COMMISSION IMPLEMENTING REGULATION (EU) 2016/1800
of 11 October 2016
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)
Article 1
Article 2
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 |
AM Best Europe-Rating Services Ltd |
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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 SA |
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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 |
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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 SA |
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Global rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D, E |
BCRA — Credit Rating Agency AD |
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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 |
|
|
Banque de France |
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Global long-term issuer credit ratings scale |
|
3++ |
3+, 3 |
4+ |
4, 5+ |
5, 6 |
7, 8, 9, P |
Capital Intelligence |
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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 SpA. |
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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 |
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Long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
C, D |
CRIF S.p.A. |
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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 |
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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 |
European Rating Agency |
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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. |
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Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |
Euler Hermes Rating |
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Global long-term rating scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, SD, D |
FERI EuroRating Services AG |
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FERI EuroRating rating scale |
AAA |
AA |
A |
|
BBB, BB |
B |
CCC, CC, D |
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia SpA, Fitch Polska SA, Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited |
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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 GmbH |
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Global long-term rating scale |
AAA |
AA |
|
A, BBB |
BB |
B |
CCC, CC, C, D |
ICAP Group S.A |
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Global long-term rating scale |
|
|
AA, A |
BB, B |
C, D |
E, F |
G, H |
Japan Credit Rating Agency Ltd |
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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 |
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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 |
|
|
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 SA, Moody's Investors Service Ltd |
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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 |
|
|
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 |
|
|
Scope Rating |
|||||||
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 |
The Economist Intelligence Unit Ltd |
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Sovereign rating band scale |
AAA |
AA |
A |
BBB |
BB |
B |
CCC, CC, C, D |