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L 407/18 EN Official Journal of the European Union 17.11.2021
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)
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, 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) 2015/35(3)(‘External
credit assessments’).
(2) Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744(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
Council(5), 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).
(1) OJ L 335, 17.12.2009, p. 1.
(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).
(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).
(4) Commission 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).
(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).17.11.2021 EN Official Journal of the European Union L 407/19
(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(6); 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(7); 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(8).
(7) Implementing Regulation (EU) 2016/1800 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendment to Implementing Regulation (EU) 2016/1800
The Annex to Implementing Regulation (EU) No 2016/1800 is replaced by the text 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
(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).
(7) 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).
(8) 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
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- 4, d, e, f, s
AMB-3
Short-term issue ratings scale AMB-1+ AMB-1- AMB-2, AMB- 4, d, s
AMB-3
ARC Ratings S.A.
Medium- and long-term issuers AAA AA A BBB BB B CCC, CC, C, D
rating scale
Medium- and long-term issues rating AAA AA A BBB BB B CCC, CC, C, D
scale
Claims paying ability rating scale AAA AA A BBB BB B CCC, CC, C, R
Short-term issuers rating scale A-1+ A-1 A-2, A-3 B, C, D
Short-term issues 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
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Axesor Risk Management SL
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 3++ 3+, 3 4+ 4, 5+ 5, 6 7, 8, 9, P
ratings scale
Global NEC long-term issuer credit 1+ 1, 1- 2+, 2, 2- 3+, 3, 3-, 4+, 4, 4-, 5+ 5, 5-, 6+, 6, 6- 7, 8, P
rating scale
BCRA – Credit Rating Agency AD
Global long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D
Global short-term ratings scale A-1+ A-1 A-2, A-3 B, C, D
Pension-insurance company long- AAA AA A BBB BB B CCC, CC, C, D
term scale
Pension-insurance company short- A-1+ A-1 A-2, A-3 B, C, D
term scale
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 AAA AA A BBB BB B C, RS, SD, D
scale
International long-term issue rating AAA AA A BBB BB B CCC, CC, C, D
scale
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407/21International long-term insurer AAA AA A BBB BB B C,RS, SD, D
financial strength rating scale
International short-term issuer A1+ A1 A2, A3 B, C, RS, SD, D
rating scale
International short-term issue rating A1+ A1 A2, A3 B, C, D
scale
International short-term insurer A1+ A1 A2, A3 B, C, RS, SD, D
financial strength rating scale
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
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Long-term obligations rating scale AAA AA A BBB BB B CCC, CC, C, D
Commercial paper and short-term R-1 H, R-1 M R-1 L R-2, R-3 R-4, R-5, D
debt rating scale
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
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 AAA AA A BBB BB B CCC, CC, C, RD, D
scale
Corporate finance obligations – AAA AA A BBB BB B CCC, CC, C
Long-term ratings scale
Long-term international IFS ratings AAA AA A BBB BB B CCC, CC, C
scale
Derivative counterparty ratings AAA dcr, AA dcr A dcr BBB dcr BB dcr B dcr CCC dcr, CC dcr, C dcr
scale
Short-term rating scale F1+ F1 F2, F3 B, C, RD, D
Short-term IFS ratings scale F1+ F1 F2, F3 B, C
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407/23GBB-Rating Gesellschaft für
Bonitätsbeurteilung mbH
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 HR AA(G) HR A(G) HR BBB(G) HR BB(G) HR B(G) HR C(G)/HR D(G)
AAA(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 SA
Long-term rating scale AAA AA A BBB BB B CCC, CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale AAA AA A BBB BB B CCC, CC, C, LD, D
Long-term issue ratings scale AAA AA A BBB BB B CCC, CC, C, D
Short-term issuer ratings scale J-1+ J-1 J-2 J-3, NJ, LD, D
Short-term issue credit ratings 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
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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 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
Rating-Agentur Expert RA GmbH
International long-term credit rating AAA AA A BBB BB B CCC,CC, C, D, E
scale
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 AG
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
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407/25Scope Hamburg GmbH
Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, SD, D
S&P Global Ratings
Long-term issuer credit ratings scale AAA AA A BBB BB B CCC, CC, R, SD/D
Long-term issue credit ratings scale AAA AA A BBB BB B CCC, CC, C, D
Insurer financial strength ratings AAA AA A BBB BB B CCC, CC, SD/D, R
scale
Long-term Financial Institution AAA AA A BBB BB B CCC, CC, SD, D
Resolution Counterparty Ratings
Mid-Market Evaluation ratings scale MM1 MM2 MM3, MM4 MM5, MM6 MM7, MM8, MMD
Short-term issuer credit ratings scale A-1+ A-1 A-2, A-3 B, C, R, SD/D
Short-term issue credit ratings scale A-1+ A-1 A-2, A-3 B, C, D
Short-term Financial Institution A-1+ A-1 A-2, A-3 B, C, SD/D’
Resolution Counterparty Ratings
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