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 (Text with EEA relevance)
Modified by
  • Commission Implementing Regulation (EU) 2018/633of 24 April 2018amending 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), 32018R0633, April 25, 2018
Commission Implementing Regulation (EU) 2016/1800of 11 October 2016laying 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)
Article 1The allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps shall be that set out in the Annex.
Article 2This 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.ANNEXAllocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps
AM Best Europe-Rating Services LtdARC Ratings S.A.ASSEKURATA Assekuranz Rating-Agentur GmbHAxesor S.A.Banque de FranceBCRA – Credit Rating Agency ADCapital IntelligenceCerved Rating Agency S.p.A.Creditreform Ratings AGCRIF S.p.A.Dagong Europe Credit RatingDBRS Ratings LimitedEgan-Jones Ratings Co.Euler Hermes Rating GmbHEuropean Rating Agency, a.s.EuroRating Sp. z o.o.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 LimitedGBB-Rating Gesellschaft für Bonitätsbeurteilung mbHHR Ratings de México, S.A. de C.V.ICAP Group S.A.INC Rating Sp. z o.o.Japan Credit Rating Agency LtdKroll Bond Rating AgencymodeFinance S.r.l.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 LtdRating-Agentur Expert RA GmbHScope Ratings AGSpread ResearchStandard & 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 LimitedThe Economist Intelligence Unit Ltd
Credit quality step0123456
Long-term issuer credit ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, rs
Long-term debt ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d
Financial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, S
Short-term ratings scaleAMB-1+AMB-1-AMB-2, AMB-3AMB- 4
Medium- and long-term issuers rating scaleAAAAAABBBBBBCCC, CC, C, D
Medium- and long-term issues rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuers rating scaleA-1+A-1A-2, A-3B, C, D
Short-term issues rating scaleA-1+A-1A-2, A-3B, C, D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC/C, D
Short-term corporate rating scaleA++AB, C, D
Global rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
Bank long-term ratings scaleAAAAAABBBBBBC, D
Insurance long-term ratings scaleiAAAiAAiAiBBBiBBiBiC, iD
Corporate long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Municipality long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Issue long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Bank short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Corporate short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Municipality short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Issue short-term rating scaleA-1+A-1A-2, A-3B, C, D
International long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, D
International long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
International short-term issuer rating scaleA-1+A-1A-2, A-3B, C, D
International short-term issue rating scaleA-1+A-1A-2, A-3B, C, D
Corporate long-term rating scaleA1.1A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1
Long-term rating scaleAAAAAABBBBBBC, D
Global long-term rating scaleAAAAAABBBBBBCCC, D1, D2
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1A-2, A-3B, C, D
Long-term obligations rating scaleAAAAAABBBBBBCCC, CC, C, D
Commercial paper and short-term debt rating scaleR-1 H, R-1 MR-1 LR-2, R-3R-4, R-5, D
Claims paying ability rating scaleIC-1IC-2IC-3IC-4IC-5D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
Long-term rating scaleAAA, AA, ABBBBBBCCC, CC, C, D
Short-term rating scaleS1S2S3, S4, NS
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, C
Long-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, C
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS ratings scaleF1+F1F2, F3B, C
Global long-term rating scaleAAAAAA, BBBBBBCCC, CC, C, D
Global long-term rating scaleHR 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 scaleHR+1(G)HR1(G)HR2(G)HR3(G)HR4(G), HR5(G), HR D(G)
Global long-term rating scaleAA, ABB, BC, DE, FG, H
Long-term issuer credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer ratings scaleAAAAAABBBBBBCCC, CC, C, LD, D
Long-term issue ratings scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuer ratings scaleJ-1+J-1J-2J-3, NJ, LD, D
Short-term issue credit ratings scaleJ-1+J-1J-2J-3, NJ, D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, D
Global long-term rating scaleAaaAaABaaBaBCaa, Ca, C
Bond fund rating scaleAaa-bfAa-bfA-bfBaa-bfBa-bfB-bfCaa-bf, Ca-bf, C-bf
Global short-term rating scaleP-1P-2P-3NP
International credit rating scaleAAAAAABBBBBBCCC, CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleS-1+S-1S-2S-3, S-4
International long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, R, SD/D
Long-term issue credit ratings scaleAAAAAABBBBBBCCC, CC, C, D
Insurer financial strength ratings scaleAAAAAABBBBBBCCC, CC, SD/D, R
Fund credit quality ratings scaleAAAfAAfAfBBBfBBfBfCCCf
Mid market evaluation ratings scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMD
Short-term issuer credit ratings scaleA-1+A-1A-2, A-3B, C, R, SD/D
Short-term issue credit ratings scaleA-1+A-1A-2, A-3B, C, D
Sovereign rating band scaleAAAAAABBBBBBCCC, CC, C, D
Article 1The allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps shall be that set out in the Annex.
