Abstract: Rating agencies losing effective monitoring in checks and balances from the external are subject to the rating objects in terms of paying model. The early warning capability in relation to tracking and rating lags currently and yields to professional conduct. Virtual，false and blind ratings become reasonable as well as sensible rating criteria. And the hegemony in which policy privilege defends and consolidates the three giant rating agencies is integrated into roles of market judges and interest sharers. Therefore，the market fiduciary duty of rating agencies should be strengthened：(1)To implement developing principles of attaching equal importance on breeding and supervising；(2)to continue pushing the marketization of the rating industry; (3)to reinforce mechanism construction of tracking ratings and avoiding interest conflicts.