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) 2024/1820of 1 July 2024amending 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), 32024R1820, July 2, 2024
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 issue rating scaleAAAAAABBBBBBCCC, CC, C, D
Insurance Financial Strength Rating Criteria scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuers rating scaleA-1+A-1A-2, A-3B, C, D
Short-term issue 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
Banque de France
Global ANACOT 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 rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating 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
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 scaleAAAAAABBBBBBC, SD, D
Long-term issue rating scaleAAAAAABBBBBBC, D
Short-term rating scaleL1L2L3NEL, 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 scaleSME1SME2SME3SME4SME5, 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 scaleAAAAAABBBBBBCCC, 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
EthiFinance S.L. (formerly Axesor Risk Management S.L.)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleEF1+EF1, EF2EF3, EF4, EF5
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 Insurer Financial Strength rating scaleAAAAAABBBBBBCCC, CC, C
Derivative counterparty ratings scaleAAA dcrAA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcr, RD dcr, R dcr
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS rating scaleF1+F1F2, F3B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH
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 CRIF S.A. (previously ICAP S.A.)
Global long-term issuer rating scaleAAAAAABBBBBB, CCCCC, C, D
Global long-term issue rating scaleAAAAAABBBBBB, CCCCC, C, D
INBONIS SA
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, LD, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuer rating scaleJ-1+J-1J-2J-3, NJ, LD, D
Short-term issue credit rating 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
Insurance Financial Strength rating scaleAAAAAABBBBBBCCC, CC, 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 scaleN1N2N3N4, N5, N6
Scope Ratings GmbH
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D/SD
Short-term rating scaleS-1+S-1S-2S-3, S-4, D/SD
S&P Global Ratings Europe Limited
Long-term issuer credit rating scaleAAAAAABBBBBBCCC, CC, R, SD/D
Long-term issue credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Insurer financial strength rating scaleAAAAAABBBBBBCCC, CC, SD/D, R
Long-term Financial Institution Resolution Counterparty RatingsAAAAAABBBBBBCCC, CC, SD, D
Mid-Market Evaluation rating scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMD
Short-term issuer credit rating scaleA-1+A-1A-2, A-3B, C, R, SD/D
Short-term issue credit rating 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 issue rating scaleAAAAAABBBBBBCCC, CC, C, D
Insurance Financial Strength Rating Criteria scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuers rating scaleA-1+A-1A-2, A-3B, C, D
Short-term issue 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
Banque de France
Global ANACOT 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 rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating 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
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 scaleAAAAAABBBBBBC, SD, D
Long-term issue rating scaleAAAAAABBBBBBC, D
Short-term rating scaleL1L2L3NEL, 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 scaleSME1SME2SME3SME4SME5, 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 scaleAAAAAABBBBBBCCC, 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
EthiFinance S.L. (formerly Axesor Risk Management S.L.)
Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Global short-term rating scaleEF1+EF1, EF2EF3, EF4, EF5
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 Insurer Financial Strength rating scaleAAAAAABBBBBBCCC, CC, C
Derivative counterparty ratings scaleAAA dcrAA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcr, RD dcr, R dcr
Short-term rating scaleF1+F1F2, F3B, C, RD, D
Short-term IFS rating scaleF1+F1F2, F3B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH
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 CRIF S.A. (previously ICAP S.A.)
Global long-term issuer rating scaleAAAAAABBBBBB, CCCCC, C, D
Global long-term issue rating scaleAAAAAABBBBBB, CCCCC, C, D
INBONIS SA
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, LD, D
Long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, D
Short-term issuer rating scaleJ-1+J-1J-2J-3, NJ, LD, D
Short-term issue credit rating 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
Insurance Financial Strength rating scaleAAAAAABBBBBBCCC, CC, 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 scaleN1N2N3N4, N5, N6
Scope Ratings GmbH
Long-term rating scaleAAAAAABBBBBBCCC, CC, C, D/SD
Short-term rating scaleS-1+S-1S-2S-3, S-4, D/SD
S&P Global Ratings Europe Limited
Long-term issuer credit rating scaleAAAAAABBBBBBCCC, CC, R, SD/D
Long-term issue credit rating scaleAAAAAABBBBBBCCC, CC, C, D
Insurer financial strength rating scaleAAAAAABBBBBBCCC, CC, SD/D, R
Long-term Financial Institution Resolution Counterparty RatingsAAAAAABBBBBBCCC, CC, SD, D
Mid-Market Evaluation rating scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMD
Short-term issuer credit rating scaleA-1+A-1A-2, A-3B, C, R, SD/D
Short-term issue credit rating 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