Regulatory Barriers to Entry: It is extremely difficult and costly for new competitors to achieve the necessary regulatory approvals and market acceptance to compete with established credit rating agencies.

Global Brand Reputation and Trust: Decades of operation have built a globally recognized and highly trusted brand, essential for credibility in the financial markets.

Essential Service for Capital Markets: Credit ratings are often mandatory for bond issuance and crucial for investor due diligence, making Moody's services indispensable.