Statistics & Data Visualizations
Nationally Recognized Statistical Rating Organizations (NRSROs)
June 9, 2025
Credit rating agencies are organizations that provide an assessment of the creditworthiness of a company or a financial instrument. The nationally recognized statistical rating organizations (“NRSROs”) were recognized by the Commission staff through a no-action letter process until 2006, when Congress passed the Credit Rating Agency Reform Act (the “Reform Act”). The Reform Act added Section 15E to the Securities Exchange Act of 1934 (the “Exchange Act”) and provided the Commission with the authority to establish a registration and oversight program for credit rating agencies registered as NRSROs. In 2007, the Commission began granting registrations to credit rating agencies that applied to be registered as an NRSRO. In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enhanced the Commission’s oversight of the regulation of NRSROs. To date, through a series of rulemakings, the Commission has implemented a number of Exchange Act provisions related to NRSROs.
The NRSRO statistics provide aggregate statistics on NRSROs as of calendar year-end. For the most recent information on NRSROs, refer to the webpage for the Office of Credit Ratings at SEC.gov | Office of Credit Ratings.
For the most recent information disclosed by each NRSRO, refer to the NRSRO’s current Form NRSRO. NRSROs are required to file an annual certification on Form NRSRO, which includes updates to certain information, such as the number of ratings outstanding and performance measurement statistics. They are also required to file updates to Form NRSRO promptly if any information becomes materially inaccurate. Other than with respect to an initial application for registration, Form NRSRO filings are available on the Commission’s EDGAR system, and each NRSRO is required to make its current Form NRSRO publicly and freely available on its website.
Data Visualizations
Click on the link below each image to access interactive features of the graph.
Number of Outstanding Credit Ratings
by Rating Category (2014 - 2024)
Number of Outstanding Credit Ratings
by Rating Category and by NRSRO (2024)
Outstanding Credit Ratings on Government and Non-Government Securities by NRSRO (2014 - 2024)
Statistics
Below are the statistics as of Dec. 31, 2024 and December 31, 2023. NRSRO statistics are updated annually. For available NRSRO statistics from 2014 to 2024, view Statistics Download.
| Metric | As of Dec. 31, 2023 | As of Dec. 31, 2024 |
|---|---|---|
| Number of NRSROs | 10 | 10 |
| Number of outstanding credit ratings | 2,113,208 | 2,150,014 |
| Number of outstanding credit ratings by NRSRO | ||
| AMB | 8,349 | 8,334 |
| DBRS | 63,437 | 67,343 |
| Demotech | 432 | 435 |
| EJR | 14,249 | 14,178 |
| Fitch | 263,223 | 266,519 |
| HR | 1,998 | 2,088 |
| JCR | 4,921 | 5,166 |
| KBRA | 30,157 | 44,752 |
| Moody's | 670,620 | 674,813 |
| S&P | 1,055,822 | 1,066,386 |
| Number of outstanding credit ratings by rating category | ||
| Financial institutions | 155,998 | 158,052 |
| Insurance companies | 22,042 | 22,509 |
| Corporate issuers | 125,403 | 128,646 |
| ABS | 186,432 | 205,498 |
| Government securities | 1,623,333 | 1,635,309 |
| Number of credit rating analysts by role | ||
| Credit analysts (including credit analyst supervisors) | 5,460 | 5,623 |
| Credit analyst supervisors | 1,014 | 1,042 |
Statistics Guide
The Guide below provides a description of each metric, calculation method, and data source. To download NRSRO Statistics Guide: NRSRO Statistics Guide
Description
The number of NRSROs is the count of NRSROs that are registered with SEC. Exchange Act Section 3(a)(62) identifies the rating categories in which an NRSRO may be registered:
(i) Financial institutions, brokers, or dealers (“Financial Institutions”);
(ii) Insurance companies (“Insurance Companies”);
(iii) Corporate issuers (“Corporate Issuers”);
(iv) Issuers of asset-backed securities (“ABS”);
(v) Issuers of government securities, municipal securities, or securities issued by a foreign government (“Government Securities”); and
(vi) A combination of one or more categories of obligors described in any of clauses (i) through (v) above.
