From a small independent firm in 1995 to a globally recognized NRSRO - the Egan-Jones story is one of principled independence and analytical integrity.
Egan-Jones Ratings Company was founded with a singular mission: to provide timely, accurate, and independent credit ratings. Unlike the dominant issuer-pay model, Egan-Jones adopted a primarily subscriber-pay model, designed to align its incentives with investors and reduce issuer-pay conflicts of interest.
Egan-Jones downgraded Enron and WorldCom to non-investment grade months before the major rating agencies acted, demonstrating the value of independent, conflict-free analysis. These calls became defining moments in the firm's reputation for analytical independence.
Egan-Jones launched its proxy advisory services division, providing independent, conflict-free proxy voting guidance to asset managers, asset owners, and RIAs. The service has since grown into a leading independent proxy advisory firm operating under the ejproxy.com brand.
Egan-Jones received Nationally Recognized Statistical Rating Organization (NRSRO) registration from the U.S. Securities and Exchange Commission on December 21, 2007, cementing its standing as one of the few independent, primarily investor-funded rating agencies in the United States.
During the global financial crisis, Egan-Jones issued early downgrades on major financial institutions and structured finance vehicles, again acting ahead of the issuer-pay agencies. The firm's track record during this period reinforced its credibility with institutional investors.
The Dodd-Frank Wall Street Reform and Consumer Protection Act introduced sweeping reforms to the credit rating industry. Egan-Jones actively supported provisions designed to reduce conflicts of interest and increase accountability among NRSROs.
Egan-Jones received certification from the European Securities and Markets Authority (ESMA), enabling institutional investors across the European Union to use Egan-Jones ratings for regulatory purposes.
The firm received recognition from the UK Financial Conduct Authority (FCA) and the National Association of Insurance Commissioners (NAIC), expanding its global regulatory footprint and enabling broader use of its ratings by insurance companies and UK-regulated entities.
Egan-Jones established itself as the leading independent rater of private placement securities, building deep expertise across aircraft leases, BDCs, direct lending funds, infrastructure debt, and real estate transactions.
Egan-Jones celebrates 30 years of independent credit analysis, having rated over 3200 private credit transactions and covering issuers across 40+ countries. The firm remains committed to its founding principles: independence, accuracy, and client service.