In part because Moody's and S&P are protected from smart, aggressive competitors by a dazed-and-confused regulator, it should come as no surprise the SEC reported that market concentration in the ratings business has actually increased. The SEC added that Moody's, S&P and Fitch Ratings pocketed 97% of all profits made by credit raters. Between them, Moody's and S&P account for 83% of all credit ratings.