872:, 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".
930:, 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
2856:
317:(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
646:, 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
841:, 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
989:
677:(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.
45:
1017:
1003:
629:, 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,
375:
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.
758:. 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%.
976:
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
672:
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,
358:
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.
895:
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
807:
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
774:
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
730:
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
301:
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
829:
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"
374:
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
860:, 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.
650:
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
731:
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
289:
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
712:, 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
727:, 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.
907:(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 "
783:. 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.
754:). 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
793:
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.
824:
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
2984:
786:
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
723:
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
956:
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
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1233:
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314:
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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
258:
845:, 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
766:
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
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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."
704:
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
269:, 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
775:
mortgage crisis, Moody's updated its approach for estimating default correlation of non-prime/nontraditional mortgages involved in structured financial products like
875:
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).
1242:
2969:
658:
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.
2371:
899:
Faced with having to put more capital against lower rated securities, investors such as banks, pension funds and insurance companies sought to sell their
1445:"Zacks Analyst Blog Highlights: Moody's Corp, Thomson-Reuters Corp., RiskMetrics Group Inc., Dun & Bradstreet Corp. and Interactive Data Corporation"
1754:
790:($ 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.
2795:
964:. Then California Attorney General Kamala Harris and then Missouri Attorney General Joshua Hawley were among the state signatories to the settlement.
305:
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
2513:
The
Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
2469:
The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
2399:
The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
919:
1630:
1206:
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securities. Moody's and its close competitors were subject to criticism following large downgrade actions beginning in July 2007. According to the
2728:
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'".
1065:
310:
262:
191:, representing the company's traditional line of business and its historical name. Moody's Ratings provides international financial research on
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2480:
2410:
1686:
1216:
587:
Judged to be highly speculative and with likelihood of being near or in default, but some possibility of recovering principal and interest.
900:
250:. 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.
2645:
957:
931:
834:
767:
732:
2267:
868:
The "issuer pays" business model adopted in the 1970s by Moody's and other rating agencies has been criticized for creating a possible
1075:
923:
674:
652:
282:
204:
2974:
2079:
1795:
1722:
1402:
321:(FSB) created a set of "principles to reduce reliance" on credit rating agencies in the laws, regulations and market practices of
2994:
1508:
257:
in 1909, to produce manuals of statistics related to stocks and bonds and bond ratings. In 1975, the company was identified as a
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2979:
2883:
2820:
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1818:
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1117:
912:
884:
857:
744:
2208:
904:
813:
780:
618:
254:
2041:
1070:
837:'s antitrust division opened an investigation to determine whether unsolicited ratings amounted to an illegal exercise of
655:" credit rating agencies: Poor's in 1916, Standard Statistics Company in 1922, and the Fitch Publishing Company in 1924.
2943:
2442:
1965:
1050:
635:
was a nationally recognized publication. Moody was forced to sell his business, due to a shortage of capital, when the
2298:"2011 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization"
1060:
1055:
809:
1638:. The Role of Credit Reporting Systems in the International Economy. Washington, D.C.: The World Bank. Archived from
1475:
31:
2511:
2467:
2397:
2268:"New Information-Posting Requirements for Issuers, Sponsors and Underwriters of Rated Structured Finance Securities"
2068:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. pp. 221–2.
1991:
1444:
1181:
246:
and fixed-income funds; financial institutions including banks and non-bank finance companies; and asset classes in
2933:
2920:
2589:
2559:
826:
2834:
Cash Pile Grows 10% to $ 1.45 Trillion; Overseas Holdings Continue to Expand (Report). Moody's Investors Service.
2049:. National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011. p. 147.
946:
846:
318:
2938:
2029:
Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
927:
776:
771:
740:
750:
In 1998, Dun & Bradstreet sold the Moody's publishing business to Financial Communications (later renamed
1762:
953:. The lawsuits alleged that the agencies inflated their ratings on purchased structured investment vehicles.
2699:
2080:"1 AFGI070708.ppt Subprime Crisis: Timeline of Rating Agency Actions Excerpted from a July 2008 AFGI Report"
950:
938:
196:
2744:
2676:
1302:
667:
612:
291:
188:
148:
1848:"Oversight of Credit Rating Agencies Registered as Nationally Recognized Statistical Rating Organization"
1738:
White, Ben (31 January 2002). "Do Rating Agencies Make the Grade?; Enron Case Revives Some Old Issues".
