861:, supposing that rating agencies may artificially boost the rating of a given security in order to please the issuer. The SEC recently acknowledged, however, in its September 30, 2011 summary report of its mandatory annual examination of NRSROs that the subscriber-pays model under which Moody's operated prior to adopting the issuer pays model also "presents certain conflicts of interest inherent in the fact that subscribers, on whom the NRSRO relies, have an interest in ratings actions and could exert pressure on the NRSRO for certain outcomes". Other alleged conflicts of interest, also the subject of a Department of Justice investigation the mid-1990s, raised the question of whether Moody's pressured issuers to use its consulting services upon threat of a lower bond rating. Moody's has maintained that its reputation in the market is the balancing factor, and a 2003 study, covering 1997 to 2002, suggested that "reputation effects" outweighed conflicts of interest. Thomas McGuire, a former executive vice president, said in 1995 that: "hat's driving us is primarily the issue of preserving our track record. That's our bread and butter".
919:, as had "many market participants". According to the CGFS, significant contributing factors included "limited historical data" and an underestimation of "originator risk" factors. The CGFS also found that agency ratings should "support, not replace, investor due diligence" and that agencies should provide "better information on the key risk factors" of structured finance ratings. In October 2007, Moody's further refined its criteria for originators, "with loss expectations increasing significantly from the highest to the lowest tier". In May 2008, Moody's proposed adding "volatility scores and loss sensitivities" to its existing rankings. Although the rating agencies were criticized for "technical failings and inadequate resources", the FSB stated that the agencies' "need to repair their reputation was seen as a powerful force" for change. Moody's has in fact lost market share in certain sectors due to its tightened rating standards on some asset-backed securities, for example the
2845:
306:(NRSROs) for a variety of regulatory purposes. Among the effects of regulatory use was to enable lower-rated companies to sell bond debt for the first time; their lower ratings merely distinguished them from higher-rated companies, rather than excluding them altogether, as had been the case. However, another aspect of mechanical use of ratings by regulatory agencies has been to reinforce "pro-cyclical" and "cliff effects" of downgrades. In October 2010, the
635:, and a new company, Moody's Analyses Publishing Company. While Moody acknowledged that the concept of bond ratings "was not entirely original" with him—he credited early bond rating efforts in Vienna and Berlin as inspiration—he was the first to publish them widely, in an accessible format. Moody was also the first to charge subscription fees to investors. In 1913 he expanded the manual's focus to include industrial firms and utilities; the new
830:, however the investigation was closed with no antitrust charges filed. Moody's has pointed out that it has assigned unsolicited ratings since 1909, and that such ratings are the market's "best defense against rating shopping" by issuers. In November 1999, Moody's announced it would begin identifying which ratings were unsolicited as part of a general move toward greater transparency. The agency faced a similar complaint in the mid-2000s from
978:
666:(SEC). In 1936 a new set of laws were introduced, prohibiting banks from investing in "speculative investment securities" ("junk bonds", in modern terminology) as determined by "recognized rating manuals". Banks were permitted only to hold "investment grade" bonds, following the judgment of Moody's, along with Standard, Poor's and Fitch. In the decades that followed, state insurance regulators approved similar requirements.
34:
1006:
992:
618:, and established John Moody & Company. The publication provided detailed statistics relating to stocks and bonds of financial institutions, government agencies, manufacturing, mining, utilities, and food companies. It experienced early success, selling out its first print run in its first two months. By 1903,
364:
higher-end the rating. Aaa, Ca and C are not modified this way. As Moody's explains, its ratings are "not to be construed as recommendations", nor are they intended to be a sole basis for investment decisions. In addition, its ratings don't speak to market price, although market conditions may impact credit risk.
747:. Although Moody's had fewer than 1,500 employees in its division, it represented about 51% of Dun & Bradstreet profits in the year before the announcement. The spin-off was completed on September 30, 2000, and, in the half decade that followed, the value of Moody's shares improved by more than 300%.
965:
in their Global Credit
Research series, in which they examined companies they rate in the US non-financial corporate sector (NFCS). According to their report, by the end of 2012 the US NFCS held "$ 1.45 trillion in cash", 10% more than in 2011. At the end of 2011, US NFCS held $ 1.32 trillion in cash
661:
The relationship between the U.S. bond market and rating agencies developed further in the 1930s. As the market grew beyond that of traditional investment banking institutions, new investors again called for increased transparency, leading to the passage of new, mandatory disclosure laws for issuers,
347:
Especially since the early 2000s, Moody's frequently makes its analysts available to journalists, and issues regular public statements on credit conditions. Moody's, like S&P, organizes public seminars to educate first-time securities issuers on the information it uses to analyze debt securities.
