Official Gazette Notification Text
Official TranscriptOfficial Journal EN of the European Union 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...
Official Journal EN of the European Union 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.
(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).
ELI: http://data.europa.eu/eli/reg_impl/2024/1820/oj 1/8EN OJ L, 2.7.2024
(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
(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).
2/8 ELI: http://data.europa.eu/eli/reg_impl/2024/1820/ojANNEX ‘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.
ccc+, ccc, ccc-, cc, Long-term issuer credit ratings scale aaa aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- c, d, e, f, s ccc+, ccc, ccc-, cc, Long-term issue ratings scale aaa aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- c, d, s Financial strength ratings scale A++ A+ A, A- B++, B+ B, B- C++, C+ C, C-, D, E, F, S AMB-2, Short-term issuer ratings scale AMB-1+ AMB-1- AMB- 4, d, e, f, s AMB-3 AMB-2, Short-term issue ratings scale AMB-1+ AMB-1- AMB- 4, d, s AMB-3 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 3+, 3, 3-, 4+, 4, 4-, Global ANACOT long-term issuer credit rating scale 1+ 1, 1- 2+, 2, 2- 5, 5-, 6+, 6, 6- 7, 8, P 5+
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj 3/8 OJ L,
2.7.2024 ENCredit quality step 0 1 2 3 4 5 6 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 rat AAA AA A BBB BB B C, RS, SD, D ing scale 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 A1+ A1 A2, A3 B, C, RS, SD, D rating scale Cerved Rating Agency S.p.A.
A2.1, A2.2, Corporate long-term rating scale A1.1 A1.2, A1.3 B1.1, B1.2 B2.1, B2.2 C1.1 C1.2, C2.1 A3.1 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.
CCC, CC, C, D1S, Long-term issuer rating scale AAA AA A BBB BB B D 4/8
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj EN OJ L,
2.7.2024Credit quality step 0 1 2 3 4 5 6 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 SIG-1, SIG-2, Short-term issuer rating scale IG-1 IG-2 SIG-3, SIG-4 SIG-1, SIG-2, Short-term issue rating scale IG-1 IG-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 CCC(el), CC(el), Expected loss rating scale AAA(el) AA(el) A(el) BBB(el) BB(el) B(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
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj 5/8 OJ L,
2.7.2024 ENCredit quality step 0 1 2 3 4 5 6 Fitch Ratings Ireland Limited CCC, CC, C, RD, Long-term issuer default ratings scale AAA AA A BBB BB B D Corporate finance obligations – Long-term ratings AAA AA A BBB BB B CCC, CC, C scale Long-term international Insurer Financial Strength AAA AA A BBB BB B CCC, CC, C rating scale CCC dcr, CC dcr, Derivative counterparty ratings scale AAA dcr AA dcr A dcr BBB dcr BB dcr B 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) HR4(G), HR5(G), Global short-term rating scale HR+1(G) HR1(G) HR2(G) HR3(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 6/8
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj EN OJ L,
2.7.2024Credit quality step 0 1 2 3 4 5 6 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
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj 7/8 OJ L,
2.7.2024 ENCredit quality step 0 1 2 3 4 5 6 Long-term Financial Institution Resolution Counter AAA AA A BBB BB B CCC, CC, SD, D party Ratings MM7, MM8, Mid-Market Evaluation rating scale MM1 MM2 MM3, MM4 MM5, MM6 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 Counter A-1+ A-1 A-2, A-3 B, C, SD/D party Ratings 8/8
ELI:
http://data.europa.eu/eli/reg_impl/2024/1820/oj EN OJ L,
2.7.2024