History of Moody's
Moody's Corporation traces its history back to two publishing companies established by John Moody, the inventor of modern bond credit ratings. In 1900, Moody published his first market assessment, called Moody's Manual of Industrial and Miscellaneous Securities, and established John Moody & Company. The publication provided detailed statistics relating to stocks and bonds of financial institutions, government agencies, manufacturing, mining, utilities, and food companies. It experienced early success, selling out its first print run in its first two months.
By 1903, Moody's Manual was a nationally-recognized publication. The 1907 financial crisis fueled several changes in the markets, including the creation of the Federal Reserve System. Meanwhile, Moody was forced to sell his business, due to a shortage of capital. Moody returned in 1909 with a new publication focused solely on railroad bonds, Analysis of Railroad Investments, and a new company, Moody's Analyses Publishing Company.
In 1962, Moody's Investors Service was bought by Dun & Bradstreet, a firm engaged in the related field of credit reporting, although they continued to operate largely as independent companies. By the late 1990s, Moody's superior performance compared to its parent company brought investor pressure to separate the businesses. In December 1999, Dun & Bradstreet announced it would spin off Moody's Investors Service into a separate publicly traded company. The spin-off was completed on September 30, 2000 and, in the half decade that followed, the value of Moody's shares improved by more than 300%.
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