Commission Implementing Regulation (EU) 2021/2006 of 16 November 2021 laying 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)
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) 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), third subparagraph, 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 other things, in its Annex, the correspondence between the relevant credit assessments issued by an external credit assessment institution ("ECAI") and the credit quality steps referred to in Article 3 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)Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 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 176, 5.6.2020, p. 4)., to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings 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)After the adoption of Implementing Regulation (EU) 2020/744, two credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EU) 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)., while two other ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. It is therefore necessary to provide a mapping for the newly registered ECAIs and to remove the mapping for the deregistered ECAIs.(4)In addition, one ECAI registered in accordance with Articles 14 to 18 of Regulation (EU) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, has amended the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for that ECAI to reflect the current symbols used by that ECAI.(5)This Regulation is based on the draft implementing technical standards submitted to the Commission 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).(6)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 advice 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 advice 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 advice 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)..(7)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) No 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, 16 November 2021.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
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