884:
73% of the mortgage-backed securities Moody's had rated triple-A in 2006 were downgraded to junk by 2010. In its "Conclusions on
Chapter 8", the Financial Crisis Inquiry Commission stated: "There was a clear failure of corporate governance at Moody's, which did not ensure the quality of its ratings
796:
Moody's, along with the other major credit rating agencies, is often the subject of criticism from countries whose public debt is downgraded, generally claiming increased cost of borrowing as a result of the downgrade. Examples of sovereign debt downgrades that attracted significant media attention
763:
made up close to half of Moody's rating revenues. From 2000 to 2007, revenues from rating structured financial instruments increased more than fourfold. However, there was some question about the models Moody's used to give structured products high ratings. In June 2005, shortly before the subprime
719:
The 1980s and beyond saw the global capital market expand; Moody's opened its first overseas offices in Japan in 1985, followed by offices in the United
Kingdom in 1986, France in 1988, Germany in 1991, Hong Kong in 1994, India in 1998 and China in 2001. The number of bonds rated by Moody's and the
290:
as three supplementary credit analysis provider for banks and other financial institutions in assessing the credit risk of particular securities. This form of third party analysis is particularly useful for smaller and less sophisticated investors, as well as for all investors to use as an external
818:
sued Moody's, claiming the unsolicited assignment of a "negative outlook" to a 1993 bond issue was based on
Jefferson County having selected S&P and Fitch to do its rating. Moody's rating raised the issuing cost to Jefferson County by $ 769,000. Moody's argued that its assessment was "opinion"
363:
According to Moody's, the purpose of its ratings is to "provide investors with a simple system of gradation by which future relative creditworthiness of securities may be gauged". To each of its ratings from Aa through Caa, Moody's appends numerical modifiers 1, 2 and 3; the lower the number, the
849:, the SEC adopted new rules for the rating agency industry, including one to encourage unsolicited ratings. The intent of the rule is to counteract potential conflicts of interest in the issuer-pays model by ensuring a "broader range of views on the creditworthiness" of a security or instrument.
639:
offered ratings of public securities, indicated by a letter-rating system borrowed from mercantile credit-reporting firms. The following year, Moody incorporated the company as Moody's
Investors Service. Other rating companies followed over the next few years, including the antecedents of the
720:
Big Three agencies grew substantially as well. As of 1997, Moody's was rating about $ 5 trillion in securities from 20,000 U.S. and 1,200 non-U.S. issuers. The 1990s and 2000s were also a time of increased scrutiny, as Moody's was sued by unhappy issuers and investigation by the
278:
measure the probability that a security will default, while Moody's ratings seek to measure the expected losses in the event of a default. All three operate worldwide, maintaining offices on six continents, and rating tens of trillions of dollars in securities. However, only
701:, and the increased complexity of the financial markets. Rating agencies also grew in size as the number of issuers grew, both in the United States and abroad, making the credit rating business significantly more profitable. In 2005 Moody's estimated that 90% of
716:, using bond ratings as a measurement. Moody's and nine other agencies (later five, due to consolidation) were identified by the SEC as "nationally recognized statistical ratings organizations" (NRSROs) for broker-dealers to use in meeting these requirements.
896:(CDO) holdings. The value of these securities held by financial firms declined, and the market for new subprime securitizations dried up. Some academics and industry observers have argued that the rating agencies' mass downgrades were part of the "
772:. Its new model was based on trends from the previous 20 years, during which time housing prices had been rising, mortgage delinquencies very low, and nontraditional mortgage products a very small niche of the market.
743:). Following several years of rumors and pressure from institutional shareholders, in December 1999 Moody's parent Dun & Bradstreet announced it would spin off Moody's Investors Service into a separate
782:
In June 2013, Moody's
Investor Service has warned that Thailand's credit rating may be damaged due to an increasingly costly rice-pledging scheme which lost 200 billion baht ($ 6.5 billion) in 2011–2012.
