Big Three (credit rating agencies)

Big Three credit rating agencies are S&P, Moody's, and Fitch. S&P and Moody's are based in the Manhattan, while Fitch is dual-headquartered in Manhattan and London, and is controlled by Hearst. As of 2013 these credit rating agencies hold a collective global market share of "roughly 95 percent" with Moody's and S&P's having approximately 40% each, and Fitch around 15%.

According to an analysis by Deutsche Welle, "their special status has been cemented by law — at first only in the United States, but then in Europe as well." 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. (Four other NRSROs merged with Fitch in the 1990s.) The European Union has considered setting up a state-supported EU-based agency.

The Asian credit rating market is relatively diverse. Due to the regulation by the Chinese central government, the Big Three penetration into the domestic market especially in China is considered less competitive than the local well-recognized agencies, namely China Chengxin International (CCXI), China Lianhe Credit Rating (Lianhe Ratings), Dagong Global Credit Rating, and Pengyuan Credit Rating. In the Indian subcontinent, three out of the six registered credit rating agencies are subsidiaries of the big three – including CRISIL (S&P), ICRA Limited (Moody's) and India Ratings (Fitch).