Exhibit 99.1
Moody's Corporation Reports Results for the Second Quarter of 2004
NEW YORK--(BUSINESS WIRE)--July 28, 2004--Moody's Corporation
(NYSE: MCO) today announced results for the second quarter of 2004.
Summary of Results for Second Quarter 2004
Moody's reported revenue of $357.6 million for the three months
ended June 30, 2004, an increase of 14% from $312.7 million for the
same quarter of 2003. Operating income for the quarter was $199.5
million and rose 13% from $176.7 million for the same period of last
year. Diluted earnings per share for the second quarter of 2004 rose
to $0.68, 3% higher than $0.66 in the second quarter of 2003. Earnings
per share for the second quarter of 2004 included a charge of $10.0
million, equivalent to $0.07 per diluted share, related to legacy
income tax exposures that were assumed by Moody's in connection with
its separation from Dun & Bradstreet in 2000, which are described in
Moody's annual and quarterly SEC filings. In addition, earnings per
share for the second quarter of 2004 included $7.2 million of pre-tax
expense related to stock options and other stock-based compensation
plans, equivalent to $0.03 per diluted share, compared with $3.1
million of similar expense, or $0.01 per diluted share, in the second
quarter of 2003.
John Rutherfurd, Chairman and Chief Executive Officer of Moody's
said "Moody's generated strong results during a period when the U.S.
economy started moving from low and stable interest rates to a rising
rate environment. During the quarter, Moody's benefited from
surprising strength in some ratings areas, most notably U.S.
residential mortgage and home equity securities, while other areas,
including U.S. investment grade corporates, remained weak. Outside the
ratings business, our research activities continued to grow at an
impressive pace. Equally important, a number of new product efforts
initiated over the past several quarters, most notably our Enhanced
Analysis Initiative, are generating revenue and are progressing toward
partially offsetting the negative impact of higher interest rates on
new debt issuance. Nevertheless, as interest rates continue to rise,
Moody's does not expect similarly strong year-on-year quarterly
growth."
In addition to its reported results, Moody's has included in this
earnings release certain adjusted results that the Securities and
Exchange Commission defines as "non-GAAP financial measures."
Management believes that such non-GAAP financial measures, when read
in conjunction with the company's reported results, can provide useful
supplemental information for investors analyzing period to period
comparisons of the company's growth. These non-GAAP financial measures
relate to: (1) presenting results for the second quarter and first
half of 2004 before charges related to legacy income tax exposures;
(2) presenting results for the first half of 2003 before a
non-recurring gain on an insurance recovery and (3) presenting results
for the second quarter and first half of 2004 and 2003 before the
impact of expensing stock-based compensation plans, which is being
phased in for annual stock option grants commencing in 2003 over the
current four-year stock plan vesting period. In addition, the 2004
outlook presented below includes a discussion of projected 2004
earnings per share growth excluding the following items: (1) the
impact in 2003 and 2004 of expensing stock-based compensation; (2) the
impact in 2003 of the non-recurring gain on the insurance recovery;
and (3) the impacts in 2003 and 2004 of the charges related to legacy
income tax exposures. Attached to this earnings release is a table
showing adjustments to Moody's 2004 and 2003 results to arrive at
non-GAAP financial measures excluding the impacts noted above.
Revenue
Revenue at Moody's Investors Service for the second quarter of
2004 was $325.3 million, an increase of 14% from the prior year
period. The favorable impact of currency translation, mainly due to
the strength of the Euro relative to the U.S. dollar, contributed
approximately 140 basis points to revenue growth in the quarter and
had a minimal impact on operating income growth. Ratings revenue
totaled $283.9 million, rising 11% from $256.4 million a year ago, and
research revenue totaled $41.4 million, 38% higher than in the second
quarter of 2003.
Within the ratings business, global structured finance revenue
totaled $131.8 million for the second quarter of 2004, an increase of
13% from $116.9 million a year earlier. U.S. structured finance
revenue rose in the mid-teens percent range, benefiting from continued
strong growth from rating residential mortgage and home equity
securities and credit derivatives. International structured finance
revenue grew in the high single-digit percent range, driven primarily
by good double-digit growth in European credit derivatives ratings.
International structured finance revenue also benefited from favorable
foreign currency translation.
Global corporate finance revenue of $78.4 million in the second
quarter of 2004 was up 9% from $71.6 million in the same quarter of
2003. Revenue in the U.S. grew in the low single-digit percent range
reflecting a strong year-over-year increase in rated bank loans,
partially offset by the effects of declines in investment grade and
high yield corporate issuance. Outside the U.S., corporate finance
revenue increased over twenty percent, principally based on good
growth in Europe compared to a relatively weak prior year period.
Global financial institutions and sovereigns revenue totaled $51.8
million for the second quarter of 2004, up 17% compared with the prior
year period. The most significant contributors to this increase were
growth in the U.S. real estate and insurance market segments and new
bank rating relationships in Europe.
U.S. public finance revenue was $21.9 million for the second
quarter of 2004, 8% lower than in the prior year period. Both "new
money" and refinancing issuance declined year-to-year in the quarter,
reflecting higher interest rates and lower borrowing needs as a result
of improving tax receipts.
Moody's research revenue grew to $41.4 million, up 38% from the
same quarter of 2003. Strong growth in both the U.S. and Europe
reflected success in reaching new customers and selling additional
products to existing customers across all principal product types -
including credit research publications, licensing Moody's information
to financial institutions and data redistributors, and data and
analytic tools offered to investors and other credit market
participants.
Revenue at Moody's KMV ("MKMV") for the second quarter of 2004 was
$32.3 million, an increase of 23% from the second quarter of 2003.
MKMV benefited from good growth in subscription revenue from credit
risk assessment products. In addition, the second quarter reflected
strong sales of credit processing software to support commercial
lending, a portion of which had been anticipated later in the year.
Moody's U.S. revenue of $231.0 million for the second quarter of
2004 was up 12% from the second quarter of 2003. International revenue
of $126.6 million was 19% higher than in the prior year period,
including favorable currency impacts. International revenue accounted
for 35% of Moody's total in the quarter versus 34% in the year-ago
period.
Expenses
Moody's operating expenses were $158.1 million in the second
quarter of 2004, 16% higher than in the prior year period. Expenses
for the second quarter of 2004 included $7.2 million related to
stock-based compensation plans compared with $3.1 million in the
second quarter of 2003. The year-to-year increase reflects, in part,
the phasing in commencing January 1, 2003 of expense related to annual
option grants over the stock plan vesting period, which is currently
four years. Moody's operating margin for the second quarter of 2004
was 56% compared with 57% in the second quarter of 2003.
Year-to-date Results
Revenue for the first six months of 2004 totaled $688.8 million,
an increase of 17% from $590.9 million for the same period of 2003.
First half operating income of $382.4 million was up 17% from $325.8
million for the same period of 2003. Currency translation accounted
for approximately 160 basis points of revenue growth and had a minimal
impact on operating income growth. Net income for the first six months
of 2004 was $207.0 million, an increase of 7% from $192.8 million in
the first six months of 2003. Diluted earnings per share for the first
half of 2004 were $1.36 compared with $1.27 for the first half of
2003.
As noted above, earnings per share for the first half of 2004
included a charge of $10.0 million related to legacy income tax
exposures, equivalent to $0.07 per diluted share. Excluding this
charge, diluted earnings per share for the first half of 2004 would
have been $1.43. Moody's results for the first half of 2003 included a
$13.6 million non-recurring gain on an insurance recovery, equivalent
to $0.05 per diluted share. In addition, earnings per share for the
first half of 2004 included $12.4 million of expense related to stock
options and other stock-based compensation plans, equivalent to $0.05
per diluted share, compared with $5.0 million of similar expense, or
$0.02 per diluted share, in the second half of 2003.
At Moody's Investors Service, global ratings revenue was $545.8
million for the first six months of 2004, up 13% from $481.1 million
in the same period of 2003. The global corporate finance, structured
finance and financial institutions businesses all achieved good
growth, and U.S. public finance revenue declined slightly
year-to-year. Research revenue rose to $81.9 million for the first
half of 2004, up 39% from the first half of 2003. Currency translation
also contributed to revenue growth in the period. Revenue at MKMV for
the first six months of 2004 totaled $61.1 million, 20% higher than in
the prior year period; MKMV revenue included an important software
sale, which had been expected later in the year.
