The "big three" national ratings agencies are Standard & Poor's, Moody's, and Fitch. Investors across the world rely on ratings agencies to help assess the credit-worthiness of financial instruments. Marilyn Blumberg Cane et. al., Below Investment Grade and Above the Law: A Past, Present and Future Look at the Accountability of Credit Rating Agencies, 17 Fordham J. Corp. & Fin. L. 1063 (2012).
Credit rating agencies play a crucial role in the U.S. capital markets, and investors' increasing reliance on them has become a hotly contested topic. Asaf Eckstein, Skin in the Game for Credit Rating Agencies and Proxy Advisors: Reality Meets Theory, 7 Harv. Bus. L. Rev. 221 (2017).
SEC New Credit Agency Rules (July 2019 Update), 24 Securities Pub. & Priv. Offerings § 1A:11.40 (2d ed.) (available on Westlaw).
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