
Article 1 
The allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps shall be that set out in the Annex.
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, 11 October 2016.
For the Commission
The President
Jean-Claude JUNCKER
ANNEX

Credit quality step 0 1 2 3 4 5 6
AM Best Europe-Rating Services Ltd
Long-term issuer credit ratings scale aaa aa+, aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- ccc+, ccc, ccc-, cc, c, rs
Long-term debt ratings scale aaa aa+, aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- ccc+, ccc, ccc-, cc, c, d
Financial strength ratings scale  A++, A+ A, A- B++, B+ B, B- C++, C+ C, C-, D, E, F, S
Short-term ratings scale  AMB-1+ AMB-1- AMB-2, AMB-3 AMB- 4  
ARC Ratings SA
Medium- and long-term issuers rating scale AAA AA A BBB BB B CCC, CC, C, D
Medium and long-term issues rating scale AAA AA A BBB BB B CCC, CC, C, D
Short-term issuers rating scale  A-1+ A-1 A-2, A-3 B, C, D  
Short-term issues rating scale  A-1+ A-1 A-2, A-3 B, C, D  
ASSEKURATA Assekuranz Rating-Agentur GmbH
Long-term credit rating scale AAA AA A BBB BB B CCC, CC/C, D
Short-term corporate rating scale  A++ A  B, C, D  
Axesor SA
Global rating scale AAA AA A BBB BB B CCC, CC, C, D, E
BCRA — Credit Rating Agency AD
Bank long-term ratings scale AAA AA A BBB BB B C, D
Insurance long-term ratings scale iAAA iAA iA iBBB iBB iB iC, iD
Corporate long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D
Municipality long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D
Issue long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D
Bank short-term ratings scale  A-1+ A-1 A-2, A-3 B, C, D  
Corporate short-term ratings scale  A-1+ A-1 A-2, A-3 B, C, D  
Municipality short-term ratings scale  A-1+ A-1 A-2, A-3 B, C, D  
Issue short-term rating scale  A-1+ A-1 A-2, A-3 B, C, D  
Banque de France
Global long-term issuer credit ratings scale  3++ 3+, 3 4+ 4, 5+ 5, 6 7, 8, 9, P
Capital Intelligence
International long-term issuer rating scale AAA AA A BBB BB B C, RS, SD, D
International long-term issue rating scale AAA AA A BBB BB B CCC, CC, C, D
International short-term issuer rating scale  A-1+ A-1 A-2, A-3 B, C, D  
International short-term issue rating scale  A-1+ A-1 A-2, A-3 B, C, D  
Cerved Rating Agency SpA.
Corporate long-term rating scale A1.1 A1.2, A1.3 A2.1, A2.2, A3.1 B1.1, B1.2 B2.1, B2.2 C1.1 C1.2, C2.1
Creditreform Ratings AG
Long-term rating scale AAA AA A BBB BB B C, D
CRIF S.p.A.
Global long-term rating scale AAA AA A BBB BB B CCC, D1, D2
Dagong Europe Credit Rating
Long-term credit rating scale AAA AA A BBB BB B CCC, CC, C, D
Short-term credit rating scale  A-1  A-2, A-3 B, C, D  
DBRS Ratings Limited
Long-term obligations rating scale AAA AA A BBB BB B CCC, CC, C, D
Commercial paper and short-term debt rating scale  R-1 H, R-1 M R-1 L R-2, R-3 R-4, R-5, D  
Claims paying ability rating scale  IC-1 IC-2 IC-3 IC-4 IC-5 D
European Rating Agency
Long-term rating scale   AAA, AA, A BBB BB B CCC, CC, C, D
Short-term rating scale   S1 S2 S3, S4, NS  
EuroRating Sp. z o.o.
Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D
Euler Hermes Rating
Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, SD, D
FERI EuroRating Services AG
FERI EuroRating rating scale AAA AA A  BBB, BB B CCC, CC, D
Fitch France S.A.S., Fitch Deutschland GmbH, Fitch Italia SpA, Fitch Polska SA, Fitch Ratings España S.A.U., Fitch Ratings Limited UK, Fitch Ratings CIS Limited
Long-term issuer credit ratings scale AAA AA A BBB BB B CCC, CC, C, RD, D
Corporate finance obligations — Long-term ratings scale AAA AA A BBB BB B CCC, CC, C
Long-term international IFS ratings scale AAA AA A BBB BB B CCC, CC, C
Short-term rating scale  F1+ F1 F2, F3 B, C, RD, D  
Short-term IFS ratings scale  F1+ F1 F2, F3 B, C  
GBB-Rating Gesellschaft für Bonitätsbeurteilung GmbH
Global long-term rating scale AAA AA  A, BBB BB B CCC, CC, C, D
ICAP Group S.A
Global long-term rating scale   AA, A BB, B C, D E, F G, H
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale AAA AA A BBB BB B CCC, CC, C, LD, D
Long-term issue ratings scale AAA AA A BBB BB B CCC, CC, C, D
Short-term issuer ratings scale  J-1+ J-1 J-2 J-3, NJ, LD, D  
Short-term issue credit ratings scale  J-1+ J-1 J-2 J-3, NJ, D  
Kroll Bond Rating Agency
Long-term credit rating scale AAA AA A BBB BB B CCC, CC, C, D
Short-term credit rating scale  K1+ K1 K2, K3 B, C, D  
Moody'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 SA, Moody's Investors Service Ltd
Global long-term rating scale Aaa Aa A Baa Ba B Caa, Ca, C
Bond fund rating scale Aaa-bf Aa-bf A-bf Baa-bf Ba-bf B-bf Caa-bf, Ca-bf, C-bf
Global short-term rating scale  P-1 P-2 P-3 NP  
Standard & 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
Long-term issuer credit ratings scale AAA AA A BBB BB B CCC, CC, R, SD/D
Long-term issue credit ratings scale AAA AA A BBB BB B CCC, CC, C, D
Insurer financial strength ratings scale AAA AA A BBB BB B CCC, CC, SD/D, R
Fund credit quality ratings scale AAAf AAf Af BBBf BBf Bf CCCf
Mid market evaluation ratings scale   MM1 MM2 MM3, MM4 MM5, MM6 MM7, MM8, MMD
Short-term issuer credit ratings scale  A-1+ A-1 A-2, A-3 B, C, R, SD/D  
Short-term issue credit ratings scale  A-1+ A-1 A-2, A-3 B, C, D  
Scope Rating
Global long-term rating scale AAA AA A BBB BB B CCC, CC,C, D
Global short-term rating scale  S-1+ S-1 S-2 S-3, S-4  
Spread Research
International long-term rating scale AAA AA A BBB BB B CCC, CC, C, D
The Economist Intelligence Unit Ltd
Sovereign rating band scale AAA AA A BBB BB B CCC, CC, C, D