EU Market Shares
Date of last update: April 4th ,2022
Article 8d of the EU Regulation on Credit Rating Agencies, requires issuers and related third parties intending to appoint at least 2 CRAs to consider appointing one "small" CRA (defined as having less than 10% market share measured against revenues). ESMA shall publish annually a corresponding market shares calculation.
Indicative market shares for 2021
Based on the Transparency reports of EU registered Credit Rating Agencies for fiscal year 2021, we have calculated the below market shares. Kindly note that this calculation includes assumptions for undisclosed revenues.
Please follow this link to view our estimate for the United Kingdom.
ESMA Calculation for 2020
On December 22nd, 2021, ESMA published the report for the year 2020:
ESMA market shares calculation for 2012 to 2020
The graph below summarizes the market shares of the Big 3 (S&P, Moody and Fitch) based on ESMA reports for the period 2012 to 2020:
