Read our annual reports on total market share of UK registered credit rating agencies (CRAs).
The FCA is required to publish annually the list of UK registered CRAs, their total market share and the rating sectors in which they are active.
We supervise UK CRAs in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies as amended by SI 2 2019/266 the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019[1] (collectively called the 'CRA Regulation').
One of the aims of the CRA Regulation is to increase competition among the credit rating agencies by encouraging the use of smaller credit rating agencies through the application of Article 8d.
Article 8d(1) states that where issuers or related third parties intend to use 2 or more CRAs, they should consider appointing one CRA with no more than 10% of the total market share. Where an issuer or related third party does not appoint at least one CRA with no more than 10% of total market share, this decision shall be documented.
Given the intent of Article 8d is to promote competition, the FCA’s competition objective can be found in our Approach to Competition[2].
Read the reports
- 2024 CRA market share report[3]
- 2023 CRA market share report (PDF)[4]
- 2022 CRA market share report (PDF)[5]
- 2021 CRA market share report (PDF)[6]
Role of this report
We intend for issuers to use this report as a starting point for their consideration when appointing 2 or more CRAs and meeting their obligation in Article 8d.
This report will be published annually and also includes sector coverage as follows: non-financial corporate, financial institution, insurance, sovereign and public finance and structured finance.
For any questions, please contact the Supervision Department at [email protected].