813:
Moody's has occasionally faced litigation from entities whose bonds it has rated on an unsolicited basis, and investigations concerning such unsolicited ratings. In
October 1995, the school district of
2973:
775:
On July 10, 2007, in "an unprecedented move", Moody's downgraded 399 subprime mortgage-backed securities that had been issued the year before. Three months later, it downgraded another 2506
712:
in 1971 led to the liberalization of financial regulations, and the global expansion of capital markets in the 1970s and 1980s. In 1975, the SEC changed its minimum capital requirements for
945:
In
January 2017, Moody's agreed to pay nearly $ 864 million to settle with the Department of Justice, other state authorities and Washington. A fine of $ 437.5 million would be paid to the
2978:
1222:
2882:
303:
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credit rating agencies. While credit rating agencies are sometimes viewed as interchangeable, Moody's, S&P and Fitch in fact rate bonds differently; for example, S&P and
247:
834:, a German insurer that lost $ 175 million in market value when its bonds were lowered to "junk" status. In 2005, unsolicited ratings were at the center of a subpoena by the
755:
Structured finance went from 28% of Moody's revenue in 1998 to almost 50% in 2007, and "accounted for pretty much all of Moody's growth" during that time. According to the
966:
which was already a record level. "Of the $ 1.32 trillion for all the rated companies, Moody's estimates that $ 840 billion, or 58% of the total cash, is held overseas."
693:
began to be rated. As well, the major agencies began charging the issuers of bonds as well as investors — Moody's began doing this in 1970 — thanks in part to a growing
258:, Moody's Investors Service became a separate company in 2000. Moody's Corporation was established as a holding company. On 6 March 2024, Moody's Investors Service was
764:
mortgage crisis, Moody's updated its approach for estimating default correlation of non-prime/nontraditional mortgages involved in structured financial products like
864:
In March 2021, Moody's reached a settlement with the
European Union regarding alleged conflicts of interest. Moody's was fined 3.7 million euros ($ 4.35 million).
1231:
2958:
647:
Moody's expanded its focus to include ratings for U.S. state and local government bonds in 1919 and, by 1924, Moody's rated nearly the entire U.S. bond market.
2360:
888:
Faced with having to put more capital against lower rated securities, investors such as banks, pension funds and insurance companies sought to sell their
1434:"Zacks Analyst Blog Highlights: Moody's Corp, Thomson-Reuters Corp., RiskMetrics Group Inc., Dun & Bradstreet Corp. and Interactive Data Corporation"
1743:
779:($ 33.4 billion). By the end of the crisis, Moody's downgraded 83% of all the 2006 Aaa mortgage backed security tranches and all of the Baa tranches.
2784:
953:. Then California Attorney General Kamala Harris and then Missouri Attorney General Joshua Hawley were among the state signatories to the settlement.
294:
Credit rating agencies also play an important role in the laws and regulations of the United States and several other countries, such as those of the
2502:
The
Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
2458:
The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
2388:
The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
908:
1619:
1195:
880:
securities. Moody's and its close competitors were subject to criticism following large downgrade actions beginning in July 2007. According to the
2717:
Kemba J. Dunham (18 July 2007). "Moody's Says It Is Taking Hit; Ratings Firm Loses Business as Tougher CMBS Stance Spurs Issuers to 'Rate Shop'".
1054:
299:
251:
180:, representing the company's traditional line of business and its historical name. Moody's Ratings provides international financial research on
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2469:
2399:
1675:
1205:
576:
Judged to be highly speculative and with likelihood of being near or in default, but some possibility of recovering principal and interest.
889:
239:. In Moody's Ratings system, securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality.
2634:
946:
920:
823:
756:
721:
2256:
857:
The "issuer pays" business model adopted in the 1970s by Moody's and other rating agencies has been criticized for creating a possible
1064:
912:
663:
641:
271:
193:
2963:
2068:
1784:
1711:
1391:
310:(FSB) created a set of "principles to reduce reliance" on credit rating agencies in the laws, regulations and market practices of
2983:
1497:
246:
in 1909, to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a
2850:
2968:
2872:
2809:
2286:
1807:
1774:
1106:
901:
873:
846:
733:
2197:
893:
802:
769:
607:
243:
2030:
1059:
826:'s antitrust division opened an investigation to determine whether unsolicited ratings amounted to an illegal exercise of
644:" credit rating agencies: Poor's in 1916, Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924.
2932:
2431:
1954:
1039:
624:
was a nationally recognized publication. Moody was forced to sell his business, due to a shortage of capital, when the
2287:"2011 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization"
1049:
1044:
798:
1627:. The Role of Credit Reporting Systems in the International Economy. Washington, D.C.: The World Bank. Archived from
1464:
20:
2500:
2456:
2386:
2257:"New Information-Posting Requirements for Issuers, Sponsors and Underwriters of Rated Structured Finance Securities"
2057:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. pp. 221–2.
1980:
1433:
1170:
235:
and fixed-income funds; financial institutions including banks and non-bank finance companies; and asset classes in
2922:
2909:
2578:
2548:
815:
2823:
Cash Pile Grows 10% to $ 1.45 Trillion; Overseas Holdings Continue to Expand (Report). Moody's Investors Service.
