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)
Date: 2021-11-16
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: credit rating, financial control, financial legislation, financial requirements, financial solvency, financial supervision, insurance, market supervision, technical standard








L_2021407EN.01001801.xml










17.11.2021   


EN


Official Journal of the European Union


L 407/18








            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’).












(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.












(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).












(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,





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.




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
            





(1)  
            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)  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).

(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).

(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).

(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).

(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).

(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).




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


 


 






            ’