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Commission Implementing Regulation (EU) 2016/1801Show full title
Commission Implementing Regulation (EU) 2016/1801 of 11 October 2016 on laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for securitisation in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
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ANNEX I Mapping table under the standardised approach as referred to in Article 1
| Credit quality step | 1 | 2 | 3 | 4 | All other |
|---|---|---|---|---|---|
| ARC Ratings SA | |||||
| Medium and Long-Term Issues | AAASF to AA-SF | A+SF to A-SF | BBB+SF to BBB-SF | BB+SF to BB-SF | Below BB-SF |
| Short-Term Issues | A-1+SF, A-1SF | A-2SF | A-3SF | Below A-3SF | |
| Axesor SA | |||||
| Structured finance rating scale | AAA(sf) to AA-(sf) | A+(sf) to A-(sf) | BBB+(sf) to BBB-(sf) | BB+(sf) to BB-(sf) | Below BB-(sf) |
| Creditreform Ratings AG | |||||
| Long-term rating scale | AAA sf, AA- sf | A+ sf to A- sf | BBB+ sf to BBB- sf | BB+ sf to BB- sf | Below BB- sf |
| DBRS Ratings Limited | |||||
| Long-term obligations rating scale | AAA (sf) to AA (low) (sf) | A (high) (sf) to A (low) (sf) | BBB (high) (sf) to BBB (low) (sf) | BB (high) (sf) to BB (low) (sf) | Below BB (low) (sf) |
| Commercial paper and short-term debt rating scale | R-1 (high) (sf) to R-1 (low) (sf) | R-2 (high) (sf) to R-2 (low) (sf) | R-3 (sf) | Below R-3 (sf) | |
| FERI EuroRating Services AG | |||||
| Rating scale | AAAsf to AA-sf | A+sf to A-sf | BBB+sf to BBB-sf | BB+sf to BB-sf | Below BB-sf |
| Fitch Ratings | |||||
| Long-term issuer credit ratings scale | AAAsf to AA-sf | A+sf to A-sf | BBB+sf to BBB-sf | BB+sf to BB-sf | Below BB-sf |
| Short-term rating scale | F1+sf, F1sf | F2sf | F3sf | Below F3sf | |
| Japan Credit Rating Agency Ltd | |||||
| Long-term issuer ratings scale | AAA to AA- | A+ to A- | BBB+ to BBB- | BB+ to BB- | Below BB- |
| Short-term issuer ratings scale | J-1+, J-1 | J-2 | J-3 | Below J-3 | |
| Kroll Bond Rating Agency | |||||
| Long-Term Credit | AAA (sf) to AA- (sf) | A+ (sf) to A- (sf) | BBB+ (sf) to BBB- (sf) | BB+ (sf) to BB- (sf) | Below BB- (sf) |
| Short-Term Credit | K1+ (sf), K1 (sf) | K2 (sf) | K3 (sf) | Below K3 (sf) | |
| Moody's Investors Service | |||||
| Global long-term rating scale | Aaa(sf) to Aa3(sf) | A1(sf) to A3(sf) | Baa1(sf) to Baa3(sf) | Ba1(sf) to Ba3(sf) | Below Ba3(sf) |
| Global short-term rating scale | P-1(sf) | P-2(sf) | P-3(sf) | NP(sf) | |
| Standard & Poor's Ratings Services | |||||
| Long-term issuer credit ratings scale | AAA (sf) to AA- (sf) | A+ (sf) to A- (sf) | BBB+ (sf) to BBB- (sf) | BB+ (sf) to BB- (sf) | Below BB- (sf) |
| Short-term issuer credit ratings scale | A-1+ (sf), A-1 (sf) | A-2 (sf) | A-3 (sf) | Below A-3 (sf) | |
| Scope Rating AG | |||||
| Global long-term rating scale | AAASF to AA-SF | A+SF to A-SF | BBB+SF to BBB-SF | BB+SF to BB-SF | Below BB-SF |
| Global short-term rating scale | S-1+SF, S-1SF | S-2SF | S-3SF | S-4SF | |
ANNEX II Mapping table under the ratings-based method as referred to in Article 2
