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) 2020/744of 4 June 2020on 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(Text with EEA relevance), 32020R0744, June 5, 2020
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 in accordance with Directive 2009/138/EC
Credit quality step0123456
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleS1S2S3, S4, NS
AM Best Europe-Rating Services Ltd.
Long-term issuer credit ratings scaleaaaaa, 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 scaleaaaaa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, s
Financial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, S
Short-term issuer ratings scaleAMB-1+AMB-1-AMB-2,AMB-3AMB- 4, d, e, f, s
Short-term issue ratings scaleAMB-1+AMB-1-AMB-2,AMB-3AMB- 4, d, s
ARC Ratings S.A.
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
ASSEKURATA Assekuranz Rating-Agentur GmbH
Long-term credit rating scaleAAAAAABBBBBBCCC, CC/C, D
Short-term corporate rating scaleA++AB, C, D
Axesor Risk Management SL
Global rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
BCRA – Credit Rating Agency AD
Global long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Pension-insurance company long-term scaleAAAAAABBBBBBCCC, CC, C, D
Pension-insurance company short-term scaleA-1+A-1A-2, A-3B, C, D
Pension fund long-term scaleAAA pfAA pfA pfBBB pfBB pfB pfC pf
Guarantee fund long-term scaleAAAAAABBBBBBC, D
Guarantee fund short-term scaleA-1+A-1A-2, A-3B, C, D
Capital Intelligence Ratings Ltd
International long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, D
International long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
International long-term insurer financial strength rating scaleAAAAAABBBBBBC,RS, SD, D
International short-term issuer rating scaleA1+A1A2, A3B, C, RS, SD, D
International short-term issue rating scaleA1+A1A2, A3B, C, D
International short-term insurer financial strength rating scaleA1+A1A2, A3B, C, RS, SD, D
Cerved Rating Agency S.p.A.
Corporate long-term rating scaleA1.1A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1
Creditreform Rating AG
Long-term rating scaleAAAAAABBBBBB, C, SD, D
CRIF Ratings S.r. l.
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DS
Short-term issuer rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4
Short-term issue rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4
Dagong Europe Credit Rating
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1A-2, A-3B, C, D
DBRS Ratings Limited
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
Financial Strength rating scaleAAA, AAABBBBBBCCC, CC, C, R
Egan-Jones Ratings Co.
Long-term credit rating scaleAAAAAABBBBBBCCC,CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
Euler Hermes Rating GmbH
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
EuroRating Sp. z o.o.
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Fitch Ratings
Long-term issuer default ratings scaleAAAAAABBBBBBCCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, C
Long-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, C
Derivative counterparty ratings scaleAAA dcr, AA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcr
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS ratings scaleF1+F1F2, F3B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH
Global long-term rating scaleAAAAAA, BBBBBBCCC, CC, C, D
HR Ratings de México, S.A. de C. V.
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)
ICAP Group S.A
Global long-term rating scaleAA, ABB, BC, DE, FG, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scaleAAABBBBBBCCC,CC, C, D
Japan Credit Rating Agency Ltd
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
Kroll Bond Rating Agency
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
Kroll Bond Rating Agency Europe
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
modeFinance S.r.l.
Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, D
Moody’s Investors Service
Global long-term rating scaleAaaAaABaaBaBCaa, Ca, C
Global short-term rating scaleP-1P-2P-3NP
QIVALIO SAS (formerly Spread Research)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleSR0SR1, SR2SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International credit rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, E
Scope Ratings AG
Long-term rating scaleAAAAAABBBBBBCCC, CC,C, D
Short-term rating scaleS-1+S-1S-2S-3, S-4
S&P Global Ratings
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
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
The Economist Intelligence Unit Ltd
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 in accordance with Directive 2009/138/EC
Credit quality step0123456
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleS1S2S3, S4, NS
AM Best Europe-Rating Services Ltd.
Long-term issuer credit ratings scaleaaaaa, 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 scaleaaaaa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, s
Financial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, S
Short-term issuer ratings scaleAMB-1+AMB-1-AMB-2,AMB-3AMB- 4, d, e, f, s
Short-term issue ratings scaleAMB-1+AMB-1-AMB-2,AMB-3AMB- 4, d, s
ARC Ratings S.A.
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
ASSEKURATA Assekuranz Rating-Agentur GmbH
Long-term credit rating scaleAAAAAABBBBBBCCC, CC/C, D
Short-term corporate rating scaleA++AB, C, D
Axesor Risk Management SL
Global rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
BCRA – Credit Rating Agency AD
Global long-term ratings scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term ratings scaleA-1+A-1A-2, A-3B, C, D
Pension-insurance company long-term scaleAAAAAABBBBBBCCC, CC, C, D
Pension-insurance company short-term scaleA-1+A-1A-2, A-3B, C, D
Pension fund long-term scaleAAA pfAA pfA pfBBB pfBB pfB pfC pf
Guarantee fund long-term scaleAAAAAABBBBBBC, D
Guarantee fund short-term scaleA-1+A-1A-2, A-3B, C, D
Capital Intelligence Ratings Ltd
International long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, D
International long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
International long-term insurer financial strength rating scaleAAAAAABBBBBBC,RS, SD, D
International short-term issuer rating scaleA1+A1A2, A3B, C, RS, SD, D
International short-term issue rating scaleA1+A1A2, A3B, C, D
International short-term insurer financial strength rating scaleA1+A1A2, A3B, C, RS, SD, D
Cerved Rating Agency S.p.A.
Corporate long-term rating scaleA1.1A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1
Creditreform Rating AG
Long-term rating scaleAAAAAABBBBBB, C, SD, D
CRIF Ratings S.r. l.
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DS
Short-term issuer rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4
Short-term issue rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4
Dagong Europe Credit Rating
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleA-1A-2, A-3B, C, D
DBRS Ratings Limited
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
Financial Strength rating scaleAAA, AAABBBBBBCCC, CC, C, R
Egan-Jones Ratings Co.
Long-term credit rating scaleAAAAAABBBBBBCCC,CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
Euler Hermes Rating GmbH
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
EuroRating Sp. z o.o.
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Fitch Ratings
Long-term issuer default ratings scaleAAAAAABBBBBBCCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, C
Long-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, C
Derivative counterparty ratings scaleAAA dcr, AA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcr
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS ratings scaleF1+F1F2, F3B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH
Global long-term rating scaleAAAAAA, BBBBBBCCC, CC, C, D
HR Ratings de México, S.A. de C. V.
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)
ICAP Group S.A
Global long-term rating scaleAA, ABB, BC, DE, FG, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scaleAAABBBBBBCCC,CC, C, D
Japan Credit Rating Agency Ltd
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
Kroll Bond Rating Agency
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
Kroll Bond Rating Agency Europe
Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term credit rating scaleK1+K1K2, K3B, C, D
modeFinance S.r.l.
Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, D
Moody’s Investors Service
Global long-term rating scaleAaaAaABaaBaBCaa, Ca, C
Global short-term rating scaleP-1P-2P-3NP
QIVALIO SAS (formerly Spread Research)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleSR0SR1, SR2SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International credit rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, E
Scope Ratings AG
Long-term rating scaleAAAAAABBBBBBCCC, CC,C, D
Short-term rating scaleS-1+S-1S-2S-3, S-4
S&P Global Ratings
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
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
The Economist Intelligence Unit Ltd
Sovereign rating band scaleAAAAAABBBBBBCCC, CC, C, D