
Article 1 
Annex III to Implementing Regulation (EU) 2016/1799 is replaced by the text set out in the Annex to this Regulation.
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, 24 April 2018.
For the Commission
The President
Jean-Claude JUNCKER
ANNEX

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ANNEX III 
Credit quality step 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 S.A.
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
Banque de France
Global long-term issuer credit ratings scale 3++ 3+, 3 4+ 4, 5+ 5, 6 7, 8, 9, P
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  
Capital Intelligence Ltd
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 S.p.A.
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
Egan-Jones Ratings Co.
Long-term credit rating scale AAA, AA A BBB BB B CCC,CC, C, D
Short-term credit rating scale A-1+ A-1 A-2 A-3, B, C, D  
Euler Hermes Rating GmbH
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, SD, D
European Rating Agency, a.s.
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.zo.o.
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Fitch Ratings
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 Bonitäts-beurteilung mbH
Global long-term rating scale AAA, AA  A, BBB BB B CCC, CC, C, D
HR Ratings de México, S.A. de C.V.
Global long-term rating scale HR AAA(G)/HR AA(G) HR A(G) HR BBB(G) HR BB(G) HR B(G) HR C(G)/HR D(G)
Global short-term rating scale HR+1(G)/HR1(G) HR2(G) HR3(G) HR4(G), HR5(G), HR D(G)  
ICAP Group S.A
Global long-term rating scale  AA, A BB, B C, D E, F G, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scale AAA, AA A BBB BB B CCC,CC, C, D
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  
modeFinance S.r.l.
Global long-term rating scale A1,A2 A3 B1 B2 B3 C1, C2, C3, D
Moody's Investors Service
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  
Rating-Agentur Expert RA GmbH
International credit rating scale AAA, AA A BBB BB B CCC,CC, C, D, E
International reliability rating scale AAA, AA A BBB BB B CCC,CC, C, D, E
Scope Ratings AG
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
Standard & Poor's Ratings Services
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  
The Economist Intelligence Unit Ltd
Sovereign rating band scale AAA, AA A BBB BB B CCC, CC, C, D'
