{
  "url": "https://openlegislation.uk/eu-regulation-2016-1799/annex-III",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-1799/annex-III.json",
  "legislation": "eur/2016/1799",
  "legislation_title": "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 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-1799",
  "path": "annex/III",
  "kind": "annex",
  "number": "III",
  "heading": "Mapping tables for the purposes of Article 16",
  "text": "Credit quality step\n1\n2\n3\n4\n5\n6\nACRA Europe, a.s (formerly European Rating Agency, a.s.)\nGlobal long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term rating scale\nS1\nS2\nS3, S4, NS\nAM Best Europe Rating Services\nLong-term issuer credit rating scale\naaa, aa+, aa, aa-\na+, a, a-\nbbb+, bbb, bbb-\nbb+, bb, bb-\nb+, b, b-\nccc+, ccc, ccc-, cc, c, d, e, f, s\nLong-term issue rating scale\naaa, aa+, aa, aa-\na+, a, a-\nbbb+, bbb, bbb-\nbb+, bb, bb-\nb+, b, b-\nccc+, ccc, ccc-, cc, c, d, s\nFinancial strength rating scale\nA++, A+\nA, A-\nB++, B+\nB, B-\nC++, C+\nC, C-, D, E, F, S\nShort-term issuer rating scale\nAMB-1+\nAMB-1-\nAMB-2,\nAMB-3\nAMB- 4, d, e, f, s\nShort-term issue rating scale\nAMB-1+\nAMB-1-\nAMB-2,\nAMB-3\nAMB- 4, d, s\nARC Ratings S.A.\nMedium- and long-term issuer rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nMedium- and long-term issue rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term issuer rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nShort-term issue rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nASSEKURATA Assekuranz Rating-Agentur GmbH\nLong-term credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC/C, D\nShort-term corporate rating scale\nA++\nA\nB, C, D\nAxesor Risk Management SL\nGlobal rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nBanque de France\nGlobal long-term issuer credit rating scale\n3++\n3+, 3\n4+\n4, 5+\n5, 6\n7, 8, 9, P\nBCRA — Credit Rating Agency AD\nGlobal long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nPension-insurance company long-term scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nPension-insurance company short-term scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nPension fund long-term scale\nAAA pf, AA pf\nA pf\nBBB pf\nBB pf\nB pf\nC pf\nGuarantee fund long-term scale\nAAA, AA\nA\nBBB\nBB\nB\nC, D\nGuarantee fund short-term scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nCapital Intelligence Ratings Ltd\nInternational long-term issuer rating scale\nAAA, AA\nA\nBBB\nBB\nB\nC, RS, SD, D\nInternational long-term issue rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nInternational long-term insurer financial strength rating scale\nAAA, AA\nA\nBBB\nBB\nB\nC, RS, SD, D\nInternational short-term issuer rating scale\nA1+\nA1\nA2, A3\nB, C, RS, SD, D\nInternational short-term issue rating scale\nA1+\nA1\nA2, A3\nB, C, D\nInternational short-term insurer financial strength rating scale\nA1+\nA1\nA2, A3\nB, C, RS, SD, D\nCerved Rating Agency S.p.A.\nCorporate long-term rating scale\nA1.1, A1.2, A1.3\nA2.1, A2.2, A3.1\nB1.1, B1.2\nB2.1, B2.2\nC1.1\nC1.2, C2.1\nCreditreform Rating AG\nLong-term issuer rating scale\nAAA, AA\nA\nBBB\nBB\nB, C, SD, D\nLong-term issue rating scale\nAAA, AA\nA\nBBB\nBB\nB, C, D\nShort-term rating scale\nL1\nL2\nL3, NEL, D\nCRIF Ratings S.r.l.\nLong-term issuer rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D1S, D\nLong-term issue rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, DS\nShort-term issuer rating scale\nIG-1\nIG-2\nSIG-1, SIG-2, SIG-3, SIG-4\nShort-term issue rating scale\nIG-1\nIG-2\nSIG-1, SIG-2, SIG-3, SIG-4\nDagong Europe Credit Rating Srl\nLong-term credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term credit rating scale\nA-1\nA-2, A-3\nB, C, D\nDBRS Ratings\nLong-term obligations rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nCommercial paper and short-term debt rating scale\nR-1 H, R-1 M\nR-1 L\nR-2, R-3\nR-4, R-5, D\nFinancial strength rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, R\nEgan-Jones Ratings Co.