2038:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 147.
935:
835:
307:
2927:
2018:
Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
916:
765:
760:
729:
739:
In 1998, Dun & Bradstreet sold the Moody's publishing business to Financial Communications (later renamed
1751:
942:. The lawsuits alleged that the agencies inflated their ratings on purchased structured investment vehicles.
2688:
2069:"1 AFGI070708.ppt Subprime Crisis: Timeline of Rating Agency Actions Excerpted from a July 2008 AFGI Report"
939:
927:
185:
2733:
2665:
1291:
656:
601:
280:
177:
137:
1837:"Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organization"
1727:
White, Ben (31 January 2002). "Do Rating Agencies Make the Grade?; Enron Case Revives Some Old Issues".
1628:
584:
Rated as the lowest quality, usually in default and low likelihood of recovering principal or interest.
2937:
2758:
2171:
1665:
207:
of borrowers using a standardized ratings scale which measures expected investor loss in the event of
1555:. The Technical Committee of the International Organization of Securities Commissions. September 2003
1074:
983:
858:
709:
702:
311:
97:
1296:
2865:
2689:"Introducing assumption volatility scores and loss sensitivities for structured finance securities"
1523:
1324:
1069:
819:
and therefore constitutionally protected; the court agreed, and the decision was upheld on appeal.
670:
255:
2101:
1125:
877:
694:
611:
236:
212:
173:
1886:"Ratings in structured finance: what went wrong and what can be done to address shortcomings?".
1147:
797:
at the time include Australia in the 1980s, Canada and Japan in the 1990s, Thailand during the
2642:
2509:
2465:
2395:
2227:
1914:
1780:
1707:
1671:
1472:
1387:
1382:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
1201:
620:
334:
333:. Companies with which Moody's competes in specific areas include investment research company
319:
232:
208:
2608:
2394:. Washington, DC: U.S. Government Printing Office. January 2011. pp. xxv, 221–222, 226.
2342:
2264:
2126:
Jason Raznick (8 July 2011). "How to Profit from European Threats Against Rating Agencies".
1938:
Lynn Sherman (16 December 1999). "Independent Moody's Could Be A More Vigorous Competitor".
1301:
1011:
997:
950:
686:
315:
1702:
Corporate Senior Securities: Analysis and Evaluation of Bonds, Convertibles, and Preferreds
2049:
2017:
1084:
690:
338:
220:
2075:
2844:
2858:
1836:
1380:
931:
759:, during the years 2005, 2006, and 2007, rating of structured finance products such as
744:
342:
295:
287:
228:
224:
181:
132:
2810:"Announcement: Moody's: US companies' cash pile grows 10% in 2012, to $ 1.45 trillion"
2609:"Greed, Negligence or System Failure? Credit Rating Agencies and the Financial Crisis"
2952:
2914:
1700:
1615:
897:
839:
725:
713:
674:
625:
275:
101:
1906:
1254:
Felix Salmon (9 August 2011). "The difference between S&P and Moody's". Reuters.
33:
1034:
949:, and the remaining $ 426.3 million penalty would be split among 21 states and the
827:
352:
2346:
2205:
2333:; Milbourn, Todd (2011). "How did increased competition affect credit ratings?".
1549:
2141:
Wolfgang MĂĽnchau (10 July 2011). "Don't blame Moody's for a messy euro crisis".
831:
698:
631:
Moody returned in 1909 with a new publication focused solely on railroad bonds,
216:
204:
197:
189:
2577:
United States Senate Permanent Subcommittee on Investigations (13 April 2011).
2547:
United States Senate Permanent Subcommittee on Investigations (13 April 2011).
1868:"Watching the Watchers: Justice Department Launches Probe of Moody's Ratings".
456:
Rated as medium grade, with some speculative elements and moderate credit risk.
2508:. Washington, DC: U.S. Government Printing Office. January 2011. p. 155.
2464:. Washington, DC: U.S. Government Printing Office. January 2011. p. 122.
1019:
973:
326:
314:. Since the early 1990s, the SEC has also used NRSRO ratings in measuring the
259:
52:
2157:
Jefferson County School District No. R-1 v. Moody's Investor's Services, Inc.
