Moody's Corporation · NYSE:MCO
Moody's — Q1 2024 Earnings Presentation
70 slides from Moody's's earnings presentation, May 16, 2024
Slide 1: 1Q 2024 Investor Presentation
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Slide 2: Agenda
Moody’s Overview Moody’s Analytics (MA) Moody’s Investors Service (MIS) Capital Markets Overview Innovation Appendix 1Q 2024 Investor Presentation 2
Slide 3: Moody's Overview
1Q 2024 Investor Presentation 3
Slide 4: Financial intelligence and analytical tools supporting customers' growth, efficiency and risk management
Financial intelligence and analytical Global provider of integrated Delivering independent credit tools supporting customers’ growth, perspectives on risk, including rating opinions and related efficiency and risk management credit rating opinions, analytical information for over 100 years objective
Slide 5: Tools enabling banks, insurers, investors and corporations to manage risk
Agency of Premier fixed income Unparalleled database SaaS businesses serving mission-critical Choice research business on companies & credit KYC, Banking and Insurance workflows WE PROVIDE TOOLS THAT ENABLE BANKS, INSURERS, INVESTORS, CORPORATIONS AND GOVERNMENTS TO… Issue, Originate, Identify, Meas
Slide 6: Curated Data, Analytics & Insights
Weather and natural disaster analysis Helping customers make better Transfer pricing Supply chain management Current Addressable decisions and trade credit Market1 Fixed income Commercial lending investing Curated Data ENTITIES SECURITIES Regulatory and accounting + KYC and financial crime monitorin
Slide 7: Full Year 2024 Guidance
Decision Solutions Public, Project, & 23% Infrastructure Finance 8% Financial Institutions Research & Insights 47% 33% 10% 14% Non-U.S. Transaction Structured Finance 53% 7% Data & Information 67% U.S. 13% Recurring MA1 Corporate Finance 25% MIS2 FULL YEAR 2024 GUIDANCE3 Revenue Increase in the high
Slide 8: Medium-term guidance
MEDIUM-TERM2,3 MCO REVENUE At least 10% growth MA REVENUE Low-to-mid-teens % growth MIS REVENUE Mid-to-high-single-digit % growth MCO ADJUSTED OPERATING MARGIN Low-50s % range MA ADJUSTED OPERATING MARGIN Mid-30s % range MIS ADJUSTED OPERATING MARGIN Low-60s % range MCO ADJUSTED DILUTED EPS Low-doub
Slide 9: Moody's Analytics (MA)
1Q 2024 Investor Presentation 9
Slide 10: MA revenue 2008-2023 and evolution
$3,500 2023 Revenue: 2008 – 2023 CAGR: $3,000 $3.1 billion +12% (~60% organic) $2,500 CAGR $ Millions $2,000 12% $1,500 $1,000 $500 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 → Founded Moody’s Analytics → Continued to develop and enhance Moodys.com → Acquired
Slide 11: Streamlining our customers' critical workflows
Underwriting Lending & ESG & Climate Origination Assessment Portfolio Mgmt. Regulatory Investment Compliance Analysis KYC Other Economic Proprietary Forecasts Data & Models Private & Models & Public Analytics Company Data Research MIS Ratings Feeds Streamlining our customers’ critical workflows Note
Slide 12: Customers by type and geography
Customers Countries of the Fortune 1002 of the Forbes 1,0003 6,600+ 900+ 2,600+ 600+ Corporates and Professional Services Real Estate Entities Commercial Banks Educational Institutions 1,900+ 100+ 900+ 800+ 400+ Asset Managers Securities Dealers and Government Entities Insurance Companies Others Inv
Slide 13: Recurring revenue growth
Recurring Transaction Recurring % ~16% Recurring Revenue CAGR 94% 94% 93% +~410bps 91% 86% 84% 30% to 31% 80% 26.4% 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 2018 2024F Note: TTM = Trailing-twelve-month. 1. Guidance as of May 2, 2024. Refer to Table 11 – “2024 Outlook” in the press release titled “Moody's
