This is our fourth annual Market Share Report for UK registered credit rating agencies (UK Registered CRAs) covering the calendar year 2024.
Overview
Under Article 8d(2) of the EU Credit Rating Agencies Regulation[1] as amended by the CRA Regulations (EU Exit) 2019[2] (referred to collectively as the 'UK CRA Regulation'), we are required to publish annually the list of UK Registered CRAs, their total market share, and sector coverage. One aim of the UK CRA Regulation is to promote competition among CRAs by encouraging the use of smaller CRAs. Under Article 8d(1), if issuers or related third parties plan to use two or more CRAs, they should consider appointing at least one CRA with no more than 10% of the total market share. If they choose not to do this, they shall record their decision. This publication facilitates that evaluation by issuers.
Using the methodology set out in the section following, the market for credit ratings and related services in the UK remains highly concentrated and has slightly increased from the previous year.
As highlighted in our 2024 portfolio letter[3] to CRAs, we will continue our supervisory work to understand the effectiveness of Article 8d. We are addressing competition issues as part of our wider regulatory work in wholesale financial markets, consistent with our objectives, and our priority to support growth as outlined in our strategy[4]. The UK CRA Regulation is expected to be reviewed as part of the wider review of assimilated law and alongside international developments.
Sector coverage by CRA
Table 2 highlights in grey, the sectors in which each UK Registered CRA has UK-issued or UK-endorsed ratings. Rating sectors are classified as follows: non-financial corporate, financial institution, insurance, sovereign and public finance, and structured finance. This table is based on rating data reported by each UK Registered CRA to the FCA ratings data system (RADAT).
Table 2: Sector type by CRA
| UK CRA Entity | 10% or less market share | Non-financial corporate | Financial institution | Insurance | Sovereign and public finance | Structured finance |
|---|---|---|---|---|---|---|
| S&P Global Ratings UK Limited | YES | YES | YES | YES | YES | |
| Moody’s Investors Service Limited | YES | YES | YES | YES | YES | |
| Fitch Ratings Limited | YES | YES | YES | YES | YES | |
| DBRS Ratings Limited | YES | YES | YES | YES | YES | YES |
| The Economist Intelligence Unit Limited | YES | YES | ||||
| A.M. Best Europe – Rating Service Limited | YES | YES | YES | |||
| Kroll Bond Rating Agency UK Limited | YES | YES | YES | YES | YES | YES |
| ARC Ratings (UK) Limited | YES | YES | YES | |||
| Scope Ratings UK Limited | YES | YES | YES | YES | YES |
Source: Data reported by each CRA as of 31 December 2024.