On 19 December 2024, the European Securities and Markets Authority (ESMA) issued the 2024 edition of its Market Share Report of credit rating agencies (CRAs). The Market Share Report provides a list of registered CRAs indicating total market share for each.

Article 8d(1) of the CRA Regulation provides that where issuers or related third parties intend to use two or more CRAs, they should consider appointing one CRA with less than 10% market share in the EU. In the event that the issuer or related third party does not appoint at least one CRA with less than a 10% market share, this decision shall be documented. The market share calculation is required to be published by ESMA on an annual basis in accordance with Article 8d(2). Its purpose is to assist issuers or related third parties in their identification of CRAs with a total market share of less than 10%.