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Document 32024R1820
Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council
Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council
Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council
C/2024/4431
OJ L, 2024/1820, 2.7.2024, ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
- Date of document:
- 01/07/2024; Date of adoption
- Date of effect:
- 22/07/2024; Entry into force Date pub. +20 See Art 2
- Date of end of validity:
- No end date
- Author:
- European Commission, Directorate-General for Financial Stability, Financial Services and Capital Markets Union
- Responsible body:
- FISMA
- Form:
- Implementing regulation
- Additional information:
- EEA relevance
- Treaty:
- Treaty on the Functioning of the European Union
- Legal basis:
-
- 32009L0138 - A109aP1L3
- Link
- Link
- Link
- Select all documents mentioning this document No data available in the table
- Modifies:
-
Relation Act Comment Subdivision concerned From To Modifies 32016R1800 Replacement annex 22/07/2024 - Instruments cited:
- EUROVOC descriptor:
- Subject matter:
- Directory code:
|
Official Journal |
EN L series |
|
2024/1820 |
2.7.2024 |
COMMISSION IMPLEMENTING REGULATION (EU) 2024/1820
of 1 July 2024
amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1), and in particular Article 109a(1), third subparagraph thereof,
Whereas:
|
(1) |
Commission Implementing Regulation (EU) 2016/1800 (2) specifies the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and the credit quality steps referred to in Article 3 of Commission Delegated Regulation (EU) 2015/35 (3) (‘external credit assessments’). |
|
(2) |
Since the latest amendments introduced by Commission Implementing Regulation (EU) 2021/2006 (4), the quantitative and qualitative factors underpinning the credit assessments of some mappings in the Annex to Implementing Regulation (EU) 2016/1800 have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs. In addition, some ECAIs have extended their credit assessments to new market segments, resulting in new rating scales and new credit rating types. It is therefore necessary to update the mappings of the ECAIs concerned. |
|
(3) |
Since the adoption of Implementing Regulation (EU) 2021/2006, three ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. Therefore, Implementing Regulation (EU) 2016/1800 should be amended to remove the mapping of the deregistered ECAIs. |
|
(4) |
Two ECAIs registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council (5), and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, have changed their names and one registered ECAI has changed the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs. |
|
(5) |
Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly. |
|
(6) |
This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Supervisory Authorities. |
|
(7) |
The Joint Committee of the European Supervisory Authorities as referred to in Article 54 of Regulations (EU) No 1093/2010 (6), (EU) No 1094/2010 (7) and (EU) No 1095/2010 (8) of the European Parliament and of the Council, respectively, has 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 advice of the Banking Stakeholder Group, the Insurance and Reinsurance Stakeholder Group and the Securities and Markets Stakeholder Group established in accordance with Article 37 of those Regulations, respectively, |
HAS ADOPTED THIS REGULATION:
Article 1
Implementing Regulation (EU) 2016/1800 is amended as follows:
The Annex is replaced by the text in the Annex to this Regulation.
Article 2
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 1 July 2024.
For the Commission
The President
Ursula VON DER LEYEN
(1) OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj.
(2) Commission Implementing Regulation (EU) 2016/1800 of 11 October 2016 laying down implementing technical standards with regard to the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (OJ L 275, 12.10.2016, p. 19, ELI: http://data.europa.eu/eli/reg_impl/2016/1800/oj).
(3) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 12, 17.1.2015, p. 1, ELI: http://data.europa.eu/eli/reg_del/2015/35/oj).
(4) Commission Implementing Regulation (EU) 2021/2006 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1800 as regards the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (OJ L 407, 17.11.2021, p. 18, ELI: http://data.europa.eu/eli/reg_impl/2021/2006/oj).
(5) Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1, ELI: http://data.europa.eu/eli/reg/2009/1060/oj).
(6) Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).
(7) Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48, ELI: http://data.europa.eu/eli/reg/2010/1094/oj).
(8) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84, ELI: http://data.europa.eu/eli/reg/2010/1095/oj).
