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Commission Implementing Regulation (EU) 2018/633 of 24 April 2018 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 (Text with EEA relevance. )

2018/633 • 32018R0633

Legal Acts - Regulations

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Commission Implementing Regulation (EU) 2018/633 of 24 April 2018 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 (Text with EEA relevance. )

2018/633 • 32018R0633

Legal Acts - Regulations

Cited paragraphs only

25.4.2018

Official Journal of the European Union

L 105/6

COMMISSION IMPLEMENTING REGULATION (EU) 2018/633

of 24 April 2018

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

(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 25 November 2009 of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1), and in particular Article 109a(1) thereof,

Whereas:

(1)

After the adoption of Commission Implementing Regulation (EU) 2016/1800 (2), five new external credit assessment institutions have been registered or certified. It is therefore necessary to amend the Annex to that Implementing Regulation in order to allocate the credit assessments of those newly registered or certified external credit assessment institutions to the objective scale of credit quality steps.

(2)

The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800. That deregistered institution should therefore be removed from the Annex to that Implementing Regulation.

(3)

This Regulation is based on the draft implementing technical standards submitted by the European supervisory authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) to the Commission.

(4)

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 opinion 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 (3), 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 (4), and 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 (5).

(5)

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) 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, 24 April 2018.

For the Commission

The President

Jean-Claude JUNCKER

(1) Directive 2009/138/EC of 25 November 2009 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 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) 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).

(4) 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).

(5) 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).

ANNEX

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

Credit quality step

AM Best Europe-Rating Services Ltd

Long-term issuer credit ratings scale

aaa

aa+, aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

ccc+, ccc, ccc-, cc, c, rs

Long-term debt ratings scale

aaa

aa+, aa, aa-

a+, a, a-

bbb+, bbb, bbb-

bb+, bb, bb-

b+, b, b-

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

Financial strength ratings scale

A++, A+

A, A-

B++, B+

B, B-

C++, C+

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

Short-term ratings scale

AMB-1+

AMB-1-

AMB-2, AMB-3

AMB- 4

ARC Ratings S.A.

Medium- and long-term issuers rating scale

AAA

BBB

CCC, CC, C, D

Medium- and long-term issues rating scale

AAA

BBB

CCC, CC, C, D

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

BBB

CCC, CC/C, D

Short-term corporate rating scale

A++

B, C, D

Axesor S.A.

Global rating scale

AAA

BBB

CCC, CC, C, D, E

Banque de France

Global long-term issuer credit ratings scale

3++

3+, 3

4, 5+

5, 6

7, 8, 9, P

BCRA – Credit Rating Agency AD

Bank long-term ratings scale

AAA

BBB

C, D

Insurance long-term ratings scale

iAAA

iAA

iBBB

iBB

iC, iD

Corporate long-term ratings scale

AAA

BBB

CCC, CC, C, D

Municipality long-term ratings scale

AAA

BBB

CCC, CC, C, D

Issue long-term ratings scale

AAA

BBB

CCC, CC, C, D

Bank short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Corporate short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Municipality short-term ratings scale

A-1+

A-1

A-2, A-3

B, C, D

Issue short-term rating scale

A-1+

A-1

A-2, A-3

B, C, D

Capital Intelligence

International long-term issuer rating scale

AAA

BBB

C, RS, SD, D

International long-term issue rating scale

AAA

BBB

CCC, CC, C, D

International short-term issuer rating scale

A-1+

A-1

A-2, A-3

B, C, D

International short-term issue rating scale

A-1+

A-1

A-2, A-3

B, C, 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

Creditreform Ratings AG

Long-term rating scale

AAA

BBB

C, D

CRIF S.p.A.

Global long-term rating scale

AAA

BBB

CCC, D1, D2

Dagong Europe Credit Rating

Long-term credit rating scale

AAA

BBB

CCC, CC, C, D

Short-term credit rating scale

A-1

A-2, A-3

B, C, D

DBRS Ratings Limited

Long-term obligations rating scale

AAA

BBB

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

Claims paying ability rating scale

IC-1

IC-2

IC-3

IC-4

IC-5

Egan-Jones Ratings Co.

Long-term credit rating scale

AAA

BBB

CCC, CC, C, D

Short-term credit rating scale

A-1+

A-1

A-2

A-3, B, C, D

Euler Hermes Rating GmbH

Global long-term rating scale

AAA

BBB

CCC, CC, C, SD, D

European Rating Agency, a.s.

Long-term rating scale

AAA, AA, A

BBB

CCC, CC, C, D

Short-term rating scale

S3, S4, NS

EuroRating Sp. z o.o.

Global long-term rating scale

AAA

BBB

CCC, CC, C, D

Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited

Long-term issuer credit ratings scale

AAA

BBB

CCC, CC, C, RD, D

Corporate finance obligations – Long-term ratings scale

AAA

BBB

CCC, CC, C

Long-term international IFS ratings scale

AAA

BBB

CCC, CC, C

Short-term rating scale

F1+

F2, F3

B, C, RD, D

Short-term IFS ratings scale

F1+

F2, F3

B, C

GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH

Global long-term rating scale

AAA

A, BBB

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 Group S.A.

Global long-term rating scale

AA, A

BB, B

C, D

E, F

G, H

INC Rating Sp. z o.o.

Long-term issuer credit rating scale

AAA

BBB

CCC, CC, C, D

Japan Credit Rating Agency Ltd

Long-term issuer ratings scale

AAA

BBB

CCC, CC, C, LD, D

Long-term issue ratings scale

AAA

BBB

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

Long-term credit rating scale

AAA

BBB

CCC, CC, C, D

Short-term credit rating scale

K1+

K2, K3

B, C, D

modeFinance S.r.l.

Global long-term rating scale

C1, C2, C3, D

Moody's Investors Service Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd

Global long-term rating scale

Aaa

Baa

Caa, Ca, C

Bond fund rating scale

Aaa-bf

Aa-bf

A-bf

Baa-bf

Ba-bf

B-bf

Caa-bf, Ca-bf, C-bf

Global short-term rating scale

P-1

P-2

P-3

Rating-Agentur Expert RA GmbH

International credit rating scale

AAA

BBB

CCC, CC, C, D, E

International reliability rating scale

AAA

BBB

CCC, CC, C, D, E

Scope Ratings AG

Global long-term rating scale

AAA

BBB

CCC, CC, C, D

Global short-term rating scale

S-1+

S-1

S-2

S-3, S-4

Spread Research

International long-term rating scale

AAA

BBB

CCC, CC, C, D

Standard & Poor's Credit Market Services France S.A.S., Standard & Poor's Credit Market Services Italy S.r.l., Standard & Poor's Credit Market Services Europe Limited

Long-term issuer credit ratings scale

AAA

BBB

CCC, CC, R, SD/D

Long-term issue credit ratings scale

AAA

BBB

CCC, CC, C, D

Insurer financial strength ratings scale

AAA

BBB

CCC, CC, SD/D, R

Fund credit quality ratings scale

AAAf

AAf

BBBf

BBf

CCCf

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

The Economist Intelligence Unit Ltd

Sovereign rating band scale

AAA

BBB

CCC, CC, C, D

LEXI

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