Tax Rate
Moody's effective tax rate for the second quarter of 2004 was
46.4% compared with 41.5% for the second quarter of 2003. The
quarter's tax rate reflected the charge of $10.0 million related to
legacy income tax exposures. Excluding this charge, the effective tax
rate for the second quarter of 2004 would have been 41.2%, down from
the prior year period because Moody's had more income in jurisdictions
with lower tax rates than New York.
Share Repurchases
Moody's repurchased 2.4 million shares during the second quarter
of 2004 at a total cost of $156 million, including 0.5 million shares
to offset shares issued under employee stock plans. Since becoming a
public company in September 2000 and through June 30, 2004, Moody's
has repurchased 25.9 million shares at a total cost of $1.1 billion,
including 11.3 million shares to offset shares issued under employee
stock plans.
Outlook for Full Year 2004
Moody's outlook for the full year 2004 is based on assumptions
about many macroeconomic and capital market factors, including
interest rates, consumer spending, corporate profitability and
business investment spending and capital markets issuance activity.
There is an important degree of uncertainty surrounding these
assumptions and, if actual conditions differ from these assumptions,
Moody's results for the year may differ significantly from the outlook
presented in this press release.
In the U.S., we expect low single-digit percent revenue growth for
the ratings and research business for the full year 2004. The Federal
Reserve has implemented the first of what is expected to be a series
of increases to its target interest rate. Yields on benchmark
instruments, such as 10-year U.S. treasuries, have increased in
anticipation of further rate increases by the Federal Reserve. We
expect that higher borrowing costs, combined with high business
profits from current production, which reduce the need for
corporations to fund business investment with debt, will continue to
result in weak U.S. investment grade corporate issuance. Issuance in
the high yield market, though still strong, has slowed from the very
strong levels of the second half of 2003 and the first quarter of
2004. For the full year 2004, we expect U.S. corporate finance and
financial institutions revenue to grow modestly versus 2003, including
the benefits of new products, particularly our Enhanced Analysis
Initiative.
In the U.S. structured finance market, revenue from rating
residential mortgage and home equity securities has been stronger than
last year and than we anticipated at the start of this year due to
both volume and gains in our ratings coverage. However, mortgage
refinancings and originations have slowed recently in response to
rising interest rates and we expect revenue to slow in the second half
of the year, which should result in flat full-year 2004 revenue in
this business compared with 2003. We expect credit card and vehicle
securitization issuance in 2004 to be similar to that of 2003, which
anticipates issuance increasing somewhat in the second half of the
year compared with the first. Asset-backed commercial paper should
continue to show weakness, but we expect good growth in commercial
mortgage-backed securities and credit derivatives. Accordingly, for
the full year we expect single-digit percent revenue growth in U.S.
structured finance.
In U.S. public finance, we continue to expect a year-to-year
revenue decline, and we are forecasting continued strong growth in the
U.S. research business.
Outside the U.S. we continue to expect low double-digit percent
revenue growth in the combined corporate and financial institutions
ratings businesses. We are also projecting high teens percent
year-over-year revenue growth for international structured finance
ratings due to good increases from rating European credit derivatives,
European and Japanese residential and commercial mortgage-backed
securities and Japanese asset-backed securities. We also expect the
strong growth in international research revenue in the first half to
continue. These expectations, which include favorable foreign currency
impacts, should produce high teens percent international ratings and
research revenue growth in 2004.
Finally, we expect low teens percent revenue growth at Moody's KMV
on a global basis. This expectation is lower than MKMV's growth rate
in the first half of 2004 due to factors that include earlier than
expected sales of credit process software and longer sales cycles than
anticipated for new, more complex risk analytics products.
Moody's expenses for 2004 will likely reflect continued
investments in the Enhanced Analysis Initiative and technology to
support our growing research business, and continued hiring to support
growth areas of the business. Moody's expects the operating margin
before the impact of expensing stock-based compensation to be flat to
100 basis points lower in 2004 compared with 2003. This reflects the
investments we are making and the faster growth of the lower margin
MKMV business for the rest of the year.
