
Article 1 
The correspondence of the rating categories of each ECAI for securitisation positions subject to the standardised approach with the credit quality steps under the standardised approach set out in Table 1 of Article 251 of Regulation (EU) No 575/2013 is that set out in Annex I to this Regulation.
Article 2 
The correspondence of the rating categories of each ECAI for securitisation positions subject to the IRB approach with the credit quality steps set out in Table 4 of Article 261(1) of Regulation (EU) No 575/2013 is that set out in Annex II to this Regulation.
Article 3 
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 I

Credit quality step 1 2 3 4 All other
ARC Ratings SA
Medium and Long-Term Issues AAASF to AA-SF A+SF to A-SF BBB+SF to BBB-SF BB+SF to BB-SF Below BB-SF
Short-Term Issues A-1+SF, A-1SF A-2SF A-3SF  Below A-3SF
Axesor SA
Structured finance rating scale AAA(sf) to AA-(sf) A+(sf) to A-(sf) BBB+(sf) to BBB-(sf) BB+(sf) to BB-(sf) Below BB-(sf)
Creditreform Ratings AG
Long-term rating scale AAA sf, AA- sf A+ sf to A- sf BBB+ sf to BBB- sf BB+ sf to BB- sf Below BB- sf
DBRS Ratings Limited
Long-term obligations rating scale AAA (sf) to AA (low) (sf) A (high) (sf) to A (low) (sf) BBB (high) (sf) to BBB (low) (sf) BB (high) (sf) to BB (low) (sf) Below BB (low) (sf)
Commercial paper and short-term debt rating scale R-1 (high) (sf) to R-1 (low) (sf) R-2 (high) (sf) to R-2 (low) (sf) R-3 (sf)  Below R-3 (sf)
FERI EuroRating Services AG
Rating scale AAAsf to AA-sf A+sf to A-sf BBB+sf to BBB-sf BB+sf to BB-sf Below BB-sf
Fitch Ratings
Long-term issuer credit ratings scale AAAsf to AA-sf A+sf to A-sf BBB+sf to BBB-sf BB+sf to BB-sf Below BB-sf
Short-term rating scale F1+sf, F1sf F2sf F3sf  Below F3sf
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale AAA to AA- A+ to A- BBB+ to BBB- BB+ to BB- Below BB-
Short-term issuer ratings scale J-1+, J-1 J-2 J-3  Below J-3
Kroll Bond Rating Agency
Long-Term Credit AAA (sf) to AA- (sf) A+ (sf) to A- (sf) BBB+ (sf) to BBB- (sf) BB+ (sf) to BB- (sf) Below BB- (sf)
Short-Term Credit K1+ (sf), K1 (sf) K2 (sf) K3 (sf)  Below K3 (sf)
Moody's Investors Service
Global long-term rating scale Aaa(sf) to Aa3(sf) A1(sf) to A3(sf) Baa1(sf) to Baa3(sf) Ba1(sf) to Ba3(sf) Below Ba3(sf)
Global short-term rating scale P-1(sf) P-2(sf) P-3(sf)  NP(sf)
Standard & Poor's Ratings Services
Long-term issuer credit ratings scale AAA (sf) to AA- (sf) A+ (sf) to A- (sf) BBB+ (sf) to BBB- (sf) BB+ (sf) to BB- (sf) Below BB- (sf)
Short-term issuer credit ratings scale A-1+ (sf), A-1 (sf) A-2 (sf) A-3 (sf)  Below A-3 (sf)
Scope Rating AG
Global long-term rating scale AAASF to AA-SF A+SF to A-SF BBB+SF to BBB-SF BB+SF to BB-SF Below BB-SF
Global short-term rating scale S-1+SF, S-1SF S-2SF S-3SF  S-4SF
ANNEX II

Credit quality step 1 2 3 4 5 6 7 8 9 10 11 All other
ARC Ratings SA
Medium and Long-Term Issues AAASF AA+SF to AA-SF A+SF ASF A-SF BBB+SF BBBSF BBB-SF BB+SF BBSF BB-SF Below BB-SF
Short-Term Issues A-1+SF, A-1SF A-2SF A-3SF         Below A-3SF
Axesor SA
Structured finance rating scale AAA(sf) AA+(sf) to AA-(sf) A+(sf) A(sf) A-(sf) BBB+(sf) BBB(sf) BBB-(sf) BB+(sf) BB(sf) BB-(sf) Below BB-(sf)
Creditreform Ratings AG
Long-term rating scale AAA sf AA+ sf to AA- sf A+ sf A sf A- sf BBB+ sf BBB sf BBB- sf BB+ sf BB sf BB- sf Below BB- sf
DBRS Ratings Limited
Long-term obligations rating scale AAA (sf) AA (high) (sf) to AA (low) (sf) A (high) (sf) A (sf) A (low) (sf) BBB (high) (sf) BBB (sf) BBB (low) (sf) BB (high) (sf) BB (sf) BB (low) (sf) Below BB (low) (sf)
Commercial paper and short-term debt rating scale R-1 (high) (sf) to R-1 (low) (sf) R-2 (high) (sf) to R-2 (low) (sf) R-3 (sf)         Below R-3 (sf)
FERI EuroRating Services AG
Rating scale AAAsf AA+sf to AA-sf A+sf Asf A-sf BBB+sf BBBsf BBB-sf BB+sf BBsf BB-sf Below BB-sf
Fitch Ratings
Long-term issuer credit ratings scale AAAsf AA+sf to AA-sf A+sf Asf A-sf BBB+sf BBBsf BBB-sf BB+sf BBsf BB-sf Below BB-sf
Short-term rating scale F1+sf, F1sf F2sf F3sf         Below Bsf
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale AAA AA+ to AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- Below BB-
Short-term issuer ratings scale J-1+, J-1 J-2 J-3         Below J-3
Kroll Bond Rating Agency
Long-Term Credit AAA (sf) AA+ (sf) to AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) Below BB- (sf)
Short-Term Credit K1+ (sf), K1 (sf) K2 (sf) K3 (sf)         Below K3 (sf)
Moody's Investors Service
Global long-term rating scale Aaa(sf) Aa1(sf) to Aa3(sf) A1(sf) A2(sf) A3(sf) Baa1(sf) Baa2(sf) Baa3(sf) Ba1(sf) Ba2(sf) Ba3(sf) Below Ba3(sf)
Global short-term rating scale P-1(sf) P-2(sf) P-3(sf)         NP(sf)
Standard & Poor's Ratings Services
Long-term issuer credit ratings scale AAA (sf) AA+ (sf) to AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) Below BB- (sf)
Short-term issuer credit ratings scale A-1+ (sf), A-1 (sf) A-2 (sf) A-3 (sf)         Below A-3 (sf)
Scope Rating AG
Global long-term rating scale AAASF AA+SF to AA-SF A+SF ASF A-SF BBB+SF BBBSF BBB-SF BB+SF BBSF BB-SF Below BB-SF
Global short-term rating scale S-1+SF, S-1SF S-2SF S-3SF         S-4SF