Although the big three rating agencies have had a strong hold on rating commercial MBS for most institutional investors, the tides may be changing as bond buyers begin to relax their guidelines. Some of the largest bond buyers have been vocalizing frustration that the big three ratings firms, Moody’s Investors Service, Standard & Poors and Fitch Ratings, are being hired less, resulting in fewer bond offerings to choose from, according to a recent Bloomberg article. That’s good news for smaller ratings agencies like Kroll Bond and Morningstar. “We have proven...