As of 2013 they hold a collective global market share of "roughly 95 percent"[1] with Moody's and Standard & Poor's having approximately 40% each, and Fitch around 15%.
"[1][3] From the mid-1990s until early 2003, the Big Three were the only "Nationally Recognized Statistical Rating Organizations (NRSROs)" in the United States — a designation meaning they were used by the US government in several regulatory areas.
McLean and Nocera blamed the practice on "an erosion of standards, a willful suspension of skepticism, a hunger for big fees and market share, and an inability to stand up to" investment banks issuing the securities.
[8] The February 5, 2013 issue of The Economist stated "it is beyond argument that ratings agencies did a horrendous job evaluating mortgage-tied securities before the financial crisis hit.
[1] On August 1, 2023, Fitch downgraded its credit-rating of United States Treasuries from AAA to AA+, as S&P had twelve years earlier, leaving only Moody's to still assign its highest rating to the country's debt.
[10] Since the spring of 2010, one or more of the Big Three relegated Greece, Portugal and Ireland to "junk" status – a move that many EU officials mentioned has accelerated a burgeoning European sovereign-debt crisis.
In a preliminary exchange of views in the European Parliament Committee on Economic and Monetary Affairs, held in late 2011, it was advocated that more competition should exist amongst rating agencies.
[15] In issuing the framework, CareEdge CEO, Mehul Pandya said, "This is an important step in our journey towards evolving into a global knowledge-based organisation.