1639:
595:
Rated as the lowest quality, usually in default and low likelihood of recovering principal or interest.
2948:
2769:
2182:
1676:
218:
of borrowers using a standardized ratings scale which measures expected investor loss in the event of
1566:. The Technical Committee of the International Organization of Securities Commissions. September 2003
1085:
994:
869:
720:
713:
322:
108:
1307:
2876:
2700:"Introducing assumption volatility scores and loss sensitivities for structured finance securities"
1534:
1335:
1080:
830:
and therefore constitutionally protected; the court agreed, and the decision was upheld on appeal.
681:
266:
2112:
1136:
888:
705:
622:
247:
223:
184:
1897:"Ratings in structured finance: what went wrong and what can be done to address shortcomings?".
1158:
808:
at the time include Australia in the 1980s, Canada and Japan in the 1990s, Thailand during the
2653:
2520:
2476:
2406:
2238:
1925:
1791:
1718:
1682:
1483:
1398:
1393:
The New Masters of Capital: American Bond Rating Agencies and the Politics of Creditworthiness
1212:
631:
345:
344:. Companies with which Moody's competes in specific areas include investment research company
330:
243:
219:
2619:
2405:. Washington, DC: U.S. Government Printing Office. January 2011. pp. xxv, 221–222, 226.
2353:
2275:
2137:
Jason Raznick (8 July 2011). "How to Profit from European Threats Against Rating Agencies".
1949:
Lynn Sherman (16 December 1999). "Independent Moody's Could Be A More Vigorous Competitor".
1312:
1022:
1008:
961:
697:
326:
1713:
Corporate Senior Securities: Analysis and Evaluation of Bonds, Convertibles, and Preferreds
2060:
2028:
1095:
701:
349:
231:
2086:
17:
2855:
2869:
1847:
1391:
942:
770:, during the years 2005, 2006, and 2007, rating of structured finance products such as
755:
353:
306:
298:
239:
235:
192:
143:
2821:"Announcement: Moody's: US companies' cash pile grows 10% in 2012, to $ 1.45 trillion"
2620:"Greed, Negligence or System Failure? Credit Rating Agencies and the Financial Crisis"
2963:
2925:
1711:
1626:
908:
850:
736:
724:
685:
636:
286:
112:
1917:
1265:
Felix Salmon (9 August 2011). "The difference between S&P and Moody's". Reuters.
44:
1045:
960:, and the remaining $ 426.3 million penalty would be split among 21 states and the
838:
363:
2357:
2216:
2344:; Milbourn, Todd (2011). "How did increased competition affect credit ratings?".
1560:
2152:
Wolfgang Münchau (10 July 2011). "Don't blame Moody's for a messy euro crisis".
842:
709:
642:
Moody returned in 1909 with a new publication focused solely on railroad bonds,
227:
215:
208:
200:
2588:
United States Senate Permanent Subcommittee on Investigations (13 April 2011).
2558:
United States Senate Permanent Subcommittee on Investigations (13 April 2011).
1879:"Watching the Watchers: Justice Department Launches Probe of Moody's Ratings".
467:
Rated as medium grade, with some speculative elements and moderate credit risk.
2519:. Washington, DC: U.S. Government Printing Office. January 2011. p. 155.
2475:. Washington, DC: U.S. Government Printing Office. January 2011. p. 122.
1030:
984:
337:
325:. Since the early 1990s, the SEC has also used NRSRO ratings in measuring the
270:
63:
2168:
Jefferson County School District No. R-1 v. Moody's Investor's Services, Inc.
1929:
1487:
2341:
1035:
974:
Cash Pile Grows 10% to $ 1.45 Trillion; Overseas Holdings Continue to Expand
887:
led to increased scrutiny to credit rating agencies' assessments of complex
341:
336:
The SEC has designated seven other firms as NRSROs, including, for example,
617:
Moody's traces its history back to two publishing companies established by
2796:"Moody's to pay nearly $ 864 million to settle claims it inflated ratings"
1016:
309:. In the United States their credit ratings are used in regulation by the
2915:
2599:. Committee on Homeland Security and Governmental Affairs. pp. 6, 57
2530:
2486:
2416:
1476:"Moody's Buys Climate Data Firm, Signaling New Scrutiny of Climate Risks"
1452:
1316:
1418:
1208:
Fixed Income Analytics: Bonds in High and Low Interest Rate Environments
1131:
972:
In March 2013 Moody's Investors Service published their report entitled
2905:
2590:"Wall Street and the Financial Crisis: Anatomy of a Financial Collapse"
2560:"Wall Street and the Financial Crisis: Anatomy of a Financial Collapse"
1918:"Publishing Start-Up Agrees to Buy Moody's Information Publishing Unit"
1090:
787:
751:
688:, although they continued to operate largely as independent companies.