1918:
1476:
2330:
1024:
963:
Cash Pile Grows 10% to $ 1.45 Trillion; Overseas Holdings Continue to Expand
876:
led to increased scrutiny to credit rating agencies' assessments of complex
330:
325:
The SEC has designated seven other firms as NRSROs, including, for example,
606:
Moody's traces its history back to two publishing companies established by
2785:"Moody's to pay nearly $ 864 million to settle claims it inflated ratings"
1005:
298:. In the United States their credit ratings are used in regulation by the
2904:
2588:. Committee on Homeland Security and Governmental Affairs. pp. 6, 57
2519:
2475:
2405:
1465:"Moody's Buys Climate Data Firm, Signaling New Scrutiny of Climate Risks"
1441:
1305:
1407:
1197:
Fixed Income Analytics: Bonds in High and Low Interest Rate Environments
1120:
961:
In March 2013 Moody's Investors Service published their report entitled
2894:
2579:"Wall Street and the Financial Crisis: Anatomy of a Financial Collapse"
2549:"Wall Street and the Financial Crisis: Anatomy of a Financial Collapse"
1907:"Publishing Start-Up Agrees to Buy Moody's Information Publishing Unit"
1079:
776:
740:
677:, although they continued to operate largely as independent companies.
1581:
1029:
2759:"Moody's pays $ 864 million to U.S., states over pre-crisis ratings"
2666:"CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch"
2558:. Committee on Homeland Security and Governmental Affairs. p. 6
915:, found that rating agencies had underestimated the severity of the
286:
Moody's Ratings and its close competitors play a key role in global
515:
Judged to have speculative elements and a significant credit risk.
184:
issued by commercial and government entities. Moody's, along with
2361:"EU fines Moody's for failing to disclose conflicts of interests"
2899:
1282:
White, Lawrence J. (Spring 2010). "The Credit Rating Agencies".
2854:
614:. In 1900, Moody published his first market assessment, called
885:
on tens of thousands of mortgage-backed securities and CDOs."
337:
and publishers of financial information for investors such as
1223:"Moody's Investors Service Sheds Century-Old Name in Rebrand"
479:
High ability or acceptable ability to repay short term debt
2838:
2687:
Richard Cantor; Nicolas Weill; Warren Kornfel (May 2008).
2172:"Credit Raters' Power Leads to Abuses, Some Borrowers Say"
148:
616:
Moody's Manual of Industrial and Miscellaneous Securities
1776:
European corporate governance: readings and perspectives
2315:"Moody's denies threatening firms with lower ratings".
2296:. Securities and Exchange Commission. 30 September 2011
2198:"How Moody's sold its ratings – and sold out investors"
2883:
Nationally recognized statistical rating organizations
1894:. Committee on the Global Financial System. July 2008.
1576:
1574:
1572:
1570:
934:, settled fourteen lawsuits filed by groups including
697:
related to the increasing availability of inexpensive
443:
Best ability or high ability to repay short term debt
304:
Nationally Recognized Statistical Rating Organizations
1846:. Securities and Exchange Commission. 2 February 2007
1621:
A Historical Primer on the Business of Credit Ratings
248:
Nationally Recognized Statistical Rating Organization
2432:"Ratings Firms Defend Assessment of Loan Securities"
1905:
Reporter, a Wall Street Journal Staff (1998-07-16).
1659:
1657:
1655:
1653:
1651:
1649:
1550:"Report on the Activities of Credit Rating Agencies"
540:
Judged as being speculative and a high credit risk.
394:
Rated as the highest quality and lowest credit risk.
2974:
Financial services companies based in New York City
2542:
2540:
143:
131:
121:
113:
92:
74:
66:
58:
48:
40:
2237:. U.S. Government Printing Office. 9 February 2009
1699:
1667:Financial Gatekeepers: Can They Protect Investors?
1379:
1230:
16:Bond credit rating business of Moody's Corporation
2614:. The Kenan Institute for Ethics, Duke University
2263:. Sidley Austin LLP. 4 March 2010. Archived from
1670:. Washington, D.C.: Brookings Institution Press.
1582:"Moody's History: A Century of Market Leadership"
1325:"Principles for Reducing Reliance on CRA Ratings"
669:In 1962, Moody's Investors Service was bought by
558:Rated as poor quality and very high credit risk.
427:Rated as upper-medium grade and low credit risk.
2979:Financial services companies established in 1909
2812:. Global Credit Research. New York. 18 Mar 2013.
2664:Tomlinson, Richard; Evans, David (31 May 2007).
409:Rated as high quality and very low credit risk.
270:Together, they are sometimes referred to as the
1863:
1861:
1750:. American Enterprise Institute. Archived from
1373:
1371:
1369:
1277:
1275:
1273:
1271:
1269:
1267:
1265:
1263:
1261:
522:Do not fall within any of the prime categories
1881:
1879:
1367:
1365:
1363:
1361:
1359:
1357:
1355:
1353:
1351:
1349:
351:Moody's purchased a controlling share in the "
19:"Moody's" redirects here. For other uses, see
2866:
8:
1955:"Dun & Bradstreet Will Spin Off Moody's"
1334:. Financial Stability Board. 27 October 2010
1319:
1317:
1315:
491:Acceptable ability to repay short term debt
254:. Following several decades of ownership by
26:
2633:Friedman, Jeffrey (January–February 2010).