Overall for 2004, Moody's expects that year-over-year growth in
revenue will be in the high single-digit percent range and that growth
in diluted earnings per share will be in the high single-digit to low
double-digit percent range. Accordingly, Moody's EPS outlook for the
full year 2004 is slightly improved from the previous guidance that we
provided in April. This expected EPS growth excludes the impacts of
the insurance gain in 2003, the legacy tax provisions in 2003 and
2004, and the expensing of stock-based compensation in both years. The
impact of expensing stock-based compensation is expected to be in the
range of $25 million pre-tax in 2004, equivalent to $0.10 - $0.11 per
diluted share, compared to $10.5 million, or $0.04 per diluted share,
in 2003.
Moody's Corporation (NYSE: MCO) is the parent company of Moody's
Investors Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global
capital markets, and Moody's KMV, a leading provider of market-based
quantitative services for banks and investors in credit-sensitive
assets serving the world's largest financial institutions. The
corporation, which reported revenue of $1.2 billion in 2003, employs
approximately 2,300 people worldwide and maintains offices in 18
countries. Further information is available at www.moodys.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and prospects
for Moody's business and operations that involve a number of risks and
uncertainties. The forward-looking statements and other information
are made as of July 28, 2004, and the Company disclaims any duty to
supplement, update or revise such statements on a going-forward basis,
whether as a result of subsequent developments, changed expectations
or otherwise. In connection with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, the Company is
identifying certain factors that could cause actual results to differ,
perhaps materially, from those indicated by these forward-looking
statements. Those factors include, but are not limited to, changes in
the volume of debt securities issued in domestic and/or global capital
markets; changes in interest rates and other volatility in the
financial markets; possible loss of market share through competition;
introduction of competing products or technologies by other companies;
pricing pressures from competitors and/or customers; the potential
emergence of government-sponsored credit rating agencies; proposed
U.S., foreign, state and local legislation and regulations, including
those relating to Nationally Recognized Statistical Rating
Organizations; possible judicial decisions in various jurisdictions
regarding the status of and potential liabilities of rating agencies;
the possible loss of key employees to investment or commercial banks
or elsewhere and related compensation cost pressures; the outcome of
any review by controlling tax authorities of the Company's global tax
planning initiatives; the outcome of those tax and legal contingencies
that relate to Old D&B, its predecessors and their affiliated
companies for which the Company has assumed portions of the financial
responsibility; the outcome of other legal actions to which the
Company, from time to time, may be named as a party; the ability of
the Company to successfully integrate the KMV and MRMS businesses; a
decline in the demand for credit risk management tools by financial
institutions; and other risk factors as discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2003 and in
other filings made by the Company from time to time with the
Securities and Exchange Commission.
Moody's Corporation
Consolidated Statements of Operations (Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
------------- -------------
Amounts in millions, 2004 2003 2004 2003
except per share amounts
- ------------------------------------------------------- --------------
Revenue $357.6 $312.7 $688.8 $590.9
- ------------------------------------------------------- --------------
Expenses
Operating, selling, general and
administrative expenses 149.4 128.1 289.4 249.4
Depreciation and amortization 8.7 7.9 17.0 15.7
------------- --------------
Total expenses 158.1 136.0 306.4 265.1
- ------------------------------------------------------- --------------
Operating income 199.5 176.7 382.4 325.8
- ------------------------------------------------------- --------------
Interest and other non-operating
(expense) income, net (6.4) (4.2) (11.4) 3.8
Income before provision for income
taxes 193.1 172.5 371.0 329.6
Provision for income taxes 89.6 71.6 164.0 136.8
- ------------------------------------------------------- --------------
Net income $103.5 $100.9 $207.0 $192.8
- ------------------------------------------------------- --------------
- ------------------------------------------------------- --------------
Earnings per share
Basic $0.70 $0.68 $1.39 $1.30
Diluted $0.68 $0.66 $1.36 $1.27
- ------------------------------------------------------- --------------
Weighted average number of shares
outstanding (a)
Basic 148.9 148.8 149.0 148.4
Diluted 152.1 152.4 152.2 151.7
- ------------------------------------------------------- --------------
(a) Certain prior year amounts have been reclassified to conform to
the current presentation.
