, B2.2 | C1.1 | C1.2, C2.1 |
| Long-term rating scale | AAA, AA | A | BBB | BB | B | C, D |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, D1, D2 |
| Long-term credit rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Short-term credit rating scale | A-1 | A-2, A-3 | B, C, D | |||
| Long-term obligations rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Commercial paper and short-term debt rating scale | R-1 H, R-1 M | R-1 L | R-2, R-3 | R-4, R-5, D | ||
| Claims paying ability rating scale | IC-1 | IC-2 | IC-3 | IC-4 | IC-5 | D |
| Long-term credit rating scale | AAA, AA | A | BBB | BB | B | CCC,CC, C, D |
| Short-term credit rating scale | A-1+ | A-1 | A-2 | A-3, B, C, D | ||
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, SD, D |
| Long-term rating scale | AAA, AA, A | BBB | BB | B | CCC, CC, C, D | |
| Short-term rating scale | S1 | S2 | S3, S4, NS | |||
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Long-term issuer credit ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, RD, D |
| Corporate finance obligations – long-term ratings scale | AAA AA | A | BBB | BB | B | CCC, CC, C |
| Long-term international IFS ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C |
| Short-term rating scale | F1+ | F1 | F2, F3 | B, C, RD, D | ||
| Short-term IFS ratings scale | F1+ | F1 | F2, F3 | B, C | ||
| Global long-term rating scale | AAA, AA | A, BBB | BB | B | CCC, CC, C, D | |
| Global long-term rating scale | HR AAA(G)/HR AA(G) | HR A(G) | HR BBB(G) | HR BB(G) | HR B(G) | HR C(G)/HR D(G) |
| Global short-term rating scale | HR+1(G)/HR1(G) | HR2(G) | HR3(G) | HR4(G), HR5(G), HR D(G) | ||
| Global long-term rating scale | AA, A | BB, B | C, D | E, F | G, H | |
| Long-term issuer credit rating scale | AAA, AA | A | BBB | BB | B | CCC,CC, C, D |
| Long-term issuer ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, LD, D |
| Long-term issue ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Short-term issuer ratings scale | J-1+ | J-1 | J-2 | J-3, NJ, LD, D | ||
| Short-term issue credit ratings scale | J-1+ | J-1 | J-2 | J-3, NJ, D | ||
| Long-term credit rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Short-term credit rating scale | K1+ | K1 | K2, K3 | B, C, D | ||
| Global long-term rating scale | A1,A2 | A3 | B1 | B2 | B3 | C1, C2, C3, D |
| Global long-term rating scale | Aaa, Aa | A | Baa | Ba | B | Caa, Ca, C |
| Bond fund rating scale | Aaa-bf, Aa-bf | A-bf | Baa-bf | Ba-bf | B-bf | Caa-bf, Ca-bf, C-bf |
| Global short-term rating scale | P-1 | P-2 | P-3 | NP | ||
| International credit rating scale | AAA, AA | A | BBB | BB | B | CCC,CC, C, D, E |
| International reliability rating scale | AAA, AA | A | BBB | BB | B | CCC,CC, C, D, E |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC,C, D |
| Global short-term rating scale | S-1+ | S-1 | S-2 | S-3, S-4 | ||
| International long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Long-term issuer credit ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, R, SD/D |
| Long-term issue credit ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Insurer financial strength ratings scale | AAA, AA | A | BBB | BB | B | CCC, CC, SD/D, R |
| Fund credit quality ratings scale | AAAf, AAf | Af | BBBf | BBf | Bf | CCCf |
| Mid Market Evaluation ratings scale | MM1 | MM2 | MM3, MM4 | MM5, MM6 | MM7, MM8, MMD | |
| Short-term issuer credit ratings scale | A-1+ | A-1 | A-2, A-3 | B, C, R, SD/D | ||
| Short-term issue credit ratings scale | A-1+ | A-1 | A-2, A-3 | B, C, D | ||
| Sovereign rating band scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
‘’
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.