1808:"Moody's Corporation Form 10-K Filing 2005"
1664:Yasuyuki, Fuchita; Robert E. Litan (2006).
1610:
1608:
1606:
1604:
1602:
1171:"A Brief History Of Credit Rating Agencies"
2873:
2859:
2851:
2843:
907:In 2008, a study group established by the
32:
25:
2734:"S&P, Moody's Settle Ratings Lawsuit"
2102:"Moody's threatens to downgrade Thailand"
1498:"Moody's snaps up climate risk data firm"
1414:. U.S. Securities and Exchange Commission
1295:
673:, a firm engaged in the related field of
909:Committee on the Global Financial System
366:
1463:Flavelle, Christopher (July 25, 2019).
1095:
1055:Global Industry Classification Standard
628:fueled several changes in the markets.
300:U.S. Securities and Exchange Commission
252:U.S. Securities and Exchange Commission
2228:"Re-Proposed Amendments to Rule 17g–5"
2160:, 175 F.3d 848 (1999).
1953:Kenneth N. Gilpin (16 December 1999).
1742:White, Lawrence J. (24 January 2009).
1101:
1099:
890:residential mortgage-backed securities
463:High ability to repay short term debt
401:Best ability to repay short-term debt
355:data firm" Four Twenty Seven in 2019.
921:commercial mortgage-backed securities
801:, and Portugal in 2011 following the
724:, as well as criticism following the
44:Moody's Investors Service (1914–2024)
7:
2959:1909 establishments in New York City
1779:. Taylor & Francis. p. 15.
1744:"Agency Problems—And Their Solution"
291:comparison for their own judgments.
2732:Jeannette Neumann (26 April 2013).
2051:The Financial Crisis Inquiry Report
2032:The Financial Crisis Inquiry Report
1817:. Moody's Corporation. 8 March 2005
926:In April 2013, Moody's, along with
842:, but again no charges were filed.
70:Moody's Analyses Publishing Company
2919:HR Ratings de MĂ©xico, S.A. de C.V.
2586:Majority and Minority Staff Report
2556:Majority and Minority Staff Report
2100:Maierbrugger, Arno (6 June 2013).
1065:List of countries by credit rating
913:Bank for International Settlements
664:Securities and Exchange Commission
329:, which focuses on obligations of
14:
2196:Kevin D. Hall (18 October 2009).
1530:. Moody's Investors Service. 2011
1408:"Credit Rating Agencies – NRSROs"
1150:. Moody's Investors Service. 2011
751:Structured finance boom and after
2641:. Cato Institute. Archived from
1284:Journal of Economic Perspectives
1221:Clanton, Alicia (6 March 2024).
1004:
990:
976:
882:Financial Crisis Inquiry Report,
705:revenues came from issuer fees.
633:Analysis of Railroad Investments
194:Big Three credit rating agencies
2170:Alec Klein (24 November 2004).
1979:Louise Bowman (November 2000).
1060:Leveraged Commentary & Data
770:Collateralized debt obligations
757:Financial Crisis Inquiry Report
2635:"A Perfect Storm of Ignorance"
2335:Journal of Financial Economics
1440:. 5 March 2010. Archived from
1194:Marty, Wolfgang (2017-10-14).
900:" of events leading up to the
894:collateralized debt obligation
803:European sovereign debt crisis
358:
231:; managed investments such as
1:
2430:Alec Klein (28 August 2011).
2347:10.1016/j.jfineco.2011.03.012
853:Alleged conflicts of interest
685:In the late 1960s and 1970s,
196:. It is also included in the
2696:Moody's Global Credit Policy
1386:. Cornell University Press.
1378:Timothy J. Sinclair (2005).
1040:Dominion Bond Rating Service
283:is a free-standing company.
80:; 115 years ago
1332:financialstabilityboard.org
1050:Dagong Global Credit Rating
1045:Dagong Europe Credit Rating
911:(CGFS), a committee of the
799:1997 Asian financial crisis
192:, is considered one of the
3000:
2923:Japan Credit Rating Agency
2910:Egan-Jones Ratings Company
1698:Richard S. Wilson (1987).
