Article 8d of the EU Regulation on Credit Rating Agencies, requires issuers and related third parties intending to appoint at least 2 CRAs to consider appointing one “small” CRA (defined as having less than 10% market share measured against revenues). ESMA shall publish annually a corresponding market shares calculation.
Based on the Transparency reports of EU registered Credit Rating Agencies for fiscal year 2021, we have calculated the below market shares. Kindly note that this calculation includes assumptions for undisclosed revenues.
