Moody's is a global risk assessment and financial intelligence company with two roughly equal-sized businesses: Moody's Investors Service (MIS), a credit rating agency, and Moody's Analytics (MA), a data and analytics business. MIS is one of the two dominant global credit rating agencies alongside S&P Global. MIS rates debt instruments — corporate bonds, structured finance, sovereign debt, municipal bonds — on an issuer-pay model, where issuers pay a fee when debt is rated and ongoing monitoring fees thereafter. MIS revenue is largely driven by debt issuance volumes and deal mix, giving it meaningful cyclicality, though monitoring fees provide a recurring base. MIS margins are highly operationally leveraged, around 63-64% adjusted operating margin. MA sells data, analytics, and workflow software to banks, insurers, asset managers, and corporations on a subscription basis, with low-to-mid-90% retention rates and largely recurring revenue. MA's core products cover credit analysis, lending workflows, KYC and anti-money laundering compliance, and catastrophe and climate risk modeling. MA is organized into Decision Solutions (cloud-based workflow software), Research & Insights, and Data & Information. Moody's growth strategy focuses on expanding MIS into private credit and emerging debt markets, positioning MA's proprietary data as a foundational layer for AI-driven financial workflows, and driving operational leverage through AI and a $200-250M restructuring program. Moody's returns the majority of its free cash flow to shareholders through buybacks and dividends.