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Commission Implementing Regulation (EU) 2022/2365 of 2 December 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1801 as regards the mapping tables correspondence 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)

Commission Implementing Regulation (EU) 2022/2365 of 2 December 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1801 as regards the mapping tables correspondence 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)

Implementing Regulation (EU) 2022/2365 · Regulation · 3 articles

Data as of 2026-07-04 · 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

Article 1

Implementing Regulation (EU) 2016/1801 is amended as follows: (1) Article 1 is deleted; (2) Article 2 is replaced by the following: ‘Article 2 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.’ ; (3) Annex I is deleted; (4) Annex II is replaced by the text in the Annex to this Regulation.

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 .

Supplementary provisions

ANNEXSupplementary provisions

ANNEX ‘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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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

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