Commission Implementing Regulation (EU) 2018/633
of 24 April 2018
amending Implementing Regulation (EU) 2016/1800 laying down implementing technical standards with regard to 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)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Whereas:
The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That deregistered institution should therefore be removed from the Annex to that Implementing Regulation.
This Regulation is based on the draft implementing technical standards submitted by the European supervisory authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) to the Commission.
Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1Amendment to Implementing Regulation (EU) 2016/1800
The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text in the Annex to this Regulation.
Article 2Entry into force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 24 April 2018.
For the Commission
The President
Jean-Claude Juncker
ANNEX
‘ANNEXAllocation 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
AM Best Europe-Rating Services Ltd
Long-term issuer credit ratings scale
aaa
aa+, aa, aa-
a+, a, a-
bbb+, bbb, bbb-
bb+, bb, bb-
b+, b, b-
ccc+, ccc, ccc-, cc, c, rs
Long-term debt ratings scale
aaa
aa+, aa, aa-
a+, a, a-
bbb+, bbb, bbb-
bb+, bb, bb-
b+, b, b-
ccc+, ccc, ccc-, cc, c, d
Financial strength ratings scale
A++, A+
A, A-
B++, B+
B, B-
C++, C+
C, C-, D, E, F, S
Short-term ratings scale
AMB-1+
AMB-1-
AMB-2, AMB-3
AMB- 4
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
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 S.A.
Global rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale
3++
3+, 3
4+
4, 5+
5, 6
7, 8, 9, P
BCRA – Credit Rating Agency AD
Bank long-term ratings scale
AAA
AA
A
BBB
BB
B
C, D
Insurance long-term ratings scale
iAAA
iAA
iA
iBBB
iBB
iB
iC, iD
Corporate long-term ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Municipality long-term ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Issue long-term ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Bank short-term ratings scale
A-1+
A-1
A-2, A-3
B, C, D
Corporate short-term ratings scale
A-1+
A-1
A-2, A-3
B, C, D
Municipality short-term ratings scale
A-1+
A-1
A-2, A-3
B, C, D
Issue short-term rating scale
A-1+
A-1
A-2, A-3
B, C, D
Capital Intelligence
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 short-term issuer rating scale
A-1+
A-1
A-2, A-3
B, C, D
International short-term issue rating scale
A-1+
A-1
A-2, A-3
B, C, 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
Creditreform Ratings AG
Long-term rating scale
AAA
AA
A
BBB
BB
B
C, D
CRIF S.p.A.
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, D1, D2
Dagong Europe Credit Rating
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term credit rating scale
A-1
A-2, A-3
B, C, D
DBRS Ratings Limited
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
Claims paying ability rating scale
IC-1
IC-2
IC-3
IC-4
IC-5
D
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
Euler Hermes Rating GmbH
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, SD, D
European Rating Agency, a.s.
Long-term rating scale
AAA, AA, A
BBB
BB
B
CCC, CC, C, D
Short-term rating scale
S1
S2
S3, S4, NS
EuroRating Sp. z o.o.
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited
Long-term issuer credit 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
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 Group S.A.
Global long-term rating scale
AA, A
BB, B
C, D
E, F
G, H
INC Rating Sp. z o.o.
Long-term issuer credit 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
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 Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd
Global long-term rating scale
Aaa
Aa
A
Baa
Ba
B
Caa, Ca, C
Bond fund rating scale
Aaa-bf
Aa-bf
A-bf
Baa-bf
Ba-bf
B-bf
Caa-bf, Ca-bf, C-bf
Global short-term rating scale
P-1
P-2
P-3
NP
Rating-Agentur Expert RA GmbH
International 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
Scope Ratings AG
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term rating scale
S-1+
S-1
S-2
S-3, S-4
Spread Research
International long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Standard & Poor's Credit Market Services France S.A.S., Standard & Poor's Credit Market Services Italy S.r.l., Standard & Poor's Credit Market Services Europe Limited
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
Fund credit quality ratings scale
AAAf
AAf
Af
BBBf
BBf
Bf
CCCf
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
The Economist Intelligence Unit Ltd
Sovereign rating band scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D’