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)

Mapping tables under the standardised approach

Article 1

The correspondence of the rating categories of each ECAI for securitisation positions subject to the standardised approach with the credit quality steps under the standardised approach set out in Table 1 of Article 251 of Regulation (EU) No 575/2013 is that set out in Annex I to this Regulation.

Mapping tables under the ratings-based method

Article 2

The correspondence of the rating categories of each ECAI for securitisation positions subject to the IRB approach with the credit quality steps set out in Table 4 of Article 261(1) of Regulation (EU) No 575/2013 is that set out in Annex II to this Regulation.

Entry into Force

Article 3

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .

ANNEX ISupplementary provisions

ANNEX I Mapping table under the standardised approach as referred to in Article 1 Credit quality step 1 2 3 4 All other ARC Ratings SA Medium and Long-Term Issues AAA SF to AA- SF A+ SF to A- SF BBB+ SF to BBB- SF BB+ SF to BB- SF Below BB- SF Short-Term Issues A-1+ SF , A-1 SF A-2 SF A-3 SF   Below A-3 SF Axesor SA Structured finance rating scale AAA (sf) to AA- (sf) A+ (sf) to A- (sf) BBB+ (sf) to BBB- (sf) BB+ (sf) to BB- (sf) Below BB- (sf) Creditreform Ratings AG Long-term rating scale AAA sf , AA- sf A+ sf to A- sf BBB+ sf to BBB- sf BB+ sf to BB- sf Below BB- sf DBRS Ratings Limited Long-term obligations rating scale AAA (sf) to AA (low) (sf) A (high) (sf) to A (low) (sf) BBB (high) (sf) to BBB (low) (sf) BB (high) (sf) to BB (low) (sf) Below BB (low) (sf) Commercial paper and short-term debt rating scale R-1 (high) (sf) to R-1 (low) (sf) R-2 (high) (sf) to R-2 (low) (sf) R-3 (sf)   Below R-3 (sf) FERI EuroRating Services AG Rating scale AAA sf to AA- sf A+ sf to A- sf BBB+ sf to BBB- sf BB+ sf to BB- sf Below BB- sf Fitch Ratings Long-term issuer credit ratings scale AAAsf to AA-sf A+sf to A-sf BBB+sf to BBB-sf BB+sf to BB-sf Below BB-sf Short-term rating scale F1+sf, F1sf F2sf F3sf   Below F3sf Japan Credit Rating Agency Ltd Long-term issuer ratings scale AAA to AA- A+ to A- BBB+ to BBB- BB+ to BB- Below BB- Short-term issuer ratings scale J-1+, J-1 J-2 J-3   Below J-3 Kroll Bond Rating Agency Long-Term Credit AAA (sf) to AA- (sf) A+ (sf) to A- (sf) BBB+ (sf) to BBB- (sf) BB+ (sf) to BB- (sf) Below BB- (sf) Short-Term Credit K1+ (sf), K1 (sf) K2 (sf) K3 (sf)   Below K3 (sf) Moody's Investors Service Global long-term rating scale Aaa(sf) to Aa3(sf) A1(sf) to A3(sf) Baa1(sf) to Baa3(sf) Ba1(sf) to Ba3(sf) Below Ba3(sf) Global short-term rating scale P-1(sf) P-2(sf) P-3(sf)   NP(sf) Standard & Poor's Ratings Services Long-term issuer credit ratings scale AAA (sf) to AA- (sf) A+ (sf) to A- (sf) BBB+ (sf) to BBB- (sf) BB+ (sf) to BB- (sf) Below BB- (sf) Short-term issuer credit ratings scale A-1+ (sf), A-1 (sf) A-2 (sf) A-3 (sf)   Below A-3 (sf) Scope Rating AG Global long-term rating scale AAA SF to AA- SF A+ SF to A- SF BBB+ SF to BBB- SF BB+ SF to BB- SF Below BB- SF Global short-term rating scale S-1+ SF , S-1 SF S-2 SF S-3 SF   S-4 SF

ANNEX IISupplementary provisions

ANNEX II Mapping table under the ratings-based method as referred to in Article 2 Credit quality step 1 2 3 4 5 6 7 8 9 10 11 All other ARC Ratings SA Medium and Long-Term Issues AAA SF AA+ SF to AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF Below BB- SF Short-Term Issues A-1+ SF , A-1 SF A-2 SF A-3 SF                 Below A-3 SF Axesor SA Structured finance rating scale AAA (sf) AA+ (sf) to AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) Below BB- (sf) Creditreform Ratings AG Long-term rating scale AAA sf AA+ sf to AA- sf A+ sf A sf A- sf BBB+ sf BBB sf BBB- sf BB+ sf BB sf BB- sf Below BB- sf DBRS Ratings Limited Long-term obligations rating scale AAA (sf) AA (high) (sf) to 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) Below BB (low) (sf) Commercial paper and short-term debt rating scale R-1 (high) (sf) to R-1 (low) (sf) R-2 (high) (sf) to R-2 (low) (sf) R-3 (sf)                 Below R-3 (sf) FERI EuroRating Services AG Rating scale AAA sf AA+ sf to AA- sf A+ sf A sf A- sf BBB+ sf BBB sf BBB- sf BB+ sf BB sf BB- sf Below BB- sf Fitch Ratings Long-term issuer credit ratings scale AAAsf AA+sf to AA-sf A+sf Asf A-sf BBB+sf BBBsf BBB-sf BB+sf BBsf BB-sf Below BB-sf Short-term rating scale F1+sf, F1sf F2sf F3sf                 Below Bsf Japan Credit Rating Agency Ltd Long-term issuer ratings scale AAA AA+ to AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- Below BB- Short-term issuer ratings scale J-1+, J-1 J-2 J-3                 Below J-3 Kroll Bond Rating Agency Long-Term Credit AAA (sf) AA+ (sf) to AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) Below BB- (sf) Short-Term Credit K1+ (sf), K1 (sf) K2 (sf) K3 (sf)                 Below K3 (sf) Moody's Investors Service Global long-term rating scale Aaa(sf) Aa1(sf) to Aa3(sf) A1(sf) A2(sf) A3(sf) Baa1(sf) Baa2(sf) Baa3(sf) Ba1(sf) Ba2(sf) Ba3(sf) Below Ba3(sf) Global short-term rating scale P-1(sf) P-2(sf) P-3(sf)                 NP(sf) Standard & Poor's Ratings Services Long-term issuer credit ratings scale AAA (sf) AA+ (sf) to AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) Below BB- (sf) Short-term issuer credit ratings scale A-1+ (sf), A-1 (sf) A-2 (sf) A-3 (sf)                 Below A-3 (sf) Scope Rating AG Global long-term rating scale AAA SF AA+ SF to AA- SF A+ SF A SF A- SF BBB+ SF BBB SF BBB- SF BB+ SF BB SF BB- SF Below BB- SF Global short-term rating scale S-1+ SF , S-1 SF S-2 SF S-3 SF                 S-4 SF