902:2007–2008 financial crisis
874:2007–2008 financial crisis
868:2007–2008 financial crisis
847:2007–2008 financial crisis
816:Jefferson County, Colorado
766:mortgage-backed securities
761:mortgage-backed securities
734:2007–2008 financial crisis
722:U.S. Department of Justice
654:
599:
596:Founding and early history
517:
18:
2933:Moody's Investors Service
2890:
936:Abu Dhabi Commercial Bank
836:New York Attorney General
610:, the inventor of modern
583:
557:
539:
514:
506:
503:
500:
495:
455:
434:
426:
408:
396:
385:
382:
379:
374:
369:
308:Financial Stability Board
166:Moody's Investors Service
31:
2964:1909 in economic history
2928:Kroll Bond Rating Agency
2367:. Reuters. 30 March 2021
917:subprime mortgage crisis
730:subprime mortgage crisis
662:and the creation of the
219:segments. These include
211:. Moody's Ratings rates
21:Moody's (disambiguation)
2984:Multinational companies
2738:The Wall Street Journal
2719:The Wall Street Journal
2006:All the Devils Are Here
1773:Clarke, Thomas (2009).
1121:"Fortune 500 – Moody's"
940:King County, Washington
923:(CMBS) market in 2007.
824:U.S. Justice Department
745:publicly traded company
370:Moody's credit ratings
266:Role in capital markets
242:Moody's was founded by
168:, often referred to as
2969:Credit rating agencies
2938:S&P Global Ratings
957:Global Credit Research
822:In the mid-1990s, the
359:Moody's credit ratings
203:The company ranks the
164:, previously known as
2698:. Moody's Corporation
1815:files.shareholder.com
1524:"Ratings Definitions"
1502:Environmental Finance
928:Standard & Poor's
312:G-20 member countries
186:Standard & Poor's
2004:McLean, and Nocera.
1306:10.1257/jep.24.2.211
1107:"Inline XBRL Viewer"
984:New York City portal
951:District of Columbia
859:conflict of interest
792:Sovereign downgrades
710:Bretton Woods system
703:credit rating agency
671:Dun & Bradstreet
651:1930s to mid-century
262:to Moody's Ratings.
256:Dun & Bradstreet
98:7 World Trade Center
2436:The Washington Post
2208:on 11 February 2010
2176:The Washington Post
2143:The Financial Times
1911:Wall Street Journal
1729:The Washington Post
1706:. Chicago: Probus.
1634:on 28 February 2017
809:Unsolicited ratings
657:Moody's Corporation
612:bond credit ratings
602:Moody's Corporation
507:Short-term ratings
386:Short-term ratings
331:insurance companies
281:Moody's Corporation
178:Moody's Corporation
138:Moody's Corporation
123:Number of employees
62:Bond credit ratings
28:
2645:on 8 November 2011
2639:Cato Policy Report
2525:on 12 January 2012
2481:on 12 January 2012
2411:on 12 January 2012
1985:Airfinance Journal
1959:The New York Times
1754:on 2 November 2013
1618:(1–2 March 2000).
1469:The New York Times
878:structured finance
699:photocopy machines
695:free rider problem
591:History of Moody's
496:Speculative grade
320:money market funds
237:structured finance
233:money market funds
174:bond credit rating
2946:
2945:
2765:. 14 January 2017
2515:978-0-16-087727-8
2471:978-0-16-087727-8
2401:978-0-16-087727-8
1677:978-0-8157-2981-5
1207:978-3-319-48541-6
1075:Moody's Analytics
588:
587:
504:Long-term ratings
383:Long-term ratings
375:Investment grade
335:Morningstar, Inc.
159:
158:
127:5,076 (2020)
2991:
2875:
2868:
2861:
2852:
2847:
2842:
2841:
2839:Official website
2825:
2824:
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2723:
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2714:
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2693:
2684:
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2661:
2655:
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2613:
2604:
2598:
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2593:
2583:
2574:
2568:
2567:
2565:
2563:
2553:
2544:
2535:
2534:
2532:
2530:
2524:
2518:. Archived from
2507:
2497:
2491:
2490:
2488:
2486:
2480:
2474:. Archived from
2463:
2453:
2447:
2446:
2444:
2442:
2427:
2421:
2420:
2418:
2416:
2410:
2404:. Archived from
2393:
2383:
2377:
2376:
2374:
2372:
2357:
2351:
2350:
2327:
2321:
2320:
2312:
2306:
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2301:
2291:
2283:
2277:
2276:
2274:
2272:
2253:
2247:
2246:
2244:
2242:
2235:Federal Register
2232:
2224:
2218:
2217:
2215:
2213:
2204:. Archived from
2193:
2187:
2186:
2184:
2182:
2167:
2161:
2159:
2153:
2147:
2146:
2138:
2132:
2131:
2123:
2117:
2116:
2114:
2112:
2097:
2091:
2090:
2088:
2086:
2081:on 25 April 2012
2080:
2074:. Archived from
2073:
2065:
2059:
2058:
2056:
2046:
2040:
2039:
2037:
2027:
2021:
2015:
2009:
2002:
1996:
1995:
1993:
1991:
1976:
1970:
1969:
1967:
1965:
1950:
1944:
1943:
1935:
1929:
1928:
1926:
1925:
1902:
1896:
1895:
1883:
1874:
1873:
1872:. 28 March 1996.
