The Big 3

Three agencies dominate the global credit rating market: S&P Global Ratings, Moody's Investors Service, and Fitch Ratings. Together they account for the vast majority of public bond ratings worldwide and are the primary reference for institutional debt investors. The summaries below focus on positioning, product reach, and geographic coverage. For the analytical framework each agency uses, see the Methodologies section.

S&P Global Ratings

Largest by issued ratings on long-term debt

Methodology →
Founded
1860 (predecessor Poor's Publishing); current entity formed 1941
Scale
Largest of the three by volume of issued long-term debt ratings
Product focus
Corporate, financial institutions, sovereigns, structured finance, public finance, insurance, infrastructure
Geographic reach
Global — deep coverage across North America, Europe, Asia-Pacific, and emerging markets

S&P at a Glance (2025)

$90T+
Total rated debt
1.4M+
Credit ratings outstanding
1,500+
Analysts globally
40+
Countries with offices
160+
Years of rating history
3
Major asset class divisions

Covers corporates, financial institutions, sovereigns, structured finance, public finance, and insurance.

Moody's Investors Service

Comparable scale to S&P; particularly strong in fixed-income research

Methodology →
Founded
1909 by John Moody
Scale
Comparable to S&P; particularly strong franchise in fixed-income credit research
Product focus
Corporate, structured finance, public finance, sovereigns and sub-sovereigns, financial institutions, insurance
Geographic reach
Global — strong franchise across North America and Europe; growing presence in Asia

Moody's at a Glance — Facts & Figures Full Year 2025

$80T+
Total rated debt
32,970+
Rated organizations & structured deals
14,000+
MCO employees
1,700+
Analysts
40+
Countries/regions
25,800+
Publications globally

Non-financial corporates: 4,810+ | Financial institutions: 2,390+ | Insurance: 1,080+ | US public finance: 14,530+ | Structured finance: 8,750+ | Infrastructure & project finance: 1,020+ | Sub-sovereigns: 370+ | Sovereigns: 140+ | Supranationals: 50+

Americas: $47T+ rated debt, 26,230+ organizations, 15,400+ publications. EMEA: $19T+, 4,480+, 4,200+. Asia Pacific: $11T+, 2,230+, 5,200+.

560+ global events, 48,800+ global participants. Publications: 14,800+ issuer research, 1,600+ sector research, 8,300+ other reports, 190+ rating methodologies.

Fitch Ratings

Third of the Big 3 — positioned as the tie-breaker in split-rated situations

Methodology →
Founded
1914 (Fitch Publishing Company)
Scale
Third of the Big 3 by volume; valued as a second opinion and tie-breaker
Product focus
Corporate, financial institutions, sovereigns, structured finance, infrastructure & project finance, insurance
Geographic reach
Global — particular depth in Europe and emerging markets

Fitch at a Glance (2025)

$60T+
Total rated debt
35,000+
Credit ratings outstanding
1,600+
Analysts globally
30+
Offices worldwide
110+
Years of rating history
3
Key regions: Americas, EMEA, APAC

Particular depth in European corporate and financial institution coverage; growing presence across emerging markets.

Next: Challengers →