1592:
1040:
2770:"Moody's pays $ 864 million to U.S., states over pre-crisis ratings"
2677:"CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch"
2569:. Committee on Homeland Security and Governmental Affairs. p. 6
926:, found that rating agencies had underestimated the severity of the
297:
Moody's Ratings and its close competitors play a key role in global
526:
Judged to have speculative elements and a significant credit risk.
195:
issued by commercial and government entities. Moody's, along with
2372:"EU fines Moody's for failing to disclose conflicts of interests"
2910:
1293:
White, Lawrence J. (Spring 2010). "The Credit Rating Agencies".
2865:
625:. In 1900, Moody published his first market assessment, called
896:
on tens of thousands of mortgage-backed securities and CDOs."
348:
and publishers of financial information for investors such as
1234:"Moody's Investors Service Sheds Century-Old Name in Rebrand"
490:
High ability or acceptable ability to repay short term debt
2849:
2698:
Richard Cantor; Nicolas Weill; Warren Kornfel (May 2008).
2183:"Credit Raters' Power Leads to Abuses, Some Borrowers Say"
159:
627:
Moody's Manual of Industrial and Miscellaneous Securities
1787:
European corporate governance: readings and perspectives
2326:"Moody's denies threatening firms with lower ratings".
2307:. Securities and Exchange Commission. 30 September 2011
2209:"How Moody's sold its ratings – and sold out investors"
2894:
Nationally recognized statistical rating organizations
1905:. Committee on the Global Financial System. July 2008.
1587:
1585:
1583:
1581:
945:, settled fourteen lawsuits filed by groups including
708:
related to the increasing availability of inexpensive
454:
Best ability or high ability to repay short term debt
315:
Nationally Recognized Statistical Rating Organizations
1857:. Securities and Exchange Commission. 2 February 2007
1632:
A Historical Primer on the Business of Credit Ratings
259:
Nationally Recognized Statistical Rating Organization
2443:"Ratings Firms Defend Assessment of Loan Securities"
1916:
Reporter, a Wall Street Journal Staff (1998-07-16).
1670:
1668:
1666:
1664:
1662:
1660:
1561:"Report on the Activities of Credit Rating Agencies"
551:
Judged as being speculative and a high credit risk.
405:
Rated as the highest quality and lowest credit risk.
2985:
Financial services companies based in New York City
2553:
2551:
154:
142:
132:
124:
103:
85:
77:
69:
59:
51:
2248:. U.S. Government Printing Office. 9 February 2009
1710:
1678:Financial Gatekeepers: Can They Protect Investors?
1390:
1241:
27:Bond credit rating business of Moody's Corporation
2625:. The Kenan Institute for Ethics, Duke University
2274:. Sidley Austin LLP. 4 March 2010. Archived from
1681:. Washington, D.C.: Brookings Institution Press.
1593:"Moody's History: A Century of Market Leadership"
1336:"Principles for Reducing Reliance on CRA Ratings"
680:In 1962, Moody's Investors Service was bought by
569:Rated as poor quality and very high credit risk.
438:Rated as upper-medium grade and low credit risk.
2990:Financial services companies established in 1909
2823:. Global Credit Research. New York. 18 Mar 2013.
2675:Tomlinson, Richard; Evans, David (31 May 2007).
420:Rated as high quality and very low credit risk.
281:Together, they are sometimes referred to as the
1874:
1872:
1761:. American Enterprise Institute. Archived from
1384:
1382:
1380:
1288:
1286:
1284:
1282:
1280:
1278:
1276:
1274:
1272:
533:Do not fall within any of the prime categories
1892:
1890:
1378:
1376:
1374:
1372:
1370:
1368:
1366:
1364:
1362:
1360:
362:Moody's purchased a controlling share in the "
30:"Moody's" redirects here. For other uses, see
2877:
8:
1966:"Dun & Bradstreet Will Spin Off Moody's"
1345:. Financial Stability Board. 27 October 2010
1330:
1328:
1326:
502:Acceptable ability to repay short term debt
265:. Following several decades of ownership by
37:
2644:Friedman, Jeffrey (January–February 2010).
