Commission Implementing Regulation (EU) 2021/2005 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)

ANNEX
ANNEX
“
ANNEX III
Mapping tables for the purposes of Article 16
Credit quality step
1
2
3
4
5
6
A.M. Best (EU) Rating Services B.V.
Long-term issuer credit rating scale
aaa, aa+, 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 rating scale
aaa, aa+, aa, aa-
a+, a, a-
bbb+, bbb, bbb-
bb+, bb, bb-
b+, b, b-
ccc+, ccc, ccc-, cc, c, d, s
Financial strength rating scale
A++, A+
A, A-
B++, B+
B, B-
C++, C+
C, C-, D, E, F, S
Short-term issuer rating scale
AMB-1+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, e, f, s
Short-term issue rating scale
AMB-1+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, s
ARC Ratings S.A.
Medium- and long-term issuer 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
Claims paying ability rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, R
Short-term issuer 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
Axesor Risk Management S.L.
Global long-term rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, D, E
Global short-term rating scale
AS1+
AS1
AS2
AS3, AS4, AS5
Banque de France
Global long-term issuer credit rating scale
3++
3+, 3
4+
4, 5+
5, 6
7, 8, 9, P
Global NEC 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
Guarantee fund long-term scale
AAA, AA
A
BBB
BB
B
C, D
Guarantee fund short-term scale
A-1+
A-1
A-2, A-3
B, C, D
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 issuer 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
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 rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, RD, D
Corporate finance obligations — long-term rating 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 rating scale
AAA dcr, AA dcr
A dcr
BBB dcr
BB dcr
B dcr
CCC dcr, CC dcr, C 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 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 S.A.
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 Limited
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
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 RatingAS
Long-term rating scale
AAA/AA
A
BBB
BB
B
CCC, CC, C, D, SD
Short-term rating scale
N-1+
N-1, N-2, N-3, N-4
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term rating scale
SR0
SR1, SR2
SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International long-term 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
International short-term rating scale
RA1+
RA1
RA2, RA3
RA4, RA5, C, D
Scope Ratings GmbH
Long-term rating scale
AAA, AA
A
BBB
BB
B
CCC, CC,C, D
Short-term rating scale
S-1+
S-1
S-2
S-3, S-4
Scope Hamburg GmbH
Global long-term rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, SD, D
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
”
Schedules & Appendices

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