Top 10: Credit Rating Companies

In 2024, credit rating agencies have expanded their services significantly, focusing on emerging market trends and technological advancements. 

Many now offer comprehensive ESG (Environmental, Social, and Governance) ratings and analytics, helping investors assess sustainability risks and opportunities. 

Artificial intelligence (AI) and machine learning (ML) tools have been integrated to enhance predictive capabilities and real-time risk assessment, and several agencies have introduced blockchain-based rating systems for increased transparency and security. 

Elsewhere, climate risk analysis has become a crucial offering, with agencies developing sophisticated models to evaluate the impact of climate change on creditworthiness. 

In this Top 10, we take a look at the leading credit rating companies globally. 

10) Kroll Bond Rating Agency

• President & CEO: Jim Nadler

• Revenue: Not publicly disclosed

• Headquarters: New York City, USA

• Employees: Over 500

• Founded: 2010

Kroll Bond Rating Agency (KBRA) is a global full-service credit rating firm established by Jules Kroll, the pioneer of modern corporate investigations. KBRA aims to restore trust in credit ratings by providing timely, transparent assessments across various sectors. The agency has issued over 75,000 ratings, covering US$3.34tn in rated issuances. KBRA offers an alternative to traditional rating agencies, delivering in-depth research and innovative tools to assist investors in making informed decisions in both US and European markets.

9) CRISIL (Credit Rating Information Services of India Limited)

• MD & CEO: Amish Mehta

• Revenue: Not publicly disclosed

• Headquarters: Mumbai, India

• Employees: Over 3,900

• Founded: 29 January 1987

CRISIL, India's premier credit rating agency and subsidiary of S&P, pioneered the concept of credit ratings the country. It has expanded beyond ratings to become a global analytics company, offering research, risk solutions and advisory services. CRISIL has a significant presence across nine countries and 21 cities worldwide. The firm has issued over 75,000 ratings and covers various sectors, including infrastructure, financial institutions and corporates. CRISIL's innovative tools, such as the Risk Assessment Model, have become industry standards, assisting investors and policymakers in making informed decisions.

8) Rating and Investment Information, Inc. (R&I)

• President & CEO: Hiroshi Yamazaki

• Revenue: 4,957m yen (2023)

• Headquarters: Tokyo, Japan

• Employees: Not publicly disclosed

• Founded: 1975

Rating and Investment Information, Inc. (R&I) is a prominent Japanese credit rating agency. The firm offers a diverse range of services, including rating services, ESG evaluation services, investment appraisal services and information services. R&I's revenue breakdown shows a significant focus on rating and ESG evaluation services, accounting for 63% of its net sales. The company maintains an international presence with an overseas office in Hong Kong, demonstrating its commitment to serving global financial markets.

7) Japan Credit Rating Agency (JCR)

• President: Shokichi Takagi

• Revenue: Not publicly disclosed

• Headquarters: Tokyo, Japan

• Employees: Not specified in search results

• Founded: 1 April 1985

Japan Credit Rating Agency (JCR) is a leading credit rating agency in Japan, providing crucial financial market infrastructure. JCR's rating coverage exceeds 60% of approximately 1,100 publicly rated issuers in Japan, with a particularly strong presence in the financial industry. The firm is recognised globally, with official registrations in the USA, EU, UK and several Asian countries. JCR has expanded its services to include sustainable finance evaluations, contributing significantly to environmental and social initiatives. Its ratings are widely utilised in major overseas markets, cementing its role in global economic development.

6) Dagong Global Credit Rating

• CEO: (State-owned entity)

• Revenue: Not publicly disclosed

• Headquarters: Beijing, China

• Employees: Over 500

• Founded: 1994

Dagong Global Credit Rating, a state-owned enterprise, is a prominent Chinese credit rating agency. Established with approval from the People's Bank of China, Dagong has become a key player in China's financial markets. The firm boasts all franchise qualifications granted by the Chinese government and leads in rating corporate, financial, and structured financing bonds. Dagong's international presence is growing, with involvement in the Asian bond market construction. The company employs over 200 master or doctoral analysts and 50 postdoctoral researchers, operating across six regional headquarters and 34 branches nationwide.

