Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying 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

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 issue rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Insurance Financial Strength Rating Criteria 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 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
Banque de France
Global ANACOT 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
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
EthiFinance S.L. (formerly Axesor Risk Management S.L.)
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term rating scale
EF1+
EF1, EF2
EF3, EF4, EF5
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 Insurer Financial Strength rating 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, RD dcr, R 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 CRIF S.A. (previously 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 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
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
Insurance Financial Strength rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, 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
N1
N2
N3
N4, N5, N6
Scope Ratings GmbH
Long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D/SD
Short-term rating scale
S-1+
S-1
S-2
S-3, S-4, D/SD
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

Cite this act
