
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, 29 November 2019.
For the Commission
The President
Jean-Claude JUNCKER
ANNEX

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ANNEX III 
Credit quality step 1 2 3 4 5 6
ACRA Europe, a.s (formerly European Rating Agency, a.s.)      
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Global short-term rating scale S1  S2 S3, S4, NS  
AM Best Europe Rating Services      
Long-term issuer credit rating scale aaa, aa+, aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- ccc+, ccc, ccc-, cc, c, d, e, f, s
Long-term issue rating scale aaa, aa+, aa, aa- a+, a, a- bbb+, bbb, bbb- bb+, bb, bb- b+, b, b- ccc+, ccc, ccc-, cc, c, d, s
Financial strength rating scale A++, A+ A, A- B++, B+ B, B- C++, C+ C, C-, D, E, F, S
Short-term issuer rating scale AMB-1+ AMB-1- AMB-2,AMB-3 AMB- 4, d, e, f, s  
Short-term issue rating scale AMB-1+ AMB-1- AMB-2,AMB-3 AMB- 4, d, s  
ARC Ratings S.A.      
Medium- and long-term issuer rating scale AAA, AA A BBB BB B CCC, CC, C, D
Medium- and long-term issue rating scale AAA, AA A BBB BB B CCC, CC, C, D
Short-term issuer rating scale A-1+ A-1 A-2, A-3 B, C, D  
Short-term issue 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 Risk Management SL      
Global rating scale AAA, AA A BBB BB B CCC, CC, C, D, E
Banque de France      
Global long-term issuer credit rating scale 3++ 3+, 3 4+ 4, 5+ 5, 6 7, 8, 9, P
BCRA — Credit Rating Agency AD      
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Global short-term rating scale A-1+ A-1 A-2, A-3 B, C, D  
Pension-insurance company long-term scale AAA, AA A BBB BB B CCC, CC, C, D
Pension-insurance company short-term scale A-1+ A-1 A-2, A-3 B, C, D  
Pension fund long-term scale AAA pf, AA pf A pf BBB pf BB pf B pf C pf
Guarantee fund long-term scale AAA, AA A BBB BB B C, D
Guarantee fund short-term scale A-1+ A-1 A-2, A-3 B, C, D  
Capital Intelligence Ratings 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 long-term insurer financial strength rating scale AAA, AA A BBB BB B C, RS, SD, D
International short-term issuer rating scale A1+ A1 A2, A3 B, C, RS, SD, D  
International short-term issue rating scale A1+ A1 A2, A3 B, C, D  
International short-term insurer financial strength rating scale A1+ A1 A2, A3 B, C, RS, SD, 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 Rating AG      
Long-term issuer rating scale AAA, AA A  BBB BB B, C, SD, D
Long-term issue rating scale AAA, AA A  BBB BB B, C, D
Short-term rating scale L1 L2  L3, NEL, D  
CRIF Ratings S.r.l.      
Long-term issuer rating scale AAA, AA A BBB BB B CCC, CC, C, D1S, D
Long-term issue rating scale AAA, AA A BBB BB B CCC, CC, C, DS
Short-term issuer rating scale IG-1  IG-2 SIG-1, SIG-2, SIG-3, SIG-4  
Short-term issue rating scale IG-1  IG-2 SIG-1, SIG-2, SIG-3, SIG-4  
Dagong Europe Credit Rating Srl      
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      
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  
Financial strength rating scale AAA, AA A BBB BB B CCC, CC, C, R
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
EuroRating Sp. z o.o.      
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Fitch Ratings      
Long-term issuer default rating scale AAA, AA A BBB BB B CCC, CC, C, RD, D
Corporate finance obligations — long-term rating scale AAA, AA A BBB BB B CCC, CC, C
Long-term international Insurer Financial Strength rating scale AAA, AA A BBB BB B CCC, CC, C
Derivative counterparty rating scale AAA dcr, AA dcr A dcr BBB dcr BB dcr B dcr CCC dcr, CC dcr, C dcr
Short-term rating scale F1+ F1 F2, F3 B, C, RD, D  
Short-term IFS rating 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
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 rating scale AAA, AA A BBB BB B CCC, CC, C, LD, D
Long-term issue rating scale AAA, AA A BBB BB B CCC, CC, C, D
Short-term issuer rating scale J-1+ J-1 J-2 J-3, NJ, LD, D  
Short-term issue credit rating 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  
Kroll Bond Rating Agency Europe      
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
Global short-term rating scale P-1 P-2 P-3 NP  
QIVALIO SAS (formerly Spread Research)      
Global long-term rating scale AAA, AA A BBB BB B CCC, CC, C, D
Global short-term rating scale SR0  SR1, SR2 SR3, SR4, SR5, SRD  
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 GmbH      
Long-term rating scale AAA, AA A BBB BB B CCC, CC,C, D
Short-term rating scale S-1+ S-1 S-2 S-3, S-4  
S&P Global Ratings Europe Limited      
Long-term issuer credit rating scale AAA, AA A BBB BB B CCC, CC, R, SD/D
Long-term issue credit rating scale AAA, AA A BBB BB B CCC, CC, C, D
Insurer financial strength rating scale AAA, AA A BBB BB B CCC, CC, SD/D, R
Mid-Market Evaluation rating scale  MM1 MM2 MM3, MM4 MM5, MM6 MM7, MM8, MMD
Short-term issuer credit rating scale A-1+ A-1 A-2, A-3 B, C, R, SD/D  
Short-term issue credit rating 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'