1819:"Moody's Corporation Form 10-K Filing 2005"
1675:Yasuyuki, Fuchita; Robert E. Litan (2006).
1621:
1619:
1617:
1615:
1613:
1182:"A Brief History Of Credit Rating Agencies"
2884:
2870:
2862:
2854:
918:In 2008, a study group established by the
43:
36:
2745:"S&P, Moody's Settle Ratings Lawsuit"
2113:"Moody's threatens to downgrade Thailand"
1509:"Moody's snaps up climate risk data firm"
1425:. U.S. Securities and Exchange Commission
1306:
684:, a firm engaged in the related field of
920:Committee on the Global Financial System
377:
1474:Flavelle, Christopher (July 25, 2019).
1106:
1066:Global Industry Classification Standard
639:fueled several changes in the markets.
311:U.S. Securities and Exchange Commission
263:U.S. Securities and Exchange Commission
2239:"Re-Proposed Amendments to Rule 17g–5"
2171:, 175 F.3d 848 (1999).
1964:Kenneth N. Gilpin (16 December 1999).
1753:White, Lawrence J. (24 January 2009).
1112:
1110:
901:residential mortgage-backed securities
474:High ability to repay short term debt
412:Best ability to repay short-term debt
366:data firm" Four Twenty Seven in 2019.
932:commercial mortgage-backed securities
812:, and Portugal in 2011 following the
735:, as well as criticism following the
55:Moody's Investors Service (1914–2024)
7:
2970:1909 establishments in New York City
1790:. Taylor & Francis. p. 15.
1755:"Agency Problems—And Their Solution"
302:comparison for their own judgments.
2743:Jeannette Neumann (26 April 2013).
2062:The Financial Crisis Inquiry Report
2043:The Financial Crisis Inquiry Report
1828:. Moody's Corporation. 8 March 2005
937:In April 2013, Moody's, along with
853:, but again no charges were filed.
81:Moody's Analyses Publishing Company
2930:HR Ratings de México, S.A. de C.V.
2597:Majority and Minority Staff Report
2567:Majority and Minority Staff Report
2111:Maierbrugger, Arno (6 June 2013).
1076:List of countries by credit rating
924:Bank for International Settlements
675:Securities and Exchange Commission
340:, which focuses on obligations of
25:
2207:Kevin D. Hall (18 October 2009).
1541:. Moody's Investors Service. 2011
1419:"Credit Rating Agencies – NRSROs"
1161:. Moody's Investors Service. 2011
762:Structured finance boom and after
2652:. Cato Institute. Archived from
1295:Journal of Economic Perspectives
1232:Clanton, Alicia (6 March 2024).
1015:
1001:
987:
893:Financial Crisis Inquiry Report,
716:revenues came from issuer fees.
644:Analysis of Railroad Investments
205:Big Three credit rating agencies
2181:Alec Klein (24 November 2004).
1990:Louise Bowman (November 2000).
1071:Leveraged Commentary & Data
781:Collateralized debt obligations
768:Financial Crisis Inquiry Report
2646:"A Perfect Storm of Ignorance"
2346:Journal of Financial Economics
1451:. 5 March 2010. Archived from
1205:Marty, Wolfgang (2017-10-14).
911:" of events leading up to the
905:collateralized debt obligation
814:European sovereign debt crisis
369:
242:; managed investments such as
1:
2441:Alec Klein (28 August 2011).
2358:10.1016/j.jfineco.2011.03.012
864:Alleged conflicts of interest
696:In the late 1960s and 1970s,
207:. It is also included in the
2707:Moody's Global Credit Policy
1397:. Cornell University Press.
1389:Timothy J. Sinclair (2005).
1051:Dominion Bond Rating Service
294:is a free-standing company.
91:; 115 years ago
1343:financialstabilityboard.org
1061:Dagong Global Credit Rating
1056:Dagong Europe Credit Rating
922:(CGFS), a committee of the
810:1997 Asian financial crisis
203:, is considered one of the
3011:
2934:Japan Credit Rating Agency
2921:Egan-Jones Ratings Company
1709:Richard S. Wilson (1987).
