S&P Tops Rating Agencies in Subprime Business in 2Q Standard & Poor’s led the rating agencies in subprime business during the first half of this year, a new analysis by Inside B&C Lending reveals. Through the end of June, S&P rated $83.85 billion in securities backed by subprime mortgages, or 96.8 percent of the total $86.64 billion issued during the period. Overall, S&P’s market share was up nearly 4 percent from the end of 2002,