Source Issuer Rating
Scope Greece BB+
Scope Georgia BB
Scope Austria AAA
Scope Italy BBB+
Scope Spain A-
RP - 2021-09-30
Scheduled Sovereign rating reviews during October 2021

RP - 2021-09-01
September Sovereign Rating Updates

RP - 2021-08-02
August Sovereign Rating Updates

External Credit Assessment Institutions (“ECAI”)

Date: September 2020

On June 28th, 2013, the so called "CRD IV Package" relating to the Capital Requirements of financial institutions was adopted and entered into force on January 1st, 2014. This package includes key changes relating to External Credit Assessment Insititutions ("ECAIs") status:

- all registered or certified CRAs to be automatically recognized ECAIs,

- the ECAI status will be an EU wide one.

- the Mapping of ratings to the 6 ECAI credit quality steps under CRR and the 7 steps under Solvency II should be done by the European Supervisory Authorities.

Article 4 (98) of the EU Regulation 575/2013 (CRR) defines ECAI as a credit rating agency that is registered or certified in accordance with Regulation (EC) 1060/2009 of the European Parliament and the Council of !6 September 2009 on credit rating agencies or a central bank issuing credit ratings which are exempt from the application of Regulation (EC) 1060/2009.

According to Article 136 on the Mapping of ECAIs credit assessments, the Joint Committee of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) shall develop draft implementing technical standards to specify for all ECAIs, with which of the credit quality steps set out in Section 2 the relevant credit assessments of the ECAI correspond (mapping).

On October 12th, 2016, the European Commission adopted Implementing Regulations regarding the mapping of ECAI ratings, covering a total of 26 ECAIs:


The following mapping of long term rating scales under the Capital Rquirements Regulation (CRR) (using 6 credit quality steps) and under Solvency II (using 7 credit quality steps) is currently available: