Updated
The most significant concentration Moody's discloses is MIS rating fees from debt issuers, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Moody's’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Rating fees paid by debt issuers account for most of the revenue of MIS. Therefore, a substantial portion of MIS's revenue is dependent upon the dollar-equivalent volume and number of ratable debt securities issued in the global capital markets.'”
Moody's Investors Service (MIS) derives the bulk of its revenue from fees paid directly by debt issuers rather than from subscribers or third-party data consumers. This is a structural feature of the issuer-pay model: volumes flow when borrowers tap capital markets, so MIS revenue is tightly coupled to global debt issuance activity. In benign credit environments the model is self-reinforcing — more issuance means more ratings mandates — but the same linkage becomes a headwind when credit markets seize or interest-rate spikes suppress new issuance. The disclosed exposure sits at a medium share of the business and is best understood as cyclical-structural rather than idiosyncratic: no single issuer or counterparty creates the concentration, but the entire revenue line moves with aggregate debt market conditions. That distinguishes it from a customer-concentration or single-supplier risk — diversification across thousands of issuers does not reduce the macro sensitivity. Investors should treat this as a systematic, market-cycle exposure rather than a company-specific execution risk that management can readily mitigate through contract renegotiation or product pivots.
For the engine’s reasoning on MCO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FDS | FactSet Research Systems Inc. | 2 | 1 | 0 | 3 |
| CBOE | Cboe Global Markets, Inc. | 1 | 0 | 0 | 1 |
| ICE | Intercontinental Exchange Inc. | 1 | 0 | 0 | 1 |
| MCO● | Moody's Corporation | 0 | 1 | 0 | 1 |
| CME | CME Group Inc. | 0 | 0 | 1 | 1 |
| COIN | Coinbase Global, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.