Some of the other credit rating agencies have frequent issuer programs for their clients to take advantage of. Does Morningstar Credit have a similar type of program and if so, how do the economics compare relative to other issuance types? Are you increasingly seeing clients utilize these programs as the business continues to build momentum in the marketplace?

Some of the other credit rating agencies have frequent issuer programs for their clients to take advantage of. Does Morningstar Credit have a similar type of program and if so, how do the economics compare relative to other issuance types? Are you increasingly seeing clients utilize these programs as the business continues to build momentum in the marketplace? August 25, 2026 In global credit markets, there are a variety of different long- and short-term debt programs where frequent issuers or program sponsors seek greater predictability of rating fees independent of their annual debt issuance or reduced fee levels when actual issuance volumes exceed certain threshold limits. In many instances, credit rating agencies including Morningstar Credit offer lower issuance fees or capped issuance fees in return for higher annual surveillance or higher program fees. Morningstar Credit offers such program fee structures for frequent issuers in select market segments ranging from structured finance master trusts to large scale fundamental issuers such as financial institutions and sovereigns.