Research on the European Rating Market
Date: September 17th, 2013
We are pleased to announce the publication of the “Guide to the European Rating Market: overview over the market, its players and the legal framework” as well “The European Rating Market Report 2013: Profiles, Rating Activity and Performance of Credit Rating Agencies”. These two reports are the first comprehensive reviews of this highly diversified market.
While we provide already substantial information on this site, the two reports contain substantial additional research on questions such as:
- Who and how can ratings from CRAs and/or ECAIs be used currently?
- What is the size of the market?
- Who are all these 24 registered or certified Credit Rating Agencies? What is their business model and coverage?
- How did the agencies perform over time?
- Are there differences between the ratings on Banks, Insurances, non-financial corporates Sovereign and Structured Finance?
We propose two different formats:
- “Guide to the European Rating Market: overview over the market, its players and the legal framework” (“Guide”, 75 pages): this Guide is meant for people who would like to familiarize with the European Rating Market (eg Issuers). We provide here a review of the EU Regulation on Rating Agencies and the different requirements according to market segments applicable to issuers. We review the rating market in terms of revenues, employees, number of ratings etc. Thereafter, we describe all currently registered or certified CRAs.
- “The European Rating Market Report 2013: Profiles, Rating Activity and Performance of Credit Rating Agencies” (“Report”, 175 pages) based on the above Guide, the Report gives in addition detailed insight into the rating activity of CRAs for 5 market segments separately (non-financial corporate, banks, insurances, Sovereigns and Structured finance) for the period 2005 to 2012. We further provide a cross-agency segment analysis. Finally, we tackle cross-segment issues such a default rates or average ratings. The Report is meant for professional users of ratings interested in or looking for detailed figures.
The Report uses the information available at CEREP – an exhaustive database on ratings maintained by ESMA. We have downloaded from June to September 2013 on a segment basis the data available on rating activity, default rates and transition matrixes on the currently 18 CRAs. Given that CRAs use highly different rating scales, we have introduced benchmarks based on the 6 ECAI credit quality steps und the Standardized Approach in order to allow comparability of ratings across CRAs and segments.
Note that the CEREP database is freely available to all users at ESMA’s website. Note further that RATINGPLATFORM GesmbH, the publisher of the Guide and Report, is not connected with the European Ratingplatform as foreseen under CRA III. RATINGPLATFORM was founded in 2010 and registered as Limited liability company in August 2011.
Prices: EUR 250,- for the Guide and EUR 750,- for the Report (both figures excluding VAT). VAT: normal VAT rate in Austria is 20%. For clients domiciled in the EU, if you can provide your valid VAT-ID, we shall issue the invoice excluding VAT. For clients outside of the EU, no VAT is charged.
Please use our contact form to place an order with us.
