Credit rating agency UK market share report

In this market share report, we give an overview of the total market share of UK registered credit rating agencies (CRA).  

Read the full report

Post Brexit, CRA Regulation requires the FCA to publish annually the list of UK registered CRAs, their total market share and the rating sector types in which they are active.

This is the first of these annual reports and uses revenue data from the end of December 2021. This represents our first year supervising the firms.

One of the aims of the CRA Regulation is to increase competition among the credit rating agencies by encouraging the use of smaller credit rating agencies through the application of Article 8d.

Article 8d(1) states that where issuers or related third parties intend to use 2 or more CRAs, they should consider appointing one CRA with no more than 10% of the total market share. Where an issuer or related third party does not appoint at least one CRA with no more than 10% of total market share, this decision shall be documented.

Given the intent of Article 8d to promote competition, the report refers to the FCA’s competition objective and Approach to Competition.

Aim of the report

We intend for issuers to use this report as a starting point for their consideration when appointing 2 or more CRAs and meeting their obligation in Article 8d.

This report will be published annually and also includes market shares of CRAs by sector, such as non-financial corporates, financial institutions, insurance, sovereign and public finance and structured finance.

For any questions, please contact the Supervision Department at [email protected].