Commission Implementing Regulation (EU) 2016/1800 on allocating external credit assessments to credit quality steps under Solvency II

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Document 02016R1800-20240722

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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)

Consolidated text: 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)

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)

Access initial legal act (

In force )

22/07/2024

22/07/2024

ELI: http://data.europa.eu/eli/reg_impl/2016/1800/2024-07-22

Language 1

Language 2

Language 3

02016R1800 — EN — 22.07.2024 — 004.001

This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document

• B

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)

(OJ L 275 12.10.2016, p. 19)

Amended by:

▼B

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)

Article 1

The 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 2

This 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.

▼M4

ANNEX

Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps

Credit quality step

A.M. Best (EU) Rating Services B.V.

Long-term issuer credit ratings scale

aaa

aa, 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 scale

aaa

aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, d, s

Financial strength ratings scale

A++

A+

A, A-

B++, B+

B, B-

C++, C+

C, C-, D, E, F, S

Short-term issuer ratings scale

AMB-1+

AMB-1-

AMB-2,

AMB-3

AMB- 4, d, e, f, s

Short-term issue ratings scale

AMB-1+

AMB-1-

AMB-2,

AMB-3

AMB- 4, d, s

ARC Ratings S.A.

Medium and long-term issuers rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Medium and long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Insurance Financial Strength Rating Criteria scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuers rating scale

A-1+

A-1

A-2, A-3

B, C, D

Short-term issue rating scale

A-1+

A-1

A-2, A-3

B, C, D

ASSEKURATA Assekuranz Rating-Agentur GmbH

Long-term credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC/C, D

Short-term corporate rating scale

A++

A

B, C, D

Banque de France

Global ANACOT long-term issuer credit rating scale

1+

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 scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term rating scale

A-1+

A-1

A-2, A-3

B, C, D

Pension-insurance company long-term scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Pension-insurance company short-term scale

A-1+

A-1

A-2, A-3

B, C, D

Pension fund long-term scale

AAA pf

AA pf

A pf

BBB pf

BB pf

B pf

C pf

Capital Intelligence Ratings Ltd

International long-term issuer rating scale

AAA

AA

A

BBB

BB

B

C, RS, SD, D

International long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

International long-term insurer financial strength rating scale

AAA

AA

A

BBB

BB

B

C, RS, SD, D

International short-term issuer rating scale

A1+

A1

A2, A3

B, C, RS, SD, D

International short-term issue rating scale

A1+

A1

A2, A3

B, C, D

International short-term insurer financial strength rating scale

A1+

A1

A2, A3

B, C, RS, SD, D

Cerved Rating Agency S.p.A.

Corporate long-term rating scale

A1.1

A1.2, A1.3

A2.1, A2.2, A3.1

B1.1, B1.2

B2.1, B2.2

C1.1

C1.2, C2.1

Corporate short-term rating scale

S-1

S-2

S-3

V-1, R-1

Creditreform Rating AG

Long-term rating scale

AAA

AA

A

BBB

BB

B

C, SD, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

C, D

Short-term rating scale

L1

L2

L3

NEL, D

CRIF Ratings S.r.l.

Long-term issuer rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D1S, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, DS

SME rating scale

SME1

SME2

SME3

SME4

SME5, SME6

SME7, SME8

Short-term issuer rating scale

IG-1

IG-2

SIG-1, SIG-2, SIG-3, SIG-4

Short-term issue rating scale

IG-1

IG-2

SIG-1, SIG-2, SIG-3, SIG-4

DBRS Ratings GmbH

Long-term obligations rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Commercial paper and short-term debt rating scale

R-1 H, R-1 M

R-1 L

R-2, R-3

R-4, R-5, D

Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, R

Expected loss rating scale

AAA(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 scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

A-1+

A-1

A-2

A-3, B, C, D

EthiFinance S.L. (formerly Axesor Risk Management S.L.)

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Global short-term rating scale

EF1+

EF1, EF2

EF3, EF4, EF5

EuroRating Sp. z o.o.

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Fitch Ratings Ireland Limited

Long-term issuer default ratings scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, RD, D

Corporate finance obligations – Long-term ratings scale

AAA

AA

A

BBB

BB

B

CCC, CC, C

Long-term international Insurer Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C

Derivative counterparty ratings scale

AAA dcr

AA dcr

A dcr

BBB dcr

BB dcr

B dcr

CCC dcr, CC dcr, C dcr, RD dcr, R dcr

Short-term rating scale

F1+

F1

F2, F3

B, C, RD, D

Short-term IFS rating scale

F1+

F1

F2, F3

B, C

GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH

Global long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

HR Ratings de México, S.A. de C.V.

Global long-term rating scale

HR 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 scale

HR+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 scale

AAA

AA

A

BBB

BB

B, CCC

CC, C, D

Global long-term issue rating scale

AAA

AA

A

BBB

BB

B, CCC

CC, C, D

INBONIS SA

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Japan Credit Rating Agency Ltd

Long-term issuer rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, LD, D

Long-term issue rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term issuer rating scale

J-1+

J-1

J-2

J-3, NJ, LD, D

Short-term issue credit rating scale

J-1+

J-1

J-2

J-3, NJ, D

Kroll Bond Rating Agency Europe

Long-term credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Short-term credit rating scale

K1+

K1

K2, K3

B, C, D

Insurance Financial Strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

modeFinance S.r.l.

Global long-term rating scale

A1

A2

A3

B1

B2

B3

C1, C2, C3, D

Moody’s Investors Service

Global long-term rating scale

Aaa

Aa

A

Baa

Ba

B

Caa, Ca, C

Global short-term rating scale

P-1

P-2

P-3

NP

Nordic Credit Rating AS

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D, SD

Short-term rating scale

N1

N2

N3

N4, N5, N6

Scope Ratings GmbH

Long-term rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D/SD

Short-term rating scale

S-1+

S-1

S-2

S-3, S-4, D/SD

S&P Global Ratings Europe Limited

Long-term issuer credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, R, SD/D

Long-term issue credit rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, C, D

Insurer financial strength rating scale

AAA

AA

A

BBB

BB

B

CCC, CC, SD/D, R

Long-term Financial Institution Resolution Counterparty Ratings

AAA

AA

A

BBB

BB

B

CCC, CC, SD, D

Mid-Market Evaluation rating scale

MM1

MM2

MM3, MM4

MM5, MM6

MM7, MM8, MMD

Short-term issuer credit rating scale

A-1+

A-1

A-2, A-3

B, C, R, SD/D

Short-term issue credit rating scale

A-1+

A-1

A-2, A-3

B, C, D

Short-term Financial Institution Resolution Counterparty Ratings

A-1+

A-1

A-2, A-3

B, C, SD/D

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