On 13 November 2023, the European Supervisory Authorities (ESAs) published draft implementing technical standards (ITS) amending existing ITS on the mapping of external credit assessment institutions’ (ECAIs) credit assessments under the Capital Requirements Regulation (CRR). The amendments reflect the outcome of a monitoring exercise on the adequacy of existing mappings, and the deregistration of three credit rating agencies. The proposed revised ITS have been developed according to Article 136(1) and (3) of the CRR and Article 109 of the Solvency II Directive, which state that revised draft ITS shall be submitted by the ESAs, where necessary.
In the amended ITS, the ESAs are proposing to change the credit quality step allocation for four ECAIs and to introduce new or amended credit rating scales for seven ECAIs. In addition, the amended ITS no longer contain mapping tables for the three ECAIs whose licenses have been revoked since the previous amendment.
The ESAs have also published individual draft mapping reports illustrating how the methodology was applied to produce the amended mappings in line with the CRR mandate.
Draft amending ITS on the mapping of ECAIs credit assessments have also been published in relation to the Solvency II Directive.