149 Panel B: Market share of CRAs measured by Tranche Count EU US 2017 2018 2019 2020 2017 2018 2019 2020 MS Moody's by Frequency 38.86% 37.32% 24.78% 34.65% 33.44% 19.03% 20.74% 20.97% MS Fitch by Frequency 25.71% 21.83% 16.96% 8.91% 0.00% 0.00% 6.40% 6.84% MS DBRS by Frequency 18.29% 23.59% 30.87% 24.75% 28.54% 34.75% 31.72% 29.90% MS KBRA by Frequency 0.00% 0.00% 0.00% 1.98% 29.96% 30.73% 26.51% 31.52% MS S&P by Frequency 17.00% 17.25% 27.39% 29.70% 8.06% 15.49% 14.63% 10.78% Total 100% 100% 100% 100% 100% 100% 100% 100% Large CRAs by Frequency 81.71% 76.41% 69.13% 73.26% 41.50% 34.52% 41.77% 38.59% Small CRAs by Frequency 18.29% 23.59% 30.87% 26.73% 58.50% 65.48% 58.23% 61.41% Total 100% 100% 100% 100% 100% 100% 100% 100% Chapter 4 - Intensified Competition and the Impact on Credit Ratings
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