Commission Implementing Regulation (EU) 2021/2005 of 16 November 2021 laying down implementing technical standards 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) 2021/2005 of 16 November 2021 laying down implementing technical standards 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 amending Regulation (EU) No 648/2012 OJ L 176, 27.6.2013, p. 1. , and in particular Article 136(1), first subparagraph, 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 between the relevant credit assessments issued by an external credit assessment institution (ECAI) and 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 latest amendments, by Commission Implementing Regulation (EU) 2019/2028 Commission Implementing Regulation (EU) 2019/2028 of 29 November 2019 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 (OJ L 313, 4.12.2019, p. 34). , to Annex III to Implementing Regulation (EU) 2016/1799, the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 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) 2019/2028, two additional credit rating agencies have been registered in accordance with Articles 14 to 18 of 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). , while two other ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping have been deregistered. As Article 136(1) of Regulation (EU) No 575/2013 requires the specification of mappings for all ECAIs, that Regulation should be amended 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 (EC) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1799, 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 European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority 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 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 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 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 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 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). . (7) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly, HAS ADOPTED THIS REGULATION:

Article 1

Amendment to 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, 16 November 2021. For the Commission The President Ursula von der Leyen

Annex

ANNEX

Annex

ANNEX III Mapping tables for the purposes of Article 16

Credit quality step123456A.M. Best (EU) Rating Services B.V.Long-term issuer credit rating scaleaaa, aa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, e, f, sLong-term issue rating scaleaaa, aa+, aa, aa-a+, a, a-bbb+, bbb, bbb-bb+, bb, bb-b+, b, b-ccc+, ccc, ccc-, cc, c, d, sFinancial strength rating scaleA++, A+A, A-B++, B+B, B-C++, C+C, C-, D, E, F, SShort-term issuer rating scaleAMB-1+AMB-1- AMB-2, AMB-3 AMB- 4, d, e, f, sShort-term issue rating scaleAMB-1+AMB-1- AMB-2, AMB-3 AMB- 4, d, sARC Ratings S.A.Medium- and long-term issuer rating scaleAAA, AAABBBBBBCCC, CC, C, DMedium- and long-term issue rating scaleAAA, AAABBBBBBCCC, CC, C, DClaims paying ability rating scaleAAA, AAABBBBBBCCC, CC, C, RShort-term issuer rating scaleA-1+A-1A-2, A-3B, C, DShort-term issue 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, D Axesor Risk Management S.L.Global long-term rating scaleAAA, AAABBBBBBCCC, CC, C, D, EGlobal short-term rating scaleAS1+AS1AS2AS3, AS4, AS5Banque de FranceGlobal long-term issuer credit rating scale3++3+, 34+4, 5+5, 67, 8, 9, PGlobal NEC long-term issuer credit rating scale1+1, 1-2+, 2, 2-3+, 3, 3-, 4+, 4, 4-, 5+5, 5-, 6+, 6, 6-7, 8, PBCRA — Credit Rating Agency ADGlobal long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DGlobal short-term rating scaleA-1+A-1A-2, A-3B, C, DPension-insurance company long-term scaleAAA, AAABBBBBBCCC, CC, C, DPension-insurance company short-term scaleA-1+A-1A-2, A-3B, C, DPension fund long-term scaleAAA pf, AA pfA pfBBB pfBB pfB pfC pfGuarantee fund long-term scaleAAA, AAABBBBBBC, DGuarantee fund short-term scaleA-1+A-1A-2, A-3B, C, DCapital Intelligence Ratings LtdInternational long-term issuer rating scaleAAA, AAABBBBBBC, RS, SD, DInternational long-term issue rating scaleAAA, AAABBBBBBCCC, CC, C, DInternational long-term insurer financial strength rating scaleAAA, AAABBBBBBC, 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, D Cerved 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, C2.1Corporate short-term rating scaleS-1S-2S-3V-1, R-1Creditreform Rating AGLong-term issuer rating scaleAAA, AAABBBBB, BC, SD, DLong-term issue rating scaleAAA, AAABBBBB, BC, DShort-term rating scaleL1L2L3, NEL, DCRIF Ratings S.r.l.Long-term issuer rating scaleAAA, AAABBBBBBCCC, CC, C, D1S, DLong-term issue rating scaleAAA, AAABBBBBBCCC, CC, C, DSSME rating scaleSME1, SME2SME3SME4SME5, SME6SME7, SME8Short-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-4DBRS Ratings GmbHLong-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, DFinancial strength rating scaleAAA, AAABBBBBBCCC, CC, C, RExpected loss rating scaleAAA(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 scaleAAA, AAABBBBBBCCC, CC, C, DShort-term credit rating scaleA-1+A-1A-2A-3, B, C, D

