Moody's Ratings Business

Moody's ratings business is a little cleaner and that's, you know, 60% of their business. S&P now, they did this big merger to only 25% of the business. And then if you look at like S&P Global, that's sort of the difference between them, the rating business is only 25%. The operating leverage on this, as probably people can see from the long-term charge of their margins is quite strong. It's very asset-like, all mostly employees.

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