Article 2This 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.ANNEXAllocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps
AM Best Europe-Rating Services LtdARC Ratings S.A.ASSEKURATA Assekuranz Rating-Agentur GmbHAxesor S.A.Banque de FranceBCRA – Credit Rating Agency ADCapital IntelligenceCerved Rating Agency S.p.A.Creditreform Ratings AGCRIF S.p.A.Dagong Europe Credit RatingDBRS Ratings LimitedEgan-Jones Ratings Co.Euler Hermes Rating GmbHEuropean Rating Agency, a.s.EuroRating Sp. z o.o.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 LimitedGBB-Rating Gesellschaft für Bonitätsbeurteilung mbHHR Ratings de México, S.A. de C.V.ICAP Group S.A.INC Rating Sp. z o.o.Japan Credit Rating Agency LtdKroll Bond Rating AgencymodeFinance S.r.l.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 LtdRating-Agentur Expert RA GmbHScope Ratings AGSpread ResearchStandard & 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 LimitedThe Economist Intelligence Unit Ltd
Credit quality step0123456
Long-term issuer credit ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, rs
Long-term debt ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d
Financial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, S
Short-term ratings scaleAMB-1+AMB-1-AMB-2, AMB-3AMB- 4
Medium- and long-term issuers rating scaleAAAAAABBBBBBCCC, CC, C, D
Medium- and long-term issues rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuers rating scaleA-1+A-1A-2, A-3B, C, D
Short-term issues rating scaleA-1+A-1A-2, A-3B, C, D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC/C, D
Short-term corporate rating scaleA++AB, C, D
Global rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
Bank long-term ratings scaleAAAAAABBBBBBC, D
Insurance long-term ratings scaleiAAAiAAiAiBBBiBBiBiC, iD
Corporate long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Municipality long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Issue long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Bank short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Corporate short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Municipality short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Issue short-term rating scaleA-1+A-1A-2, A-3B, C, D
International long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, D
International long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
International short-term issuer rating scaleA-1+A-1A-2, A-3B, C, D
International short-term issue rating scaleA-1+A-1A-2, A-3B, C, D
Corporate long-term rating scaleA1.1A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1
Long-term rating scaleAAAAAABBBBBBC, D
Global long-term rating scaleAAAAAABBBBBBCCC, D1, D2
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1A-2, A-3B, C, D
Long-term obligations rating scaleAAAAAABBBBBBCCC, CC, C, D
Commercial paper and short-term debt rating scaleR-1 H, R-1 MR-1 LR-2, R-3R-4, R-5, D
Claims paying ability rating scaleIC-1IC-2IC-3IC-4IC-5D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
Long-term rating scaleAAA, AA, ABBBBBBCCC, CC, C, D
Short-term rating scaleS1S2S3, S4, NS
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, C
Long-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, C
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS ratings scaleF1+F1F2, F3B, C
Global long-term rating scaleAAAAAA, BBBBBBCCC, CC, C, D
Global long-term rating scaleHR 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 scaleHR+1(G)HR1(G)HR2(G)HR3(G)HR4(G), HR5(G), HR D(G)
Global long-term rating scaleAA, ABB, BC, DE, FG, H
Long-term issuer credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer ratings scaleAAAAAABBBBBBCCC, CC, C, LD, D
Long-term issue ratings scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuer ratings scaleJ-1+J-1J-2J-3, NJ, LD, D
Short-term issue credit ratings scaleJ-1+J-1J-2J-3, NJ, D
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, D
Global long-term rating scaleAaaAaABaaBaBCaa, Ca, C
Bond fund rating scaleAaa-bfAa-bfA-bfBaa-bfBa-bfB-bfCaa-bf, Ca-bf, C-bf
Global short-term rating scaleP-1P-2P-3NP
International credit rating scaleAAAAAABBBBBBCCC, CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleS-1+S-1S-2S-3, S-4
International long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Long-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, R, SD/D
Long-term issue credit ratings scaleAAAAAABBBBBBCCC, CC, C, D
Insurer financial strength ratings scaleAAAAAABBBBBBCCC, CC, SD/D, R
Fund credit quality ratings scaleAAAfAAfAfBBBfBBfBfCCCf
Mid market evaluation ratings scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMD
Short-term issuer credit ratings scaleA-1+A-1A-2, A-3B, C, R, SD/D
Short-term issue credit ratings scaleA-1+A-1A-2, A-3B, C, D
Sovereign rating band scaleAAAAAABBBBBBCCC, CC, C, D