2020 Financial Performance
3
③ Recent Acquisitions Provide Unique Opportunities for Growth
Rationales include mission-driven culture, unique capabilities, and expectations for strong returns on investment
Morningstar sector
thesis
Addressable market
MORNINGSTAR DBRS (July 2019)
Long-term opportunity to improve transparency of the credit
ratings industry
$8.1bn global credit ratings industry
SUSTAINALYTICS (July 2020)
ESG has become an essential part of long-term investing,
which creates a need for an independent source of data and
research on ESG risk factors
$900bn US/EU sustainable funds AUM
Transaction rationale
Key metrics
16
Builds scale and increases diversification in credit ratings
across markets and asset classes
4th largest credit rating agency
Rates over 3,000 issuers
Covers over 60,000 securities
Advances Morningstar's leadership in innovative ESG data and
research while improving the accessibility of ESG-related
content for all investors
Offers data on 40,000 companies worldwide
Provides ratings on 20,000 companies and 172 countries
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