Moody's Corporation
Supplemental Revenue Information (Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
------------- --------------
Amounts in millions 2004 2003 2004 2003
- ------------------------------------------------------- --------------
Moody's Investors Service
Structured finance $131.8 $116.9 $244.8 $214.7
Corporate finance 78.4 71.6 154.7 133.0
Financial institutions and sovereign
risk 51.8 44.1 104.3 89.8
Public finance 21.9 23.8 42.0 43.6
------ ------ ------ ------
Total ratings revenue 283.9 256.4 545.8 481.1
Research 41.4 30.1 81.9 58.8
------ ------ ------ ------
Total Moody's Investors Service 325.3 286.5 627.7 539.9
Moody's KMV 32.3 26.2 61.1 51.0
------ ------ ------ ------
Total revenue $357.6 $312.7 $688.8 $590.9
- ------------------------------------------------------- --------------
Revenue by geographic area (a)
United States $231.0 $206.7 $442.9 $386.2
International 126.6 106.0 245.9 204.7
------ ------ ------ ------
Total revenue $357.6 $312.7 $688.8 $590.9
- ------------------------------------------------------- --------------
(a) Certain prior year amounts have been reclassified to conform to
the current presentation.
Moody's Corporation
Reconciliation to Non-GAAP Financial Measures (Unaudited)
Three Months Ended
June 30, 2004
---------------------------------------
Amounts in millions,
except per share amounts
Non-GAAP
As Financial
Reported Adjustments Measures(+)
----------- ----------- -----------
Revenue $357.6 $357.6
Expenses 158.1 (7.2)(a) 150.9
----------- ----------- -----------
Operating income 199.5 7.2 206.7
Interest and other non-
operating expense, net (6.4) - (6.4)
----------- ----------- -----------
Income before provision for
income taxes 193.1 7.2 200.3
Provision for income taxes 89.6 (7.0)(b) 82.6
----------- ----------- -----------
Net income $103.5 $14.2 $117.7
----------- ----------- -----------
Basic earnings per share $0.70 $0.79
----------- -----------
Diluted earnings per share $0.68 $0.77
----------- -----------
Three Months Ended
June 30, 2003
---------------------------------------
Amounts in millions,
except per share amounts
Non-GAAP
As Financial
Reported Adjustments Measures(+)
----------- ----------- -----------
Revenue $312.7 $312.7
Expenses 136.0 (3.1)(a) 132.9
----------- ----------- -----------
Operating income 176.7 3.1 179.8
Interest and other non-
operating expense, net (4.2) (4.2)
----------- ----------- -----------
Income before provision for
income taxes 172.5 3.1 175.6
Provision for income taxes 71.6 1.3 (b) 72.9
----------- ----------- -----------
Net income $100.9 $1.8 $102.7
----------- ----------- -----------
Basic earnings per share $0.68 $0.69
----------- -----------
Diluted earnings per share $0.66 $0.67
----------- -----------
In addition to its reported results, Moody's has included in the table
above adjusted results that the Securities and Exchange Commission
defines as "non-GAAP financial measures." Management believes that
such non-GAAP financial measures, when read in conjunction with
the company's reported results, can provide useful supplemental
information for investors analyzing period to period comparisons
of the company's growth. The table above shows Moody's results for
the three months ended June 30, 2004 and 2003, adjusted to reflect
the following:
(a) To exclude operating expenses of $7.2 million and $3.1 million in
the three months ended June 30, 2004 and 2003, respectively,
relating to the expensing of stock options and other stock-based
compensation on a prospective basis for options and other stock
awards granted on or after January 1, 2003.
(b) To reflect the income tax impact related to the adjustment
described in note (a) and to exclude $10.0 million of income tax
provisions in the second quarter of 2004 related to reserves for
legacy tax exposures.
(+) May not add due to rounding.
