What is Credit rating agency?

“Credit rating agency is company that assigns Credit ratings, which rate a debtor’s ability to payback debt by marking timely interest payments and the likelihood of default.” An agency may rate the creditworthiness of issuers of debt obligations, of debt instruments, and in some cases, of the services of underlying debt, but not of individual consumers. Credit rating is a highly concentrated industry, with the  three largest CRA’s   – Moody’s Investors Services, Standard and Poor’s  and  Fitch Ratings  controlling approximately 95% of the rating business.   (Data extract from internet)