Commission Implementing Regulation (EU) 2021/2006 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1800 as regards 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) 2021/2006 of 16 November 2021 laying down implementing technical standards amending Implementing Regulation (EU) 2016/1800 as regards 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), third subparagraph, 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 other things, in its Annex, the correspondence between the relevant credit assessments issued by an external credit assessment institution (ECAI) and the credit quality steps referred to in Article 3 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) Since the latest amendments, by Commission Implementing Regulation (EU) 2020/744 Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 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 176, 5.6.2020, p. 4). , to the Annex to Implementing Regulation (EU) 2016/1800 the quantitative and qualitative factors underpinning the credit assessments of some mappings 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) After the adoption of Implementing Regulation (EU) 2020/744, two credit rating agencies have been registered in accordance with Articles 14 to 18 of Regulation (EU) 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) 2016/1800 provided a mapping have been deregistered. It is therefore necessary 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 (EU) No 1060/2009, and for which a mapping was provided in Implementing Regulation (EU) 2016/1800, 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 EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) 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) 2016/1800 should therefore be amended accordingly, HAS ADOPTED THIS REGULATION:

Article 1

Amendment to Implementing Regulation (EU) 2016/1800 The Annex to Implementing Regulation (EU) No 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, 16 November 2021. 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 Credit quality step0123456A.M. Best (EU) Rating Services B.V.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, DClaims paying ability rating scaleAAAAAABBBBBBCCC, CC, C, RShort-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, D Short-term corporate rating scaleA++AB, C, DAxesor Risk Management SLGlobal long-term rating scaleAAAAAABBBBBBCCC, CC, C, D, EGlobal short-term rating scaleAS1+AS1AS2AS3, AS4, AS5Banque de FranceGlobal long-term issuer credit ratings 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 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, D International 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, C2.1Corporate short-term rating scaleS-1S-2S-3V-1, R-1Creditreform Rating AGLong-term rating scaleAAAAAABBBBB , BC, SD, DLong-term issue rating scaleAAAAAABBBBB , BC, DShort-term rating scaleL1L2L3, NEL, DCRIF Ratings S.r.l.Long-term issuer rating scaleAAAAAABBBBBBCCC, CC, C, D1S, DLong-term issue rating scaleAAAAAABBBBBBCCC, 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-4

DBRS Ratings GmbHLong-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, 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 scaleAAAAAABBBBBBCCC,CC, C, DShort-term credit rating scaleA-1+A-1A-2A-3, B, C, DEuroRating Sp. z o.o.Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DFitch Ratings Ireland LimitedLong-term issuer default ratings scaleAAAAAABBBBBBCCC, CC, C, RD, DCorporate finance obligations – Long-term ratings scaleAAAAAABBBBBBCCC, CC, CLong-term international IFS ratings scaleAAAAAABBBBBBCCC, CC, CDerivative 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, C GBB-Rating Gesellschaft für Bonitätsbeurteilung mbHGlobal long-term rating scaleAAAAAABBBBBBCCC, 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.AGlobal long-term issuer rating scaleAAA, AAA, BBBBB, BCCC, CCC, DGlobal long-term issue rating scaleAAA, AAA, BBBBB, BCCC, CCC, DINBONIS SALong-term 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 Agency EuropeLong-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 ServiceGlobal long-term rating scaleAaaAaABaaBaBCaa, Ca, CGlobal short-term rating scaleP-1P-2P-3NPNordic Credit Rating ASLong-term rating scaleAAAAAABBBBBBCCC, CC, C, D, SDShort-term rating scaleN-1+N-1, N-2, N-3, N-4QIVALIO SAS (formerly Spread Research)Global long-term rating scaleAAAAAABBBBBBCCC, CC, C, DGlobal short-term rating scaleSR0SR1, SR2SR3, SR4, SR5, SRDRating-Agentur Expert RA GmbHInternational long-term credit rating scaleAAAAAABBBBBBCCC,CC, C, D, EInternational reliability rating scaleAAAAAABBBBBBCCC,CC, C, D, EInternational short-term rating scaleRA1+RA1RA2, RA3RA4, RA5, C, DScope Ratings AGLong-term rating scaleAAAAAABBBBBBCCC, CC,C, DShort-term rating scaleS-1+S-1S-2S-3, S-4 Scope Hamburg GmbHGlobal long-term rating scaleAAAAAABBBBBBCCC, CC, C, SD, DS&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, RLong-term Financial Institution Resolution Counterparty RatingsAAAAAABBBBBBCCC, CC, SD, DMid-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, DShort-term Financial Institution Resolution Counterparty RatingsA-1+A-1A-2, A-3B, C, SD/D