913:2007–2008 financial crisis
885:2007–2008 financial crisis
879:2007–2008 financial crisis
858:2007–2008 financial crisis
827:Jefferson County, Colorado
777:mortgage-backed securities
772:mortgage-backed securities
745:2007–2008 financial crisis
733:U.S. Department of Justice
665:
610:
607:Founding and early history
528:
29:
2944:Moody's Investors Service
2901:
947:Abu Dhabi Commercial Bank
847:New York Attorney General
621:, the inventor of modern
594:
568:
550:
525:
517:
514:
511:
506:
466:
445:
437:
419:
407:
396:
393:
390:
385:
380:
319:Financial Stability Board
177:Moody's Investors Service
42:
18:Moody’s Investors Service
2975:1909 in economic history
2939:Kroll Bond Rating Agency
2378:. Reuters. 30 March 2021
928:subprime mortgage crisis
741:subprime mortgage crisis
673:and the creation of the
230:segments. These include
222:. Moody's Ratings rates
32:Moody's (disambiguation)
2995:Multinational companies
2749:The Wall Street Journal
2730:The Wall Street Journal
2017:All the Devils Are Here
1784:Clarke, Thomas (2009).
1132:"Fortune 500 – Moody's"
951:King County, Washington
934:(CMBS) market in 2007.
835:U.S. Justice Department
756:publicly traded company
381:Moody's credit ratings
277:Role in capital markets
253:Moody's was founded by
179:, often referred to as
2980:Credit rating agencies
2949:S&P Global Ratings
968:Global Credit Research
833:In the mid-1990s, the
370:Moody's credit ratings
214:The company ranks the
175:, previously known as
2709:. Moody's Corporation
1826:files.shareholder.com
1535:"Ratings Definitions"
1513:Environmental Finance
939:Standard & Poor's
323:G-20 member countries
197:Standard & Poor's
2015:McLean, and Nocera.
1317:10.1257/jep.24.2.211
1118:"Inline XBRL Viewer"
995:New York City portal
962:District of Columbia
870:conflict of interest
803:Sovereign downgrades
721:Bretton Woods system
714:credit rating agency
682:Dun & Bradstreet
662:1930s to mid-century
273:to Moody's Ratings.
267:Dun & Bradstreet
109:7 World Trade Center
2447:The Washington Post
2219:on 11 February 2010
2187:The Washington Post
2154:The Financial Times
1922:Wall Street Journal
1740:The Washington Post
1717:. Chicago: Probus.
1645:on 28 February 2017
820:Unsolicited ratings
668:Moody's Corporation
623:bond credit ratings
613:Moody's Corporation
518:Short-term ratings
397:Short-term ratings
342:insurance companies
292:Moody's Corporation
189:Moody's Corporation
149:Moody's Corporation
134:Number of employees
73:Bond credit ratings
39:
2656:on 8 November 2011
2650:Cato Policy Report
2536:on 12 January 2012
2492:on 12 January 2012
2422:on 12 January 2012
1996:Airfinance Journal
1970:The New York Times
1765:on 2 November 2013
1629:(1–2 March 2000).
1480:The New York Times
889:structured finance
710:photocopy machines
706:free rider problem
602:History of Moody's
507:Speculative grade
331:money market funds
248:structured finance
244:money market funds
185:bond credit rating
2957:
2956:
2776:. 14 January 2017
2526:978-0-16-087727-8
2482:978-0-16-087727-8
2412:978-0-16-087727-8
1688:978-0-8157-2981-5
1218:978-3-319-48541-6
1086:Moody's Analytics
599:
598:
515:Long-term ratings
394:Long-term ratings
386:Investment grade
346:Morningstar, Inc.
170:
169:
138:5,076 (2020)
16:(Redirected from
3002:
2886:
2879:
2872:
2863:
2858:
2853:
2852:
2850:Official website
2836:
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2579:
2578:
2576:
2574:
2564:
2555:
2546:
2545:
2543:
2541:
2535:
2529:. Archived from
2518:
2508:
2502:
2501:
2499:
2497:
2491:
2485:. Archived from
2474:
2464:
2458:
2457:
2455:
2453:
2438:
2432:
2431:
2429:
2427:
2421:
2415:. Archived from
2404:
2394:
2388:
2387:
2385:
2383:
2368:
2362:
2361:
2338:
2332:
2331:
2323:
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2294:
2288:
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2258:
2257:
2255:
2253:
2246:Federal Register
2243:
2235:
2229:
2228:
2226:
2224:
2215:. Archived from
2204:
2198:
2197:
2195:
2193:
2178:
2172:
2170:
2164:
2158:
2157:
2149:
2143:
2142:
2134:
2128:
2127:
2125:
2123:
2108:
2102:
2101:
2099:
2097:
2092:on 25 April 2012
2091:
2085:. Archived from
2084:
2076:
2070:
2069:
2067:
2057:
2051:
2050:
2048:
2038:
2032:
2026:
2020:
2013:
2007:
2006:
2004:
2002:
1987:
1981:
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1976:
1961:
1955:
1954:
1946:
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1913:
1907:
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1894:
1885:
1884:
1883:. 28 March 1996.
