Revenue and Issuance Analysis
New Rating Mandates Provide Recurring Revenue1
Growth
Global New Rating Mandates²
■EMEA United States Rest of World
1,200
# of New Mandates
800
400
990
771
738
0
2014
2015
2016
1,044
1,046
~900
2017
2018
691
3
2019F
» In 3Q19, Moody's new rating mandates increased by 232; in line with 3Q18
» Expect ~900 new mandates in 20193
» MIS recurring revenue growth driven by increased volume of monitoring fees from
recent new mandates, as well as pricing initiatives
MIS recurring revenue is typically billed annually and recognized ratably over 12 months. Recurring revenue can also be billed upfront and recognized over the life of the security.
Rated by Moody's Investors Service.
1.
2.
3.
New mandates estimate as of October 30, 2019.
MOODY'S
November 4, 2019
27View entire presentation