Slide 14: Customer retention and ARR growth
94% 7% 9% 110% First Quarter 2024 Retained Base Upgrades and Price New Sales Business Base 7% 9% 110% 94% Year-end 2023 Retained Base Upgrades and Price New Sales Business Base 94% 7% 9% 110% Year-end 2022 Retained Base Upgrades and Price New Sales Business Base 11% 10% 10% 10% 10% 10% 10% 10% 9% 9%
Slide 15: MA 2024 outlook
Increase in the low-double-digit Increase in the percent range high-single-digit 30.5% 30% - 31% percent range 10% growth $3.1B 2023 2024F 2023 2024F 2023 2024F 1. Guidance as of May 2, 2024. Refer to Table 11 – “2024 Outlook” in the press release titled “Moody's Corporation Reports Results for Firs
Slide 16: Data & Information
VALUE PROPOSITION We provide data and applications for enterprise-wide master data needs, helping customers better identify, measure, monitor and manage risks primarily related to fixed income, tax & transfer pricing, sourcing & supply chain analytics, and corporate & trade credit. TTM Revenue SUSTA
Slide 17: Research & Insights
VALUE PROPOSITION We provide solutions that offer customers a consistent, holistic view of risk to make decisions across Research, Credit Monitoring, and Investment Selection activities. TTM Revenue SUSTAINABLE COMPETITIVE ADVANTAGE Expertise → Extensive, proprietary and historically indexed ratings
Slide 18: Decision Solutions: Banking
VALUE PROPOSITION We provide powerful, scalable tools to help enable banks’ Lending, Risk & Capital Management, and Finance & Reporting activities. TTM Revenue SUSTAINABLE COMPETITIVE ADVANTAGE Expertise → Award-winning Cashflow analytics & Risk Rating models → Proprietary data on loans, borrowers,
Slide 19: Decision Solutions: Insurance
VALUE PROPOSITION We provide powerful, scalable tools to help enable insurers, reinsurers and brokers with Underwriting, Risk & Capital Management, and Finance & Reporting activities. SUSTAINABLE COMPETITIVE ADVANTAGE TTM Revenue Expertise → Proprietary data on loss costs, exposures, geocoding and m
Slide 20: Decision Solutions: KYC
VALUE PROPOSITION We deliver data, analytics and workflow solutions to a broad base of customers across financial services, non-financial corporations and the public sector, enabling them to onboard and monitor their customers and suppliers, and perform critical third-party risk management activitie
Slide 21: Medium-term target growth drivers
Strong Customer Retention Rates New Product Development Medium-term Cross-selling, Upgrades & Pricing Target1 Low-to-mid-teens % Total Revenue CAGR Increased Distribution Capacity Continued SaaS Transition Note: SaaS = Software as a Service. CAGR = Compound Annual Growth Rate. 1. As of February 13,
Slide 22: Banking relationship expansion
LENDING BROADEN 5x → Customer Verification (KYC / KYS) Workflow Initial ARR1 → Customer Acquisition Solution → Customer Onboarding Software Workflow → Credit Decisions Solution → Loan Monitoring 35% Models Workflow RISK & CAPITAL MANAGEMENT Research & DEEPEN Solution Data → Credit → Asset-Liability
Slide 23: Insurance relationship expansion
UNDERWRITING → Risk Selection $30M2 → Risk Pricing → Portfolio Risk Exposure Management 82% Decision RISK & CAPITAL MANAGEMENT Solutions → Balance Sheet Forecasting → Market, Credit, Liquidity Risk $15M1 10% → Investment & Reinsurance Strategy Research & Insights FINANCE & REPORTING → Actuarial Valu
Slide 24: Customer product penetration
