Visual Capitalist: The Credit Rating Agencies Which Price The World

Who Controls the Credit Ratings That Shape Global Bond Markets?

Credit ratings play an important role in financial markets, helping investors evaluate risk and influencing the cost of borrowing for businesses and governments. Yet much of this influence is concentrated among just three companies.

According to an October 2026 report from Visual Capitalist, S&P Global Ratings, Moody’s Ratings, and Fitch Ratings account for approximately 93.4% of outstanding credit ratings reported to U.S. regulators.

Three Agencies Dominate the Market

Using data reported through the end of 2024, the three largest credit rating agencies hold the following market shares:

• S&P Global Ratings: 49.6%
• Moody’s Ratings: 31.4%
• Fitch Ratings: 12.4%

Together, these companies account for more than nine out of every ten outstanding ratings, leaving just 6.6% to smaller competitors.

Although firms such as Morningstar DBRS and KBRA have expanded their presence, the industry remains highly concentrated.

Why Credit Ratings Matter to Investors

Credit ratings help investors assess the likelihood that a borrower will meet its financial obligations. These assessments can directly influence bond yields, borrowing costs, and investment decisions.

Higher-rated borrowers generally have access to financing at more favorable rates, while lower-rated borrowers often must offer higher yields to compensate investors for additional risk.

For companies and governments managing substantial debt, even relatively small changes in borrowing costs can have significant financial implications.

Why Competition Remains Limited

Breaking into the credit rating industry presents unique challenges. Many institutional investors follow investment guidelines that recognize ratings from established agencies. Bond indexes may also require ratings from specific providers before securities can qualify for inclusion.

These practices reinforce the position of the largest agencies and make it difficult for newer competitors to gain widespread acceptance.

Another consideration is the industry’s business model. Rating agencies are often compensated by the organizations they evaluate, creating potential conflicts of interest and emphasizing the importance of independent credit analysis.

The Bigger Picture for Investors

Credit ratings remain an important resource when evaluating fixed-income investments, but they represent only one piece of the investment decision.

Understanding credit quality, interest-rate sensitivity, diversification, and overall market conditions can provide a more complete view of potential risks and opportunities.

As the global bond market continues to evolve, recognizing how credit ratings are determined—and who provides them—can help investors make more informed portfolio decisions.

Source: Visual Capitalist, The Credit Rating Agencies Which Price the World, October 13, 2026.