InkLocal credit rating agencies: a new dataset

• This work presents new data on over 200 local credit rating agencies around the world.
• It also includes data on Moody’s, S&P and Fitch’s offices and affiliates.
• The dataset includes agencies operating in over 60 countries between 1970 and 2012.
• Local agencies are mostly widespread in Asia and America due to governments’ support.
• The global agencies acquire or start joint ventures with local ones in new markets.

Local credit rating agencies are an important phenomenon both in emerging and high income economies. There are over 200 local agencies around the world, which provide ratings for small domestic issuers and their securities. This work presents the first comprehensive collection of information and data on local agencies’ global presence, and on Moody’s, S&P and Fitch’s offices and affiliates around the world. The dataset includes agencies operating in over 60 countries between 1970 and 2012, providing the date of incorporation of the agencies and information about mergers and acquisitions. The paper also discusses and shows empirical evidence on the determinants of the presence of local agencies and global agencies’ branches. Local credit rating agencies are particularly widespread in Asia and Latin America, where governments have promoted their activity. On the other hand global agencies often enter the market by acquiring local agencies or starting joint ventures with them.