| Credit quality step | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | All other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ARC Ratings SA | ||||||||||||
| Medium and Long-Term Issues | AAASF | AA+SF to AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | Below BB-SF |
| Short-Term Issues | A-1+SF, A-1SF | A-2SF | A-3SF | Below A-3SF | ||||||||
| Axesor SA | ||||||||||||
| Structured finance rating scale | AAA(sf) | AA+(sf) to AA-(sf) | A+(sf) | A(sf) | A-(sf) | BBB+(sf) | BBB(sf) | BBB-(sf) | BB+(sf) | BB(sf) | BB-(sf) | Below BB-(sf) |
| Creditreform Ratings AG | ||||||||||||
| Long-term rating scale | AAA sf | AA+ sf to AA- sf | A+ sf | A sf | A- sf | BBB+ sf | BBB sf | BBB- sf | BB+ sf | BB sf | BB- sf | Below BB- sf |
| DBRS Ratings Limited | ||||||||||||
| Long-term obligations rating scale | AAA (sf) | AA (high) (sf) to AA (low) (sf) | A (high) (sf) | A (sf) | A (low) (sf) | BBB (high) (sf) | BBB (sf) | BBB (low) (sf) | BB (high) (sf) | BB (sf) | BB (low) (sf) | Below BB (low) (sf) |
| Commercial paper and short-term debt rating scale | R-1 (high) (sf) to R-1 (low) (sf) | R-2 (high) (sf) to R-2 (low) (sf) | R-3 (sf) | Below R-3 (sf) | ||||||||
| FERI EuroRating Services AG | ||||||||||||
| Rating scale | AAAsf | AA+sf to AA-sf | A+sf | Asf | A-sf | BBB+sf | BBBsf | BBB-sf | BB+sf | BBsf | BB-sf | Below BB-sf |
| Fitch Ratings | ||||||||||||
| Long-term issuer credit ratings scale | AAAsf | AA+sf to AA-sf | A+sf | Asf | A-sf | BBB+sf | BBBsf | BBB-sf | BB+sf | BBsf | BB-sf | Below BB-sf |
| Short-term rating scale | F1+sf, F1sf | F2sf | F3sf | Below Bsf | ||||||||
| Japan Credit Rating Agency Ltd | ||||||||||||
| Long-term issuer ratings scale | AAA | AA+ to AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | Below BB- |
| Short-term issuer ratings scale | J-1+, J-1 | J-2 | J-3 | Below J-3 | ||||||||
| Kroll Bond Rating Agency | ||||||||||||
| Long-Term Credit | AAA (sf) | AA+ (sf) to AA- (sf) | A+ (sf) | A (sf) | A- (sf) | BBB+ (sf) | BBB (sf) | BBB- (sf) | BB+ (sf) | BB (sf) | BB- (sf) | Below BB- (sf) |
| Short-Term Credit | K1+ (sf), K1 (sf) | K2 (sf) | K3 (sf) | Below K3 (sf) | ||||||||
| Moody's Investors Service | ||||||||||||
| Global long-term rating scale | Aaa(sf) | Aa1(sf) to Aa3(sf) | A1(sf) | A2(sf) | A3(sf) | Baa1(sf) | Baa2(sf) | Baa3(sf) | Ba1(sf) | Ba2(sf) | Ba3(sf) | Below Ba3(sf) |
| Global short-term rating scale | P-1(sf) | P-2(sf) | P-3(sf) | NP(sf) | ||||||||
| Standard & Poor's Ratings Services | ||||||||||||
| Long-term issuer credit ratings scale | AAA (sf) | AA+ (sf) to AA- (sf) | A+ (sf) | A (sf) | A- (sf) | BBB+ (sf) | BBB (sf) | BBB- (sf) | BB+ (sf) | BB (sf) | BB- (sf) | Below BB- (sf) |
| Short-term issuer credit ratings scale | A-1+ (sf), A-1 (sf) | A-2 (sf) | A-3 (sf) | Below A-3 (sf) | ||||||||
| Scope Rating AG | ||||||||||||
| Global long-term rating scale | AAASF | AA+SF to AA-SF | A+SF | ASF | A-SF | BBB+SF | BBBSF | BBB-SF | BB+SF | BBSF | BB-SF | Below BB-SF |
| Global short-term rating scale | S-1+SF, S-1SF | S-2SF | S-3SF | S-4SF | ||||||||
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