# L_2018105EN.01000601.xml

| 25.4.2018 | EN | Official Journal of the European Union | L 105/6 |
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25.4.2018

EN

Official Journal of the European Union

L 105/6

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COMMISSION IMPLEMENTING REGULATION (EU) 2018/633

of 24 April 2018

amending Implementing Regulation (EU) 2016/1800 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)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2009/138/EC of 25 November 2009 of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1), and in particular Article 109a(1) thereof,

Whereas:

| (1) | After the adoption of Commission Implementing Regulation (EU) 2016/1800 (2), five new external credit assessment institutions have been registered or certified. It is therefore necessary to amend the Annex to that Implementing Regulation in order to allocate the credit assessments of those newly registered or certified external credit assessment institutions to the objective scale of credit quality steps. |
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(1)

After the adoption of Commission Implementing Regulation (EU) 2016/1800 (2), five new external credit assessment institutions have been registered or certified. It is therefore necessary to amend the Annex to that Implementing Regulation in order to allocate the credit assessments of those newly registered or certified external credit assessment institutions to the objective scale of credit quality steps.

| (2) | The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That deregistered institution should therefore be removed from the Annex to that Implementing Regulation. |
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(2)

The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That deregistered institution should therefore be removed from the Annex to that Implementing Regulation.

| (3) | This Regulation is based on the draft implementing technical standards submitted by the European supervisory authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) to the Commission. |
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(3)

This Regulation is based on the draft implementing technical standards submitted by the European supervisory authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) 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 (3), 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 (4), and 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). |
| --- | --- |

(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 (3), 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 (4), and 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).

| (5) | Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly, |
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(5)

Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly,

HAS ADOPTED THIS REGULATION:

Article 1

Amendment to Implementing Regulation (EU) 2016/1800

The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text 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.

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

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(1)  Directive 2009/138/EC of 25 November 2009 of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).

1

(2)  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 (OJ L 275, 12.10.2016, p. 19).

2

(3)  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).

3

(4)  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).

4

(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).

5

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ANNEX

‘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 |
| 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. |
| 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 |
| 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 S.A. |
| 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 |
| 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. |
| 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 |
| 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 |
| 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. |
| 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. z o.o. |
| Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D |
| Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited |
| 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 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. |
| 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. |
| 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 |
| 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 |
| 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 Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd |
| 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 |
| 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 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 | | |
| The Economist Intelligence Unit Ltd |
| Sovereign rating band scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D |

Credit quality step

0

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

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

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 S.A.

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

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.

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

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

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.

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. z o.o.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited

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 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.

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.

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

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

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 Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd

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

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 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

The Economist Intelligence Unit Ltd

Sovereign rating band scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

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