LegalizeCommission Implementing Regulation (EU) 2018/634 of 24 April 2018 amending 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 (Text with EEA relevance. )
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
| 25.4.2018 | EN | Official Journal of the European Union | L 105/14 |
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms 1, and in particular the third subparagraph of Article 136(1) thereof,
Whereas:
- (1) Commission Implementing Regulation (EU) 2016/1799 2 specifies in its Annex III, the correspondence of the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) to the credit quality steps set out in Section 2 of Chapter 2 of Title II of Part Three of Regulation (EU) No 575/2013 (mapping).
- (2) Since the adoption of Implementing Regulation (EU) 2016/1799 additional credit rating agencies have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council 3. Furthermore, one of the ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping has been deregistered. Given that Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, it is necessary to amend Implementing Regulation (EU) 2016/1799 to provide mappings for the newly registered or certified ECAIs, and to remove the mapping for the deregistered ECAI.
- (3) This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority jointly (the ‘European Supervisory Authorities’) to the Commission.
- (4) The European Supervisory Authorities have conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council 4, the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council 5, and the Insurance and Reinsurance Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council 6.
- (5) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendment to Implementing Regulation (EU) 2016/1799
Annex III to Implementing Regulation (EU) 2016/1799 is replaced by the text set out in the Annex to this Regulation.
Article 2
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.
Done at Brussels, 24 April 2018.
For the Commission
The President
Jean-Claude JUNCKER
2
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 (OJ L 275, 12.10.2016, p. 3).
3
Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1).
4
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
5
Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
6
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).
ANNEX
‘ANNEX III
Mapping tables for the purposes of Article 16
| Credit quality step | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | AM Best Europe-Rating Services Ltd | 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. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | ARC Ratings S.A. | 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 | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | ASSEKURATA Assekuranz Rating-Agentur GmbH | 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 SA | Axesor SA | Axesor SA | Axesor SA | Axesor SA | Axesor SA |
| Global rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D, E |
| Banque de France | Banque de France | Banque de France | Banque de France | Banque de France | Banque de France | 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 | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | BCRA – Credit Rating Agency AD | 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 | Capital Intelligence Ltd | Capital Intelligence Ltd | Capital Intelligence Ltd | Capital Intelligence Ltd | Capital Intelligence Ltd | Capital Intelligence 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 | ||
| Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | Cerved Rating Agency S.p.A. | 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 | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG | Creditreform Ratings AG |
| Long-term rating scale | AAA, AA | A | BBB | BB | B | C, D |
| CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. | CRIF S.p.A. |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, D1, D2 |
| Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | Dagong Europe Credit Rating | 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 | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | DBRS Ratings Limited | 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. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | Egan-Jones Ratings Co. | 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 | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | Euler Hermes Rating GmbH | 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. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | European Rating Agency, a.s. | 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.zo.o. | EuroRating Sp.zo.o. | EuroRating Sp.zo.o. | EuroRating Sp.zo.o. | EuroRating Sp.zo.o. | EuroRating Sp.zo.o. |
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Fitch Ratings | Fitch Ratings | Fitch Ratings | Fitch Ratings | Fitch Ratings | Fitch Ratings | 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 |
| 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 | GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH | GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH | GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH | GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH | GBB-Rating Gesellschaft für Bonitäts-beurteilung mbH | GBB-Rating Gesellschaft für Bonitäts-beurteilung 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. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | HR Ratings de México, S.A. de C.V. | 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 | ICAP Group S.A | ICAP Group S.A | ICAP Group S.A | ICAP Group S.A | ICAP Group S.A | 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. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | INC Rating Sp. z o.o. | 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 | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | Japan Credit Rating Agency Ltd | 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 | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | Kroll Bond Rating Agency | 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. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. | modeFinance S.r.l. |
| Global long-term rating scale | A1,A2 | A3 | B1 | B2 | B3 | C1, C2, C3, D |
| Moody's Investors Service | Moody's Investors Service | Moody's Investors Service | Moody's Investors Service | Moody's Investors Service | Moody's Investors Service | 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 | ||
| Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | Rating-Agentur Expert RA GmbH | 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 | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | Scope Ratings AG | 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 | Spread Research | Spread Research | Spread Research | Spread Research | Spread Research | Spread Research |
| International long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Standard & Poor's Ratings Services | Standard & Poor's Ratings Services | Standard & Poor's Ratings Services | Standard & Poor's Ratings Services | Standard & Poor's Ratings Services | Standard & Poor's Ratings Services | 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 | ||
| The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd | The Economist Intelligence Unit Ltd |
| Sovereign rating band scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
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