A substantial literature examines the effect of changes in a company’s credit rating on its share and bond price. However, issues relating to the business model employed by the ratings industry, the operation of the industry, and regulatory issues have attracted relatively little academic attention. This paper attempts to fill this lacuna by investigating attitudes to these issues using interviews with UK credit market participants who are active users of credit ratings information. Theories linked to the growth, operation, and regulation of the ratings industry are developed; interview findings are then related to each of these issues. The paper concludes with relevant policy implications.