ANNEX
‘ANNEX
Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps
|
Credit quality step |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
A.M. Best (EU) Rating Services B.V. |
|
|
|
|
|
|
|
|
Long-term issuer credit ratings scale |
aaa |
aa, aa- |
a+, a, a- |
bbb+, bbb, bbb- |
bb+, bb, bb- |
b+, b, b- |
ccc+, ccc, ccc-, cc, c, d, e, f, s |
|
Long-term issue ratings scale |
aaa |
aa, aa- |
a+, a, a- |
bbb+, bbb, bbb- |
bb+, bb, bb- |
b+, b, b- |
ccc+, ccc, ccc-, cc, c, d, s |
|
Financial strength ratings scale |
A++ |
A+ |
A, A- |
B++, B+ |
B, B- |
C++, C+ |
C, C-, D, E, F, S |
|
Short-term issuer ratings scale |
|
AMB-1+ |
AMB-1- |
AMB-2, AMB-3 |
AMB- 4, d, e, f, s |
|
|
|
Short-term issue ratings scale |
|
AMB-1+ |
AMB-1- |
AMB-2, AMB-3 |
AMB- 4, d, s |
|
|
|
ARC Ratings S.A. |
|
|
|
|
|
|
|
|
Medium and long-term issuers rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Medium and long-term issue rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Insurance Financial Strength Rating Criteria 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 issue rating scale |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, D |
|
|
|
ASSEKURATA Assekuranz Rating-Agentur GmbH |
|
|
|
|
|
|
|
|
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 |
|
|
|
Banque de France |
|
|
|
|
|
|
|
|
Global ANACOT long-term issuer credit rating scale |
|
1+ |
1, 1- |
2+, 2, 2- |
3+, 3, 3-, 4+, 4, 4-, 5+ |
5, 5-, 6+, 6, 6- |
7, 8, P |
|
BCRA – Credit Rating Agency AD |
|
|
|
|
|
|
|
|
Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Global short-term rating scale |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, D |
|
|
|
Pension-insurance company long-term scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Pension-insurance company short-term scale |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, D |
|
|
|
Pension fund long-term scale |
AAA pf |
AA pf |
A pf |
BBB pf |
BB pf |
B pf |
C pf |
|
Capital Intelligence Ratings Ltd |
|
|
|
|
|
|
|
|
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 long-term insurer financial strength rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
C, RS, SD, D |
|
International short-term issuer rating scale |
|
A1+ |
A1 |
A2, A3 |
B, C, RS, SD, D |
|
|
|
International short-term issue rating scale |
|
A1+ |
A1 |
A2, A3 |
B, C, D |
|
|
|
International short-term insurer financial strength rating scale |
|
A1+ |
A1 |
A2, A3 |
B, C, RS, SD, D |
|
|
|
Cerved Rating Agency S.p.A. |
|
|
|
|
|
|
|
|
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 |
|
Corporate short-term rating scale |
|
S-1 |
S-2 |
S-3 |
V-1, R-1 |
|
|
|
Creditreform Rating AG |
|
|
|
|
|
|
|
|
Long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
C, SD, D |
|
Long-term issue rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
C, D |
|
Short-term rating scale |
|
L1 |
L2 |
L3 |
NEL, D |
|
|
|
CRIF Ratings S.r.l. |
|
|
|
|
|
|
|
|
Long-term issuer rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D1S, D |
|
Long-term issue rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, DS |
|
SME rating scale |
SME1 |
SME2 |
|
SME3 |
SME4 |
SME5, SME6 |
SME7, SME8 |
|
Short-term issuer rating scale |
|
IG-1 |
|
IG-2 |
SIG-1, SIG-2, SIG-3, SIG-4 |
|
|
|
Short-term issue rating scale |
|
IG-1 |
|
IG-2 |
SIG-1, SIG-2, SIG-3, SIG-4 |
|
|
|
DBRS Ratings GmbH |
|
|
|
|
|
|
|
|
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 |
|
|
|
Financial Strength rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, R |
|
Expected loss rating scale |
AAA(el) |
AA(el) |
A(el) |
BBB(el) |
BB(el) |
B(el) |
CCC(el), CC(el), C(el) |