Moody's Corporation
Reconciliation to Non-GAAP Financial Measures (Unaudited)
Six Months Ended
June 30, 2004
---------------------------------------
Amounts in millions,
except per share amounts
Non-GAAP
As Financial
Reported Adjustments Measures(+)
----------- ----------- -----------
Revenue $688.8 $688.8
Expenses 306.4 (12.4)(a) 294.0
----------- ----------- -----------
Operating income 382.4 12.4 394.8
Interest and other
non-operating
expense, net (11.4) - (11.4)
----------- ----------- -----------
Income before provision for
income taxes 371.0 12.4 383.4
Provision for income taxes 164.0 (4.9)(c) 159.1
----------- ----------- -----------
Net income $207.0 $17.3 $224.3
----------- ----------- -----------
Basic earnings per share $1.39 $1.51
----------- -----------
Diluted earnings per share $1.36 $1.47
----------- -----------
Six Months Ended
June 30, 2003
---------------------------------------
Amounts in millions,
except per share amounts
Non-GAAP
As Financial
Reported Adjustments Measures(+)
----------- ----------- -----------
Revenue $590.9 $590.9
Expenses 265.1 (5.0)(a) 260.1
----------- ----------- -----------
Operating income 325.8 5.0 330.8
Interest and other
non-operating income
(expense), net 3.8 (13.6)(b) (9.8)
----------- ----------- -----------
Income before provision for
income taxes 329.6 (8.6) 321.0
Provision for income taxes 136.8 (3.6)(c) 133.2
----------- ----------- -----------
Net income $192.8 $(5.0) $187.8
----------- ----------- -----------
Basic earnings per share $1.30 $1.27
----------- -----------
Diluted earnings per share $1.27 $1.24
----------- -----------
In addition to its reported results, Moody's has included in the table
above adjusted results that the Securities and Exchange Commission
defines as "non-GAAP financial measures." Management believes that
such non-GAAP financial measures, when read in conjunction with
the company's reported results, can provide useful supplemental
information for investors analyzing period to period comparisons
of the company's growth. The table above shows Moody's results for
the six months ended June 30, 2004 and 2003, adjusted to reflect
the following:
(a) To exclude operating expenses of $12.4 million and $5.0 million in
the six months ended June 30, 2004 and 2003, respectively,
relating to the expensing of stock options and other stock-based
compensation on a prospective basis for options and other stock
awards granted on or after January 1, 2003.
(b) To exclude a non-operating gain of $13.6 million on an insurance
recovery related to the September 11th tragedy, which was recorded
in the first quarter of 2003.
(c) To reflect income tax impacts related to the adjustments described
in notes (a) and (b) and to exclude $10.0 million of income tax
provisions in the second quarter of 2004 related to reserves for
legacy tax exposures.
(+) May not add due to rounding.
Moody's Corporation
Reconciliation to Non-GAAP Financial Measures (Unaudited)
Twelve Months Ended
December 31, 2003
---------------------------------------
Amounts in millions,
except per share amounts
Non-GAAP
As Financial
Reported Adjustments Measures(+)
----------- ----------- -----------
Revenue $1,246.6 $1,246.6
Expenses 583.5 (10.5)(a) 573.0
----------- ----------- -----------
Operating income 663.1 10.5 673.6
Interest and other
non-operating expense, net (6.7) (13.6)(b) (20.3)
----------- ----------- -----------
Income before provision for
income taxes 656.4 (3.1) 653.3
Provision for income taxes 292.5 (17.5)(c) 275.0
----------- ----------- -----------
Net income $363.9 $14.4 $378.3
----------- ----------- -----------
Basic earnings per share $2.44 $2.54
----------- -----------
Diluted earnings per share $2.39 $2.48
----------- -----------
In addition to its reported results, Moody's has included in the table
above adjusted results that the Securities and Exchange Commission
defines as "non-GAAP financial measures." Management believes that
such non-GAAP financial measures, when read in conjunction with the
company's reported results, can provide useful supplemental
information for investors analyzing period to period comparisons of
the company's growth. The table above shows Moody's results for the
year ended December 31, 2003, adjusted to reflect the following:
(a) To exclude operating expenses of $10.5 million relating to the
expensing of stock options and other stock-based compensation on a
prospective basis for options and other stock awards granted on or
after January 1, 2003.
(b) To exclude a non-operating gain of $13.6 million on an insurance
recovery related to the September 11th tragedy, which was recorded
in the first quarter of 2003.
(c) To reflect income tax impacts related to the adjustments described
in notes (a) and (b) and to exclude $16.2 million of income tax
provisions in the fourth quarter of 2003 related to reserves for
legacy tax exposures.
(+) May not add due to rounding.
CONTACT: Moody's Corporation
Michael Courtian, 212-553-7194
Vice President
Investor Relations and Corporate Finance
michael.courtian@moodys.com