Commission Implementing Regulation (EU) 2016/1801 of 11 October 2016 on laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for securitisation in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
In forceLast amended 2022-12-25
Data as of 2026-11-02 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Mapping tables under the External Ratings Based Approach
The correspondence of the rating categories of each external credit assessment institution for securitisation positions subject to the External Ratings Based Approach with the credit quality steps set out in Articles 263 and 264 of Regulation (EU) No 575/2013 is set out in Annex II to this Regulation.
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 .
Mapping tables for the purposes of Article 2
ANNEX II Mapping tables for the purposes of Article 2 CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other A.M. Best (EU) Rating Services B.V. Long-term issue credit rating scale aaa(sf) aa+(sf) aa(sf) aa-(sf) a+(sf) a(sf) a-(sf) bbb+(sf) bbb(sf) bbb-(sf) bb+(sf) bb(sf) bb-(sf) b+(sf) b(sf) b-(sf) ccc+(sf) , ccc(sf) , ccc-(sf) Below ccc-(sf) Short-term issue rating scale AMB-1+(sf), AMB-1(sf) AMB-2(sf) AMB-3(sf) Below AMB-3(sf) ARC Ratings S.A. Medium- and long-term issue rating scale AAA SF AA+ SF AA SF AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF B+ SF B SF B- SF CCC+ SF CCC SF , CCC- SF Below CCC- SF Short-term issue rating scale A-1+ SF , A-1 SF A-2 SF , A-3 SF Below A-3 SF CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other Axesor Risk Management S.L. Long-term structured finance credit rating scale AAA (sf) AA+ (sf) AA (sf) AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B+ (sf) B (sf) B- (sf) CCC+ (sf), CCC (sf) , CCC- (sf) Below CCC- (sf) Creditreform Rating AG Long-term credit rating scale AAA sf AA+ sf AA sf AA- sf A+ sf A sf A- sf BBB+ sf BBB sf BBB- sf BB+ sf BB sf BB- sf B+ sf B sf B- sf CCC sf Below CCC sf DBRS Ratings GmbH Long-term obligations rating scale AAA (sf) AA (high)(sf) AA (sf) AA (low)(sf) A (high)(sf) A (sf) A (low)(sf) BBB (high)(sf) BBB (sf) BBB (low)(sf) BB (high)(sf) BB (sf) BB (low)(sf) B (high)(sf) B (sf) B (low)(sf) CCC (high)(sf) , CCC (sf) , CCC (low)(sf) Below CCC (low)(sf) Commercial paper and short-term debt rating scale R-1 (high)(sf) , R-1 (middle)(sf) , R-1 (low)(sf) R-2 (high)(sf) , R-2 (middle)(sf) , R-2 (low)(sf) R-3 (sf) Below R-3 (sf) CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other Fitch Ratings Ireland Limited Long-term rating scale AAA SF AA+ SF AA SF AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF B+ SF B SF B- SF CCC SF Below CCC SF Short-term rating scale F1+ SF , F1 SF F2 SF F3 SF Below F3 SF HR Ratings de México, S.A. de C.V. Long-term credit rating scale HR AAA (E) HR AA+ (E) HR AA (E) HR AA- (E) HR A+ (E) HR A (E) HR A- (E) HR BBB+ (E) HR BBB (E) HR BBB- (E) HR BB+ (E) HR BB (E) HR BB- (E) HR B+ (E) HR B (E) HR B- (E) HR C+ (E) Below HR C+ (E) ICAP S.A. Global credit rating scale AAA SF, AAA- SF AA+ SF AA SF AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF B+ SF B SF B- SF CCC+ SF, CCC SF , CCC- SF Below CCC- SF CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other Japan Credit Rating Agency Ltd Long-term issue rating scale AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC Below CCC Short-term issue rating scale J-1+, J-1 J-2 J-3 Below J-3 Kroll Bond Rating Agency Europe Limited Long-term credit rating scale AAA (sf) AA+ (sf) AA (sf) AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B+ (sf) B (sf) B- (sf) CCC+ (sf), CCC (sf) , CCC- (sf) Below CCC- (sf) Short-term credit rating scale K1+ (sf), K1 (sf) K2 (sf) K3 (sf) Below K3 (sf) CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other Moody’s Investors Service Global long-term rating scale Aaa (sf) Aa1 (sf) Aa2 (sf) Aa3 (sf) A1 (sf) A2 (sf) A3 (sf) Baa1 (sf) Baa2 (sf) Baa3 (sf) Ba1 (sf) Ba2 (sf) Ba3 (sf) B1 (sf) B2 (sf) B3 (sf) Caa1 (sf) , Caa2 (sf) , Caa3 (sf) Below Caa3 (sf) Global short-term rating scale P-1 (sf) P-2 (sf) P-3 (sf) Below P-3 (sf) Scope Ratings GmbH Long-term credit rating scale AAA SF AA+ SF AA SF AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF B+ SF B SF B- SF CCC SF Below CCC SF Short-term credit rating scale S-1+ SF, S-1 SF S-2 SF S-3 SF , Below S-3 SF CQS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 All other S&P Global Ratings Europe Limited Global long-term issue credit rating scale AAA (sf) AA+ (sf) AA (sf) AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B+ (sf) B (sf) B- (sf) CCC+ (sf), CCC (sf) , CCC- (sf) Below CCC- (sf) Global short-term issue credit rating scale A-1+ (sf), A-1 (sf) A-2 (sf) A-3 (sf) Below A-3 (sf)
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