Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 on 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)
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) 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)OJ L 335, 17.12.2009, p. 1., and in particular Article 109a(1) thereof,Whereas:(1)Commission Implementing Regulation (EU) 2016/1800Commission 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). specifies, among others, in its Annex, the correspondence of the relevant credit assessments issued by an external credit assessment institution ("ECAI") to the credit quality steps set out in Section 2 of Chapter I of Title I of Commission Delegated Regulation (EU) 2015/35Commission 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). ("External credit assessments").(2)Following the latest amendments, by Commission Implementing Regulation (EU) 2018/633Commission Implementing Regulation (EU) 2018/633 of 24 April 2018 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 (OJ L 105, 25.4.2018, p. 6), to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings in the Annex to Implementing Regulation (EU) 2016/1800 have changed. 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) 2018/633, another credit rating agency has been registered in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the CouncilRegulation (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).. As Article 136(1) of Regulation (EU) No 575/2013 of the European Parliament and of the CouncilRegulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). requires the specification of mappings for all ECAIs, it is necessary to provide a mapping for that newly registered ECAI. The credit assessments applied by the newly registered ECAI are based on the same methodology as those applied by its parent company, a third country ECAI for which a mapping had already been established. It is therefore appropriate in this specific case that the mapping for the newly registered ECAI mirrors the mapping established for that third country ECAI.(4)This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority (the EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) jointly (the European Supervisory Authorities) to the Commission.(5)The European Supervisory Authorities have 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 opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the CouncilRegulation (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).; the opinion of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the CouncilRegulation (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).; and the opinion of the Insurance and Reinsurance Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the CouncilRegulation (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)..(6)Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly,HAS ADOPTED THIS REGULATION:
Article 1Amendment to Implementing Regulation (EU) 2016/1800The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text in the Annex to this Regulation.
Article 2Entry into forceThis 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, 4 June 2020.For the CommissionThe PresidentUrsula von der LeyenANNEX

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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