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)

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
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 SA
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 SA
Global rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D, E
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
Banque de France
Global long-term issuer credit ratings scale
3++
3+, 3
4+
4, 5+
5, 6
7, 8, 9, P
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 SpA.
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
European Rating Agency
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
Euler Hermes Rating
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, SD, D
FERI EuroRating Services AG
FERI EuroRating rating scale
AAA
AA
A
BBB, BB
B
CCC, CC, D
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia SpA, Fitch Polska SA, 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 GmbH
Global long-term rating scale
AAA
AA
A, BBB
BB
B
CCC, CC, C, D
ICAP Group S.A
Global long-term rating scale
AA, A
BB, B
C, D
E, F
G, H
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
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 SA, 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
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
Scope Rating
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
The Economist Intelligence Unit Ltd
Sovereign rating band scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Schedules & Appendices

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