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Capital Markets

Rating agencies: Incumbents S&P, Moody's face stiffer competition

DBRS increases market share, expands in Europe; Fitch gains investor approval from re-remics decision

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.

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