A credit rating agency is a private company whose purpose is to assess the ability of borrowers, either governments or private enterprises, to repay their debt. To do this, these agencies issue credit ratings based on the borrower’s solvency. The three biggest global rating agencies control 95% of the market. They include Fitch Rating Ltd, Moody’s and Standard and Poor’s. Since 2011, these independent companies have had to obtain certification from the European Securities and Markets Authority (ESMA) in order to operate in Europe.