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 CouncilText with EEA relevance.

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) 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). , and in particular Article 109a(1) thereof, Whereas: (1) After the adoption of Commission Implementing Regulation (EU) 2016/1800 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). , 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 (2) The registration of one external credit assessment institution has been withdrawn since the adoption of Implementing Regulation (EU) 2016/1800.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 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). , 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

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). , 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 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). . (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

Annex

ANNEX

Annex

ANNEX Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps Credit quality step0123456AM Best Europe-Rating Services LtdLong-term issuer credit ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, rsLong-term debt ratings scaleaaaaa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, dFinancial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, SShort-term ratings scaleAMB-1+AMB-1-AMB-2, AMB-3AMB- 4ARC Ratings S.A.Medium- and long-term issuers rating scaleAAAAAABBBBBBCCC, CC, C, DMedium- and long-term issues rating scaleAAAAAABBBBBBCCC, CC, C, DShort-term issuers rating scaleA-1+A-1A-2, A-3B, C, DShort-term issues rating scaleA-1+A-1A-2, A-3B, C, DASSEKURATA Assekuranz Rating-Agentur GmbHLong-term credit rating scaleAAAAAABBBBBBCCC, CC/C, DShort-term corporate rating scaleA++AB, C, DAxesor S.A.Global rating scaleAAAAAABBBBBBCCC, CC, C, D, EBanque de FranceGlobal long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, P BCRA – Credit Rating Agency ADBank long-term ratings scaleAAAAAABBBBBBC, DInsurance long-term ratings scaleiAAAiAAiAiBBBiBBiBiC, iDCorporate long-term ratings scaleAAAAAABBBBBBCCC, CC, C, DMunicipality long-term ratings scaleAAAAAABBBBBBCCC, CC, C, DIssue long-term ratings scaleAAAAAABBBBBBCCC, CC, C, DBank short-term ratings scaleA-1+A-1A-2, A-3B, C, DCorporate short-term ratings scaleA-1+A-1A-2, A-3B, C, DMunicipality short-term ratings scaleA-1+A-1A-2, A-3B, C, DIssue short-term rating scaleA-1+A-1A-2, A-3B, C, DCapital IntelligenceInternational long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, DInternational long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DInternational short-term issuer rating scaleA-1+A-1A-2, A-3B, C, DInternational short-term issue rating scaleA-1+A-1A-2, A-3B, C, DCerved Rating Agency S.p.A.Corporate long-term rating scaleA1.1A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1Creditreform Ratings AGLong-term rating scaleAAAAAABBBBBBC, DCRIF S.p.A.Global long-term rating scaleAAAAAABBBBBBCCC, D1, D2

Dagong Europe Credit RatingLong-term credit rating scaleAAAAAABBBBBBCCC, CC, C, DShort-term credit rating scaleA-1A-2, A-3B, C, DDBRS Ratings LimitedLong-term obligations rating scaleAAAAAABBBBBBCCC, CC, C, DCommercial paper and short-term debt rating scaleR-1 H, R-1 MR-1 LR-2, R-3R-4, R-5, DClaims paying ability rating scaleIC-1IC-2IC-3IC-4IC-5DEgan-Jones Ratings Co.Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, DShort-term credit rating scaleA-1+A-1A-2A-3, B, C, DEuler Hermes Rating GmbHGlobal long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, DEuropean Rating Agency, a.s.Long-term rating scaleAAA, AA, ABBBBBBCCC, CC, C, DShort-term rating scaleS1S2S3, S4, NSEuroRating Sp. z o.o.Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DFitch 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 LimitedLong-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, C, RD, DCorporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, C Long-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, CShort-term rating scaleF1+F1F2, F3B, C, RD, DShort-term IFS ratings scaleF1+F1F2, F3B, CGBB-Rating Gesellschaft für Bonitätsbeurteilung mbHGlobal long-term rating scaleAAAAAA, BBBBBBCCC, CC, C, DHR Ratings de México, S.A. de C.V.Global long-term rating scaleHR 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 scaleHR+1(G)HR1(G)HR2(G)HR3(G)HR4(G), HR5(G), HR D(G)ICAP Group S.A.Global long-term rating scaleAA, ABB, BC, DE, FG, HINC Rating Sp. z o.o.Long-term issuer credit rating scaleAAAAAABBBBBBCCC, CC, C, DJapan Credit Rating Agency LtdLong-term issuer ratings scaleAAAAAABBBBBBCCC, CC, C, LD, DLong-term issue ratings scaleAAAAAABBBBBBCCC, CC, C, DShort-term issuer ratings scaleJ-1+J-1J-2J-3, NJ, LD, DShort-term issue credit ratings scaleJ-1+J-1J-2J-3, NJ, DKroll Bond Rating AgencyLong-term credit rating scaleAAAAAABBBBBBCCC, CC, C, DShort-term credit rating scaleK1+K1K2, K3B, C, D modeFinance S.r.l.Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, DMoody'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 LtdGlobal long-term rating scaleAaaAaABaaBaBCaa, Ca, CBond fund rating scaleAaa-bfAa-bfA-bfBaa-bfBa-bfB-bfCaa-bf, Ca-bf, C-bfGlobal short-term rating scaleP-1P-2P-3NPRating-Agentur Expert RA GmbHInternational credit rating scaleAAAAAABBBBBBCCC, CC, C, D, EInternational reliability rating scaleAAAAAABBBBBBCCC, CC, C, D, EScope Ratings AGGlobal long-term rating scaleAAAAAABBBBBBCCC, CC, C, DGlobal short-term rating scaleS-1+S-1S-2S-3, S-4Spread ResearchInternational long-term rating scaleAAAAAABBBBBBCCC, CC, C, DStandard & 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 LimitedLong-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, R, SD/DLong-term issue credit ratings scaleAAAAAABBBBBBCCC, CC, C, DInsurer financial strength ratings scaleAAAAAABBBBBBCCC, CC, SD/D, RFund credit quality ratings scaleAAAfAAfAfBBBfBBfBfCCCf