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Credit Rating Fees Rise Faster Than Inflation as Governments Downgraded
“There are very few businesses that have the competitive position that Moody’s and Standard & Poor’s have,” Buffett said. Berkshire is an “unwilling customer” of Moody’s when it issues bonds, Buffett said. “We pay for ratings, which I don’t like.”
Moody’s raised its standard fee this year on corporate bond offerings to 5 basis points, or 0.05 percentage point, of the amount being raised with a minimum of $73,000, from 4.65 basis points in 2010, according to Michael Meltz, a JPMorgan Chase & Co. analyst in New York. S&P asks for 4.95 basis points with an $80,000 minimum, up from 4.75 basis points and a $72,500 minimum last year. It would cost $497,500 to have both companies evaluate a $500 million debt sale.
S&P and Moody’s haven’t lost business as a result of their increases, said Peter Appert, an analyst at Piper Jaffray & Co. in San Francisco.
“Pricing has no bearing on whether somebody is going to issue debt or not,” Appert said in a telephone interview. The extra interest a borrower would have to pay on an unrated bond is a “whole lot more” than the cost of a rating, he said.
That’s helped make credit ratings a lucrative business.Moody’s Corp. (MCO)’s return on capital, a measure of profitability, was 71.6 percent last year, the fourth-highest among companies in the S&P 500 Index, while its operating margin was 38 percent, which ranked 25th, Bloomberg data show.
The company received $1.47 billion in ratings revenue last year, or $1.22 million for each credit analyst and supervisor, according to data compiled by Bloomberg and the SEC report. S&P made $1.7 billion, or $1.26 million per analyst and supervisor, while Fitch’s revenue was $554 million, or $528,160.
Moody’s will use price increases to help achieve its goal of low-double-digit revenue growth, McDaniel said at the conference on Nov. 8. A 5 percent price increase for next year would be on the “high side” if bond issuance stays flat, he said.
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