years of history
Our history defines how we are known today. We have come a long way, from our founding as a small publishing house in New York City in 1913, to the world-leading financial services organization that sits at the heart of the global capital markets. In fact, our history is really the story of a number of businesses around the world that came together to form today’s Fitch.
That history has, of course, shaped the global business we’ve become today, but it also continues to inform how we grow in the future; our values of inclusivity, transparency, fierce independence, and an unremitting focus on our clients and partners, have been at the center of the Fitch story for over 100 years.
Fitch Publishing Company Inc. was launched in New York by three investors, John Knowles Fitch (1880–1943), Henry P. Clancy, and Fabian Levy. Their most successful product was the Fitch Bond Book, a compendium of user-friendly bond data which was delivered directly to investors. It was also known as the “Fitch Investors Service”.
Fitch, now with offices in New York, Chicago and Boston, developed and introduced what has since become the most common letter-grade scoring system (AAA, AA, A, BBB, BB, etc.) for the credit-worthiness of all kinds of corporations.
Duff & Phelps was founded in Chicago by William Duff and George Phelps, with a focus on providing investment research, particularly for public utilities. The company continued expanding over the years; it achieved Nationally Recognized Statistical Rating Organisation (NRSRO) status in 1982, and eventually spun off the Duff & Phelps Credit Rating Co. in 1994.
Thomson BankWatch was founded by the Thomson Corporation in Canada, with a focus on rating banks and other financial institutions. Thomson BankWatch achieved NRSRO status in 1992, and grew to become the world’s largest bank rating business.
Fitch achieved NRSRO status. Fitch was one of the first credit rating agencies to be awarded Nationally Recognized Statistical Rating Organization (NRSRO) status by the US Securities and Exchanges Commission (SEC). Achieving NRSRO status means that a Credit Rating Agency is approved by the SEC to supply financial information that can be used for regulatory purposes.
International Bank Credit Analysis Ltd, more commonly known as IBCA, was founded in London, to provide research, and ultimately credit ratings, to banks. IBCA gained limited NRSRO status in 1991 for banks and financial institutions.
Fitch merged with IBCA Ltd, significantly increasing Fitch's worldwide presence and coverage in banking, financial institutions, and sovereigns. Through the merger with IBCA, Fitch became owned by the French holding company, Fimalac S.A., which had acquired IBCA in 1992. The merger of Fitch and IBCA represented the first step in its plan to respond to investors' need for an alternative global, full-service rating agency, capable of successfully competing with Moody's and S&P across all products and market segments.
The next step in building the entity into a global competitor was the merger, in April, between Fitch IBCA and Duff & Phelps Credit Rating Co., from which the modern-day Fitch was created. This acquisition strengthened Fitch’s coverage in the corporate, insurance, and structured finance sectors, as well as added a significant number of international offices and affiliates. The acquisition later that same year of Thomson BankWatch added research and analysis on over 1000 financial institutions in more than 95 countries’ to the Fitch portfolio.
Hearst Communications, Inc. made its first investment in Fitch.
Fitch diversified its ratings business with the launch of Fitch Solutions. Fitch Solutions was built out of credit market data, analytical tools and risk services.
Fitch expanded its existing training business with the acquisition of 7city Learning, an e-learning specialist company. The newly created division, Fitch Learning, grew to become a leading global financial education company, offering a complete range of qualification and skills learning programs, blending e-learning and classroom delivery, and training over 25,000 financial professionals per year.
Fitch acquired BMI Research. BMI’s world-class research, data, and analytical capabilities which, when combined with Fitch’s own expertise, significantly expanded the financial information services offering. In 2018, BMI Research was reimagined as part of the Solutions business we know today - Fitch Solutions Country Risk & Industry Research.
Fitch Solutions launched the flagship platform, Fitch Connect. Fitch Connect delivers Fitch Ratings credit research, Fitch Ratings credit ratings, macroeconomic and financial fundamental data, and country risk research, as well as indices, industry research, Financial Implied Ratings, and a curated news service.
Fitch Ventures progressed the growth journey as a group. In August 2016, a joint effort between Fitch Group and Hearst was announced, originally named the Financial Venture fund. Later, the fund moved fully into Fitch Group under the banner of Fitch Ventures, and focused in on the financial services, data and Fintech spaces. Fitch Ventures makes equity investments in innovative and emerging technology companies in the rapidly evolving financial services industry, to help accelerate their commercial growth.
Fitch Group becomes a wholly owned Hearst business. Hearst purchased a final 20% interest in Fitch Group. In a press release published at the time, Fitch CEO Paul Taylor remarked “Hearst and Fitch share a commitment to innovation and helping clients utilize information to make smarter decisions. We are excited to continue growing Fitch’s Ratings, Solutions and Learning businesses, and to work even more closely with colleagues across Hearst’s divisions.”
In the same year, Fitch acquired Covenant Review, LevFin Insights, and Capital Structure (collectively “Fulcrum Financial Data”). These market-leading products further added to Fitch Solutions’ award-winning suite of products for investors in the capital markets.
For 20 years, Fitch Group has been growing internationally, hand in hand with the growth of the financial markets around the world. The latest chapter in this story is in China, where in May, Fitch Ratings announced that Fitch Bohua had received approval from the People's Bank of China (PBOC) and the National Association of Financial Market Institutional Investors (NAFMII) to rate financial institutions (including banks, non-bank financial institutions and insurers) and their securities, and structured finance bonds in China's interbank market.
Fitch Bohua is wholly-owned by Fitch Ratings. As a separate and independent company, Fitch Bohua provides forward-looking ratings, in-depth research, valuable data tools and insightful commentary for investors and other market participants
In January 2021 Fitch Group announced it will acquire CreditSights, Inc., a leading provider of independent credit research to the global financial community. Following the closing, CreditSights will become part of Fitch Group's Fitch Solutions division, as it further expands its research coverage of investment grade, leveraged and distressed debt markets.
Throughout our history we’ve constantly looked for ways to pivot and grow as a group, and that spirit continues to this day. Whether by broadening our product suite or by moving into new regions, our commitment to delivering international perspective through local insight has never been stronger.
As a result of Fitch's growth and acquisitions, we now have over 5,000 employees, including over 1,600 analysts, in over 40 offices and affiliates worldwide.
