Moody's
27 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Banks, insurers and financial services providers
earns fromnamed as a riskMA also derives a significant amount of its sales from banks, insurers and other financial services providers who are subject to regulatory oversight and who are required to conduct due diligence and pass through certain regulatory requirements to key suppliers such as MA by contract.Business (Item 1)
Suppliers
Cloud-based service providers
depends onnamed as a riskIn addition, certain aspects of the Company’s business rely on a concentrated group of vendors, and a cybersecurity breach or event and/or an error caused by one or more of such vendors could have a significant impact on the Company’s operations, as well as the operations of the Company's customers and other Third-Party Technology.Risk factors (Item 1A)
Also named by JBL
Partners and platforms
China Chengxin International Credit Rating (CCXI)
30% investmentIn addition, the Company holds a 30% investment in CCXI, a domestic CRA licensed in China.Risk factors (Item 1A)
Other companies
Moody's Analytics (MA) reporting unit goodwill
concentrated in · Approximately 94% of the goodwill and intangible assetsnamed as a riskApproximately 94% of the goodwill and intangible assets reside in the MA business and are allocated to the MA reporting unit.Risk factors (Item 1A)
ICRA
6% of goodwill and intangible assetsnamed as a riskThe remaining 6% of goodwill and intangible assets reside in MIS and primarily relate to ICRA.Risk factors (Item 1A)
Global debt capital markets issuance
earns fromnamed as a riskTherefore, 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.Business (Item 1)
Private credit market
subject tonamed as a riskMoody's may face additional government investigations and inquiries related to the private creditRisk factors (Item 1A)
Places
China
operates innamed as a riskChina has laws applicable to Moody’s that are broadly crafted, and the implementation, interpretation and enforcement of such laws are subject to the broad discretion of Chinese regulators, which could affect the Company’s ability to conduct business in China.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
India
concentrated innamed as a riskeconomic and geopolitical events and market conditions in countries where we have large employee populations, such as the ongoing tensions between India and Pakistan, and conflicts such as the Russia-Ukraine military conflict and the military conflicts in the Middle East, including the effect of these events and conditions on customers, customer retention and demands for our products and services;Risk factors (Item 1A)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
Hong Kong
subject tonamed as a riskIn addition, MIS Hong Kong is subject to a code of conduct applicable to CRAs that imposes procedural and substantive requirements on the preparation and issuance of credit ratings, restrictions on activities deemed to create a conflict of interest including the disclosure of its compensation arrangements with rated entities and special requirements for credit ratings of structured finance instruments.Risk factors (Item 1A)
Also named by CG, DECK, EWBC, EXPD, LZB, MPWR, MXL, NVDA and 1 more
New York City
concentrated innamed as a riskMoody’s ability to conduct business may be materially and adversely impacted by a disruption in the infrastructure that supports its businesses and the communities in which Moody’s has large employee populations, including: (i) New York City, the location of Moody’s headquarters, (ii) India, (iii) major cities worldwide in which Moody’s has offices, and (iv) locations that may be affected by the Russia-Ukraine military conflict and the military conflicts in the Middle East.Risk factors (Item 1A)
Also named by ABNB, COMP, ED, EVR, MS, PWR, RITM, ROST and 1 more
Latin America
operates inIn the past year, we have enhanced our footprint in domestic markets by expanding in Latin American markets through Moody's Local domestic rating business, including the acquisition of ICR Chile.Business (Item 1)
Also named by AMT, DCI, DOW, EZPW, FLS, SNEX, SOFI, UBER and 2 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskMIS is registered with the SEC as an NRSRO and is subject to the SEC's oversight and examination authority.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
U.K. Financial Conduct Authority (FCA)
subject tonamed as a riskIn the U.K., MIS U.K. is registered with and regulated by the FCA.Business (Item 1)
European Securities and Markets Authority (ESMA)
subject tonamed as a riskMIS’s EU CRA subsidiaries are registered with ESMA and are subject to its ongoing supervision.Business (Item 1)
U.S. banking regulators third-party risk guidance (OCC, FDIC, Federal Reserve, CFPB)
subject tonamed as a riskThis guidance requires more rigorous oversight of third-party relationships that involve certain "critical activities."Risk factors (Item 1A)
Laws and programs
OECD Pillar II global minimum tax
subject to · 15%named as a riskIf the jurisdictional tax rate is less than 15%, an additional tax will be due to bring the jurisdictional effective tax rate up to 15%.Risk factors (Item 1A)
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskAdditional regulatory guidance interpreting or clarifying the OBBBA may affect our expected future effective tax rates and tax assets and liabilities which could have a material adverse effect on Moody’s business, results of operations, cash flows and financial condition.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskThe effects of non-compliance with the CCPA, CPRA and other similar data privacy laws are significant, and may require the Company to modify its data processing practices and policies and to incur additional costs and expenses.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
EU AI Act
subject tonamed as a riskThe impact of the Regulation remains uncertain as it is currently being reviewed by the EU Institutions; however, it could increase the Company's costs and expose it to the risk of penalties over time.Business (Item 1)
Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more
EU Digital Operational Resilience Act (DORA)
subject tonamed as a riskEU CRAs are also subject to DORA, which imposes a range of requirements in relation to the management of ICT risk, regulatory reporting, testing and the management of risks related to ICT services provided by third-parties.Business (Item 1)
Also named by BKNG, BLK, CRM, CRWD, DDOG, EQIX, FDS, MDB and 3 more
GDPR
subject tonamed as a riskTo conduct its operations, the Company regularly moves data across national borders, and consequently is subject to a variety of continuously evolving and developing laws and regulations in the U.S. and abroad regarding privacy, data protection and data security, such as the Federal Trade Commission Act in the U.S., the GDPR in the EU, the GDPR in the U.K., the Cyber Security Law, the Data Security Law, and the Personal Information Protection Law in China and various other international, federal, state and local laws and regulations.Risk factors (Item 1A)
Section 15E of the Exchange Act
subject tonamed as a riskIn the U.S., CRAs are subject to extensive regulation primarily pursuant to Section 15E of the Exchange Act and rules thereunder.Business (Item 1)
EU Regulation on ESG Rating Activities
subject tonamed as a riskCertain products currently offered by MIS may fall in scope of the Regulation and we continue to assess and prepare for the implications.Business (Item 1)
Credit Rating Agency Reform Act and Dodd-Frank Act
subject tonamed as a riskThe current U.S. laws and regulations relating to MIS, including the Reform Act and the Dodd-Frank Act:Risk factors (Item 1A)
Australian financial services license (AFSL)
subject tonamed as a riskMIS Australia holds an AFSL authorizing it to provide general advice to wholesale clients only by issuing a credit rating.Risk factors (Item 1A)
U.S.-China relations and sanctions
subject tonamed as a riskuncertainty regarding the future relationship and increasing tensions between the U.S. and China, which may result in further restrictions or actions by the U.S. government with respect to doing business in China and/or by the Chinese government with respect to business conducted by foreign entities in China;Risk factors (Item 1A)