Business · Companies · 4 hrs ago
Three firms hold 93.4% of valid credit ratings reported in the US
S&P Global Ratings, Moody’s Ratings and Fitch Ratings held 93.4% of valid ratings reported in the US at the end of 2024.
The figures cover ratings reported by agencies registered with the US Securities and Exchange Commission, not the global market.
S&P had 49.6% of the ratings, Moody’s 31.4% and Fitch 12.4%; the other seven agencies shared the remaining 6.6%.
These agencies assess whether countries and companies can repay their debts, and investors use their ratings to judge risk.
A lower rating can make borrowing more expensive because investors may demand higher interest.
The three firms’ combined share was 98.8% in 2007, and smaller agencies have gained some ground since then.
The market remains difficult for smaller agencies to break into, partly because investors and financial rules rely on established ratings.
The ratings agencies have also downgraded the US: S&P in 2011, Fitch in 2023 and Moody’s in May 2025.
S&P Global Ratings, Moody’s Ratings and Fitch Ratings held 93.4% of valid credit ratings reported by SEC-registered agencies in the United States at the end of 2024.
S&P had the largest share, at 49.6%, followed by Moody’s at 31.4% and Fitch at 12.4%.
The other seven agencies together accounted for 6.6% of the reported ratings.
The figures describe the distribution of ratings reported in the United States, not global market shares.
The three largest agencies’ combined share was 98.8% in 2007.
- Who
- S&P Global Ratings, Moody’s Ratings and Fitch Ratings.
- What
- They held 93.4% of valid credit ratings reported by SEC-registered agencies in the United States.
- When
- At the end of 2024.
- Where
- The United States.
- Why
- The figures show the concentration of the credit-rating sector. The report says ratings can affect investor decisions and borrowing costs.
This story does not have two clearly opposing sides.
S&P Global Ratings, Moody’s Ratings and Fitch Ratings together held 98.8% of the reported market.
S&P Global Ratings downgraded the United States’ top credit rating.
Fitch Ratings downgraded the United States’ credit rating.
The three largest agencies held 93.4% of valid credit ratings reported by SEC-registered agencies in the United States.
Moody’s Ratings lowered the United States’ rating from Aaa to Aa1.
- Combined share
- 93.4% of valid US-reported ratings
- S&P Global Ratings
- 49.6%
- Moody’s Ratings
- 31.4%
- Fitch Ratings
- 12.4%
- Other seven agencies combined
- 6.6%
- Morningstar DBRS
- 3.1%