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. )
Date: 2018-04-24
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: credit institution, financial control, financial legislation, financial requirements, financial solvency, market supervision, technical standard




L_2018105EN.01000601.xml










25.4.2018   


EN


Official Journal of the European Union


L 105/6








            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.












(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The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800.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.












(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,





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.




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
            





(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).

(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).

(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).

(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).

(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).




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






            ’