Top 10 Customers Following 90 Customers 6-7 Bottom Product 800+ Families Customers 4-5 Product Families 1-2 Product Families 1. Refers to the average number of related products. As of December 31, 2022. 2. As of December 31, 2022. 1Q 2024 Investor Presentation 24
Slide 25: RMS acquisition targets achieved
→ Announced Open Modeling → RMS capabilities enhanced → Deployed Climate on Demand → Launched ESG underwriting Engine and an exclusive value propositions and on RMS' IRP solution to help P&C insurers partnership with Nasdaq to expanded existing targeting banks, asset enhance risk assessment in integ
Slide 26: Moody's Investors Service (MIS)
1Q 2024 Investor Presentation 26
Slide 27: MIS facts & figures
FACTS & FIGURES ~$74 trillion Full Year 2023 TOTAL RATED DEBT 33,200+ Total Rated Debt1 AMERICAS $42+ trillion EMEA $19+ trillion ASIA PACIFIC $9+ trillion Rated Organizations and Structured Deals Rated Organizations and Structured Deals 26,600+ 4,500+ 2,100+ 4,800+ 2,300+ 980+ Non-Financial Financi
Slide 28: MIS revenue mix
MIS Other1 1% U.S. Recurring Non-U.S. Transaction 33% 36% recurring revenue Public, Project, recurring revenue & Infrastructure Finance 38% 16% 61% Corporate Finance Financial Institutions 51% 19% 49% recurring revenue 62% Structured 39% Finance 13% 51% recurring revenue Note: Percentages may not su
Slide 29: Long-term growth building blocks
ECONOMIC EXPANSION1 VALUE PROPOSITION DEVELOPING CAPITAL MARKETS → GDP growth drives demand for debt capital → Proven rating accuracy and deeply → Bank system capacity remains constrained to fund business investments experienced analysts → Deepening participation in developing → Refinancing needs su
Slide 30: Value of a Moody's rating
ACCESS TO TRANSPARENCY, CREDIT COMPARISON RESPONSIVE TO CAPITAL AND MARKET STABILITY INVESTOR DEMAND → Moody’s opinions on credit are → Signals a willingness by issuers to be → Moody’s is identified as the used by institutional investors transparent and provides market participants agency that best
Slide 31: Illustrative interest savings from a rating
NOT RATED BY MOODY’S RATED BY MOODY’S $500,000,000 BOND $500,000,000 1.20% 5-YR US TREASURY BOND RATE 1.20% 500 OPTION ADJUSTED SPREAD (BPS)1 435 6.20% INTEREST RATE 5.55% = $31,000,000 ANNUAL INTEREST PAYMENTS = $27,750,000 5 years TERM 5 years = $155,000,000 TOTAL INTEREST EXPENSE OVER THE TERM =
Slide 32: MIS 2024 outlook
Increase in the Increase in the high-single to 56% - 58% mid-to-high-single-digit low-double-digit percentage range 54.5% percentage range $4.4T $2.9B 2023 2024F 2023 2024F 2023 2024F 1. Guidance as of May 2, 2024. Refer to Table 11 – “2024 Outlook” in the press release titled “Moody's Corporation R
Slide 33: 2024 issuance expectations
As of February 13, 2024 As of May 2, 2024 → Rated ~37% of full year 2024 expected issuance during 1Q 2024 Total Issuance ~Mid-to-high-single-digits% → Positive market conditions; strong investor demand; and historically tight credit spreads Investment Grade ~Mid-single-digits% → Heightened refinanci
Slide 34: Issuance drivers and half-year split
2024 1H 2H DRIVERS VS. AVERAGE SPLIT 2023 56% 44% 2022 60% 40% Russia conflict & following disruption 2021 56% 44% 2020 59% 41% Pandemic 2019 52% 48% Spillover from 2018 2018 58% 42% Stock market slide in 2H 2017 53% 47% Spillover from Brexit 2016 53% 47% China slowdown fears 2015 57% 43% 2014 58% 4
Slide 35: Macro and market assumptions
→ Real GDP2: U.S.: 1.5% - 2.5%; Euro area: 0.5% - 1.5%; Global: 2.0% - 3.0% Central banks to cut rates as inflation eases in the latter half of the year → Global policy rates to remain elevated, with some gradual rate reductions ~$4.4T of refinancing needs between 2024 and in the second half of 2024
