Moody's

Moody's Investors Service reported a 63.6% adjusted operating margin in 2025 on a business registered with the SEC as a nationally recognized statistical rating organization. Its 10-K says a Moody's rating helps an issuer reach a wider investor audience. The moat, on this evidence, is investor reliance on the rating rather than any physical asset, and the same filing warns that defaults bring investigations, litigation and regulatory scrutiny.