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) 2021/2006of 16 November 2021laying 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), 32021R2006, November 17, 2021
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
Credit quality step0123456
A.M. Best (EU) Rating Services B.V.
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
Claims paying ability rating scaleAAAAAABBBBBBCCC, CC, C, R
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 long-term rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global short-term rating scaleAS1+AS1AS2AS3, AS4, AS5
Banque de France
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
Global NEC long-term issuer credit rating scale1+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 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
Corporate short-term rating scaleS-1S-2S-3V-1, R-1
Creditreform Rating AG
Long-term rating scaleAAAAAABBBBB , BC, SD, D
Long-term issue rating scaleAAAAAABBBBB , BC, D
Short-term rating scaleL1L2L3, NEL, D
CRIF Ratings S.r.l.
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DS
SME rating scaleSME1, SME2SME3SME4SME5, SME6SME7, SME8
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
DBRS Ratings GmbH
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
Expected loss rating scaleAAA(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 scaleAAAAAABBBBBBCCC,CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
EuroRating Sp. z o.o.
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Fitch Ratings Ireland Limited
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 scaleAAAAAABBBBBBCCC, 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 S.A
Global long-term issuer rating scaleAAA, AAA, BBBBB, BCCC, CCC, D
Global long-term issue rating scaleAAA, AAA, BBBBB, BCCC, CCC, D
INBONIS SA
Long-term rating scaleAAAAAABBBBBBCCC, 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 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
Nordic Credit Rating AS
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D, SD
Short-term rating scaleN-1+N-1, N-2, N-3, N-4
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 long-term credit rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International short-term rating scaleRA1+RA1RA2, RA3RA4, RA5, C, D
Scope Ratings AG
Long-term rating scaleAAAAAABBBBBBCCC, CC,C, D
Short-term rating scaleS-1+S-1S-2S-3, S-4
Scope Hamburg GmbH
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
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
Long-term Financial Institution Resolution Counterparty RatingsAAAAAABBBBBBCCC, CC, SD, D
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
Short-term Financial Institution Resolution Counterparty RatingsA-1+A-1A-2, A-3B, C, SD/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
Credit quality step0123456
A.M. Best (EU) Rating Services B.V.
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
Claims paying ability rating scaleAAAAAABBBBBBCCC, CC, C, R
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 long-term rating scaleAAAAAABBBBBBCCC, CC, C, D, E
Global short-term rating scaleAS1+AS1AS2AS3, AS4, AS5
Banque de France
Global long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P
Global NEC long-term issuer credit rating scale1+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 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
Corporate short-term rating scaleS-1S-2S-3V-1, R-1
Creditreform Rating AG
Long-term rating scaleAAAAAABBBBB , BC, SD, D
Long-term issue rating scaleAAAAAABBBBB , BC, D
Short-term rating scaleL1L2L3, NEL, D
CRIF Ratings S.r.l.
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DS
SME rating scaleSME1, SME2SME3SME4SME5, SME6SME7, SME8
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
DBRS Ratings GmbH
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
Expected loss rating scaleAAA(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 scaleAAAAAABBBBBBCCC,CC, C, D
Short-term credit rating scaleA-1+A-1A-2A-3, B, C, D
EuroRating Sp. z o.o.
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Fitch Ratings Ireland Limited
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 scaleAAAAAABBBBBBCCC, 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 S.A
Global long-term issuer rating scaleAAA, AAA, BBBBB, BCCC, CCC, D
Global long-term issue rating scaleAAA, AAA, BBBBB, BCCC, CCC, D
INBONIS SA
Long-term rating scaleAAAAAABBBBBBCCC, 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 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
Nordic Credit Rating AS
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D, SD
Short-term rating scaleN-1+N-1, N-2, N-3, N-4
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 long-term credit rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, E
International short-term rating scaleRA1+RA1RA2, RA3RA4, RA5, C, D
Scope Ratings AG
Long-term rating scaleAAAAAABBBBBBCCC, CC,C, D
Short-term rating scaleS-1+S-1S-2S-3, S-4
Scope Hamburg GmbH
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, D
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
Long-term Financial Institution Resolution Counterparty RatingsAAAAAABBBBBBCCC, CC, SD, D
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
Short-term Financial Institution Resolution Counterparty RatingsA-1+A-1A-2, A-3B, C, SD/D