Parthenon Capital to buy Kroll Bond Rating Agency in a $900 million deal, a rare instance of a credit-ratings firm changing hands
and Fitch Ratings Inc.—in the wider misjudgment of the risk of bonds backed by subprime home loans before the 2007-08 financial crisis.
Jules Kroll started KBRA in 2010 when investors and regulators were criticizing the role played by the three leading credit-ratings firms .KBRA now has more than 400 employees across its five offices in the U.S. and Europe and has issued over 51,000 ratings, amounting to nearly $3 trillion in issuance.
KBRA has developed specialties in rating community and midsize banks, airports, consumer finance, commercial mortgage-backed securities, asset-backed securities and renewable-energy projects, among other areas. It also provides credit information and data through its analytics business. “It’s really listening to what investors want that has helped us grow so much,” said KBRA Chief Executive Jim Nadler, who co-founded the company with Mr. Kroll and in 2017 took over the top spot from him. “We view this investment as a way to continue to provide more and better information for our real partners, which are the investors around the globe.”
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