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.