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




L_2018105EN.01001401.xml










25.4.2018   


EN


Official Journal of the European Union


L 105/14








            COMMISSION 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)


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
            





(1)  
            OJ L 176, 27.6.2013, p. 1.

(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






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 SA






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 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.






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.zo.o.






Global long-term rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D





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






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






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 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






Sovereign rating band scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D






            ’