LegalizeReform history
Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for credit risk in accordance with Articles 136(1) and 136(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
4 versions
· 2016-10-07
2024-07-25
Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 lay
2021-12-07
Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 lay
2019-12-24
Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 lay
Changes on 2019-12-24
@@ -28,13 +28,11 @@
The calculation of the default rates referred to in Article 1 for each rating category shall be performed based solely on items assigned the same rating category by the external credit assessment institution (ECAI) for which the mapping is being performed, where the items meet all of the following requirements:
(a)they belong to the ‘corporate ratings’ referred to in point (a) of Article 3 of Delegated Regulation (EU) 2015/2, and they are assigned on an issuer basis;
(b)they are assigned either of the following:
(i)a solicited credit rating;
(ii)an unsolicited credit rating that meets the requirements of Article 138 of Regulation (EU) No 575/2013.
(a) they belong to the ‘corporate ratings’ referred to in point (a) of Article 3 of Delegated Regulation (EU) 2015/2, and they are assigned on an issuer basis;
(b) they are assigned either of the following:
(i) a solicited credit rating;
(ii) an unsolicited credit rating that meets the requirements of Article 138 of Regulation (EU) No 575/2013.
## Section 1
@@ -46,9 +44,9 @@
1. For the purpose of the short run default rate calculation, the number of items assigned the same rating category by the ECAI for which the mapping is being performed shall be deemed sufficiently numerous, where the items meet all of the following requirements:
(a)they are sufficient with respect to the perceived risk profile of the rating category, considering as an indicator, the number of items representing the inverse of the long run default rate benchmark of the rating category, as referred to in point (a) of Article 14;
(b)they are representative of the most recent pool of items assigned the same rating category.
(a) they are sufficient with respect to the perceived risk profile of the rating category, considering as an indicator, the number of items representing the inverse of the long run default rate benchmark of the rating category, as referred to in point (a) of Article 14;
(b) they are representative of the most recent pool of items assigned the same rating category.
2. For the purpose of the long run default rate calculation, the number of items assigned the same rating category by the ECAI for which the mapping is being performed shall be deemed sufficiently numerous where at minimum the most recent 10 short run default rates as referred to in paragraph 1 are available.
@@ -60,21 +58,21 @@
2. The short run default rates of a rating category shall be calculated over a 3-year time horizon as a ratio where:
(a)the denominator represents the number of items assigned the same rating category present at the beginning of the time horizon;
(b)the numerator represents the number of items referred to in point (a) that have defaulted prior to the end of the time horizon.
3. Items withdrawn prior to the end of the time horizon and not defaulted shall only contribute to the denominator of the short run default rates referred to in point (a) of paragraph 2 with a weight equal to 50 %. Any item for which there is evidence that it has been withdrawn prior to the occurrence of a default shall be considered to be a defaulted item.
(a) the denominator represents the number of items assigned the same rating category present at the beginning of the time horizon;
(b) the numerator represents the number of items referred to in point (a) that have defaulted prior to the end of the time horizon.
3. Items withdrawn prior to the end of the time horizon and not defaulted shall only contribute to the denominator of the short run default rates referred to in point (a) of paragraph 2 with a weight equal to 50 %. Any item for which there is evidence that it has been withdrawn prior to the occurrence of a default shall be considered to be a defaulted item.
4. Items shall be considered to be defaulted items to be included in the numerator specified in point (b) of paragraph 2 where any of the following types of event has occurred:
(a)a bankruptcy filing or legal receivership that will likely cause a miss or delay in future contractually required debt service payments;
(b)a missed or delayed disbursement of a contractually required interest or principal payment, unless payments are made within a contractually allowed grace period;
(c)a distressed exchange if the offer implies the investor will receive less value than the promise of the original securities;
(d)the rated entity is under a significant form of regulatory supervision owing to its financial condition.
(a) a bankruptcy filing or legal receivership that will likely cause a miss or delay in future contractually required debt service payments;
(b) a missed or delayed disbursement of a contractually required interest or principal payment, unless payments are made within a contractually allowed grace period;
(c) a distressed exchange if the offer implies the investor will receive less value than the promise of the original securities;
(d) the rated entity is under a significant form of regulatory supervision owing to its financial condition.
