20
Building a diverse, resilient
revenue stream for Financial Services
•Fee structure reduces S&P’s dependency on transactions
–Represented 48% of ratings revenue in first nine months of 2007
•Contributors to MHP’s unearned revenue:
–Growth of frequent issuer and surveillance programs
–MHP reported more than $1 billion in unearned revenue at end of 3Q 2007
–About 75% can be attributed to S&P