Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying 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
Date: 2024-07-01
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, technical standard








L_202401820EN.000101.fmx.xml












Official Journal of the European Union


EN
L series













2024/1820


2.7.2024







            COMMISSION IMPLEMENTING REGULATION (EU) 2024/1820
of 1 July 2024
         
amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1800 as regards the mapping tables specifying 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 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 introduced by Commission Implementing Regulation (EU) 2021/2006 (4), the quantitative and qualitative factors underpinning the credit assessments of some mappings in the Annex to Implementing Regulation (EU) 2016/1800 have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs. 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) 2021/2006, three ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. Therefore, Implementing Regulation (EU) 2016/1800 should be amended to remove the mapping of the deregistered ECAIs.












(4)


Two ECAIs registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council (5), and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, have changed their names and one registered ECAI has changed the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs.












(5)


Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly.












(6)


This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Supervisory Authorities.












(7)


The Joint Committee of the European Supervisory Authorities as referred to in Article 54 of Regulations (EU) No 1093/2010 (6), (EU) No 1094/2010 (7) and (EU) No 1095/2010 (8) of the European Parliament and of the Council, respectively, has 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, the Insurance and Reinsurance Stakeholder Group and the Securities and Markets Stakeholder Group established in accordance with Article 37 of those Regulations, respectively,





HAS ADOPTED THIS REGULATION:



Article 1
Implementing Regulation (EU) 2016/1800 is amended as follows:
The Annex is replaced by the text in the Annex to this Regulation.


Article 2
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, 1 July 2024.


For the Commission


The President

Ursula VON DER LEYEN
            





(1)  
            OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj.

(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, ELI: http://data.europa.eu/eli/reg_impl/2016/1800/oj).

(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, ELI: http://data.europa.eu/eli/reg_del/2015/35/oj).

(4)  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 (OJ L 407, 17.11.2021, p. 18, ELI: http://data.europa.eu/eli/reg_impl/2021/2006/oj).

(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, ELI: http://data.europa.eu/eli/reg/2009/1060/oj).

(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, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).

(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, ELI: http://data.europa.eu/eli/reg/2010/1094/oj).

(8)  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, ELI: http://data.europa.eu/eli/reg/2010/1095/oj).




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 issue rating scale


AAA


AA


A


BBB


BB


B


CCC, CC, C, D




Insurance Financial Strength Rating Criteria 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 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


 


 





Banque de France



 


 


 


 


 


 


 




Global ANACOT 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





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


 


 





EthiFinance S.L. (formerly Axesor Risk Management S.L.)



 


 


 


 


 


 


 




Global long-term rating scale


AAA


AA


A


BBB


BB


B


CCC, CC, C, D




Global short-term rating scale


 


EF1+


 


EF1, EF2


EF3, EF4, EF5


 


 





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 Insurer Financial Strength rating 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, RD dcr, R 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 CRIF S.A. (previously 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 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



 


 


 


 


 


 


 




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


 


 




Insurance Financial Strength rating scale


AAA


AA


A


BBB


BB


B


CCC, CC, 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


 


N1


N2


N3


N4, N5, N6


 


 





Scope Ratings GmbH



 


 


 


 


 


 


 




Long-term rating scale


AAA


AA


A


BBB


BB


B


CCC, CC, C, D/SD




Short-term rating scale


 


S-1+


S-1


S-2


S-3, S-4, D/SD


 


 





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


 


 










ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj
ISSN 1977-0677 (electronic edition)