5. The short run default rates shall be calculated for each available pool of items assigned the same rating category on semi-annual periods, which are based on 1 January and 1 July of each year.
@@ -90,9 +88,9 @@
4. For the purpose of producing the weighted average referred to in paragraph 2, the following shall apply:
(a)the short run default rates calculated according to Article 4(1) shall be weighted based on the number of items specified in point (a) of Article 4(2);
(b)the estimated short run default rates shall be weighted based on estimates of the number of items assigned the same rating category present at the beginning of the time horizon.
(a) the short run default rates calculated according to Article 4(1) shall be weighted based on the number of items specified in point (a) of Article 4(2);
(b) the estimated short run default rates shall be weighted based on estimates of the number of items assigned the same rating category present at the beginning of the time horizon.
The weights shall ensure an adequate representation of recessionary and non-recessionary years in a full economic cycle.
@@ -106,9 +104,9 @@
Where a sufficient number of credit ratings as referred to in Article 3 is not available, the calculation of the long run default rate specified in Article 1 shall be performed according to both the following:
(a)it shall be based on the estimate provided by the ECAI of the long run default rate associated with all items assigned the same rating category, pursuant to point (a) of Article 136(2) of Regulation (EU) No 575/2013;
(b)the estimate referred to in point (a) shall be complemented with the number of defaulted and non-defaulted items assigned the rating category by the ECAI for which the mapping is being performed.
(a) it shall be based on the estimate provided by the ECAI of the long run default rate associated with all items assigned the same rating category, pursuant to point (a) of Article 136(2) of Regulation (EU) No 575/2013;
(b) the estimate referred to in point (a) shall be complemented with the number of defaulted and non-defaulted items assigned the rating category by the ECAI for which the mapping is being performed.
## *CHAPTER 2*
@@ -120,19 +118,19 @@
The qualitative factors referred to in point (b) of Article 136(2) of Regulation (EU) No 575/2013 shall be:
(a)the definition of default considered by the ECAI, as referred to in Article 8;
(b)the time horizon of a rating category considered by the ECAI, as referred to in Article 9;
(c)the meaning of a rating category and its relative position within the rating scale established by the ECAI, as referred to in Article 10;
(d)the creditworthiness of the items assigned the same rating category, as referred to in Article 11;
(e)the estimate provided by the ECAI of the long run default rate associated with all items assigned the same rating category, pursuant to point (a) of Article 136(2) of Regulation (EU) No 575/2013, as set out in Article 12;
(f)the relationship established by the ECAI (‘internal mapping’), where available, between, on the one hand, the rating category which is being mapped, and, on the other hand, other rating categories produced by the same ECAI, where a mapping for the latter categories has already been set out according to this Regulation, as referred to in Article 13;
(g)any other relevant information that can describe the degree of risk expressed by a rating category.
(a) the definition of default considered by the ECAI, as referred to in Article 8;
(b) the time horizon of a rating category considered by the ECAI, as referred to in Article 9;
(c) the meaning of a rating category and its relative position within the rating scale established by the ECAI, as referred to in Article 10;
(d) the creditworthiness of the items assigned the same rating category, as referred to in Article 11;
(e) the estimate provided by the ECAI of the long run default rate associated with all items assigned the same rating category, pursuant to point (a) of Article 136(2) of Regulation (EU) No 575/2013, as set out in Article 12;
(f) the relationship established by the ECAI (‘internal mapping’), where available, between, on the one hand, the rating category which is being mapped, and, on the other hand, other rating categories produced by the same ECAI, where a mapping for the latter categories has already been set out according to this Regulation, as referred to in Article 13;
(g) any other relevant information that can describe the degree of risk expressed by a rating category.
#### Article 8
@@ -186,9 +184,9 @@
The benchmark referred to in point (c) of Article 136(2) of Regulation (EU) No 575/2013, shall be distinguished in:
(a)a long-run default rate benchmark for each credit quality step as set out in Table 1 of Annex I;
(b)a short-run default rate benchmark for each credit quality step as set out in Table 2 of Annex I.
(a) a long-run default rate benchmark for each credit quality step as set out in Table 1 of Annex I;
(b) a short-run default rate benchmark for each credit quality step as set out in Table 2 of Annex I.
