Commission Implementing Regulation (EU) 2018/633 of 24 April 2018 amending Implementing Regulation (EU) 2016/1800 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. )

Amendment to Implementing Regulation (EU) 2016/1800

Article 1

The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text in the Annex to this Regulation.

Entry into force

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 .

ANNEXSupplementary provisions

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 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 ’