Update of the EBA Mapping for ICAP CRIF’s corporate credit ratings, starting from Credit Quality Step 1
The European Banking Authority (EBA) has completed its monitoring exercise to amend the Implementing Regulations on the mapping of External Credit Assessment Institutions-ECAIs’ credit assessments for credit risk.
In this context, it was published on the EBA’s website the “Draft Mapping Report” regarding the proposed new mapping of ICAP CRIF ‘s corporate credit ratings, at Issuer and Issue level, to Credit Quality Steps.
The Credit Rating Agency of ICAP CRIF has now received a mapping that reallocates the corporate credit ratings starting from Credit Quality Step 1. This development significantly upgrades the value of ICAP CRIF’s credit ratings for capital adequacy purposes for credit institutions, which have become fully aligned with those of international credit rating agencies. The corresponding mapping for structured finance ratings, which also starts from Credit Quality Step 1 remains in force.
As required by the European Regulation, the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA – ESAs) went through a public consultation to amend the relevant Implementing Regulations containing the specific mappings of ECAIs’ credit ratings for credit risk. The amended ICAP CRIF mapping is included in the proposed Implementing Regulations.
The consultation was closed on 26.06.2023 and in accordance with the legislative procedure the Implementing Regulations will be adopted by the European Commission and will enter into force 20 days after their publication in the Official Journal of the European Union.
The ICAP CRIF Draft Mapping Report published on the EBA website can be viewed here.