According to @QCompounding, S&P Global (SPGI) and Moody’s (MCO) dominate the credit ratings industry with 80%+ market share, aligning with the SEC Office of Credit Ratings finding that the two largest NRSROs account for the majority of outstanding ratings, source: SEC Office of Credit Ratings 2023 Annual Report. Their ratings materially influence borrowing costs by affecting bond spreads and regulatory capital treatment under the standardized approach, source: BIS Quarterly Review September 2020 and Basel Committee on Banking Supervision standardized approach documentation. For traders, ratings revenue at SPGI Ratings and Moody’s MIS is directly tied to global debt issuance, refinancing activity, and structured finance deal flow, source: S&P Global 2023 Form 10-K and Moody’s 2023 Form 10-K. Historically, easing financial conditions and rising primary bond issuance have supported ratings volumes and margins at both firms, source: Moody’s 2024 earnings commentary and S&P Global investor presentations 2023. Shifts in credit spreads and financial conditions spill over to risk assets including BTC and ETH via liquidity and risk appetite channels, raising crypto beta when conditions loosen, source: IMF Global Financial Stability Report October 2022 and BIS Bulletin 2022. Traders should monitor global bond issuance (IG/HY, sovereign, structured) and the Chicago Fed National Financial Conditions Index as leading indicators for SPGI and MCO volume sensitivity, source: SIFMA Global Bond Issuance data and Federal Reserve Bank of Chicago NFCI.