In 2013, S&P made ratings on 1.1m issues and Moody's on 900,000.
To become a qualified rating agency, new ones must become a nationally recognized statistical rating organization (NRSRO) which is significantly difficult for new firms.
Cat bonds market is USD 5-10bn and yield 8%pa. Market has grown to USD 20bn. But yield also fell to 5% as investors piled in. If disaster happens, issuer keeps the principal.
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