Moody'sMCO

Moody'sについて

Moody's Corporation operates two principal businesses that together sit at the center of global credit markets. Moody's Investors Service (MIS) assigns credit ratings to debt securities and issuers across corporates, financial institutions, sovereigns, sub-sovereigns, and structured finance vehicles, earning fees primarily from issuers each time they bring rated debt to market. Moody's Analytics (MA) sells subscription software, data feeds, and research covering credit risk, economic forecasting, regulatory compliance, banking, insurance, and know-your-customer workflows. MIS historically generates the larger share of operating profit thanks to its very high incremental margins, while MA contributes the majority of recurring, subscription-based revenue and smooths the cyclicality of issuance-driven ratings fees.

Serious holders track debt issuance volumes, since MIS revenue moves with primary market activity and is sensitive to interest rates, refinancing walls, and credit spreads. Regulatory oversight is a structural feature: the SEC's Office of Credit Ratings, ESMA in Europe, and equivalents elsewhere supervise the ratings business, and periodic reform debates recur around the issuer-pays model and competition among nationally recognized statistical rating organizations. Warren Buffett's Berkshire Hathaway has long been the largest shareholder, an unusually stable governance anchor. Investors also watch MA's organic growth and retention rates, capital allocation between buybacks, dividends and bolt-on acquisitions, and the company's exposure to structured finance, which carries reputational memory from the 2008 crisis.

The business traces to John Moody, who published a manual of railroad securities in 1900 and introduced letter-grade bond ratings in 1909, establishing a template the industry still uses. Dun & Bradstreet acquired Moody's in 1962 and operated it as a subsidiary for decades before spinning it off as an independent public company in 2000, listed on the New York Stock Exchange. The subsequent two decades were defined by the buildout of Moody's Analytics, assembled through acquisitions including KMV, Economy.com, Copal, BlackBox Logic, Bureau van Dijk in 2017, Reis, RDC, and RMS in 2021, extending the group into private-company data, commercial real estate, screening, and catastrophe risk modeling.

Revenue on the ratings side comes predominantly from issuers who pay to have their debt rated, with a smaller stream from subscribers to research and data. On the analytics side, customers are banks, insurers, asset managers, corporates, governments, and professional service firms that license software and data under multi-year subscription contracts, generating high renewal rates. Competitive position rests on the entrenched role of MIS ratings in investor mandates, indices, and regulatory frameworks, alongside proprietary datasets and models inside MA. Its principal ratings competitor is S&P Global, followed by Fitch, with Morningstar DBRS and others further back. The United States generates the majority of revenue, with meaningful contributions from EMEA and a smaller share from Asia-Pacific and the Americas outside the U.S.

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