Because governments can have lousy credit, too. Fitch Ratings, one of the top three credit rating agencies in the world (alongside Moody's and Standard & Poor's), issues ratings for thousands of banks, financial institutions, insurance companies, corporations, and governments. With dual headquarters in New York and London and about 50 offices worldwide, Fitch Ratings engages in the politically charged business of rating the debt of nations; it covers companies and governments in more than 90 nations. The company is part of the Fitch Group, which is a majority-owned subsidiary of France-based Fimalac. The Hearst Corporation owns about 20% of Fitch Ratings and is doubling its stake.