Slide 36: Capital Markets Overview
1Q 2024 Investor Presentation 36
Slide 37: Global speculative-grade default rate
Baseline Optimistic Moderately Pessimistic Severely Pessimistic 10% Global US Europe 9% 14% 8% 12% 7% 10% 6% 8.6% 8% 5% 4.2% global historical average1 4% 6% 6.0% 3% 4% 3.3% 2% 2% 3.0% 1% 0% 0% 2008 2010 2012 2014 2016 2018 2020 2022 2024 F Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Global spe
Slide 38: Bond issuance, rates and refinancing needs
Withdrawn Russian Debt2 $Trillions ~$4.0 ~$4.4 ~$2.0 2 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Sep '22 Sep '23 IG Bond Issuance IG Bond Issuance Avg U.S. 10YR Treasury U.S. 10YR Treasury Avg HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread U.S. HY Spread A
Slide 39: U.S. and EMEA refunding needs
$688 $690 $534 Speculative Grade Bank Loans 276 299 → Refinancing needs 168 Speculative Grade Bonds up from ~$4T to $293 58 86 134 142 ~$4.4T over the 22 Investment Grade next four years 280 277 249 214 → U.S. refunding 2024 2025 2026 2027 needs remain slightly weighted towards leveraged finance iss
Slide 40: U.S. five-year refunding wall
Investment Grade Speculative Grade $3,123 ~21% $2,476 $2,537 $2,585 $2,241 $2,019 $2,099 $1,867 $ Billions ~27% $1,412 $1,448 $1,466 $1,044 $1,185 $987 ~12% $1,088 $1,118 $1,256 $1,032 $1,054 $1,055 $1,064 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Sep '22 Sep '23 → Five-year U.S. refunding wall increa
Slide 41: Debt tenors
14.7 13.6 13.1 12.0 12.4 11.1 8.6 8.4 8.3 8.3 7.8 (years) (years) 6.5 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 1. Data represents tenors on MIS-rated debt in U.S.; proxy calculation uses weighted average years of tenor. 1Q 2024 Investor Presentation 41
Slide 42: Credit metrics: leverage and coverage
Debt / EBITDA EBITDA / Interest Epense 6.0x 5.7x 5.1x 5.1x 5.2x 5.2x 5.3x 5.3x 5.3x 5.2x 4.8x 5.0x 4.4x 4.6x Coverage 4.3x 4.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.0x 3.2x 2.9x 2.9x 2.9x 2.7x 2.7x 2.9x 2.0x 2.3x 0.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Debt / EBITDA EBITDA /
Slide 43: Debt capital markets relative to GDP
Size of bubble reflects 2023 GDP EMERGING DEVELOPED Developed Asia3 North America6 Other Asia7 CEE/CIS2 ASEAN1 India Latin M.E. & Western Africa5 America4 China Europe8 0% 20% 40% 60% 80% 100% 120% → Debt capital markets have historically grown faster than GDP → Low interest rates and investor appet
Slide 44: Private credit
OVERVIEW RISK AND SUSTAINABILITY → Constitutes loans, bonds, and other → Market has grown rapidly; remains opaque, credit instruments issued by private lacking oversight and untested in current companies or in private offerings market cycle → Market has grown significantly → Credit risk heightened b
Slide 45: Innovation
1Q 2024 Investor Presentation 45
Slide 46: ~$60M incremental strategic investments
→ External: deliver market-leading → Develop products that serve new → Platform our data and suite of Gen AI-enabled use cases, including customer engineering capabilities to ~$60M solutions and supplier risk; expand our addressable market beyond strengthen interoperability, ensure resilience, and a
Slide 47: Shared platform components
Front Door Single Sign On Entitlements User eXperience Fulfillment Use Cases Platform Elements Metering Workflows Applications Logging Quota SHARED COMPONENTS APIs DATA e.g., Gen AI components CICD Develop Test Deploy Operate SECURE DEVELOPMENT WORKSTATION Note: CICD = Continuous Integration and Con
