# L_2021407EN.01001801.xml

| 17.11.2021 | EN | Official Journal of the European Union | L 407/18 |
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17.11.2021

EN

Official Journal of the European Union

L 407/18

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COMMISSION IMPLEMENTING REGULATION (EU) 2021/2006

of 16 November 2021

laying down implementing technical standards amending Implementing Regulation (EU) 2016/1800 as regards 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 the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1), and in particular Article 109a(1), third subparagraph, thereof,

Whereas:

| (1) | Commission Implementing Regulation (EU) 2016/1800 (2) specifies, among other things, in its Annex, the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and the credit quality steps referred to in Article 3 of Commission Delegated Regulation (EU) 2015/35 (3) (‘External credit assessments’). |
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(1)

Commission Implementing Regulation (EU) 2016/1800 (2) specifies, among other things, in its Annex, the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and the credit quality steps referred to in Article 3 of Commission Delegated Regulation (EU) 2015/35 (3) (‘External credit assessments’).

| (2) | Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744 (4), to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings have changed. 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. |
| --- | --- |

(2)

Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744 (4), to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings have changed. 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) | After the adoption of Implementing Regulation (EU) 2020/744, two credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EU) No 1060/2009 of the European Parliament and of the Council (5), while two other ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. It is therefore necessary to provide a mapping for the newly registered ECAIs and to remove the mapping for the deregistered ECAIs. |
| --- | --- |

(3)

After the adoption of Implementing Regulation (EU) 2020/744, two credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EU) No 1060/2009 of the European Parliament and of the Council (5), while two other ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. It is therefore necessary to provide a mapping for the newly registered ECAIs and to remove the mapping for the deregistered ECAIs.

| (4) | In addition, one ECAI registered in accordance with Articles 14 to 18 of Regulation (EU) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, has amended the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for that ECAI to reflect the current symbols used by that ECAI. |
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(4)

In addition, one ECAI registered in accordance with Articles 14 to 18 of Regulation (EU) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, has amended the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for that ECAI to reflect the current symbols used by that ECAI.

| (5) | This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Banking Authority (the EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) jointly (the European Supervisory Authorities). |
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(5)

This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Banking Authority (the EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) jointly (the European Supervisory Authorities).

| (6) | 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 advice 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 (6); the advice of 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 (7); and the advice of 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 (8). |
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(6)

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 advice 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 (6); the advice of 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 (7); and the advice of 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 (8).

| (7) | Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly, |
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(7)

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) No 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, 16 November 2021.

For the Commission

The President

Ursula VON DER LEYEN

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(1)  
  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)  Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC 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 12, 17.1.2015, p. 1).

3

(4)  Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 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 (OJ L 176, 5.6.2020, p. 4).

4

(5)  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).

5

(6)  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).

6

(7)  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).

7

(8)  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).

8

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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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| A.M. Best (EU) Rating Services B.V. | | | | | | | |
| Long-term issuer credit ratings scale | aaa | 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 ratings scale | aaa | aa, aa- | a+, a, a- | bbb+, bbb, bbb- | bb+, bb, bb- | b+, b, b- | ccc+, ccc, ccc-, cc, c, d, s |
| Financial strength ratings scale | | A++, A+ | A, A- | B++, B+ | B, B- | C++, C+ | C, C-, D, E, F, S |
| Short-term issuer ratings scale | | AMB-1+ | AMB-1- | AMB-2,
  AMB-3 | AMB- 4, d, e, f, s | | |
| Short-term issue ratings 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 |
| Claims paying ability rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, R |
| 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 Risk Management SL | | | | | | | |
| Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D, E |
| Global short-term rating scale | | AS1+ | AS1 | AS2 | AS3, AS4, AS5 | | |
| Banque de France | | | | | | | |
| Global long-term issuer credit ratings scale | | 3++ | 3+, 3 | 4+ | 4, 5+ | 5, 6 | 7, 8, 9, P |
| Global NEC 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 ratings scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, D |
| Global short-term ratings 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 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 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 | | |
| 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 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 |
| Derivative counterparty ratings 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 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 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 SA | | | | | | | |
| Long-term 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 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 | 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 | | | | N-1+ | N-1, N-2, N-3, N-4 | | |
| 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 long-term 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 |
| International short-term rating scale | | RA1+ | RA1 | RA2, RA3 | RA4, RA5, C, D | | |
| Scope Ratings AG | | | | | | | |
| 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 | | |
| Scope Hamburg GmbH | | | | | | | |
| Global long-term rating scale | AAA | AA | A | BBB | BB | B | CCC, CC, C, SD, D |
| S&P Global Ratings | | | | | | | |
| 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 |
| Long-term Financial Institution Resolution Counterparty Ratings | AAA | AA | A | BBB | BB | B | CCC, CC, SD, D |
| 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 | | |
| Short-term Financial Institution Resolution Counterparty Ratings | | A-1+ | A-1 | A-2, A-3 | B, C, SD/D | | |

Credit quality step

0

1

2

3

4

5

6

A.M. Best (EU) Rating Services B.V.

Long-term issuer credit ratings scale

aaa

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 ratings scale

aaa

aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, d, s

Financial strength ratings scale

A++, A+

A, A-

B++, B+

B, B-

C++, C+

C, C-, D, E, F, S

Short-term issuer ratings scale

AMB-1+

AMB-1-

AMB-2,

AMB-3

AMB- 4, d, e, f, s

Short-term issue ratings 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

Claims paying ability rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, R

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 Risk Management SL

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D, E

Global short-term rating scale

AS1+

AS1

AS2

AS3, AS4, AS5

Banque de France

Global long-term issuer credit ratings scale

3++

3+, 3

4+

4, 5+

5, 6

7, 8, 9, P

Global NEC 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 ratings scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term ratings 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 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 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

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 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

Derivative counterparty ratings 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 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 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 SA

Long-term 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 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

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

N-1+

N-1, N-2, N-3, N-4

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 long-term 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

International short-term rating scale

RA1+

RA1

RA2, RA3

RA4, RA5, C, D

Scope Ratings AG

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

Scope Hamburg GmbH

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, SD, D

S&P Global Ratings

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

Long-term Financial Institution Resolution Counterparty Ratings

AAA

AA

A

BBB

BB

B

CCC, CC, SD, D

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

Short-term Financial Institution Resolution Counterparty Ratings

A-1+

A-1

A-2, A-3

B, C, SD/D

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