Vivian van Breemen

148 Panel A: Market share of CRAs measured by Balance Size EU US 2017 2018 2019 2020 2017 2018 2019 2020 MS Moody's by Balance 35.14% 35.21% 41.03% 41.06% 31.14% 14.59% 14.53% 19.43% MS Fitch by Balance 20.53% 28.16% 13.14% 10.51% 0.00% 0.00% 9.08% 6.04% MS DBRS by Balance 33.81% 18.68% 26.29% 19.95% 30.26% 37.02% 32.54% 26.76% MS KBRA by Balance 0.00% 0.00% 0.00% 0.70% 29.86% 28.29% 25.97% 36.48% MS S&P by Balance 10.53% 17.94% 19.54% 27.78% 8.74% 20.10% 17.87% 11.30% Total 100% 100% 100% 100% 100% 100% 100% 100% Large CRAs by Balance 66.19% 81.32% 73.71% 79.35% 39.88% 34.69% 41.48% 36.76% Small CRAs by Balance 33.81% 18.68% 26.29% 20.65% 60.12% 65.31% 58.52% 63.24% Total 100% 100% 100% 100% 100% 100% 100% 100% This table reports summary statistics of RMBS tranches issued in the first quarter of 2017 up to the third quarter of 2020. ‘Large CRAs by Balance’ stands for the combined market share, measured in terms of balance size, of Moody’s, S&P, and Fitch in a given year and market. ‘Small CRAs by Balance’ stands for the combined market share, measured in terms of balance size, of DBRS and KBRA in a given year and market. ‘Large CRAs by Frequency’ stands for the combined market share, measured in terms of balance size, of Moody’s, S&P, and Fitch in a given year and market. ‘Small CRAs by Frequency’ stands for the combined market share, measured in terms of the number of tranches rated, of DBRS and KBRA in a given year and market. All other variables are defined in Table 4.2. Panel A presents the market share calculations measured by tranche’s balance size and Panel B by the number of tranches rated by a CRA in a given year and market. Table 4.3: Market share of CRAs.

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