“Disintermediation” in Europe
- Europe contains an estimated 4,000 unrated public non-financial companies (a).
- Selecting largest companies by sales, total assets and total liabilities suggests there are between 370 and 760 potential new European issuers if disintermediation progresses to the level seen in the U.S.
- Additionally, 300-325 private firms in Europe are of a size that could seek ratings.
- At ~$50,000 per year per firm, potential opportunity may range $40-55 million per year.