LegalizeCommission Implementing Regulation (EU) 2016/1801 of 11 October 2016 on laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for securitisation in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
Article 2
Mapping tables under the External Ratings Based Approach
The correspondence of the rating categories of each external credit assessment institution for securitisation positions subject to the External Ratings Based Approach with the credit quality steps set out in Articles 263 and 264 of Regulation (EU) No 575/2013 is set out in Annex II to this Regulation.
Article 3
Entry 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.
ANNEX II
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A.M. Best (EU) Rating Services B.V. | ||||||||||||||||||
| Long-term issue credit rating scale | ||||||||||||||||||
| aaa(sf) | aa+(sf) | aa(sf) | aa-(sf) | a+(sf) | a(sf) | a-(sf) | bbb+(sf) | bbb(sf) | bbb-(sf) | bb+(sf) | bb(sf) | bb-(sf) | b+(sf) | b(sf) | b-(sf) | ccc+(sf), ccc(sf), ccc-(sf) | Below ccc-(sf) | |
| Short-term issue rating scale | ||||||||||||||||||
| AMB-1+(sf), AMB-1(sf) | AMB-2(sf) | AMB-3(sf) | Below AMB-3(sf) | |||||||||||||||
| ARC Ratings S.A. | ||||||||||||||||||
| Medium- and long-term issue rating scale | ||||||||||||||||||
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCC+SFCCCSF, CCC-SF | Below CCC-SF | |
| Short-term issue rating scale | ||||||||||||||||||
| A-1+SF, A-1 SF | A-2SF, | A-3SF | Below A-3SF | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Axesor Risk Management S.L. | ||||||||||||||||||
| Long-term structured finance credit rating scale | ||||||||||||||||||
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf),CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Creditreform Rating AG | ||||||||||||||||||
| Long-term credit rating scale | ||||||||||||||||||
| AAAsf | AA+sf | AAsf | AA-sf | A+sf | Asf | A-sf | BBB+sf | BBBsf | BBB-sf | BB+sf | BBsf | BB-sf | B+sf | Bsf | B-sf | CCCsf | Below CCCsf | |
| DBRS Ratings GmbH | ||||||||||||||||||
| Long-term obligations rating scale | ||||||||||||||||||
| AAA(sf) | AA(high)(sf) | AA(sf) | AA(low)(sf) | A(high)(sf) | A(sf) | A(low)(sf) | BBB(high)(sf) | BBB(sf) | BBB(low)(sf) | BB(high)(sf) | BB(sf) | BB(low)(sf) | B(high)(sf) | B(sf) | B(low)(sf) | CCC(high)(sf), CCC(sf), CCC(low)(sf) | Below CCC(low)(sf) | |
| Commercial paper and short-term debt rating scale | ||||||||||||||||||
| R-1(high)(sf), R-1(middle)(sf), R-1(low)(sf) | R-2(high)(sf), R-2(middle)(sf), R-2(low)(sf) | R-3(sf) | Below R-3(sf) | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Fitch Ratings Ireland Limited | ||||||||||||||||||
| Long-term rating scale | ||||||||||||||||||
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCCSF | Below CCCSF | |
| Short-term rating scale | ||||||||||||||||||
| F1+SF, F1 SF | F2SF | F3SF | Below F3SF | |||||||||||||||
| HR Ratings de México, S.A. de C.V. | ||||||||||||||||||
| Long-term credit rating scale | ||||||||||||||||||
| HR AAA (E) | HR AA+ (E) | HR AA (E) | HR AA- (E) | HR A+ (E) | HR A (E) | HR A- (E) | HR BBB+ (E) | HR BBB (E) | HR BBB- (E) | HR BB+ (E) | HR BB (E) | HR BB- (E) | HR B+ (E) | HR B (E) | HR B- (E) | HR C+ (E) | Below HR C+ (E) | |
| ICAP S.A. | ||||||||||||||||||
| Global credit rating scale | ||||||||||||||||||
| AAASF, AAA-SF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCC+SF, CCCSF, CCC-SF | Below CCC-SF | |
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Japan Credit Rating Agency Ltd | ||||||||||||||||||
| Long-term issue rating scale | ||||||||||||||||||
| AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC | Below CCC | |
| Short-term issue rating scale | ||||||||||||||||||
| J-1+, J-1 | J-2 | J-3 | Below J-3 | |||||||||||||||
| Kroll Bond Rating Agency Europe Limited | ||||||||||||||||||
| Long-term credit rating scale | ||||||||||||||||||
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf), CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Short-term credit rating scale | ||||||||||||||||||
| K1+(sf), K1(sf) | K2(sf) | K3(sf) | Below K3(sf) | |||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| Moody’s Investors Service | ||||||||||||||||||
| Global long-term rating scale | ||||||||||||||||||
| Aaa(sf) | Aa1(sf) | Aa2(sf) | Aa3(sf) | A1(sf) | A2(sf) | A3(sf) | Baa1(sf) | Baa2(sf) | Baa3(sf) | Ba1(sf) | Ba2 (sf) | Ba3 (sf) | B1 (sf) | B2 (sf) | B3 (sf) | Caa1(sf), Caa2(sf), Caa3(sf) | Below Caa3(sf) | |
| Global short-term rating scale | ||||||||||||||||||
| P-1 (sf) | P-2 (sf) | P-3 (sf) | Below P-3(sf) | |||||||||||||||
| Scope Ratings GmbH | ||||||||||||||||||
| Long-term credit rating scale | ||||||||||||||||||
| AAASF | AA+SF | AASF | AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | B+SF | BSF | B-SF | CCCSF | Below CCCSF | |
| Short-term credit rating scale | ||||||||||||||||||
| S-1+SF, S-1SF | S-2 SF | S-3 SF | , | Below S-3 SF | ||||||||||||||
| CQS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | All other |
| S&P Global Ratings Europe Limited | ||||||||||||||||||
| Global long-term issue credit rating scale | ||||||||||||||||||
| AAA(sf) | AA+(sf) | AA(sf) | AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | B+(sf) | B(sf) | B-(sf) | CCC+(sf), CCC(sf), CCC-(sf) | Below CCC-(sf) | |
| Global short-term issue credit rating scale | ||||||||||||||||||
| A-1+(sf), A-1(sf) | A-2(sf) | A-3(sf) | Below A-3(sf) |
Reading this document does not replace reading the official text published in the Official Journal of the European Union. We assume no responsibility for any inaccuracies arising from the conversion of the original to this format.