I am doing research on the credit rating industry. There is much controversy among Credit rating agency's business model post sub-prime. The issuer pay model clearly has serious conflict of interests. Beside income from debt issuers, does anyone know roughly how many investment clients (e.g. buy side hedge fund or mutual fund) would actually pay Big 3 agencies between $20,000 to $40,000 on advisory fees?
Thanks. Need your opinions urgently.