LegalizeCommission Implementing Regulation (EU) 2024/1872 of 1 July 2024 amending the implementing technical standards laid down in 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
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| Image omitted; see official source | Official Journal of the European Union | EN L series |
| --- | --- | --- |
| 2024/1872 | 5.7.2024 |
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 amending Regulation (EU) No 648/2012 1, and in particular Article 136(1), first subparagraph, thereof,
Whereas:
- (1) Commission Implementing Regulation (EU) 2016/1799 2 specifies, in its Annex III, the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and the credit quality steps set out in Part Three, Title II, Chapter 2, Section 2 of Regulation (EU) No 575/2013 (‘mapping’).
- (2) Since the latest amendments introduced by Commission Implementing Regulation (EU) 2021/2005 3, the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs. In addition, some ECAIs have extended their credit assessments to new market segments, resulting in new rating scales and new credit rating types. It is therefore necessary to update the mappings of the ECAIs concerned.
- (3) Since the adoption of Implementing Regulation (EU) 2021/2005, three ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping have been deregistered. As Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, Implementing Regulation (EU) 2016/1799 should be amended to remove the mapping for the deregistered ECAIs.
- (4) Two ECAIs registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council 4, and for which a mapping was provided in Implementing Regulation (EU) 2016/1799, have changed their names and one registered ECAI has changed the symbols used to denote their rating categories of its rating scales. It is therefore necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs.
- (5) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly.
- (6) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Supervisory Authorities.
- (7) The Joint Committee of the European Supervisory Authorities as referred to in Article 54 of Regulations (EU) No 1093/2010 5, (EU) No 1094/2010 6 and (EU) No 1095/2010 7 of the European Parliament and of the Council, respectively, has 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 advice of the Banking Stakeholder Group, the Insurance and Reinsurance Stakeholder Group and the Securities and Markets Stakeholder Group established in accordance with Article 37 of those Regulations, respectively,
HAS ADOPTED THIS REGULATION:
Article 1
Implementing Regulation (EU) 2016/1799 is amended as follows:
Annex III is replaced by the text in the Annex to this Regulation.
Article 2
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, 1 July 2024.
For the Commission
The President
Ursula VON DER LEYEN
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, ELI: http://data.europa.eu/eli/reg_impl/2016/1799/oj).
Commission Implementing Regulation (EU) 2021/2005 of 16 November 2021 laying down implementing technical standards 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 (OJ L 407, 17.11.2021, p. 10, ELI: http://data.europa.eu/eli/reg_impl/2021/2005/oj).
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, ELI: http://data.europa.eu/eli/reg/2009/1060/oj).
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, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).
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, ELI: http://data.europa.eu/eli/reg/2010/1094/oj).
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, ELI: http://data.europa.eu/eli/reg/2010/1095/oj).
ANNEX
‘ANNEX III
MAPPING TABLES FOR THE PURPOSES OF ARTICLE 16
| Credit quality step | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| A.M. Best (EU) Rating Services B.V. | ||||||
| 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 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 |
| Insurance Financial Strength Rating Criteria 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 | |||
| Banque de France | ||||||
| Global ANACOT long-term issuer credit rating scale | 1+ | 1, 1- | 2+, 2, 2- | 3+, 3, 3-, 4+, 4, 4-, 5+ | 5, 5-, 6+, 6, 6- | 7, 8, 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 |
| 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 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 |
| Corporate short-term rating scale | S-1 | S-2 | S-3 | V-1, R-1 | ||
| 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 |
| SME rating scale | SME1, SME2 | SME3 | SME4 | SME5, SME6 | SME7, SME8 | |
| 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 | |||
| DBRS Ratings GmbH | ||||||
| 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 | ||
| Financial strength rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, R |
| Expected loss rating scale | AAA(el), AA(el) | A(el) | BBB(el) | BB(el) | B(el) | CCC(el), CC(el), C(el) |
| 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 | ||
| EthiFinance S.L. (formerly Axesor Risk Management S.L.) | ||||||
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Global short-term rating scale | EF1+ | EF1, EF2 | EF3, EF4 EF5 | |||
| EuroRating Sp. z o.o. | ||||||
| Global long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D |
| Fitch Ratings Ireland Limited | ||||||
| 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, RD dcr, R dcr |
| Short-term rating scale | F1+ | F1 | F2, F3 | B, C, RD, D | ||
| 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) |
| Global short-term rating scale | HR+1(G)/HR1(G) | HR2(G) | HR3(G) | HR4(G), HR5(G), HR D(G) | ||
| ICAP CRIF S.A. (previously ICAP S.A.) | ||||||
| Global long-term issuer rating scale | AAA, AA | A | BBB | BB | B, CCC | CC, C, D |
| Global long-term issue rating scale | AAA, AA | A | BBB | BB | B, CCC | CC, C, D |
| INBONIS S.A. | ||||||
| Long-term rating scale | AAA/AA | A | BBB | BB | B | CCC, CC, C, D |
| Japan Credit Rating Agency Ltd | ||||||
| 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 Europe Limited | ||||||
| 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 | ||
| Insurance Financial Strength rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, 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 | Aaa, Aa | A | Baa | Ba | B | Caa, Ca, C |
| Global short-term rating scale | P-1 | P-2 | P-3 | NP | ||
| Nordic Credit Rating AS | ||||||
| Long-term rating scale | AAA/AA | A | BBB | BB | B | CCC, CC, C, D, SD |
| Short-term rating scale | N1 | N2 | N3 | N4, N5, N6 | ||
| Scope Ratings GmbH | ||||||
| Long-term rating scale | AAA, AA | A | BBB | BB | B | CCC, CC, C, D/SD |
| Short-term rating scale | S-1+ | S-1 | S-2 | S-3, S-4, D/SD | ||
| 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 |
| Long-term Financial Institution Resolution Counterparty Ratings | AAA, AA | A | BBB | BB | B | CCC, CC, SD, D |
| 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 | ||
| Short-term Financial Institution Resolution Counterparty Ratings | A-1+ | A-1 | A-2, A-3 | B, C, SD/D |
’
ELI: http://data.europa.eu/eli/reg_impl/2024/1872/oj
ISSN 1977-0677 (electronic edition)
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