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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)

In forceVersion 2021-11-16from 2021-12-07
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Contents
  1. Preamble
    1. Article 1 Amendment to Implementing Regulation (EU) 2016/1800
    2. Article 2 Entry into force
  3. ANNEX
  4. ANNEX

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

Whereas:

(1) Commission Implementing Regulation (EU) 2016/1800 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 (External credit assessments).

(2) Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744, 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, 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).

(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; 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; 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) 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

ANNEX

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 issues 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 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 Short-term corporate rating scale A++ A B, C, D 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 ratings 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, 5-, 6+, 6, 6- 7, 8, P 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-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 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 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 IFS ratings 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 Short-term rating scale F1+ F1 F2, F3 B, C, RD, D Short-term IFS ratings scale F1+ F1 F2, F3 B, C GBB-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 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 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 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 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 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 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 Scope 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 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 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 Resolution Counterparty Ratings A-1+ A-1 A-2, A-3 B, C, SD/D

Versions

  1. 2021-11-16

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