Oct. 19, 2009 (United Press International) -- U.S. businessman Jules Kroll, founder of Kroll Inc., said he planned to open a credit rating agency to supplement the established big three.

With Moody's, Standard & Poor's (NYSE:MHP) and Fitch already recognized as the leading rating agencies, Kroll said, "I have no illusions about replacing the big guys," the Financial Times reported Monday.

However, "what I am telling institutional investors is you basically have to take charge. This is your money. When people come to sell you products and offer you ratings from the oligopoly, you say to them you want a Kroll," he said.

Kroll, who is seeking investments to give the as yet unnamed company credentials and staying power, said he expected to hire top talent to construct models and examine underlying investments to assess financial instruments.

"The people who are selling these things are PhDs from MIT (Massachusetts Institute of Technology," he said. "If I can't put the same kind of talent on the field, I can't compete," he said.