On November 30th, 2023, the UK Financial Conduct Authority (“FCA”), the supervisor of Credit Rating Agencies (“CRAs”) published the annual market shares report for the year 2022. According to the UK FCA, the market shares are as follows:
The above market shares are based on revenue information for the year 2022.
We have reviewed the annual transparency reports for 2022 for all UK FCA registered agencies. We estimate that the UK CRA market generated revenues reaching approximately GBP 400 mln in total:
The below chart illustrates the revenue composition of the different agencies:
When comparing the UK FCAs calculations with the information disclosed by the different CRAs, we find the following:
Usefull links
UK FCA press release on 2022 market shares report
UK FCA report on 2022 market shares
AM Best UK Transparency report for 2022
ARC Ratings UK Transparency report for 2022
DBRS Morningstar UK Transparency report for 2022
FitchRatings UK Transparency report for 2022
KBRA UK Transparency report for 2022
Moody’s UK Transparency report for 2022
Scope Ratings UK Transparency report for 2022
S&P Global (UK) Transparency report for 2022
As of the day of this research, the transparency report by The Economist Intelligence Unit was not publicly available.