Slide 48: Appendix
1Q 2024 Investor Presentation 48
Slide 49: MIS corporate finance: issuance and revenue
4 Global Issuance2: Mix by Quarter MIS Revenue3: Mix by Year Other Investment Grade Speculative Grade Bank Loans Global Non-Financial Speculative-Grade Bonds $2,500 Global Non-Financial Investment-Grade Bonds $2,000 $500 $287 $606 $ Millions $1,500 $313 $352 $411 $292 $379 $275 $400 $1,000 $258 $150
Slide 50: MIS corporate finance revenue distribution
MIS Revenue1: Distribution by Geography Non-U.S. U.S. MIS Revenue1: Distribution by Recurring vs. Transaction Transaction Recurring 30% 25% 38% 39% 35% 35% 38% 39% 37% 45% 50% 66% 65% 68% 63% 66% 69% 65% 67% 68% 70% 70% 70% 75% 62% 61% 65% 65% 62% 61% 63% 55% 50% 34% 35% 32% 37% 34% 31% 35% 33% 32%
Slide 51: MIS financial institutions: issuance and revenue
Global Issuance2: Mix by Quarter MIS Revenue3: Mix by Year Banking Insurance Managed Investments Other 4 Global Speculative Grade Financial Corporate Bonds $750 Global Investment Grade Financial Corporate Bonds $10 $10 $36 $12 $700 $500 $12 $28 $13 $32 $13 $145 $28 $25 $123 $ Millions $25 $137 $600
Slide 52: MIS financial institutions revenue distribution
MIS Revenue1: Distribution by Geography Non-U.S. U.S. MIS Revenue1: Distribution by Recurring vs. Transaction Transaction Recurring 41% 43% 44% 41% 37% 50% 47% 45% 50% 49% 46% 50% 51% 50% 53% 55% 58% 57% 59% 55% 53% 62% 59% 57% 56% 59% 63% 50% 53% 55% 50% 51% 54% 50% 49% 50% 47% 45% 42% 43% 41% 45%
Slide 53: MIS public, project & infrastructure finance
Global Issuance2: Mix by Quarter MIS Revenue3: Mix by Year Public Finance and Sovereign Project & Infrastructure Finance Global Non-Financial Speculative-Grade Bonds $600 Global Non-Financial Investment-Grade Bonds $100 $3 $400 $ Millions $2 $246 $277 $224 $271 $234 $206 $80 $200 $5 $3 $250 $244 $22
Slide 54: MIS PPIF revenue distribution
MIS Revenue1: Distribution by Geography Non-U.S. U.S. MIS Revenue1: Distribution by Recurring vs. Transaction Transaction Recurring 36% 33% 39% 33% 35% 38% 37% 32% 46% 45% 42% 61% 64% 62% 60% 62% 59% 65% 60% 61% 61% 61% 64% 67% 61% 67% 65% 62% 63% 68% 54% 55% 58% 39% 36% 38% 40% 38% 41% 35% 40% 39%
Slide 55: MIS structured finance revenue
MIS Revenue1: Mix by Year ABS RMBS CMBS Structured Credit Other MIS Revenue1: Mix by Quarter ABS RMBS CMBS Structured Credit Other $600 $200 $2 $2 $1 $2 $450 $4 $215 $150 $0 $3 $196 $140 $1 $2 $67 $39 $1 $ Millions $ Millions $148 $129 $0 $0 $1 $105 $36 $1 $1 $300 $100 $1 $102 $39 $98 $38 $34 $31 $3
Slide 56: MIS structured finance revenue distribution
MIS Revenue1: Distribution by Geography Non-U.S. U.S. MIS Revenue1: Distribution by Recurring vs. Transaction Transaction Recurring 35% 41% 50% 43% 48% 52% 55% 52% 53% 53% 53% 63% 62% 59% 64% 65% 62% 67% 67% 68% 67% 67% 65% 59% 50% 57% 52% 48% 45% 48% 47% 47% 47% 37% 38% 41% 36% 35% 38% 33% 33% 32%
Slide 57: MA revenue mix
Decision Solutions Research & Insights Data & Information Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $900 $3,200 26% 26% 26% 25% 26% 26% 26% 26% 27% $789 $200 $205 $212 $2,400 $712 $180 $188 $196 $600 $178 $178 $176 $698 $ Millions $ Millions 29% 30% 29% 2
Slide 58: Revenue and 10-year U.S. Treasury yield
2 2 MIS Revenue (L) MIS Revenue Guidance (L) MA Revenue (L) MA Revenue Guidance (L) MCO Revenue (L) 10-yr U.S. Treasury Yield (R) 1 $7,000 9% +250bps 7.8% 8% $6,000 7% 6.5% $5,000 +120bps +100bps 6% 5.8% $4,000 5% $ Millions 4.0% 4.7% 4% $3,000 3.3% +200bps +180bps 3.0% 3% $2,000 2% 2.3% $1,000 1.8%
