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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. DBRS has been something of an outsider to the top three agencies.
