{
  "url": "https://openlegislation.uk/eu-regulation-2018-633/annex",
  "json_url": "https://openlegislation.uk/eu-regulation-2018-633/annex.json",
  "legislation": "eur/2018/633",
  "legislation_title": "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 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2018-633",
  "path": "annex",
  "kind": "annex",
  "number": null,
  "heading": null,
  "text": "‘ANNEX\nAllocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps\nCredit quality step\n0\n1\n2\n3\n4\n5\n6\nAM Best Europe-Rating Services Ltd\nLong-term issuer credit ratings scale\naaa\naa+, aa, aa-\na+, a, a-\nbbb+, bbb, bbb-\nbb+, bb, bb-\nb+, b, b-\nccc+, ccc, ccc-, cc, c, rs\nLong-term debt ratings scale\naaa\naa+, aa, aa-\na+, a, a-\nbbb+, bbb, bbb-\nbb+, bb, bb-\nb+, b, b-\nccc+, ccc, ccc-, cc, c, d\nFinancial strength ratings scale\nA++, A+\nA, A-\nB++, B+\nB, B-\nC++, C+\nC, C-, D, E, F, S\nShort-term ratings scale\nAMB-1+\nAMB-1-\nAMB-2, AMB-3\nAMB- 4\nARC Ratings S.A.\nMedium- and long-term issuers rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nMedium- and long-term issues rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term issuers rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nShort-term issues rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nASSEKURATA Assekuranz Rating-Agentur GmbH\nLong-term credit rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC/C, D\nShort-term corporate rating scale\nA++\nA\nB, C, D\nAxesor S.A.\nGlobal rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nBanque de France\nGlobal long-term issuer credit ratings scale\n3++\n3+, 3\n4+\n4, 5+\n5, 6\n7, 8, 9, P\nBCRA – Credit Rating Agency AD\nBank long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nC, D\nInsurance long-term ratings scale\niAAA\niAA\niA\niBBB\niBB\niB\niC, iD\nCorporate long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nMunicipality long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nIssue long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nBank short-term ratings scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nCorporate short-term ratings scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nMunicipality short-term ratings scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nIssue short-term rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nCapital Intelligence\nInternational long-term issuer rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nC, RS, SD, D\nInternational long-term issue rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nInternational short-term issuer rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nInternational short-term issue rating scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nCerved Rating Agency S.p.A.\nCorporate long-term rating scale\nA1.1\nA1.2, A1.3\nA2.1, A2.2, A3.1\nB1.1, B1.2\nB2.1, B2.2\nC1.1\nC1.2, C2.1\nCreditreform Ratings AG\nLong-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nC, D\nCRIF S.p.A.\nGlobal long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, D1, D2\nDagong Europe Credit Rating\nLong-term credit rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term credit rating scale\nA-1\nA-2, A-3\nB, C, D\nDBRS Ratings Limited\nLong-term obligations rating scale\nAAA\nAA\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\nClaims paying ability rating scale\nIC-1\nIC-2\nIC-3\nIC-4\nIC-5\nD\nEgan-Jones Ratings Co.\nLong-term credit rating scale\nAAA\nAA\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\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, SD, D\nEuropean Rating Agency, a.s.\nLong-term rating scale\nAAA, AA, A\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term rating scale\nS1\nS2\nS3, S4, NS\nEuroRating Sp. z o.o.\nGlobal long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nFitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia S.p.A., Fitch Polska S.A., Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited\nLong-term issuer credit ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, RD, D\nCorporate finance obligations – Long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C\nLong-term international IFS ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C\nShort-term rating scale\nF1+\nF1\nF2, F3\nB, C, RD, D\nShort-term IFS ratings scale\nF1+\nF1\nF2, F3\nB, C\nGBB-Rating Gesellschaft für Bonitätsbeurteilung mbH\nGlobal long-term rating scale\nAAA\nAA\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)\nHR 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)\nHR1(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\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nJapan Credit Rating Agency Ltd\nLong-term issuer ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, LD, D\nLong-term issue ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nShort-term issuer ratings scale\nJ-1+\nJ-1\nJ-2\nJ-3, NJ, LD, D\nShort-term issue credit ratings scale\nJ-1+\nJ-1\nJ-2\nJ-3, NJ, D\nKroll Bond Rating Agency\nLong-term credit rating scale\nAAA\nAA\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\nA2\nA3\nB1\nB2\nB3\nC1, C2, C3, D\nMoody's Investors Service Cyprus Ltd, Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., Moody's Investors Service España S.A., Moody's Investors Service Ltd\nGlobal long-term rating scale\nAaa\nAa\nA\nBaa\nBa\nB\nCaa, Ca, C\nBond fund rating scale\nAaa-bf\nAa-bf\nA-bf\nBaa-bf\nBa-bf\nB-bf\nCaa-bf, Ca-bf, C-bf\nGlobal short-term rating scale\nP-1\nP-2\nP-3\nNP\nRating-Agentur Expert RA GmbH\nInternational credit rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nInternational reliability rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D, E\nScope Ratings AG\nGlobal long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term rating scale\nS-1+\nS-1\nS-2\nS-3, S-4\nSpread Research\nInternational long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nStandard & Poor's Credit Market Services France S.A.S., Standard & Poor's Credit Market Services Italy S.r.l., Standard & Poor's Credit Market Services Europe Limited\nLong-term issuer credit ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, R, SD/D\nLong-term issue credit ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nInsurer financial strength ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, SD/D, R\nFund credit quality ratings scale\nAAAf\nAAf\nAf\nBBBf\nBBf\nBf\nCCCf\nMid market evaluation ratings scale\nMM1\nMM2\nMM3, MM4\nMM5, MM6\nMM7, MM8, MMD\nShort-term issuer credit ratings scale\nA-1+\nA-1\nA-2, A-3\nB, C, R, SD/D\nShort-term issue credit ratings scale\nA-1+\nA-1\nA-2, A-3\nB, C, D\nThe Economist Intelligence Unit Ltd\nSovereign rating band scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\n’",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2018/633/annex",
    "retrieved_at": "2026-11-01T14:44:10.985149+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."
}