02016R1800 — EN — 15.05.2018 — 001.001


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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

(Text with EEA relevance)

(OJ L 275 12.10.2016, p. 19)

Amended by:

 

 

Official Journal

  No

page

date

►M1

COMMISSION IMPLEMENTING REGULATION (EU) 2018/633 of 24 April 2018

  L 105

6

25.4.2018




▼B

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

(Text with EEA relevance)



Article 1

The allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps shall be that set out in the Annex.

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.

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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

AM Best Europe-Rating Services Ltd

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

 

 

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 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

 

 

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 S.A.

Global rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D, E

Banque de France

Global long-term issuer credit ratings scale

 

3++

3+, 3

4+

4, 5+

5, 6

7, 8, 9, P

BCRA – Credit Rating Agency AD

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

 

 

Capital Intelligence

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

 

 

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

Creditreform Ratings AG

Long-term rating scale

AAA

AA

A

BBB

BB

B

C, D

CRIF S.p.A.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, D1, D2

Dagong Europe Credit Rating

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

 

 

DBRS Ratings Limited

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

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

 

 

Euler Hermes Rating GmbH

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, SD, D

European Rating Agency, a.s.

Long-term rating scale

 

 

AAA, AA, A

BBB

BB

B

CCC, CC, C, D

Short-term rating scale

 

 

S1

S2

S3, S4, NS

 

 

EuroRating Sp. z o.o.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited

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

 

 

GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH

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 Group S.A.

Global long-term rating scale

 

 

AA, A

BB, B

C, D

E, F

G, H

INC Rating Sp. z o.o.

Long-term issuer credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Japan Credit Rating Agency Ltd

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

 

 

Kroll Bond Rating Agency

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 Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd

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

 

 

Rating-Agentur Expert RA GmbH

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

Scope Ratings AG

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

 

 

Spread Research

International long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Standard & Poor's Credit Market Services France S.A.S., Standard & Poor's Credit Market Services Italy S.r.l., Standard & Poor's Credit Market Services Europe Limited

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

 

 

The Economist Intelligence Unit Ltd

Sovereign rating band scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D