Commission Implementing Regulation (EU) 2024/1820 amending mapping tables for external credit assessment institutions under Solvency II

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Document 32024R1820

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Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending 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

Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending 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

Commission Implementing Regulation (EU) 2024/1820 of 1 July 2024 amending 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

C/2024/4431

OJ L, 2024/1820, 2.7.2024, ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

In force

ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj

Language 1

Language 2

Language 3

Official Journal of the European Union

EN

L series

2024/1820

2.7.2024

COMMISSION IMPLEMENTING REGULATION (EU) 2024/1820

of 1 July 2024

amending 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)

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) ( 1 ) , and in particular Article 109a(1), third subparagraph thereof,

Whereas:

(1)

Commission Implementing Regulation (EU) 2016/1800 ( 2 ) specifies 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) 2015/35 ( 3 ) (‘external credit assessments’).

(2)

Since the latest amendments introduced by Commission Implementing Regulation (EU) 2021/2006 ( 4 ) , the quantitative and qualitative factors underpinning the credit assessments of some mappings in the Annex to Implementing Regulation (EU) 2016/1800 have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs. 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) 2021/2006, three ECAIs for which Implementing Regulation (EU) 2016/1800 provided a mapping have been deregistered. Therefore, Implementing Regulation (EU) 2016/1800 should be amended to remove the mapping of the deregistered ECAIs.

(4)

Two ECAIs registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council ( 5 ) , and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, have changed their names and one registered ECAI has changed the symbols used to denote the rating categories of its rating scales. It is therefore necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs.

(5)

Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly.

(6)

This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Supervisory Authorities.

(7)

The Joint Committee of the European Supervisory Authorities as referred to in Article 54 of Regulations (EU) No 1093/2010 ( 6 ) , (EU) No 1094/2010 ( 7 ) and (EU) No 1095/2010 ( 8 ) of the European Parliament and of the Council, respectively, has 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, the Insurance and Reinsurance Stakeholder Group and the Securities and Markets Stakeholder Group established in accordance with Article 37 of those Regulations, respectively,

HAS ADOPTED THIS REGULATION:

Article 1

Implementing Regulation (EU) 2016/1800 is amended as follows:

The Annex is replaced by the text in the Annex to this Regulation.

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.

Done at Brussels, 1 July 2024.

For the Commission

The President

Ursula VON DER LEYEN

( 1 )

OJ L 335, 17.12.2009, p. 1 , ELI: http://data.europa.eu/eli/dir/2009/138/oj .

( 2 ) 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 ( OJ L 275, 12.10.2016, p. 19 , ELI: http://data.europa.eu/eli/reg_impl/2016/1800/oj ).

( 3 ) Commission 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 , ELI: http://data.europa.eu/eli/reg_del/2015/35/oj ).

( 4 ) 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 ( OJ L 407, 17.11.2021, p. 18 , ELI: http://data.europa.eu/eli/reg_impl/2021/2006/oj ).

( 5 ) Regulation (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 , ELI: http://data.europa.eu/eli/reg/2009/1060/oj ).

( 6 ) Regulation (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 , ELI: http://data.europa.eu/eli/reg/2010/1093/oj ).

( 7 ) Regulation (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 , ELI: http://data.europa.eu/eli/reg/2010/1094/oj ).

( 8 ) Regulation (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 , ELI: http://data.europa.eu/eli/reg/2010/1095/oj ).

ANNEX

‘ANNEX

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

Credit quality step

0

1

2

3

4

5

6

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

ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj

ISSN 1977-0677 (electronic edition)

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