Moody

Provides detailed information on Moody's Corporation, a leading credit rating agency specializing in government and corporate creditworthiness assessments.

Moody's — The Rating Giant

历史时间线

• 1900: John Moody publishes "Moody's Manual of American Industrial and Miscellaneous Securities"
• 1909: Begins rating railroad bonds with letter grades — birth of modern credit rating
• 1924: Expands to cover virtually all US bonds
• 1975: SEC designates Moody's as a Nationally Recognized Statistical Rating Organization (NRSRO)
• 2000s: Moody's Analytics (data and software) grows alongside ratings business
• 2008: Criticized for overrating mortgage-backed securities before financial crisis
• 2020s: ESG ratings and climate risk analysis become major growth areas

商业模式

• Moody's Investors Service: Credit ratings for bonds, structured finance, sovereign debt
• Moody's Analytics: Risk management software, data, research, and consulting
• Revenue split: ~60% ratings, ~40% analytics (analytics growing faster)

护城河分析

• Regulatory moat: NRSRO designation limits competition — only 3 major players
• Issuer-pays model: Companies pay to be rated, creating recurring revenue
• Data advantage: 100+ years of default data enables superior risk models
• Analytics growth: Moody's Analytics diversifies away from controversial ratings business

关键数据

• Revenue: $6.5B+ annually
• Market cap: $70B+
• Coverage: 100,000+ rated entities globally
• Analytics growth: 10%+ YoY (faster than ratings)

有趣事实

• Moody's started by rating railroad bonds because John Moody noticed investors had no reliable way to compare the financial health of different railroad companies — a problem that sounds surprisingly modern
• The "Big Three" (Moody's, S&P, Fitch) control 95%+ of the credit rating market — making it one of the most concentrated industries in finance