Commission Implementing Regulation (EU) 2018/634 of 24 April 2018 amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 of the European Parliament and of the CouncilText with EEA relevance.

Commission Implementing Regulation (EU) 2018/634 of 24 April 2018 amending Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in Regulation (EU) No 575/2013 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 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms OJ L 176, 27.6.2013, p. 1. , and in particular the third subparagraph of Article 136(1) thereof, Whereas: (1) Commission Implementing Regulation (EU) 2016/1799 Commission Implementing Regulation (EU) 2016/1799 of 7 October 2016 laying down implementing technical standards with regard to the mapping of credit assessments of external credit assessment institutions for credit risk in accordance with Articles 136(1) and 136(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 275, 12.10.2016, p. 3). specifies in its Annex III, the correspondence of the relevant credit assessments issued by an external credit assessment institution (ECAI) to the credit quality steps set out in Section 2 of Chapter 2 of Title II of Part Three of Regulation (EU) No 575/2013 (mapping). (2) Since the adoption of Implementing Regulation (EU) 2016/1799 additional credit rating agencies have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council 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). . Furthermore, one of the ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping has been deregistered. Given that Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, it is necessary to amend Implementing Regulation (EU) 2016/1799 to provide mappings for the newly registered or certified ECAIs, and to remove the mapping for the deregistered ECAI. (3) This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority jointly (the European Supervisory Authorities) 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 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). , and 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). . (5) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly, HAS ADOPTED THIS REGULATION:

Article 1

Amendment to Implementing Regulation (EU) 2016/1799 Annex III to Implementing Regulation (EU) 2016/1799 is replaced by the text set out 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 III Mapping tables for the purposes of Article 16 Credit quality step123456AM Best Europe-Rating Services LtdLong-term issuer credit ratings scaleaaa, aa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, rsLong-term debt ratings scaleaaa, aa+, 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-3 AMB- 4ARC Ratings S.A.Medium- and long-term issuers rating scaleAAA, AAABBBBBBCCC, CC, C, DMedium- and long-term issues rating scaleAAA, AAABBBBBBCCC, 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 scaleAAA, AAABBBBBBCCC, CC/C, DShort-term corporate rating scaleA++AB, C, DAxesor SAGlobal rating scaleAAA, AAABBBBBBCCC, 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 scaleAAA, AAABBBBBBC, DInsurance long-term ratings scaleiAAA, iAAiAiBBBiBBiBiC, iDCorporate long-term ratings scaleAAA, AAABBBBBBCCC, CC, C, DMunicipality long-term ratings scaleAAA, AAABBBBBBCCC, CC, C, DIssue long-term ratings scaleAAA, AAABBBBBBCCC, 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 Intelligence LtdInternational long-term issuer rating scaleAAA, AAABBBBBBC, RS, SD, DInternational long-term issue rating scaleAAA, AAABBBBBBCCC, 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 scaleA1.1, A1.2, A1.3A2.1, A2.2, A3.1B1.1, B1.2B2.1, B2.2C1.1C1.2, C2.1Creditreform Ratings AGLong-term rating scaleAAA, AAABBBBBBC, DCRIF S.p.A.Global long-term rating scaleAAA, AAABBBBBBCCC, D1, D2Dagong Europe Credit RatingLong-term credit rating scaleAAA, AAABBBBBBCCC, CC, C, DShort-term credit rating scaleA-1A-2, A-3B, C, D

DBRS Ratings LimitedLong-term obligations rating scaleAAA, AAABBBBBBCCC, 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 scaleAAA, AAABBBBBBCCC,CC, C, DShort-term credit rating scaleA-1+A-1A-2A-3, B, C, DEuler Hermes Rating GmbHGlobal long-term rating scaleAAA, AAABBBBBBCCC, CC, C, SD, DEuropean Rating Agency, a.s.Long-term rating scaleAAA, AA, ABBBBBBCCC, CC, C, DShort-term rating scaleS1S2S3, S4, NSEuroRating Sp.zo.o.Global long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DFitch RatingsLong-term issuer credit ratings scaleAAA, AAABBBBBBCCC, CC, C, RD, DCorporate finance obligations – long-term ratings scaleAAA AAABBBBBBCCC, CC, CLong-term international IFS ratings scaleAAA, AAABBBBBBCCC, CC, CShort-term rating scaleF1+F1F2, F3B, C, RD, DShort-term IFS ratings scaleF1+F1F2, F3B, CGBB-Rating Gesellschaft für Bonitäts-beurteilung mbHGlobal long-term rating scaleAAA, AAA, BBBBBBCCC, CC, C, D HR 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.AGlobal long-term rating scaleAA, ABB, BC, DE, FG, HINC Rating Sp. z o.o.Long-term issuer credit rating scaleAAA, AAABBBBBBCCC,CC, C, DJapan Credit Rating Agency LtdLong-term issuer ratings scaleAAA, AAABBBBBBCCC, CC, C, LD, DLong-term issue ratings scaleAAA, AAABBBBBBCCC, 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 scaleAAA, AAABBBBBBCCC, CC, C, DShort-term credit rating scaleK1+K1K2, K3B, C, DmodeFinance S.r.l.Global long-term rating scaleA1,A2A3B1B2B3C1, C2, C3, DMoody's Investors ServiceGlobal long-term rating scaleAaa, AaABaaBaBCaa, Ca, CBond fund rating scaleAaa-bf, Aa-bfA-bfBaa-bfBa-bfB-bfCaa-bf, Ca-bf, C-bfGlobal short-term rating scaleP-1P-2P-3NP Rating-Agentur Expert RA GmbHInternational credit rating scaleAAA, AAABBBBBBCCC,CC, C, D, EInternational reliability rating scaleAAA, AAABBBBBBCCC,CC, C, D, EScope Ratings AGGlobal long-term rating scaleAAA, AAABBBBBBCCC, CC,C, DGlobal short-term rating scaleS-1+S-1S-2S-3, S-4Spread ResearchInternational long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DStandard & Poor's Ratings ServicesLong-term issuer credit ratings scaleAAA, AAABBBBBBCCC, CC, R, SD/DLong-term issue credit ratings scaleAAA, AAABBBBBBCCC, CC, C, DInsurer financial strength ratings scaleAAA, AAABBBBBBCCC, CC, SD/D, RFund credit quality ratings scaleAAAf, AAfAfBBBfBBfBfCCCfMid Market Evaluation ratings scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMDShort-term issuer credit ratings scaleA-1+A-1A-2, A-3B, C, R, SD/DShort-term issue credit ratings scaleA-1+A-1A-2, A-3B, C, DThe Economist Intelligence Unit LtdSovereign rating band scaleAAA, AAABBBBBBCCC, CC, C, D