EuroRating Sp. z o.o.Global long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DFitch Ratings Ireland LimitedLong-term issuer default rating scaleAAA, AAABBBBBBCCC, CC, C, RD, DCorporate finance obligations — long-term rating scaleAAA, AAABBBBBBCCC, CC, CLong-term international Insurer Financial Strength rating scaleAAA, AAABBBBBBCCC, CC, CDerivative counterparty rating scaleAAA dcr, AA dcrA dcrBBB dcrBB dcrB dcrCCC dcr, CC dcr, C dcrShort-term rating scaleF1+F1F2, F3B, C, RD, DShort-term IFS rating scaleF1+F1F2, F3B, CGBB-Rating Gesellschaft für Bonitätsbeurteilung GmbHGlobal long-term rating scaleAAA, AAABBBBBBCCC, 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 S.A.Global long-term issuer rating scaleAAA, AAA, BBBBB, BCCC, CCC, DGlobal long-term issue rating scaleAAA, AAA, BBBBB, BCCC, CCC, DINBONIS S.A.Long-term rating scaleAAA/AAABBBBBBCCC, CC, C, D Japan Credit Rating Agency LtdLong-term issuer rating scaleAAA, AAABBBBBBCCC, CC, C, LD, DLong-term issue rating scaleAAA, AAABBBBBBCCC, CC, C, DShort-term issuer rating scaleJ-1+J-1J-2J-3, NJ, LD, DShort-term issue credit rating scaleJ-1+J-1J-2J-3, NJ, DKroll Bond Rating Agency Europe LimitedLong-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, CGlobal short-term rating scaleP-1P-2P-3NPNordic Credit RatingASLong-term rating scaleAAA/AAABBBBBBCCC, CC, C, D, SDShort-term rating scaleN-1+N-1, N-2, N-3, N-4QIVALIO SAS (formerly Spread Research)Global long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DGlobal short-term rating scaleSR0SR1, SR2SR3, SR4, SR5, SRD Rating-Agentur Expert RA GmbHInternational long-term credit rating scaleAAA, AAABBBBBBCCC, CC, C, D, EInternational reliability rating scaleAAA, AAABBBBBBCCC, CC, C, D, EInternational short-term rating scaleRA1+RA1RA2, RA3RA4, RA5, C, DScope Ratings GmbHLong-term rating scaleAAA, AAABBBBBBCCC, CC,C, DShort-term rating scaleS-1+S-1S-2S-3, S-4Scope Hamburg GmbHGlobal long-term rating scaleAAA, AAABBBBBBCCC, CC, C, SD, DS&P Global Ratings Europe LimitedLong-term issuer credit rating scaleAAA, AAABBBBBBCCC, CC, R, SD/DLong-term issue credit rating scaleAAA, AAABBBBBBCCC, CC, C, DInsurer financial strength rating scaleAAA, AAABBBBBBCCC, CC, SD/D, RLong-term Financial Institution Resolution Counterparty RatingsAAA, AAABBBBBBCCC, CC, SD,, DMid-Market Evaluation rating scaleMM1MM2MM3, MM4MM5, MM6MM7, MM8, MMDShort-term issuer credit rating scaleA-1+A-1A-2, A-3B, C, R, SD/DShort-term issue credit rating scaleA-1+A-1A-2, A-3B, C, DShort-term Financial Institution Resolution Counterparty RatingsA-1+A-1A-2, A-3B, C, SD/D