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L 407/10 EN Official Journal of the European Union 17.11.2021
COMMISSION IMPLEMENTING REGULATION (EU) 2021/2005
of 16 November 2021
laying down implementing technical standards amending Implementing Regulation (EU) 2016/1799
as regards the mapping tables specifying the correspondence between the credit risk assessments of
external credit assessment institutions and the credit quality steps set out in Regulation (EU)
No 575/2013 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 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on
prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular
Article 136(1), first subparagraph, thereof,
Whereas:
(1) Commission Implementing Regulation (EU) 2016/1799(2)specifies, in its Annex III, the correspondence between
the relevant credit assessments issued by an external credit assessment institution (‘ECAI’) and the credit quality
steps set out in Section 2 of Chapter 2 of Title II of Part Three of Regulation (EU) No 575/2013 (‘mapping’).
(2) Since the latest amendments, by Commission Implementing Regulation (EU) 2019/2028(3), to Annex III to
Implementing Regulation (EU) 2016/1799, the quantitative and qualitative factors underpinning the credit
assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 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) 2019/2028, two additional credit rating agencies have been
registered in accordance with Articles 14 to 18 of Regulation (EC) No 1060/2009 of the European Parliament and
of the Council(4), while two other ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping
have been deregistered. As Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings
for all ECAIs, that Regulation should be amended 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 (EC) No 1060/2009, and for
which a mapping was provided in Implementing Regulation (EU) 2016/1799, 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 European Securities and Markets Authority and the European Insurance and
Occupational Pensions Authority jointly (the European Supervisory Authorities).
(1) OJ L 176, 27.6.2013, p. 1.
(2) Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 laying down implementing technical standards with regard
to the mapping of credit assessments of external credit assessment institutions for credit risk in accordance with Articles 136(1) and
136(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 275, 12.10.2016, p. 3).
(3) Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019 amending Implementing Regulation (EU) 2016/1799
as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment
institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ
L 313, 4.12.2019, p. 34).
(4) 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).17.11.2021 EN Official Journal of the European Union L 407/11
(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 Council(5); 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 Council(6); 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 Council(7).
(7) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendment to Regulation (EU) 2016/1799
Annex III to Implementing Regulation (EU) 2016/1799 is replaced by the text set out in the Annex to this Regulation.
Article 2
Entry into force
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, 16 November 2021.
For the Commission
The President
Ursula VON DER LEYEN
(5) 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).
(6) 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).
(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).ANNEX
“ANNEX III
Mapping tables for the purposes of Article 16
Credit quality step 1 2 3 4 5 6
A.M. Best (EU) Rating Services B.V.
Long-term issuer credit rating scale aaa, aa+, 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 rating scale aaa, aa+, aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- ccc+, ccc, ccc-, cc,
c, d, s
Financial strength rating scale A++, A+ A, A- B++, B+ B, B- C++, C+ C, C-, D, E, F, S
Short-term issuer rating scale AMB-1+ AMB-1- AMB-2, AMB- 4, d, e, f, s
AMB-3
Short-term issue rating scale AMB-1+ AMB-1- AMB-2, AMB- 4, d, s
AMB-3
ARC Ratings S.A.
Medium- and long-term issuer 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
Claims paying ability rating scale AAA, AA A BBB BB B CCC, CC, C, R
Short-term issuer 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
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17.11.2021Axesor Risk Management S.L.
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D, E
Global short-term rating scale AS1+ AS1 AS2 AS3, AS4, AS5
Banque de France
Global long-term issuer credit rating scale 3++ 3+, 3 4+ 4, 5+ 5, 6 7, 8, 9, P
Global NEC long-term issuer credit rating scale 1+ 1, 1- 2+, 2, 2- 3+, 3, 3-, 4+, 4, 4-, 5, 5-, 6+, 6, 6- 7, 8, P
5+
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
Guarantee fund long-term scale AAA, AA A BBB BB B C, D
Guarantee fund short-term scale A-1+ A-1 A-2, A-3 B, C, D
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
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407/13Cerved 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 issuer 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
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17.11.2021EuroRating 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 rating scale AAA, AA A BBB BB B CCC, CC, C, RD,
D
Corporate finance obligations — long-term rating 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 rating scale AAA dcr, AA dcr A dcr BBB dcr BB dcr B dcr CCC dcr, CC dcr,
C 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 HR A(G) HR BBB(G) HR BB(G) HR B(G) HR C(G)/HR D(G)
AA(G)
Global short-term rating scale HR+1(G)/HR1(G) HR2(G) HR3(G) HR4(G), HR5(G),
HR D(G)
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 S.A.
Long-term rating scale AAA/AA A BBB BB B CCC, CC, C, D
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407/15Japan 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 Limited
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
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 RatingAS
Long-term rating scale AAA/AA A BBB BB B CCC, CC, C, D, SD
Short-term rating scale N-1+ N-1, N-2, N-3,
N-4
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Global short-term rating scale SR0 SR1, SR2 SR3, SR4, SR5,
SRD
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17.11.2021Rating-Agentur Expert RA GmbH
International long-term credit rating scale AAA, AA A BBB BB B CCC, CC, C, D, E
International reliability rating scale AAA, AA A BBB BB B CCC, CC, C, D, E
International short-term rating scale RA1+ RA1 RA2, RA3 RA4, RA5, C, D
Scope Ratings GmbH
Long-term rating scale AAA, AA A BBB BB B CCC, CC,C, D
Short-term rating scale S-1+ S-1 S-2 S-3, S-4
Scope Hamburg GmbH
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, SD, D
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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