Atlas Investment Partners LLC
Long/short equity, growth at reasonable price, long-term horizon

Moody's: Own The Tollbooth To The Capital Markets

Brief Company and Financial Summary

Moody's Corporation (NYSE:MCO) is a world-class risk analysis company. It operates in two key segments: Moody's Investor Services (MIS) and Moody's Analytics (MA). MIS is the "crown jewel" operation that renders credit ratings for issuers and their debt securities across the world. These range from investment-grade issuances by Fortune 100 companies to arcane securitized products sold by banks. MIS was approximately 2/3rds of revenue in FY13, with a 40% recurring mix and 60% US exposure. Moody's is one of two primary credit rating agencies and one of three relevant agencies. Combined, the Big Three (Moody's, S&P, and Fitch) account for ~96% of credit ratings, a figure that has not changed for decades. MA

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