{
  "url": "https://openlegislation.uk/eu-regulation-2020-744/annex",
  "json_url": "https://openlegislation.uk/eu-regulation-2020-744/annex.json",
  "legislation": "eur/2020/744",
  "legislation_title": "Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 on 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-2020-744",
  "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 in accordance with Directive 2009/138/EC\nCredit quality step\n0\n1\n2\n3\n4\n5\n6\nACRA Europe a.s (formerly European Rating Agency a.s.)\nGlobal long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term rating scale\nS1\nS2\nS3, S4, NS\nAM Best Europe-Rating Services Ltd.\nLong-term issuer credit ratings scale\naaa\naa, 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 ratings scale\naaa\naa, aa-\na + , a, a-\nbbb + , bbb, bbb-\nbb + , bb, bb-\nb + , b, b-\nccc + , ccc, ccc-, cc, c, d, s\nFinancial strength ratings scale\nA ++ , A +\nA, A-\nB ++ , B +\nB, B-\nC ++ , C +\nC, C-, D, E, F, S\nShort-term issuer ratings scale\nAMB-1 +\nAMB-1-\nAMB-2,\nAMB-3\nAMB- 4, d, e, f, s\nShort-term issue ratings scale\nAMB-1 +\nAMB-1-\nAMB-2,\nAMB-3\nAMB- 4, d, s\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 Risk Management SL\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\nGlobal long-term ratings scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nGlobal short-term ratings scale\nA-1 +\nA-1\nA-2, A-3\nB, C, D\nPension-insurance company long-term scale\nAAA\nAA\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\nAA pf\nA pf\nBBB pf\nBB pf\nB pf\nC pf\nGuarantee fund long-term scale\nAAA\nAA\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\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 long-term insurer financial strength rating scale\nAAA\nAA\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\nA 1.1\nA 1.2 , A 1.3\nA 2.1 , A 2.2 , A 3.1\nB 1.1 , B 1.2\nB 2.1 , B 2.2\nC 1.1\nC 1.2 , C 2.1\nCreditreform Rating AG\nLong-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB, C, SD, D\nCRIF Ratings S.r. l.\nLong-term issuer rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D1S, D\nLong-term issue rating scale\nAAA\nAA\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\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\nFinancial Strength rating scale\nAAA, AA\nA\nBBB\nBB\nB\nCCC, CC, C, R\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\nEuroRating Sp. z o.o.\nGlobal long-term rating scale\nAAA\nAA\nA\nBBB\nBB\nB\nCCC, CC, C, D\nFitch Ratings\nLong-term issuer default 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\nDerivative counterparty ratings 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 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\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\nKroll Bond Rating Agency Europe\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\nGlobal long-term rating scale\nAaa\nAa\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\nAA\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\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\nLong-term rating scale\nAAA\nAA\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\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\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/2020/744/annex",
    "retrieved_at": "2026-11-01T14:42:35.756883+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."
}