EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

LIST OF ACTIVE SUBSIDIARIES AS OF JANUARY 31, 2007

Company Name	Jurisdiction of Creation
Moody’s Latin America Calificadora de Riesgo S.A.	Argentina
Economy.com Pty. Ltd.	Australia
MIS Funds Pty. Ltd.	Australia
Moody’s Investors Service Pty. Ltd.	Australia
Moody’s America Latina Ltda.	Brazil
Moody’s Central Europe (BVI) Ltd.	British Virgin Islands
Moody’s China (BVI) Ltd.	British Virgin Islands
Moody’s Dubai (BVI) Ltd.	British Virgin Islands
Moody’s Holdings (BVI) Limited	British Virgin Islands
Moody’s Indonesia (BVI) Ltd.	British Virgin Islands
Moody’s Investors Service (BVI) Ltd.	British Virgin Islands
Moody’s Israel Holdings, Inc.	British Virgin Islands
Moody’s Latin America Holding Corp.	British Virgin Islands
Moody’s South Africa (BVI) Ltd.	British Virgin Islands
Moody’s Wall Street Analytics, Inc.	California
Moody’s Wall Street Analytics International, Inc.	California
Moody’s Canada, Inc.	Canada
Moody’s Investors Service (Beijing) Ltd.	China
Moody’s Investors Service Cyprus Limited	Cyprus
Moody’s Central Europe A.S.	Czech Republic
MIS Quality Management Corp.	Delaware
Moody’s Assureco, Inc.	Delaware
Moody’s Holdings, Inc.	Delaware
Moody’s Investors Service, Inc.	Delaware
Moody’s KMV Company Inc.	Delaware
Moody’s Overseas Holdings Inc.	Delaware
Moody’s France S.A.S.	France

Moody’s Deutschland GmbH	Germany
Moody’s Asia Pacific Ltd.	Hong Kong
Moody’s China Financial Information Service, Ltd.	Hong Kong
Moody’s KMV Hong Kong Limited	Hong Kong
Moody’s Investment Company India Pvt. Ltd.	India
PT Moody’s Indonesia	Indonesia
Moody’s Italia S.r.l.	Italy
KMV Asia	Japan
Moody’s Japan Kabushiki Kaisha	Japan
MIRA, Kazakhstan LLC	Kazakhstan
KIS Pricing, Inc.	Korea
Korea Investors Service, Inc.	Korea
Moody’s Investors Service (Korea) Inc.	Korea
Moody’s Mauritius Holdings Ltd.	Mauritius
Administración de Calificadoras	Mexico
Moody’s de Mexico S.A. de C.V.	Mexico
Moody’s Assurance Company, Inc.	New York
Moody’s Economy.com	Pennsylvania
Moody’s Eastern Europe LLC	Russia
Moody’s Interfax Rating Agency	Russia
Moody’s KMV Singapore Pte. Ltd.	Singapore
Moody’s Singapore Pte. Ltd.	Singapore
Moody’s Investors Service South Africa (Pty.) Ltd.	South Africa
Moody’s Investors Service Espana, S.A.	Spain
Moody’s Taiwan Corp.	Taiwan
Moody’s Interfax Rating Agency Ukraine LLC	Ukraine
Moody’s Middle East Limited	United Arab Emirates
Economy.com (U.K.) Ltd.	United Kingdom
Moody’s Holdings U.K. Ltd.	United Kingdom
Moody’s Investors Service Ltd.	United Kingdom
Moody’s KMV Ltd.	United Kingdom