On 30 November 2022, the FCA its first market share report for UK registered credit rating agencies (CRAs). Post Brexit the FCA supervises UK CRAs in accordance with the EU Regulation on CRAs as amended by the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019.

The report covers the nine registered CRAs in the UK. In summary, three CRAs represent 92% of the total market, with six firms below the 10 % level based on turnover figures reported by each CRA. The report is the first of these annual FCA reports and uses revenue data from the end of December 2021 which represents the FCA’s first year supervising the CRAs. The FCA intends to issuers to use the report as a starting point for their consideration when appointing two or more CRAs and meeting their obligation in Article 8d of the EU Regulation on CRAs.