In 2024, credit rating agencies aren’t just assessing financial stability; they’re integrating cutting-edge technologies and sustainability metrics. Artificial intelligence (AI) and machine learning (ML) now enable real-time, predictive analytics, while blockchain ensures transparency in ratings. In fact, the global credit rating market was valued at USD 5.46 billion in 2023
Moreover, Environmental, Social, and Governance (ESG) factors are no longer optional—they’re a major component in credit risk assessments as investors seek more sustainable and ethical investments.
In this article, we highlight the top 10 credit rating companies globally, ranked by their market influence, service offerings, and contributions to the evolving financial ecosystem.
1. S&P Global Ratings
CEO: Douglas L. Peterson
Headquarters: New York City, USA
Founded: 1860
Revenue: US$11.18bn (2022)
Employees: 35,000+
S&P Global Ratings tops our list, known as the most influential credit rating agency worldwide. With over 70 offices in 35 countries, S&P assesses the creditworthiness of governments, corporations, and financial products. It employs an AAA-to-D rating scale, offering nuanced evaluations of credit risk. S&P’s commitment to ESG ratings and climate risk analysis has positioned it at the forefront of sustainable finance, making it a critical player in global markets.
2. Moody’s Investors Service
CEO: Robert S. Fauber
Headquarters: New York City, USA
Founded: 1909
Revenue: US$5.9bn (2023)
Employees: 15,151
Moody’s is another giant in the credit rating sector, covering over 135 countries. The agency evaluates corporations, governments, and financial institutions, utilizing a rating scale from Aaa to C. Moody’s is a leader in ESG and climate risk assessments, which has increasingly attracted investors looking to align their portfolios with sustainability goals. Its deep expertise in financial analytics makes it a cornerstone of market transparency and stability.
3. Fitch Ratings
President: Ian Linnell
Headquarters: New York City, USA & London, UK
Founded: 1914
Employees: 5,000+
Fitch Ratings rounds out the “Big Three” credit rating agencies. Known for its comprehensive credit assessments, Fitch covers more than 20,000 entities globally, from corporations to sovereign nations. Fitch has been a pioneer in utilizing AI and machine learning to deliver real-time risk assessments. The company’s expansion into ESG evaluations and sustainable finance further enhances its role in global markets.
4. Morningstar DBRS
President: Detlef Scholz
Headquarters: Toronto, Canada
Founded: 1976
Employees: 700+
Morningstar DBRS, originally Dominion Bond Rating Service, is the largest credit rating agency in Canada and ranks fourth globally. DBRS Morningstar offers independent credit ratings, focusing on asset-backed securities, corporate credit, and financial institutions. The firm’s transparency and robust methodologies have made it a trusted name in the United States, Europe, and beyond.
5. A.M. Best
CEO: Matthew C. Mosher
Headquarters: Oldwick, New Jersey, USA
Founded: 1899
Employees: 500+
A.M. Best holds a unique place in the credit rating ecosystem as the oldest and most specialized agency focused solely on the insurance industry. Its assessments of more than 16,000 insurers worldwide provide crucial insights into their ability to meet financial obligations. A.M. Best’s ratings are highly respected and relied upon by investors and policyholders alike for their transparency and reliability.
6. Dagong Global Credit Rating
Headquarters: Beijing, China
Founded: 1994
Employees: 500+
Dagong Global Credit Rating is a state-owned credit rating agency in China. Backed by the People’s Bank of China, Dagong leads in rating corporate, financial, and structured bonds within the Chinese market. Its growing international presence, particularly in the Asian bond market, makes Dagong a key player as China continues to rise in global financial importance.
7. Japan Credit Rating Agency (JCR)
President: Shokichi Takagi
Headquarters: Tokyo, Japan
Founded: 1985
Japan Credit Rating Agency (JCR) is the leading rating firm in Japan, covering over 60% of publicly rated issuers in the country. JCR’s expanding international footprint, especially in sustainable finance, helps global investors navigate the complexities of Japanese and Asian markets. JCR’s focus on sustainable finance and environmental evaluations has been a significant contribution to global ESG initiatives.
8. Rating and Investment Information, Inc. (R&I)
CEO: Hiroshi Yamazaki
Headquarters: Tokyo, Japan
Founded: 1975
R&I, one of Japan’s major credit rating agencies, is known for its in-depth evaluations of credit risk and ESG factors. The firm plays a critical role in Japan’s financial markets and has established an international presence, including an office in Hong Kong. R&I’s focus on environmental and governance evaluations aligns with the global shift toward sustainable finance.
9. CRISIL (Credit Rating Information Services of India Limited)
CEO: Amish Mehta
Headquarters: Mumbai, India
Founded: 1987
Employees: 3,900+
CRISIL, India’s premier credit rating agency and an S&P subsidiary, has a global footprint in risk analysis, research, and advisory services. With over 75,000 ratings issued, CRISIL has been instrumental in shaping India’s credit landscape, and its innovative tools, such as the Risk Assessment Model, have set new industry standards for rating financial institutions and corporates globally.
10. Kroll Bond Rating Agency (KBRA)
CEO: Jim Nadler
Headquarters: New York City, USA
Founded: 2010
Employees: 500+
Kroll Bond Rating Agency (KBRA) is a newer yet fast-growing player in the credit rating industry. Since its inception in 2010, KBRA has issued over 75,000 ratings, covering US$3.34 trillion in issuances. The agency provides an alternative to traditional rating agencies, offering detailed, transparent analyses in both U.S. and European markets. Its innovative approach and integration of new technologies have set it apart from the competition.
As the global financial ecosystem evolves, these top credit rating companies are leading the charge, integrating advanced technologies and sustainability criteria into their rating systems. Their ability to adapt and innovate ensures that they remain central to investment decision-making processes in 2024 and beyond. Investors and businesses alike depend on their insights to navigate complex market conditions and global risks.
