Kroll founder to start ratings agency

Fresh off the expiration of his noncompete agreement, Jules Kroll, founder and former executive chairman of corporate security firm Kroll Inc., said he plans to launch a new credit ratings agency that will challenge Standard & Poor's, Moody's and Fitch.

According to a Financial Times article, Mr. Kroll will use some of the money he made off of the $1.9 billion sale of his firm to Marsh & McLennan Cos. in 2004 to help fund the yet-to-be-named credit agency in the first quarter of 2010.

He also is seeking seed money from between 10 and 20 institutional investors to help fund the agency, which will specialize in giving second-opinion ratings on complex securitized products.

Mr. Kroll retired from MMC in June 2008.