Abstract
In 2019, Moody’s Corporation, the holding company of Moody’s Investors Service, is celebrating its 110th birthday. Being the first rating agency and creator of a completely new industry, Moody´s is still successful today – in 2017, it generated $1 billion net income. However, since its foundation, the financial system has dramatically changed, and important issues have been raised about credit-rating agencies (CRAs) and their business model.