|
Egan-Jones Ratings Co. |
|
|
|
|
|
|
|
|
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 |
|
|
|
EthiFinance S.L. (formerly Axesor Risk Management S.L.) |
|
|
|
|
|
|
|
|
Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Global short-term rating scale |
|
EF1+ |
|
EF1, EF2 |
EF3, EF4, EF5 |
|
|
|
EuroRating Sp. z o.o. |
|
|
|
|
|
|
|
|
Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Fitch Ratings Ireland Limited |
|
|
|
|
|
|
|
|
Long-term issuer default 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 Insurer Financial Strength rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C |
|
Derivative counterparty ratings scale |
AAA dcr |
AA dcr |
A dcr |
BBB dcr |
BB dcr |
B dcr |
CCC dcr, CC dcr, C dcr, RD dcr, R dcr |
|
Short-term rating scale |
|
F1+ |
F1 |
F2, F3 |
B, C, RD, D |
|
|
|
Short-term IFS rating scale |
|
F1+ |
F1 |
F2, F3 |
B, C |
|
|
|
GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH |
|
|
|
|
|
|
|
|
Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
HR Ratings de México, S.A. de C.V. |
|
|
|
|
|
|
|
|
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) |
|
|
|
ICAP CRIF S.A. (previously ICAP S.A.) |
|
|
|
|
|
|
|
|
Global long-term issuer rating scale |
AAA |
AA |
A |
BBB |
BB |
B, CCC |
CC, C, D |
|
Global long-term issue rating scale |
AAA |
AA |
A |
BBB |
BB |
B, CCC |
CC, C, D |
|
INBONIS SA |
|
|
|
|
|
|
|
|
Long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Japan Credit Rating Agency Ltd |
|
|
|
|
|
|
|
|
Long-term issuer rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, LD, D |
|
Long-term issue rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Short-term issuer rating scale |
|
J-1+ |
J-1 |
J-2 |
J-3, NJ, LD, D |
|
|
|
Short-term issue credit rating scale |
|
J-1+ |
J-1 |
J-2 |
J-3, NJ, D |
|
|
|
Kroll Bond Rating Agency Europe |
|
|
|
|
|
|
|
|
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 |
|
|
|
Insurance Financial Strength rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
modeFinance S.r.l. |
|
|
|
|
|
|
|
|
Global long-term rating scale |
A1 |
A2 |
A3 |
B1 |
B2 |
B3 |
C1, C2, C3, D |
|
Moody’s Investors Service |
|
|
|
|
|
|
|
|
Global long-term rating scale |
Aaa |
Aa |
A |
Baa |
Ba |
B |
Caa, Ca, C |
|
Global short-term rating scale |
|
P-1 |
P-2 |
P-3 |
NP |
|
|
|
Nordic Credit Rating AS |
|
|
|
|
|
|
|
|
Long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D, SD |
|
Short-term rating scale |
|
N1 |
N2 |
N3 |
N4, N5, N6 |
|
|
|
Scope Ratings GmbH |
|
|
|
|
|
|
|
|
Long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D/SD |
|
Short-term rating scale |
|
S-1+ |
S-1 |
S-2 |
S-3, S-4, D/SD |
|
|
|
S&P Global Ratings Europe Limited |
|
|
|
|
|
|
|
|
Long-term issuer credit rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, R, SD/D |
|
Long-term issue credit rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
|
Insurer financial strength rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, SD/D, R |
|
Long-term Financial Institution Resolution Counterparty Ratings |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, SD, D |
|
Mid-Market Evaluation rating scale |
|
|
MM1 |
MM2 |
MM3, MM4 |
MM5, MM6 |
MM7, MM8, MMD’ |
|
Short-term issuer credit rating scale |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, R, SD/D |
|
|
|
Short-term issue credit rating scale |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, D |
|
|
|
Short-term Financial Institution Resolution Counterparty Ratings |
|
A-1+ |
A-1 |
A-2, A-3 |
B, C, SD/D |
|
|
ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj
ISSN 1977-0677 (electronic edition)
