|
| Market share of ratings agencies changes |
| Percentage of deals ratings agencies appear on: US RMBS |
|
2007 |
2008 |
To end
Sept 2009 |
| DBRS |
12% |
24% |
32% |
| Fitch |
45% |
40% |
77% |
| Moody’s |
77% |
52% |
14% |
| S&P |
81% |
67% |
46% |
| No. of deals |
872 |
107 |
101 |
| Source: Inside Mortgage Finance; Bloomberg DBRS | |
Disillusioned by poor ratings advice on mortgage-backed securities during the crisis, investors have increasingly been looking farther afield for risk assessment than the two dominant agencies of Moody’s and Standard & Poor’s. Both Fitch and DBRS have gained market share in US RMBS ratings. DBRS rated 32% of the 101 US RMBS deals up to the end of September this year. In 2007, it was on just 12% of the 872 deals. Fitch has also made inroads, having been on 77% of US RMBS deals this year, up from 45% in 2007.
DBRS has been something...