Slide 59: Debt maturities and liquidity
WAC With Hedges WAC Excluding Hedges 5.1% 4.7% 4.6% 4.3% 4.3% 3.9% 4.1% 3.5% 3.6% 3.6% 4.2% 3.3% 3.3% 3.3% 3.6% 3.9% 4.0% 3.1% 3.1% 3.4% 3.4% 3.2% → Well-laddered maturities; attractive long-end 3.2% 2.6% 3.0% rates provide opportunity to optimize WAC 2.1% 2.4% 2.4% 2.1% and WAM 1.6% 1.1% → Strong l
Slide 60: Capital allocation: investing and returning capital
$3.50 COVID-19 RECESSION INVESTING FOR GROWTH $3.00 Reinvestment $2.50 GREAT RECESSION CAGR 17% $2.00 Accelerating organic growth 2001 RECESSION $1.50 $1.00 Acquisitions $0.50 Advance global integrated $0.00 risk assessment strategy 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2024F1
Slide 61: M&A criteria
STRATEGIC FIT, THE MOST IMPORTANT LONG HELD, CLEAR FINANCIAL DISCIPLINED AND RIGOROUS FACTOR, IS THE FIRST SCREEN FRAMEWORK FOR EXTERNAL MONITORING POST-CLOSE (AND INTERNAL) INVESTMENTS → Complementary ratings, content, data, → IRR at / above Moody’s cost of capital → Clear accountability with regul
Slide 62: $200+ million 2023 ESG & Climate revenue
$200+ million → Our deep ESG & Climate domain expertise 2023 ESG & Climate and trusted insights are integrated across our Revenue1 business and capabilities → We enable customers to obtain a holistic view of their ESG & Climate risk that considers both financial and stakeholder impact Achieved reven
Slide 63: ESG & Climate strategy across workflows
STRATEGY: Conduct foundational, company & sector-level ESG & Climate risk analysis & benchmarking across all workflows Incorporate ESG & Climate Integrate ESG & Climate Identify, measure, and Enhance disclosure and Embed ESG & Climate Systematically and data, scores and screening data and analytics
Slide 64: Sustainability highlights
VISIT OUR SUSTAINABILITY SITE TO LEARN MORE → Committed to net-zero by 2040: Moody’s is one of the → Recognized with CDP’s ‘A’ Score on Climate Action for → Expanded our Issuer Profile Scores (IPS) and Credit first companies to set to have its near and long-term the fourth consecutive year, making M
Slide 65: Adjusted operating income and EPS reconciliation
TTM 2024F1 (IN $ MILLIONS) 1Q 2024 Diluted EPS – U.S. GAAP $9.55 to $10.15 Operating Income $2,384 Operating Margin 38.3% Acquisition-Related Intangible Amortization ~$0.80 Expenses Add Adjustment: Depreciation & Amortization 385 Restructuring ~$0.05 Restructuring 78 Adjusted Diluted EPS $10.40 to $
Slide 66: 2024 guidance reconciliation
2024F1 (IN $ MILLIONS) 2024F1 Projected Operating Margin – U.S. GAAP 37% to 39% Net cash flows from operating $2.3 billion to $2.5 billion activities Depreciation & Amortization ~ 7% Less: Capital expenditures ~ $0.4 billion Restructuring Negligible Projected Adjusted Operating Margin 44% to 46% Fre
Slide 67: Annualized Recurring Revenue definition
The Company presents Annualized Recurring Revenue (“ARR”) on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage an
Slide 68: Medium-term guidance assumptions
Moody’s medium-term guidance refers to a time period within 5 years and reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through and as of today’s date. These assumptions include, but are not limited to,
Slide 69: Moody's legal disclaimer
© 2024 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER rights reserved. WHATSOEV
Slide 70: Forward-looking statements
Certain statements contained in this document 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. Such statements involve estimates, projections, goals, forecasts, assumptions a