SUBSIDIARIES OF THE REGISTRANT
EXHIBIT 21
LIST OF ACTIVE SUBSIDIARIES AS OF JANUARY 31, 2004
| Company Name | Jurisdiction of Creation | |
| Humphreys Argentina Calificadora de Riesgo S.A. (p/k/a Ratto-Humphreys, Calificadora de Riesgo S.A.) | Argentina | |
| Moody’s Latin America Calificadora de Riesgo S.A. (p/k/a Magister Bankwatch Calificadora de Riesgo S.A.) | Argentina | |
| Moody’s Investors Service Pty. Limited | Australia | |
| Moody’s America Latina Ltda. | Brazil | |
| Moody’s Latin America Holding Corporation | British Virgin Islands | |
| Moody’s Holdings BVI, Ltd. | British Virgin Islands | |
| Moody’s Holdings (BVI) Limited | British Virgin Islands | |
| Moody’s Investors Service (B.V.I.) Limited | British Virgin Islands | |
| Moody’s Canada Inc. | Canada | |
| Moody’s Investors Service (Beijing) Ltd. | China | |
| Moody’s Interbank Credit Service Limited | Cyprus | |
| MIS Quality Management Corp. | Delaware | |
| Moody’s Assureco, Inc. | Delaware | |
| Moody’s Investors Service, Inc. | Delaware | |
| Moody’s Holdings, Inc. | Delaware | |
| Moody’s Israel Holdings, Inc. | Delaware | |
| Moody’s KMV Company | Delaware | |
| Moody’s Overseas Holdings, Inc. | Delaware | |
| Moody’s Investors Service Ltd. | England | |
| Moody’s Holdings UK Limited | England | |
| Moody’s KMV Limited | England | |
| Syndicate Underwriting Research Ltd. | England | |
| Moody’s France SA | France | |
| Moody’s Deutschland GmbH | Germany | |
| Moody’s Asia Pacific Limited | Hong Kong | |
| Moody’s China Financial Information Service, Ltd. | Hong Kong | |
| Moody’s Investment Company India Pvt. Ltd. | India | |
| Moody’s Mauritius Holdings Limited | India | |
| Moody’s Risk Management Services, Ltd. | Ireland | |
| Moody’s Italia S.r.l. | Italy | |
| KMV Asia KK | Japan | |
| Moody’s Japan Kabushiki Kaisha | Japan | |
| Korea Investors Service, Inc. | Korea | |
| Administracion de Calificadoras, S.A. de C.V. | Mexico | |
| Moody’s de Mexico S.A. de C.V. | Mexico | |
| Moody’s Holdings B.V. | Netherlands | |
| Moody’s Assurance Company, Inc. | New York | |
| Moody’s Singapore Pte. Ltd. | Singapore | |
| Moody’s Investors Service South Africa (Pty) Limited | South Africa | |
| Moody’s Investors Service Espana, S.A. | Spain | |
| Moody’s Taiwan Corporation | Taiwan |
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