“Moody’s, S&P, Fitch: why does the oligopoly persist despite thirty years of criticism?”

Article by Valérie Lelièvre published on 15 September 2026 in The Conversation. Original title: « Moody’s, S&P, Fitch : pourquoi l’oligopole résiste malgré trente ans de critiques ? »

Valérie Lelièvre analyses the reasons why the three major credit rating agencies – Moody’s, Standard & Poor’s (S&P) and Fitch – continue to dominate the market despite criticism and reforms. She shows how these agencies’ long-standing reputation, their regulatory recognition and network effects help to maintain this oligopoly, whilst alternatives struggle to gain a foothold.