|
|
The results show that the three largest CRAs – S&P Global Ratings, Moody’s Investor Service and Fitch Ratings – account for 92.1% of the market for credit rating agencies in the EU representing a 2.7% increase on 2018.
The remaining 7.9% of the market is shared between 23 registered CRAs.
The annual market share calculation also provides a breakdown of the type of ratings offered by each registered CRAs as well as the proportion of ratings for EU debt issuances by asset class.
The purpose of the market share calculation is to facilitate issuers and related third parties in their evaluation of a CRA with no more than 10% total market share in the EU, as the CRA Regulation (CRAR), under Article 8d, says that issuers or related third parties are required to consider appointing a CRA with no more than 10% total market share whenever they intend to appoint one or more CRAs to rate an issuance or entity.