On 1 July 2024, the European Commission adopted a draft Commission Implementing Regulation amending the implementing technical standards laid down in Commission Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions (ECAIs) and the credit quality steps set out in the Capital Requirements Regulation (CRR).

Annex III of Commission Implementing Regulation (EU) 2016/1799 specifies the correspondence between the relevant credit assessments issued by an ECAI and the credit quality steps set out in Part Three, Title II, Chapter 2, Section 2 of the CRR (‘mapping’). Commission Implementing Regulation 2021/2005 introduced certain amendments to Commission Implementing Regulation (EU) 2016/1799 such that the quantitative and qualitative factors underpinning the credit assessments of some mappings in Annex III have changed due to additional quantitative information being collected and qualitative developments registered by some ECAIs. In addition, since the adoption of Implementing Regulation (EU) 2021/2005, three ECAIs for which Implementing Regulation (EU) 2016/1799 provided a mapping have been deregistered. Furthermore, two registered ECAIs for which a mapping was provided in Implementing Regulation (EU) 2016/1799, have changed their names and one registered ECAI has changed the symbols used to denote the rating categories of its rating scales. In light of this it is necessary to amend the mapping for those ECAIs to reflect the name changes and current symbols used by those ECAIs.

The draft Commission Implementing Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU.