Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)

Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)

Investors see expanded-credit MBS as a safer bet than consumer ABS and CLO deals.

Sylvain Raynes, the new lead of the structured finance practice at Egan-Jones Ratings Company, warned that MBS and ABS investors are losing money if they’re relying on fairly static ratings from other firms.

The rating service last week finalized a methodology update that will allow it to rate securitizations of home equity loans.

Fitch placed a “deteriorating” outlook on the securitized second-lien market due to rising delinquencies. However, the rating service said that the sector is still performing within its base case expectations.

SEC proposes to exempt MBS, ABS from Rule 15c2-11; Amherst offering single-family rental securitization; Morningstar offers “bring your own loan” rating analysis; subprime MBS from 1999 downgraded.

The overall levels of delinquencies, though, vary on a nominal and age-equivalent basis.

Pending proposals from the Fed would impact MBS market; Moody’s looks to rate securitizations of home equity loans.

Fitch held on to the top ranking in ABS ratings through the first nine months of 2025. Kroll stretched its lead in RMBS ratings.