1876:
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1321:
1320:
1310:
1290:
1267:
1266:
1262:
1256:
1255:
1253:
1251:
1245:
1240:. Archived from
1229:
1223:
1222:
1202:
1196:
1195:
1193:
1192:
1180:Finney, Denise.
1177:
1171:
1170:
1168:
1166:
1159:"Market Segment"
1155:
1149:
1148:
1146:
1144:
1128:
1122:
1121:
1114:
1081:Moody's Aaa Bond
1025:
1023:Economics portal
1020:
1019:
1011:
1009:Companies portal
1006:
1005:
1004:
997:
992:
991:
990:
849:'s office under
698:commercial paper
686:credit reporting
378:
327:commercial paper
216:creditworthiness
166:
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99:
97:
92:
47:
40:
21:
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2763:
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2737:
2727:
2726:
2722:
2712:
2710:
2702:
2697:
2696:
2692:
2682:
2680:
2679:. Bloomberg L.P
2674:
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2425:
2423:
2419:
2413:
2402:
2396:
2395:
2391:
2381:
2379:
2376:www.reuters.com
2370:
2369:
2365:
2340:
2339:
2335:
2330:. 29 June 1996.
2325:
2324:
2320:
2310:
2308:
2300:
2296:
2295:
2291:
2281:
2279:
2278:on 5 March 2012
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2146:
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2131:
2121:
2119:
2117:Inside Investor
2110:
2109:
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2095:
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2078:
2077:
2073:
2065:
2059:
2058:
2054:
2046:
2040:
2039:
2035:
2027:
2023:
2019:, 2010 (p.124)
2014:
2010:
2000:
1998:
1992:"Moody's blues"
1989:
1988:
1984:
1974:
1972:
1963:
1962:
1958:
1948:
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1915:
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1910:
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1725:
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1567:
1563:
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1544:
1542:
1533:
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1528:
1518:
1516:
1515:. July 24, 2019
1507:
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1388:
1387:
1358:
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1346:
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1334:
1333:
1324:
1308:10.1.1.612.7054
1292:
1291:
1270:
1264:
1263:
1259:
1249:
1247:
1246:on 7 March 2024
1231:
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1096:Spread Research
1021:
1014:
1007:
1002:
1000:
993:
988:
986:
983:
970:
881:
866:
822:
805:
800:
764:
719:The end of the
694:
670:
664:
615:
609:
604:
601:
532:
501:
489:
473:
453:
411:
372:
350:Thomson Reuters
299:capital markets
279:
261:(NRSRO) by the
240:corporate bonds
224:debt securities
173:Moody's Ratings
158:
135:
120:
116:
111:
95:
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38:Moody's Ratings
35:
28:
23:
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15:
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5:
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2889:
2888:
2881:
2874:
2866:
2860:
2859:
2843:
2842:External links
2840:
2838:
2837:
2826:
2812:
2787:
2761:
2735:
2720:
2690:
2667:
2636:
2618:Selig, Kevin.
2610:
2580:
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2525:
2503:
2481:
2459:
2433:
2411:
2389:
2363:
2352:(3): 493–514.
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1951:The Bond Buyer
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1301:(2): 211–226.
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943:Morgan Stanley
880:
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865:
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856:Following the
821:
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799:
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763:
760:
725:broker-dealers
693:
690:
666:Main article:
663:
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648:Moody's Manual
632:Moody's Manual
611:Main article:
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354:Bloomberg L.P.
307:European Union
278:
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211:list of 2021.
168:
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128:US $ 6B (2021)
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2926:Fitch Ratings
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1797:9780415405331
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1724:9780917253799
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1627:Richard Sylla
1622:
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1489:
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1470:
1467:
1455:on 9 May 2013
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