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How Did Increased Competition Affect Credit Ratings?
Social Science Research Network
The credit rating industry has historically been dominated by just two agencies, Moody's and Standard & Poor's, leading to long-standing legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to empirically examine how increased competition affects the credit ratings market. What we find is relatively troubling. Specifically, we discover that increased competition from Fitchdoi:10.2139/ssrn.1278150 fatcat:e4kq2pwwvzdxnjtpuvmzieqphe