Independent analysis means being willing to act when others hesitate. Our track record and validated performance data speak for themselves.
Continuous independent credit analysis since 1995.
Private placement transactions rated by Egan-Jones as of 2025.
Ratings recognized across North America, Europe, Asia-Pacific, and beyond.
All 50 of the 50 largest U.S. life insurance companies hold instruments rated by Egan-Jones.
NRSRO (SEC), ESMA, FCA, and NAIC certified.
Weighted average notch difference vs. a major issuer-pay agency across 1,138 dual-rated issuers (2025).
The depth of institutional acceptance for Egan-Jones ratings is documented by independent third-party data and regulatory filings.
All 50 of the 50 largest U.S. life insurance groups hold private placement instruments rated by Egan-Jones.
Data independently validated by RiskSpan, Inc., a leading financial data analytics firm.
Sourced from NAIC 2025 Schedule D filings - the authoritative regulatory record of insurance company investment holdings.
U.S. life insurance companies are among the largest institutional investors in private placement markets, making this acceptance metric a strong indicator of market confidence.
Annual private placement ratings volume and default performance. Actual defaults have consistently tracked well below expected defaults, demonstrating the accuracy of Egan-Jones' credit assessments.
| Year | Rated Deals | Wtd. Avg PD | Expected Defaults | Actual Defaults |
|---|---|---|---|---|
| 2026Current | 3,248 | 3.2% | 105 | TBD |
| 2025 | 3,006 | 2.8% | 85 | 19 |
| 2024 | 2,816 | 2.6% | 72 | 20 |
| 2023 | 2,545 | 2.4% | 60 | 10 |
| 2022 | 2,167 | 2.5% | 55 | 5 |
| 2021 | 1,547 | 3.1% | 48 | 4 |
| 2020 | 1,209 | 2.6% | 32 | 4 |
| 2019 | 733 | 1.9% | 14 | 1 |
| Total (excl. 2026) | 14,023 | 2.6% | 366 | 63 |
1. Data independently validated by RiskSpan, Inc.
2. Source: NAIC 2024 Schedule D filings (NAIC does not endorse this analysis).
3. "Rated deals" = outstanding ratings on January 1 of the applicable calendar year.
4. Expected defaults based on issuer/obligor rating at start of year.
5. Actual defaults based on information provided to Egan-Jones during the applicable year.
Egan-Jones' accuracy has been proven by our record of Hits and Misses. Over time, major NRSROs' ratings have converged upon ours, displayed below as a hit.
The "Hits and Misses" aims to measure the extent to which the major rating firms converge toward our rating. For example, if we rate an issuer "BB" and another rater moves from "BBB" to "BBB-", such an action would be considered a "hit". If the rater withdraws a rating, then such action would be neither a "hit" nor "miss". Additionally, if we rate an issuer at a different level than the other raters and warn that they might take a divergent action and subsequently take a divergent action, then such is not counted as a "miss".
Independent studies and regulatory analyses confirm that Egan-Jones ratings are consistent with, and in several respects superior to, those of the major issuer-pay agencies.
Public ratings within 0.07 notches (weighted average) of a major issuer-pay agency for 1,138 issuers rated by both agencies.
The other major agency had an equal or higher rating than Egan-Jones 63.5% of the time - confirming that Egan-Jones ratings are not systematically more conservative.
ESMA concluded that no notching adjustment is needed when using Egan-Jones ratings, placing them on par with the largest global rating agencies for regulatory capital purposes.
A Morgan Stanley study found that the major issuer-pay agency had higher default rates than Egan-Jones, validating the accuracy of Egan-Jones' independent ratings.
Egan-Jones has a documented history of issuing rating actions significantly ahead of the major issuer-pay agencies. The following examples illustrate the value of independent, conflict-free analysis.
Egan-Jones downgraded Enron to non-investment grade approximately 38 days before S&P and Moody's, protecting investors who relied on independent analysis.
Egan-Jones downgraded WorldCom well ahead of the major agencies, again demonstrating the value of conflict-free, investor-focused analysis.
Egan-Jones issued early negative rating actions on Bear Stearns and other major financial institutions months before their collapse, alerting investors to mounting credit risk.
Egan-Jones downgraded Lehman Brothers to non-investment grade in June 2008, three months before its bankruptcy filing in September 2008.