Morningstar Credit Ratings, LLC Form NRSRO. Exhibit 4 Organizational Structure. See Attached: 4.A Organization Chart of Ownership Interests

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1 Morningstar Credit Ratings, LLC Form NRSRO Exhibit 4 Organizational Structure See Attached: 4.A Organization Chart of Ownership Interests 4.B. Organization Chart of Key Personnel 1

2 4.A 2

3 Exhibit 4.A Morningstar Credit Ratings, LLC Organization Chart of Ownership Interests in Morningstar Credit Ratings, LLC Page 1 of 3 Morningstar, Inc. 100% Morningstar Credit Ratings, LLC Note 1: Pages 2 to 4 of this Exhibit 4.A set forth a list of Morningstar, Inc. s direct and indirect subsidiaries. 3

4 Pages 2 to 3 of Exhibit 4.A set forth a list of Morningstar, Inc. s direct and indirect subsidiaries. The information below is presented as of February 27, Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted. Subsidiaries of Morningstar, Inc. Subsidiary ByAllAccounts, Inc. Corporate Fundamentals, Inc. HelloWallet Holdings, Inc. HelloWallet, LLC (1) Morningstar Global LLC Morningstar Associates, LLC Morningstar Investment Services, Inc. Morningstar Commodity Data, Inc. Ibbotson Associates, Inc. Morningstar Credit Ratings, LLC Ibbotson Pty Limited (2) Ibbotson Associates Limited (3) Morningstar Australasia Pty Limited (4) Morningstar Direct Investments (5) Morningstar Group Pty Limited (6) Morningstar Brazil Financial Information Ltda. (6) Morningstar Associates, Inc. (7) Morningstar Canada Group, Inc. (6) Morningstar Research, Inc. (7) Servicios Morningstar Chile Ltd. (6) Morningstar Research (Shenzhen) Ltd. (8) Morningstar Danmark A/S (9) Morningstar Danmark Holdings Aps (6) Morningstar France Holding SAS (6) Morningstar France Fund Information SARL (10) Seeds Group SAS (10) Morningstar Investment Consulting France SAS (11) Morningstar Deutschland GmbH (6) Morningstar Asia, Ltd. (6) Morningstar Investment Management Asia Limited (12) Morningstar India Private Limited (13) Morningstar Investment Adviser India Private Limited (12) Morningstar Italy, S.R.L. (6) Ibbotson Associates Japan K.K. (14) Morningstar Korea, Ltd. (15) Morningstar Associates Korea Co., Ltd. (16) Morningstar Luxembourg SARL (6) Investigaciones MS Mexico, S. de R.L. de C.V. (6) Servicios MStar Global, S. de R.L. de C.V. (6) Jurisdiction of Formation Illinois Illinois Pennsylvania Brazil Canada Canada Canada Chile China Denmark Denmark France France France France Germany Hong Kong Hong Kong India India Italy Japan Korea Korea Luxembourg Mexico Mexico 4

5 Morningstar Europe, B.V. (17) Morningstar Holland, B.V. (18) MStar Holdings C.V. Morningstar Research Limited (4) Morningstar Norge AS (6) Morningstar Research PTE Limited (8) Morningstar Research (Proprietary) Limited (6) Morningstar Investment Management South Africa (Pty) Limited (12) Morningstar Network, S.L. (6) Morningstar HoldCo AB (6) Morningstar Sweden AB (19) Morningstar Switzerland GmbH (6) Morningstar Research Thailand Limited Morningstar (Dubai) LLC (6) Morningstar Investment Management Europe Limited (12) Morningstar Europe, Ltd. (6) Morningstar U.K., Ltd. (6) Morningstar Real-Time Data Limited (20) The Netherlands The Netherlands The Netherlands New Zealand Norway Singapore South Africa South Africa Spain Sweden Sweden Switzerland Thailand United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom (1) HelloWallet Holdings, Inc. owns 100%. (2) Morningstar Australasia Pty Limited owns 100%. (3) Ibbotson Pty Limited owns 100%. (4) Morningstar Direct Investments owns 100%. (5) Morningstar Group owns 100%. (6) Morningstar Holland B.V. owns 100%. (7) Morningstar Canada Group, Inc. owns 100%. (8) Morningstar Asia, Ltd. owns 100%. (9) Morningstar Danmark Holdings Aps owns 100%. (10) Morningstar France Holding SAS owns 100%. (11) Seeds Group SAS owns 100%. (12) Morningstar Associates, LLC owns 100%. (13) Corporate Fundamentals, Inc. owns 100%. (14) Ibbotson Associates, Inc. owns approximately 71%. (15) Morningstar, Inc. owns 80%. (16) Morningstar Korea, Ltd. owns 100%. (17) MStar Holdings C.V. owns 100%. (18) Morningstar Europe, B.V. owns 100%. (19) Morningstar HoldCo AB owns 100%. (20) Morningstar U.K., Ltd. owns 100%. 5

6 4.B 6

7 Morningstar Credit Ratings, LLC As of June 22, 2015 Vickie Tillman President Diana Rosenberg Production Editor David Sekera Director (1) Tim Greening Chief Corporate Credit Offier (2) Ken Cheng Brian Grow Joe Petro Chief Operating Officer Calvin Wong Chief Credit Officer Mike Gutierrez Violet Diamant 1 Copy Editor Corporate Bond Research 1 Director 1 Associate Director 2 Senior Credit Analyst 5 Credit Analysts Frank Innaurato CMBS Surveillance CMBS Analysts 1 SVP 5 Vice Presidents 9 AVPs 3 Analysts Rob Grenda CMBS New Issue CMBS New Issue 3 SVP 10 Vice Presidents 4 AVP 7 Analysts RMBS Analysts 4 Senior Vice Presidents 1 Vice President 1 Director (3) 2 Analysts (4) 3 Directors of Business Development 1 Director of Client Relations 1 Marketing Representative 1 Operations Coordinator 1 Senior Ratings Quality Analyst Operational Risk Assessment 3 Senior Vice Presidents 1 Asst. Vice President ABS Analysts 1 SVP 2 VP

8 Morningstar, Inc. Supporting Morningstar Credit Ratings, LLC As of June 22, 2015 Compliance/Legal Accounting/Finance Quantitative Research Morningstar Credit Ratings - IT Heidi Miller Interim Chief Legal Officer John Babirak Director - Financial Planning Warren Miller Vice President Pete Srejovic Head of Technology Scott Schilling Global Chief Compliance Officer Michael Yuan, Vice President Legal Anne Glass Senior Accountant Olgay Cangur Director Nick Forte Constantin Schoelkopf (1) Designated Compliance Officer for Morningstar Credit Ratings, LLC Sales James Tanner Global Head of Business Development 1 Quantitative Analyst Product Development 1 1 Project Manager 2 Business Analysts 1 Product Support Specialist Technology Services 1 Architect 6 Senior Developers 1 Database Analyst 1 Network Engineer 1 QA Senior Analyst 1 QA Manager Candace Cheng (2) Senior Compliance Officer Nick Merlino Compliance Specialist Open Sales Director 1 Sales Representative

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