Kroll Bond Rating Agency may make little headway into breaking up the “big three,” but it may trigger changes in operations by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings, according to a municipal analyst.

“It’s hard to see the need for a fourth rating for large issuers, and as Fitch saw, it will be hard to break into the market for smaller issuers that require only one or two ratings,” said Richard Larkin, senior vice president and director of credit analysis for HJ Sims.

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