Dorsey: Moody's and S&P Brand Moats Significantly Lower Corporate Borrowing Costs
Pat Dorsey · Moat Investing Nuances – Pat Dorsey (EP.509) · Jul 6, 2026 · at 20:16
Pat Dorsey discusses how institutional approval brands like credit rating agencies function similarly to luxury signaling moats.
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“Moody's and S&P, there's a value to that that's been developed over time, that if people see that Moody's is rated the bond, that S&P is rated the bond, they'll pay a lower interest rate than if the bond is rated by Pat's rating service or Ted's rating service.”
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