Commission Implementing Regulation (EU) 2024/1872of 1 July 2024amending the implementing technical standards laid down in 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)

Commission Implementing Regulation (EU) 2024/1872 of 1 July 2024 amending the implementing technical standards laid down in 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, ELI: http://data.europa.eu/eli/reg/2013/575/oj. , 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, ELI: http://data.europa.eu/eli/reg_impl/2016/1799/oj). 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 Part Three, Title II, Chapter 2, Section 2 of Regulation (EU) No 575/2013 (mapping). (2) Since the latest amendments introduced by Commission Implementing Regulation (EU) 2021/2005 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 (OJ L 407, 17.11.2021, p. 10, ELI: http://data.europa.eu/eli/reg_impl/2021/2005/oj). , the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III to Implementing Regulation (EU) 2016/1799 have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs. 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) 2021/2005, three 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, Implementing Regulation (EU) 2016/1799 should be amended to remove the mapping for the deregistered ECAIs.

(4) Two ECAIs 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, ELI: http://data.europa.eu/eli/reg/2009/1060/oj). , and for which a mapping was provided in Implementing Regulation (EU) 2016/1799, have changed their names and one registered ECAI has changed the symbols used to denote their rating categories of its rating scales. It is therefore necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs. (5) Implementing Regulation (EU) 2016/1799 should therefore be amended accordingly. (6) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Supervisory Authorities. (7) The Joint Committee of the European Supervisory Authorities as referred to in Article 54 of Regulations (EU) No 1093/2010 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, ELI: http://data.europa.eu/eli/reg/2010/1093/oj). , (EU) No 1094/2010 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, ELI: http://data.europa.eu/eli/reg/2010/1094/oj). and (EU) No 1095/2010 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, ELI: http://data.europa.eu/eli/reg/2010/1095/oj). of the European Parliament and of the Council, respectively, has 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, the Insurance and Reinsurance Stakeholder Group and the Securities and Markets Stakeholder Group established in accordance with Article 37 of those Regulations, respectively, HAS ADOPTED THIS REGULATION:

Article 1

Implementing Regulation (EU) 2016/1799 is amended as follows: Annex III is replaced by the text in the Annex to this Regulation.

Article 2

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, 1 July 2024.

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-3AMB- 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, DInsurance Financial Strength Rating Criteria scaleAAA, AAABBBBBBCCC, CC, C, DShort-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, DBanque de FranceGlobal ANACOT 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, P BCRA 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 pfCapital 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, 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, C2.1Corporate short-term rating scaleS-1S-2S-3V-1, R-1Creditreform Rating AGLong-term issuer rating scaleAAA, AAABBBBBBC, SD, DLong-term issue rating scaleAAA, AAABBBBBBC, DShort-term rating scaleL1L2L3NEL, DCRIF Ratings S.r.l.Long-term issuer rating scaleAAA, AAABBBBBBCCC, CC, C, D1S, D Long-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, DEthiFinance S.L. (formerly Axesor Risk Management S.L.)Global long-term rating scaleAAA, AAABBBBBBCCC, CC, C, DGlobal short-term rating scaleEF1+EF1, EF2EF3, EF4 EF5EuroRating 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, D

Corporate 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 dcr, RD dcr, R 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 CRIF S.A. (previously ICAP S.A.)Global long-term issuer rating scaleAAA, AAABBBBBB, CCCCC, C, DGlobal long-term issue rating scaleAAA, AAABBBBBB, CCCCC, C, DINBONIS S.A.Long-term rating scaleAAA/AAABBBBBBCCC, CC, C, DJapan 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, D Kroll Bond Rating Agency Europe LimitedLong-term credit rating scaleAAA, AAABBBBBBCCC, CC, C, DShort-term credit rating scaleK1+K1K2, K3B, C, DInsurance Financial Strength rating scaleAAA, AAABBBBBBCCC, CC, 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 Rating ASLong-term rating scaleAAA/AAABBBBBBCCC, CC, C, D, SDShort-term rating scaleN1N2N3N4, N5, N6Scope Ratings GmbHLong-term rating scaleAAA, AAABBBBBBCCC, CC, C, D/SDShort-term rating scaleS-1+S-1S-2S-3, S-4, D/SDS&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/D Short-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