ANNEX III Mapping tables for the purposes of Article 16

01/01/2021

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. and ARC Ratings (UK) Limited*
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, SD, 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. z o.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 and Kroll Bond Rating Agency UK Limited*
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 and Scope Ratings UK Limited*
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
*S&P Global Ratings Europe Limited and S&P Global Ratings UK 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
*The Economist Intelligence Unit Ltd*
Sovereign rating band scale	AAA, AA	A	BBB	BB	B	CCC, CC, C, D

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ANNEX III Mapping tables for the purposes of Article 16