Commission Implementing Regulation (EU) 2024/1872 of 1 July 2024 amending the implementing technical standards laid down in 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

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
Insurance Financial Strength Rating Criteria scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, D
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
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 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
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 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, 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 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
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

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