#### Article 15
@@ -225,21 +223,21 @@
| Credit Quality Step | Long run benchmark | | |
| --- | --- | --- | --- |
| Mid value | Lower bound | Upper bound | |
| 1 | 0,10 % | 0,00 % | 0,16 % |
| 2 | 0,25 % | 0,17 % | 0,54 % |
| 3 | 1,00 % | 0,55 % | 2,39 % |
| 4 | 7,50 % | 2,40 % | 10,99 % |
| 5 | 20,00 % | 11,00 % | 26,49 % |
| 6 | 34,00 % | 26,50 % | 100,00 % |
| 1 | 0,10 % | 0,00 % | 0,16 % |
| 2 | 0,25 % | 0,17 % | 0,54 % |
| 3 | 1,00 % | 0,55 % | 2,39 % |
| 4 | 7,50 % | 2,40 % | 10,99 % |
| 5 | 20,00 % | 11,00 % | 26,49 % |
| 6 | 34,00 % | 26,50 % | 100,00 % |
| Credit Quality Step | Short run benchmarks | |
| --- | --- | --- |
| Monitoring level | Trigger level | |
| 1 | 0,80 % | 1,20 % |
| 2 | 1,00 % | 1,30 % |
| 3 | 2,40 % | 3,00 % |
| 4 | 11,00 % | 12,40 % |
| 5 | 28,60 % | 35,00 % |
| 1 | 0,80 % | 1,20 % |
| 2 | 1,00 % | 1,30 % |
| 3 | 2,40 % | 3,00 % |
| 4 | 11,00 % | 12,40 % |
| 5 | 28,60 % | 35,00 % |
| 6 | not applicable | not applicable |
## ANNEX II
@@ -257,72 +255,77 @@
## ANNEX III
### **Mapping tables for the purposes of Article 16**
| **Credit quality step** | **1** | **2** | **3** | **4** | **5** | **6** |
| Credit quality step | 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 | | |
| *ACRA Europe, a.s (formerly European Rating Agency, a.s.)* | | | | | | |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Global short-term rating scale | S1 | | S2 | S3, S4, NS | | |
| *AM Best Europe Rating Services* | | | | | | |
| 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 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 | | |
| 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 |
| 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 | | |
| *Axesor SA* | | | | | | |
| *Axesor Risk Management SL* | | | | | | |
| 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 Ltd* | | | | | | |
| Global long-term issuer credit rating scale | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, 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 |
| Guarantee fund long-term scale | AAA, AA | A | BBB | BB | B | C, D |
| Guarantee fund short-term scale | A-1+ | A-1 | A-2, A-3 | B, C, D | | |
| *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 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 | | |
| 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 |
| *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* | | | | | | |
| *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 |
| 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 | | |
| *Dagong Europe Credit Rating Srl* | | | | | | |
| 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* | | | | | | |
| *DBRS Ratings* | | | | | | |
| 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 |
| 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 |
| *Egan-Jones Ratings Co.* | | | | | | |
| Long-term credit rating scale | AAA, AA | A | BBB | BB | B | CCC,CC, C, D |
| 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.zo.o.* | | | | | | |
| *EuroRating Sp. z o.o.* | | | | | | |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| *Fitch Ratings* | | | | | | |
| 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 |
| 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 |
| 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 Bonitäts-beurteilung mbH* | | | | | | |
| 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) |
@@ -330,36 +333,38 @@
| *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 |
| 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 | | |
| 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* | | | | | | |
| 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 | | |
| *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 | | |
| *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 | 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 |
| 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 | | |
| *QIVALIO SAS (formerly Spread Research)* | | | | | | |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Global short-term rating scale | SR0 | | SR1, SR2 | SR3, SR4, SR5, SRD | | |
| *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 Ratings Services* | | | | | | |
| 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 | | |
| 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 GmbH* | | | | | | |
| Long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC,C, D |
| Short-term rating scale | S-1+ | S-1 | S-2 | S-3, S-4 | | |
| *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 |
| 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 | | |
| *The Economist Intelligence Unit Ltd* | | | | | | |
| Sovereign rating band scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Sovereign rating band scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
2018-05-15
Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016
original version
Text at this date