5) A.M. Best

• President & CEO: Matthew C. Mosher

• Revenue: Not publicly disclosed

• Headquarters: Oldwick, New Jersey, USA

• Employees: Over 500

• Founded: 1899

A.M. Best is the world's oldest credit rating agency specialising exclusively in the insurance industry. The firm assesses the creditworthiness of and reports on over 16,000 insurance companies globally. A.M. Best's Credit Ratings provide independent, third-party opinions on insurers' ability to meet ongoing insurance and financial obligations. The company utilises a ‘building block’ approach in developing Issuer Credit Ratings, incorporating quantitative and qualitative evaluations of balance sheet strength, operating performance, business profile and enterprise risk management. A.M. Best is recognised as a Nationally Recognized Statistical Rating Organization (NRSRO) in the United States.

4) Morningstar DBRS

• President: Detlef Scholz

• Revenue: Not publicly disclosed

• Headquarters: Toronto, Canada

• Employees: 700

• Founded: 1976 (as Dominion Bond Rating Service)

Morningstar DBRS is the world's fourth-largest credit rating agency and a market leader in Canada, the United States and Europe across multiple asset classes. The firm provides independent, transparent and innovative credit ratings, research and data to financial institutions, corporate entities and sovereigns worldwide. DBRS Morningstar employs a comprehensive rating methodology, utilising a scale from AAA (highest credit quality) to D (default). With eight offices globally, the company offers specialised expertise in various sectors, including structured finance, corporate credit and financial institutions.

3) Fitch Ratings

• President: Ian Linnell

• Revenue: Not publicly disclosed

• Headquarters: Dual-headquartered in New York City, USA and London, UK

• Employees: Over 5,000

• Founded: 24 December 1914

Fitch Ratings, one of the 'Big Three' credit rating agencies globally, provides crucial financial market insights through its credit ratings, research and risk analysis. The firm covers over 20,000 entities worldwide, including corporations, financial institutions and sovereign nations. Fitch utilises a comprehensive rating scale from 'AAA' to 'D', offering nuanced assessments of creditworthiness. Wholly owned by Hearst Corporation since 2018, Fitch has expanded its services to include sustainable finance evaluations and AI-driven data analytics through acquisitions like GeoQuant. The company maintains a strong international presence with 36 offices globally.

2) Moody's Investors Service

• President & CEO: Robert S. Fauber

• Revenue: US$5.9bn (2023)

• Headquarters: New York City, USA

• Employees: 15,151

• Founded: 1909

Moody's Investors Service, another of the 'Big Three' credit rating agencies globally, provides crucial financial market intelligence through its credit ratings and research. The firm covers over 135 countries, assessing the creditworthiness of corporations, financial institutions, and governments. Moody's utilises a rating scale from Aaa to C, offering nuanced evaluations of credit risk. The company has expanded its services to include sustainable finance assessments and climate risk analysis. With 36 offices worldwide, Moody's maintains a strong international presence, contributing significantly to global financial market stability and transparency.

1) S&P Global Ratings

• President & CEO: Douglas L. Peterson

• Revenue: US$11.18bn (2022)

• Headquarters: New York City, USA

• Employees: Over 35,000

• Founded: 1860

S&P Global Ratings tops our list of leading credit rating agencies. It provides crucial financial market intelligence through its credit ratings and research. The firm assesses the creditworthiness of companies, governments and financial products worldwide. S&P utilises a rating scale from AAA to D, offering nuanced evaluations of credit risk. With over 70 offices in 35 countries, the company maintains a strong global presence. S&P Global Ratings is a division of S&P Global, which also offers analytics, commodities information and index services to financial markets internationally.

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