This report provides an in-depth overview of the total market share held by UK-registered credit rating agencies (CRA).
The FCA is required to publish annually the list of UK registered CRAs, their total market share and the rating sectors in which they are active.
By encouraging the use of smaller credit rating agencies (through the application of Article 8d) the CRA Regulation aims to increase competition in the sector.
Since last year’s report the combined market share for the three largest CRAs has declined by 2%, to now represent 90% of the total market. The number of registered CRAs remains at 9, however 6 of these are below the 10% level. Our market share calculations use revenue data from the end of December 2022 and are based on turnover figures reported by each CRA.
The objective of Article 8d is to promote competition. The report addresses the FCA’s competition objective and Approach to Competition.
Aim of the report
Issuers should use this report when they are considering appointing two or more CRAs and meeting their obligation in Article 8d.
This report is published annually to help market participants in the ongoing identification of individual CRA market share. The report includes the list of registered credit rating agencies and their total market share.
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