1865:
1856:
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1841:
1833:
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1404:
1398:
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1385:
1375:
1344:
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1329:
1321:
1310:
1309:
1299:
1279:
1256:
1255:
1251:
1245:
1244:
1242:
1240:
1234:
1229:. Archived from
1218:
1212:
1211:
1191:
1185:
1184:
1182:
1181:
1169:Finney, Denise.
1166:
1160:
1159:
1157:
1155:
1148:"Market Segment"
1144:
1138:
1137:
1135:
1133:
1117:
1111:
1110:
1103:
1070:Moody's Aaa Bond
1014:
1012:Economics portal
1009:
1008:
1000:
998:Companies portal
995:
994:
993:
986:
981:
980:
979:
838:'s office under
687:commercial paper
675:credit reporting
367:
316:commercial paper
205:creditworthiness
155:
152:
150:
88:
86:
81:
36:
29:
2999:
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2992:
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2726:
2716:
2715:
2711:
2701:
2699:
2691:
2686:
2685:
2681:
2671:
2669:
2668:. Bloomberg L.P
2663:
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2658:
2648:
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2617:
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2611:
2606:
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2538:
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2478:
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2461:
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2429:
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2424:
2414:
2412:
2408:
2402:
2391:
2385:
2384:
2380:
2370:
2368:
2365:www.reuters.com
2359:
2358:
2354:
2329:
2328:
2324:
2319:. 29 June 1996.
2314:
2313:
2309:
2299:
2297:
2289:
2285:
2284:
2280:
2270:
2268:
2267:on 5 March 2012
2255:
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2155:
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2135:
2125:
2124:
2120:
2110:
2108:
2106:Inside Investor
2099:
2098:
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2084:
2082:
2078:
2071:
2067:
2066:
2062:
2054:
2048:
2047:
2043:
2035:
2029:
2028:
2024:
2016:
2012:
2008:, 2010 (p.124)
2003:
1999:
1989:
1987:
1981:"Moody's blues"
1978:
1977:
1973:
1963:
1961:
1952:
1951:
1947:
1937:
1936:
1932:
1923:
1921:
1904:
1903:
1899:
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1877:
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1791:
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1772:
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1767:
1757:
1755:
1741:
1740:
1736:
1726:
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1721:
1714:
1697:
1696:
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1682:
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1678:
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1637:
1635:
1631:
1624:
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1600:
1590:
1588:
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1579:
1568:
1558:
1556:
1552:
1548:
1547:
1543:
1533:
1531:
1522:
1521:
1517:
1507:
1505:
1504:. July 24, 2019
1496:
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1394:
1377:
1376:
1347:
1337:
1335:
1327:
1323:
1322:
1313:
1297:10.1.1.612.7054
1281:
1280:
1259:
1253:
1252:
1248:
1238:
1236:
1235:on 7 March 2024
1220:
1219:
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1105:
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1097:
1093:
1085:Spread Research
1010:
1003:
996:
991:
989:
982:
977:
975:
972:
959:
870:
855:
811:
794:
789:
753:
708:The end of the
683:
659:
653:
604:
598:
593:
590:
521:
490:
478:
462:
442:
400:
361:
339:Thomson Reuters
288:capital markets
268:
250:(NRSRO) by the
229:corporate bonds
213:debt securities
162:Moody's Ratings
147:
124:
109:
105:
100:
84:
82:
79:
27:Moody's Ratings
24:
17:
12:
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5:
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2877:
2870:
2863:
2855:
2849:
2848:
2832:
2831:External links
2829:
2827:
2826:
2815:
2801:
2776:
2750:
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2709:
2679:
2656:
2625:
2607:Selig, Kevin.
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2341:(3): 493–514.
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845:Following the
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714:broker-dealers
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655:Main article:
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637:Moody's Manual
621:Moody's Manual
600:Main article:
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343:Bloomberg L.P.
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200:list of 2021.
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1616:Richard Sylla
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1444:on 9 May 2013
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1393:9780801443282
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