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Three credit rating agencies hold 91.87 per cent of European rating revenue, and the twenty one smallest hold 8.13 per cent between them

AgencyShare on 2024 accountsShare on 2023 accounts
S&P Global Ratings Europe50.42%47.81%
Moody's Investor Service29.63%30.59%
Fitch Ratings Ireland11.82%11.86%
DBRS1.99%not read separately
Scope1.23%not read separately
Sixteen further agenciesfrom 0.97% down to 0.03%not read separately
Top three, derived91.87%90.26%
Everyone else, derived8.13%9.74%

Market share calculation published 18 December 2025 on audited 2024 accounts, measured as turnover from credit rating activities and ancillary services at group level in the union. The column sums to exactly 100.00. The prior year column inside the 2025 document agrees value for value with the standalone 2024 document on all nineteen rows.

The regulator publishes this share annually so that issuers appointing two or more agencies can consider using one below ten per cent. The eligible pool shrank from 9.74 to 8.13 per cent of revenue in a year.

50.42%Largest agency's share
91.87%Top three combined
21Agencies below the 10 per cent line
8.13%Their combined share

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