Commission Implementing Regulation (EU) 2021/2006 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1800 as regards 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
‘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
A.M. Best (EU) Rating Services B.V.
Long-term issuer credit ratings scale
aaa
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 ratings scale
aaa
aa, aa-
a+, a, a-
bbb+, bbb, bbb-
bb+, bb, bb-
b+, b, b-
ccc+, ccc, ccc-, cc, c, d, s
Financial strength ratings scale
A++, A+
A, A-
B++, B+
B, B-
C++, C+
C, C-, D, E, F, S
Short-term issuer ratings scale
AMB-1+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, e, f, s
Short-term issue ratings scale
AMB-1+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, s
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
Claims paying ability rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, R
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 Risk Management SL
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 ratings 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 ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term ratings 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 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 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
Derivative counterparty ratings 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 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 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 SA
Long-term 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 Europe
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 Rating AS
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 AG
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
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
Long-term Financial Institution Resolution Counterparty Ratings
AAA
AA
A
BBB
BB
B
CCC, CC, SD, D
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
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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