147 This figure illustrates the market share movements of Moody’s, Fitch, DBRS, KBRA, and S&P over time and in a specific market (the EU and US). The sample includes all tranches for which the RMBS tranche received a credit rating from one of the five CRAs disclosed at issuance originated between the first quarter of 2017 up to the third quarter of 2020. The market share percentages are set out in more detail in Table 4.3. Figure 4.1(a) illustrates the market share movements of CRAs in the RMBS market over time in a specific market, measured by balance size of a tranche. Figure 4.1(b) illustrates the market share movements of CRAs in the RMBS market over time in a specific market, measured by the number of tranches rated. Figure 4.1(c) illustrates the combined market share movements of large (Moody’s, S&P, and Fitch) and small (DBRS and KBRA) CRAs in the RMBS market over time in a specific market, measured by both balance size and number of tranches rated. Figure 4.1: Market share of CRAs sorted by market and year. Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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