Commission Implementing Regulation (EU) 2021/2005 of 16 November 2021 laying down implementing technical standards 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: 2021-11-16
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: credit institution, credit rating, financial control, financial legislation, financial requirements, financial risk, financial supervision, investment company, market supervision, technical standard








L_2021407EN.01001001.xml










17.11.2021   


EN


Official Journal of the European Union


L 407/10








            COMMISSION IMPLEMENTING REGULATION (EU) 2021/2005
of 16 November 2021
         
laying down implementing technical standards 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 amending Regulation (EU) No 648/2012 (1), and in particular Article 136(1), first subparagraph, thereof,

Whereas:







(1)


Commission Implementing Regulation (EU) 2016/1799 (2) specifies, in its Annex III, the correspondence between the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and 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 latest amendments, by Commission Implementing Regulation (EU) 2019/2028 (3), to Annex III to Implementing Regulation (EU) 2016/1799, the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 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)


Since the adoption of Implementing Regulation (EU) 2019/2028, two additional credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council (4), while two other ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping have been deregistered. As Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, that Regulation should be amended 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 (EC) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1799, 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 European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority 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 (5); 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 (6); 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 (7).












(7)


Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly,





HAS ADOPTED THIS REGULATION:



Article 1

Amendment to 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, 16 November 2021.


For the Commission


The President

Ursula VON DER LEYEN
            





(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)  Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019 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 (OJ L 313, 4.12.2019, p. 34).

(4)  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)  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)  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)  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






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



 


 


 


 


 


 




Long-term issuer credit rating scale


aaa, aa+, 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 rating scale


aaa, aa+, aa, aa-


a+, a, a-


bbb+, bbb, bbb-


bb+, bb, bb-


b+, b, b-


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




Financial strength rating scale


A++, A+


A, A-


B++, B+


B, B-


C++, C+


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




Short-term issuer rating scale


AMB-1+


AMB-1-


AMB-2,
AMB-3


AMB- 4, d, e, f, s


 


 




Short-term issue rating scale


AMB-1+


AMB-1-


AMB-2,
AMB-3


AMB- 4, d, s


 


 





ARC Ratings S.A.



 


 


 


 


 


 




Medium- and long-term issuer rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D




Medium- and long-term issue 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 issuer rating scale


A-1+


A-1


A-2, A-3


B, C, D


 


 




Short-term issue 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 S.L.



 


 


 


 


 


 




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 rating 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 rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D




Global short-term rating 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 issuer 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 rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, RD, D




Corporate finance obligations — long-term rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C




Long-term international Insurer Financial Strength rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C




Derivative counterparty rating 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 rating scale


F1+


F1


F2, F3


B, C


 


 





GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH



 


 


 


 


 


 




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 S.A.



 


 


 


 


 


 




Long-term rating scale


AAA/AA


A


BBB


BB


B


CCC, CC, C, D





Japan Credit Rating Agency Ltd



 


 


 


 


 


 




Long-term issuer rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, LD, D




Long-term issue rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D




Short-term issuer rating scale


J-1+


J-1


J-2


J-3, NJ, LD, D


 


 




Short-term issue credit rating scale


J-1+


J-1


J-2


J-3, NJ, D


 


 





Kroll Bond Rating Agency Europe Limited



 


 


 


 


 


 




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 RatingAS



 


 


 


 


 


 




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 GmbH



 


 


 


 


 


 




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 Europe Limited



 


 


 


 


 


 




Long-term issuer credit rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, R, SD/D




Long-term issue credit rating scale


AAA, AA


A


BBB


BB


B


CCC, CC, C, D




Insurer financial strength rating 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 rating scale


 


MM1


MM2


MM3, MM4


MM5, MM6


MM7, MM8, MMD




Short-term issuer credit rating scale


A-1+


A-1


A-2, A-3


B, C, R, SD/D


 


 




Short-term issue credit rating 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


 


 






            ”