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 .

Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps

ANNEXSupplementary provisions

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