Moody's Corporation

As of September 30, 2025, Moody’s held $2.26 billion in cash and short‑term investments against ~$6.98 billion of debt; net debt of roughly $4.72 billion is covered by less than two years of trailing free cash flow ($2.4 billion). Interest expense is easily serviced by operating income with substantial headroom.

The company maintains an undrawn $1.25 billion revolver and continues to generate robust FCF even during softer issuance periods, reflecting variable‑cost discipline and analytics stability. We view liquidity, maturity profile, and cash generation as sufficient to weather adverse cycles.