- The big-three corporate credit rating agencies - S&P Global (SPGI +0.8%), Moody's (MCO +1%), and Fitch - are about to face some competition after the SEC grants Morningstar (MORN +0.3%) the ability to offer credit ratings on companies and banks as a nationally recognized statistical rating organization (NRSRO).
- Best known for its one-to-five star ratings on mutual funds, Morningstar has been busy in credit ratings, but mostly on structured finance (think CMBS).
- This new approval would allow the company to move into corporate debt, and the company has plans to hire a number of new analysts for the job.
- Source: Eric Platt in the FT