3 Min Read LONDON (Reuters) - New research has compared how the three main credit ratings agencies S&P Global, Moody’s and Fitch have reacted to the COVID-19 pandemic in terms of their sovereign downgrades. Overall, the ‘big three’ lowered a fifth of the countries they rate between January last year and last month, topping the 16% they cut at the height of the financial crisis more than a decade ago. There have been some crucial differences, however. The study by CountryRisk.io found 48 countries had their ratings cut by at least one agency. Half of those also experienced more than one downgrade, although richer countries saw hardly any despite a far bigger rise in debt levels.