Article 8d of the Regulation on credit rating agencies (CRA Regulation) requires issuers or related third parties that intend to appoint at least two credit rating agencies (CRAs) for the credit rating of the same issuance or entity to consider appointing at least one CRA with no more than 10% of the total market share, which can be evaluated by the issuer or a related third party as capable of rating the relevant issuance or entity, provided that there is a CRA available for rating the specific issuance or entity.

The European Securities and Markets Authority (ESMA) has published a document that provides a list of all registered CRAs indicating their total market share. ESMA also provides the types of credit ratings issued by registered CRAs in 2013. The rating types are classified as follows: sovereign ratings, corporate ratings (including non-financial, financial and insurance ratings), structured finance ratings and covered bonds ratings.

View CRAs’ market share calculation according to Article 8d of the CRA Regulation, 16 December 2013