S&P was the top ABS rating service in the fourth quarter and finished narrowly behind Fitch for all of 2025. Kroll held the top spot in MBS ratings for the year despite a strong challenge from Fitch. (Includes two data tables.)
It may take time for MBS investors to fully understand how use of the new credit score for underwriting loans sold to the GSEs impacts pricing and hedge strategies.
The boom in ABS backed by vehicle and business finance mostly helped the big-three rating services, but Kroll and Morningstar remained major players in rating non-agency MBS. (Includes two data tables.)