Calculation Method
The number of NRSROs is based on the Form NRSRO filings with SEC as of calendar year-end. As of December 31, 2024, there were 10 credit rating agencies registered as NRSROs in the following categories of credit ratings:
NRSRO: Categories of Credit Ratings
A.M. Best Rating Services, Inc. (“AMB”): (ii), (iii), and (iv)
DBRS, Inc. (“DBRS”): (i) through (v)
Demotech, Inc. (“Demotech”): (ii)
Egan-Jones Ratings Company (“EJR”): (i) through (iii)
Fitch Ratings, Inc. (“Fitch”): (i) through (v)
HR Ratings de México, S.A. de C.V. (“HR”): (i), (iii), and (v)
Japan Credit Rating Agency, Ltd. (“JCR”): (i), (ii), (iii), and (v)
Kroll Bond Rating Agency, LLC (“KBRA”): (i) through (v)
Moody's Investors Service, Inc. (“Moody's”): (i) through (v)
S&P Global Ratings (“S&P”): (i) through (v)
Data Source
EDGAR: Form NRSRO filings
Description
Total number of outstanding credit ratings by all NRSROs.
Calculation Method
The number is the sum of the number of outstanding credit ratings reported by each NRSRO in its Form NRSRO as of calendar year-end.
Data Source
EDGAR: Form NRSRO filings
Description
The number of outstanding credit ratings by each NRSRO.
Calculation Method
The number is the number of outstanding credit ratings reported by each NRSRO in its Form NRSRO as of calendar year-end.
Data Source
EDGAR: Form NRSRO filings
Description
Total number of outstanding credit ratings by rating category reported by all NRSROs.
Calculation Method
The number is based on the number of outstanding credit ratings reported by each NRSRO in its Form NRSRO as of calendar year-end in each of the five rating categories identified in Section 3(a)(62) for which the NRSRO is registered, as applicable.
Data Source
EDGAR: Form NRSRO filings
Description
The number of credit analysts (including credit analyst supervisors) employed by all NRSROs and the number of credit analyst supervisors employed by all NRSROs.
Calculation Method
The number of credit analysts (including credit analyst supervisors) is the total number of credit analysts including credit analyst supervisors reported on Exhibit 8 of Form NRSRO by all NRSROs as of calendar year-end. The number of credit analyst supervisors is calculated by aggregating the number of credit analyst supervisors reported on Exhibit 8 of Form NRSRO reported by all NRSROs as of calendar year-end.
Data Source
EDGAR: Form NRSRO filings
Description
Total number of outstanding credit ratings on government securities by each NRSRO.
Calculation Method
The number is the aggregate number of outstanding credit ratings on government securities reported by each NRSRO in its Form NRSRO as of calendar year-end. It is based on the number of outstanding credit ratings reported by each NRSRO in its Form NRSRO in each of the five categories identified in Section 3(a)(62) for which the NRSRO is registered, as applicable.
Data Source
EDGAR: Form NRSRO filings
Description
Total number of outstanding credit ratings on non-government securities by each NRSRO.
Calculation Method
The number is the aggregate number of outstanding credit ratings on non-government securities reported by each NRSRO in its Form NRSRO as of calendar year-end. It is based on the number of outstanding credit ratings reported by each NRSRO in its Form NRSRO in each of the five categories identified in Section 3(a)(62) for which the NRSRO is registered, as applicable. The number of outstanding credit ratings on non-government securities includes the rating categories of Financial Institutions, Insurance Companies, Corporate Issuers, and Asset-Backed Securities.
Data Source
EDGAR: Form NRSRO filings
Statistics Download
The file below contains available NRSRO statistics from 2014 to 2024.
| File | Format | Size |
|---|---|---|
| NRSRO Statistics | xlsx | 19.76KB |
Related Materials
- Research and Reports:
- Regulatory Background:
- Investor Bulletin:
- Additional Resources:
- The Office of Credit Ratings at SEC.gov | Office of Credit Ratings
These statistics are produced by the staff of the U.S. Securities and Exchange Commission and the Commission expresses no view regarding the statistics. The statistics are produced from filings on EDGAR. Staff cannot guarantee the accuracy of information provided in these filings. The statistics may change based on updated or revised data and methodology. The statistics are intended to assist the public in analyzing data contained in filings; however, they are not a substitute for such filings. Investors should review the relevant filings before making any investment decision.
Citation
Author: U.S. Securities and Exchange Commission Staff
Name: SEC Statistics & Data Visualizations: Nationally Recognized Statistical Rating Organizations (NRSROs)
Publication Date: Aug. 12, 2025
Last Reviewed or Updated: Aug. 12, 2025