ESMA has published the market share of the credit rating agencies registered within the EU as of 12 December, 2013. Moody's, Standard & Poor's and Fitch topped the list.
The respective CRAs’ total market share is calculated according to the annual turnover generated from credit rating activities and ancillary services, at group level. The CRA Regulation requires ESMA to publish the EU’s credit rating agencies market share once a year.
Issuers who plan to appoint at least two CRAs for the credit rating of the same issuance or entity, are required to consider appointing at least one CRA with no more than 10 per cent of the total market share. This is to increase competition in the credit rating market.
At the top of CRAs’ market share calculation, based on 2012 turnover generated by CRAs registered in the EU from credit rating activities and ancillary services, were the following registered CRAs: Moody's with 34.75 per cent, Standard & Poor’s with 34.61 per cent and Fitch with 17.66 per cent respective market shares. The total turnover is calculated with respect to credit rating activities and ancillary services generated by CRAs registered in the European Union.
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