Morningstar’s CRSP Deal Signals Convergence with Rating Agency Business Models

Morningstar’s announcement that it will acquire the Center for Research in Security Prices (CRSP) represents more than a simple expansion of its product suite—it signals a strategic alignment with the business models of other leading rating and research agencies. By taking over CRSP’s well-established indexes, which underpin more than $3 trillion in U.S. equities, Morningstar strengthens its role as both a data provider and benchmark creator, two functions that have become essential pillars for firms operating in the ratings and analytics space.

For decades, CRSP has been a gold standard in academic and financial research. As Madhav Rajan of the University of Chicago Booth School of Business put it, “CRSP has made vital contributions” to advancing rigorous, data-based insights into markets. Integrating this legacy into Morningstar’s operations provides the firm with credibility that fits neatly alongside its established reputation for investor-focused research. From a strategic perspective, it is the same kind of reputational leverage that S&P Global achieved with its acquisition of IHS Markit or Moody’s with Bureau van Dijk—bolstering data depth and analytics while broadening the customer base.

In this sense, Morningstar’s acquisition is emblematic of a convergence in the industry. Rating agencies and research houses alike are positioning themselves as indispensable information ecosystems, offering everything from credit opinions to pricing data, benchmarks, and ESG assessments. For investors, this convergence simplifies access to tools and data; for the firms themselves, it ensures relevance in an increasingly competitive market where passive investing and regulatory demands make indexes and data as valuable as ratings themselves.

Morningstar’s intent to integrate CRSP does not just cement its presence in the index space—it underscores a shift in the DNA of research and rating companies. The future of the sector is less about isolated products and more about comprehensive platforms, and Morningstar has signaled that it intends to compete at the very top of that game.