Most credit rating agencies registered with ESMA in the European Union and those registered with the FCA in the United Kingdom have published their Annual Transparency Reports for fiscal year 2021. These reports also include information on the revenues generated by these agencies.
Based on these reports, we estimate that the industry grew by more than 20% during 2021.
We have estimated the market shares of the Dominant agencies, which are available following the link below.

Based on our research dated December 2021, we have updated our calendar of scheduled sovereign rating reviews for February 2022.
The information is now display as a easy readable table.

On December 22nd, ESMA published its report regarding Credit Rating Agencies Market shares for 2020.
We have updated the information available on our site accordingly.

We have updated our sovereign calendar to cover the month of December 2021.
Given the Christmas break, rating agencies have announced rating reviews only on 3 Fridays. On average 17 rating actions by 8 rating agencies are scheduled.
The ratings on the Russian Federation are to be reviewed by 4 agencies (Fitch and Moodys having both reviews scheduled on December 3rd). Lithuania, the Netherlands and Spain will be reviewed by 3 agencies.

Based on a proposal of the European Supervisory Authorities (composd of EBA, ESMA and EIOPA), the European Commission adopted an amended mapping of ECAI ratings under the Standardized Approach for banks and for Solvency II for insurancees, which was published in the Official Journal on November 17th, 2021.
This amended mapping of ratings introduces the standard mapping for Nordic Credit Ratings and Inbonis. Additionally, the mapping for Creditrefrom Rating and GBB-Rating were modified.
This amended mapping shall enter into force early December 2021.

We have updated our sovereign calendar to cover the month of November 2021.
During this period, 5 to 9 rating agencies have scheduled sovereign rating updates. On average, 20 rating updates are scheduled every Friday.
Croatias ratings shall be updated on November 12th by Fitch and Moodys. The ratings on South Africa are scheduled for review by Moody’s and S&P on November 19th.
During the month of November, the ratings on the following countries are updated by 3 agencies: France, Ireland, Latvia and Malta.

We have updated our sovereign calendar to cover the month of October 2021.
During this period, 6 to 9 rating agencies have scheduled sovereign rating updates. On October 22nd, the scheduled rating actiions reach a peak with 27 announced actions
Romania will be in the focus as 4 agencies have scheduled updates, Austria and Germany are being reviewed by 3 agencies and the UK by 2.

We have updated our sovereign calendar to cover the month of September 2021.
During this period, 6 to 9 rating agencies have scheduled sovereign rating updates.
On September 3rd, Estonia ratings will be reviewed by 3 agencies (DBRS, Fitch and Moodys)
The ratings on Spain will be reviewed by 4 agencies (Axesor, DBRS, Moodys and S&P) on 2 Fridays (September 3rd and September 17th).

We have updated our sovereign calendar for the month of August 2021. On average 16 rating actions are scheduled every Friday published by 6 to 7 credit rating agencies.
On August 13th, Moodys and S&P have both scheduled reviews of Lithuania.

According to the EU Regulation on Credit Rating Agencies, ESMA registered agencies need to publish an Annual Transparency report, which includes high level information on revenues and staff employed.
While the United Kingdom withdraw from the European Union in January 2020, the transition period until end 2020 (where EU Regulations continued to be applicable in the UK) resulted in some agencies publishing their results for both the UK and EU together.
S&P reports total revenues of EUR 649 mln (up 12% compared to 2019), Moodys generated EUR 507 mln (up 1%) and FitchRatings achieved EUR 288 mln (up 3%). These dominant 3 agencies take around 91,7% of the market (including assumptions for undisclosed revenues).
In terms of market segments, the wider corporate market segment (covering insurances, financial and non-financial companies) accounts for more than EUR 1,1 Bill in Revenues, the Structured Finance segments reaches approx. EUR 240 mln and the sovereign segment around EUR 170 mln.
We estimate total staff at approx. 2950 employees (including assumptions for not disclosed staff). The EU and the UK account each for half of the staff. Fitch employs a total of 924 people, followed by Moodys with 655 and S&P with 543. About 1990 people are directly involved in rating activities and additional 107 in model development/review. In terms of market segments, the broad corporate market segment counts 976 analysts, 427 are active in SF, 189 in the Sovereign market – 395 analysts work across market segments or provide rating support activities.