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You provide the breakdown of revenue by structured finance, fundamental and data in the renewal rate supplemental deck. When it comes to structured finance, can you provide a rough split of what makes up this total? I know CMBS, RMBS, & ABS but rough split would be helpful.

May 7, 2025

In 2024, structured finance ratings accounted for 61% of total Morningstar Credit revenue, with fundamental ratings accounting for 34% and the remainder coming from data licensing. In 2024, commercial mortgage-backed securities accounted for 19% of the total, ABS accounted for 18%, residential mortgage-backed securities accounted for 16%, and structured credit accounted for 6%.