Moody’s provides bond ratings and supporting evidence but leaves investment decisions to buyers’ risk appetites.

“In other markets, you see something like in financial markets, you see Moody's.”

“Moody's goes in and they look at a bond and they output a rating.”

“They say like, here's the evidence we found.”

“Here's the rating.”

“We don't decide whether anyone should buy this bond or not buy this bond.”

“Well, that depends on their risk appetite.”