\nLong-term credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term credit rating scale\nA-1+\nA-1\nA-2\nA-3, B, C, D\nEuler Hermes Rating GmbH\nGlobal long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, SD, D\nEuroRating Sp. z o.o.\nGlobal long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nFitch Ratings\nLong-term issuer default rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, RD, D\nCorporate finance obligations — long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C\nLong-term international Insurer Financial Strength rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C\nDerivative counterparty rating scale\nAAA dcr, AA dcr\nA dcr\nBBB dcr\nBB dcr\nB dcr\nCCC dcr, CC dcr, C dcr\nShort-term rating scale\nF1+\nF1\nF2, F3\nB, C, RD, D\nShort-term IFS rating scale\nF1+\nF1\nF2, F3\nB, C\nGBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH\nGlobal long-term rating scale\nAAA, AA\nA, BBB\nBB\nB\nCCC, CC, C, D\nHR Ratings de México, S.A. de C.V.\nGlobal long-term rating scale\nHR AAA(G)/HR AA(G)\nHR A(G)\nHR BBB(G)\nHR BB(G)\nHR B(G)\nHR C(G)/HR D(G)\nGlobal short-term rating scale\nHR+1(G)/HR1(G)\nHR2(G)\nHR3(G)\nHR4(G), HR5(G), HR D(G)\nICAP Group S.A\nGlobal long-term rating scale\nAA, A\nBB, B\nC, D\nE, F\nG, H\nINC Rating Sp. z o.o.\nLong-term issuer credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nJapan Credit Rating Agency Ltd\nLong-term issuer rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, LD, D\nLong-term issue rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term issuer rating scale\nJ-1+\nJ-1\nJ-2\nJ-3, NJ, LD, D\nShort-term issue credit rating scale\nJ-1+\nJ-1\nJ-2\nJ-3, NJ, D\nKroll Bond Rating Agency\nLong-term credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term credit rating scale\nK1+\nK1\nK2, K3\nB, C, D\nKroll Bond Rating Agency Europe\nLong-term credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term credit rating scale\nK1+\nK1\nK2, K3\nB, C, D\nmodeFinance S.r.l.\nGlobal long-term rating scale\nA1, A2\nA3\nB1\nB2\nB3\nC1, C2, C3, D\nMoody’s Investors Service\nGlobal long-term rating scale\nAaa, Aa\nA\nBaa\nBa\nB\nCaa, Ca, C\nGlobal short-term rating scale\nP-1\nP-2\nP-3\nNP\nQIVALIO SAS (formerly Spread Research)\nGlobal long-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term rating scale\nSR0\nSR1, SR2\nSR3, SR4, SR5, SRD\nRating-Agentur Expert RA GmbH\nInternational credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nInternational reliability rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nScope Ratings GmbH\nLong-term rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC,C, D\nShort-term rating scale\nS-1+\nS-1\nS-2\nS-3, S-4\nS&P Global Ratings Europe Limited\nLong-term issuer credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, R, SD/D\nLong-term issue credit rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nInsurer financial strength rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, SD/D, R\nMid-Market Evaluation rating scale\nMM1\nMM2\nMM3, MM4\nMM5, MM6\nMM7, MM8, MMD\nShort-term issuer credit rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, R, SD/D\nShort-term issue credit rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nThe Economist Intelligence Unit Ltd\nSovereign rating band scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, D",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted by 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 (Text with EEA relevance)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/1799/annex/III",
    "retrieved_at": "2026-11-01T14:45:28.562482+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}