Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 on 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) 2020/744 of 4 June 2020 on 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 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) OJ L 335, 17.12.2009, p. 1. , and in particular Article 109a(1) thereof, Whereas: (1) 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). specifies, among others, in its Annex, 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 I of Title I of Commission Delegated Regulation (EU) 2015/35 Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC 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 12, 17.1.2015, p. 1). (External credit assessments). (2) Following the latest amendments, by Commission Implementing Regulation (EU) 2018/633 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 (OJ L 105, 25.4.2018, p. 6) , to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings in the Annex to Implementing Regulation (EU) 2016/1800 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) Since the adoption of Implementing Regulation (EU) 2018/633, another credit rating agency has been registered 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).

. As Article 136(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council 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 and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). requires the specification of mappings for all ECAIs, it is necessary to provide a mapping for that newly registered ECAI. The credit assessments applied by the newly registered ECAI are based on the same methodology as those applied by its parent company, a third country ECAI for which a mapping had already been established. It is therefore appropriate in this specific case that the mapping for the newly registered ECAI mirrors the mapping established for that third country ECAI. (4) This Regulation is based on the draft implementing technical standards submitted 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) to the Commission. (5) 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 opinion 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 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 opinion 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 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). . (6) 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, 4 June 2020. For the Commission The President Ursula von der Leyen

Annex

ANNEX

Annex

ANNEX Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC Credit quality step0123456ACRA Europe a.s (formerly European Rating Agency a.s.)Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DGlobal short-term rating scaleS1S2S3, S4, NSAM Best Europe-Rating Services Ltd.Long-term issuer credit ratings scaleaaaaa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, e, f, sLong-term issue ratings scaleaaaaa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, sFinancial strength ratings scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, SShort-term issuer ratings scaleAMB-1+AMB-1- AMB-2, AMB-3 AMB- 4, d, e, f, sShort-term issue ratings scaleAMB-1+AMB-1- AMB-2, AMB-3 AMB- 4, d, sARC 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 Risk Management SL Global rating scaleAAAAAABBBBBBCCC, CC, C, D, EBanque de FranceGlobal long-term issuer credit ratings scale3++3+, 34+4, 5+5, 67, 8, 9, PBCRA – Credit Rating Agency ADGlobal long-term ratings scaleAAAAAABBBBBBCCC, CC, C, DGlobal short-term ratings scaleA-1+A-1A-2, A-3B, C, DPension-insurance company long-term scaleAAAAAABBBBBBCCC, CC, C, DPension-insurance company short-term scaleA-1+A-1A-2, A-3B, C, DPension fund long-term scaleAAA pfAA pfA pfBBB pfBB pfB pfC pfGuarantee fund long-term scaleAAAAAABBBBBBC, DGuarantee fund short-term scaleA-1+A-1A-2, A-3B, C, DCapital Intelligence Ratings LtdInternational long-term issuer rating scaleAAAAAABBBBBBC, RS, SD, DInternational long-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DInternational long-term insurer financial strength rating scaleAAAAAABBBBBBC,RS, SD, DInternational short-term issuer rating scaleA1+A1A2, A3B, C, RS, SD, DInternational short-term issue rating scaleA1+A1A2, A3B, C, DInternational short-term insurer financial strength rating scaleA1+A1A2, A3B, C, RS, SD, 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 Rating AGLong-term rating scaleAAAAAABBBBBB, C, SD, DCRIF Ratings S.r. l. Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, DLong-term issue rating scaleAAAAAABBBBBBCCC, CC, C, DSShort-term issuer rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4Short-term issue rating scaleIG-1IG-2SIG-1, SIG-2, SIG-3, SIG-4Dagong 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, DFinancial Strength rating scaleAAA, AAABBBBBBCCC, CC, C, REgan-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, DEuroRating Sp. z o.o.Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DFitch RatingsLong-term issuer default ratings scaleAAAAAABBBBBBCCC, CC, C, RD, DCorporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, CLong-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, C

Derivative counterparty ratings scaleAAA dcr, AA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcrShort-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.AGlobal long-term rating scaleAA, ABB, BC, DE, FG, HINC Rating Sp. z o.o.Long-term issuer credit rating scaleAAABBBBBBCCC,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, DKroll Bond Rating Agency Europe Long-term credit rating scaleAAAAAABBBBBBCCC, CC, C, DShort-term credit rating scaleK1+K1K2, K3B, C, DmodeFinance S.r.l.Global long-term rating scaleA1A2A3B1B2B3C1, C2, C3, DMoody’s Investors ServiceGlobal long-term rating scaleAaaAaABaaBaBCaa, Ca, CGlobal short-term rating scaleP-1P-2P-3NPQIVALIO SAS (formerly Spread Research)Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DGlobal short-term rating scaleSR0SR1, SR2SR3, SR4, SR5, SRDRating-Agentur Expert RA GmbHInternational credit rating scaleAAAAAABBBBBBCCC,CC, C, D, EInternational reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, EScope Ratings AGLong-term rating scaleAAAAAABBBBBBCCC, CC,C, DShort-term rating scaleS-1+S-1S-2S-3, S-4S&P Global RatingsLong-term issuer credit ratings scaleAAAAAABBBBBBCCC, CC, R, SD/DLong-term issue credit ratings scaleAAAAAABBBBBBCCC, CC, C, DInsurer financial strength ratings scaleAAAAAABBBBBBCCC, CC, SD/D, RMid-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 scaleAAAAAABBBBBBCCC, CC, C, D