CRR and Solvency II: ITS on credit assessments of external credit assessment institutions published in the Official Journal

The ITS set out:

• mapping credit assessments of ECAIs for credit risk under CRR (Commission Implementing Regulation (EU) 2016/1799), which specifies the correspondence, or mapping, between the risk weights and credit assessment as well as the factors and benchmarks that should be taken into account to determine such correspondence;
• mapping of ECAIs credit assessment for securitisation positions under CRR (Commission Implementing Regulation (EU) 2016/1801), which allows credit ratings on securitisations assigned by registered credit rating agencies (CRAs) to be used for the purposes of calculating institutions' capital requirements; and
• the allocation of credit assessments of ECAIs to an objective scale of credit quality steps under Solvency II (Commission Implementing Regulation (EU) 2016/1800) setting out ITS under Solvency II), which sets out the allocation for the purposes of the calculation of the solvency capital requirement and is consistent with the use of external credit assessments of ECAIs in the calculation of the capital requirements for credit institutions and financial institutions as defined under CRR.

The Regulations will enter into force on 1 November 2016.