32021R2005

EUR-Lex

Access to European Union law

This document is an excerpt from the EUR-Lex website

EUROPA
EUR-Lex home
Implementing regulation - 2021/2005 - EN - EUR-Lex

Help

Search tips

Need more search options? Use the Advanced search

Document 32021R2005

Help

Commission Implementing Regulation (EU) 2021/2005 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)

C/2021/8129

OJ L 407, 17.11.2021, p. 10–17 (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

Legal status of the document In force

ELI: http://data.europa.eu/eli/reg_impl/2021/2005/oj

Date of document:: 16/11/2021; Date of adoption
Date of effect:: 07/12/2021; 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:

32013R0575 - A136P1L1

Link

Select all documents mentioning this document

Modifies:

Relation	Act	Comment	Subdivision concerned	From	To
Modifies	32016R1799	Replacement	annex III	07/12/2021

Instruments cited:

Link

EUROVOC descriptor:

Subject matter:

Directory code:

06.20.20.20 Right of establishment and freedom to provide services / Sectoral application / Service activities / Banks

HTML

PDF

Official Journal

17.11.2021

Official Journal of the European Union

L 407/10

COMMISSION IMPLEMENTING REGULATION (EU) 2021/2005

of 16 November 2021

laying down implementing technical standards amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 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 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (1), and in particular Article 136(1), first subparagraph, thereof,

Whereas:

(1)

Commission Implementing Regulation (EU) 2016/1799 (2) specifies, in its Annex III, the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and 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 latest amendments, by Commission Implementing Regulation (EU) 2019/2028 (3), to Annex III to Implementing Regulation (EU) 2016/1799, the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 have changed. 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) 2019/2028, two additional credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council (4), while two other ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping have been deregistered. As Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, that Regulation should be amended to provide a mapping for the newly registered ECAIs, and to remove the mapping for the deregistered ECAIs.

(4)

In addition, one ECAI registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1799, has amended the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for that ECAI to reflect the current symbols used by that ECAI.

(5)	This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority jointly (the European Supervisory Authorities).

(6)

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 advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council (5); the advice of 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 Council (6); and the advice of 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 Council (7).

(7)	Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly,

HAS ADOPTED THIS REGULATION:

Article 1

Amendment to 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 2

Entry 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.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 16 November 2021.

For the Commission

The President

Ursula VON DER LEYEN

(1) OJ L 176, 27.6.2013, p. 1.

(2) Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for credit risk in accordance with Articles 136(1) and 136(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 275, 12.10.2016, p. 3).

(3) Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019 amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 313, 4.12.2019, p. 34).

(4) 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).

(5) 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).

(6) 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).

(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).

ANNEX

“ ANNEX III

Mapping tables for the purposes of Article 16

Credit quality step	1	2	3	4	5	6
A.M. Best (EU) Rating Services B.V.
Long-term issuer credit rating scale	aaa, aa+, 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 rating scale	aaa, aa+, aa, aa-	a+, a, a-	bbb+, bbb, bbb-	bb+, bb, bb-	b+, b, b-	ccc+, ccc, ccc-, cc, c, d, s
Financial strength rating scale	A++, A+	A, A-	B++, B+	B, B-	C++, C+	C, C-, D, E, F, S
Short-term issuer rating scale	AMB-1+	AMB-1-	AMB-2, AMB-3	AMB- 4, d, e, f, s
Short-term issue rating scale	AMB-1+	AMB-1-	AMB-2, AMB-3	AMB- 4, d, s
ARC Ratings S.A.
Medium- and long-term issuer 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
Claims paying ability rating scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, R
Short-term issuer 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
Axesor Risk Management S.L.
Global long-term rating scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, D, E
Global short-term rating scale	AS1+	AS1	AS2	AS3, AS4, AS5
Banque de France
Global long-term issuer credit rating scale	3++	3+, 3	4+	4, 5+	5, 6	7, 8, 9, P
Global NEC 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
Guarantee fund long-term scale	AAA, AA	A	BBB	BB	B	C, D
Guarantee fund short-term scale	A-1+	A-1	A-2, A-3	B, C, D
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 issuer 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
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 rating scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, RD, D
Corporate finance obligations — long-term rating 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 rating scale	AAA dcr, AA dcr	A dcr	BBB dcr	BB dcr	B dcr	CCC dcr, CC dcr, C 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 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 S.A.
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 Limited
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
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 RatingAS
Long-term rating scale	AAA/AA	A	BBB	BB	B	CCC, CC, C, D, SD
Short-term rating scale			N-1+	N-1, N-2, N-3, N-4
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, D
Global short-term rating scale	SR0		SR1, SR2	SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International long-term 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
International short-term rating scale	RA1+	RA1	RA2, RA3	RA4, RA5, C, D
Scope Ratings GmbH
Long-term rating scale	AAA, AA	A	BBB	BB	B	CCC, CC,C, D
Short-term rating scale	S-1+	S-1	S-2	S-3, S-4
Scope Hamburg GmbH
Global long-term rating scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, SD, D
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

”

Top

All

Choose the experimental features you want to try