Moody´s Signs Technical Services Agreement with Colombian Credit Rating Agency, Effective on Completion of Certain Conditions

Moody´s Investors Service announced today that it has executed an
affiliation agreement with BRC Investor Services, a leading Colombian
credit rating agency, which shall become effective after certain
conditions are met.

Headquartered in Bogota, Colombia, BRC has established a strong
local presence in Colombia since it was founded in 1998, providing
local market credit ratings and corporate governance analysis. The
Technical Services Agreement will become effective after certain
conditions have been met. Upon the effectiveness of the Technical
Services Agreement, Moody´s will provide BRC with technical support
and analyst training based on its globally recognized credit analysis
techniques for credit ratings and corporate governance research. BRC
will continue to provide domestic ratings services, rendering opinions
on the relative creditworthiness of issuers and issues within
Colombia. Separately, Moody´s will continue to assign globally
comparable ratings for domestic as well as cross-border financings.

"Colombia has been an economic success story, with a projected
2007 GDP of $167 billion and a real annual growth rate of over 6% for
the last two years. Moody´s affiliation with BRC provides us with an
important entry into the growing Colombian domestic market," said
Susan Knapp, Team Managing Director and Head of Latin America for
Moody´s Investors Service. "This is another important step in our
mission to expand our credit rating, research, and analysis services
throughout Latin America."

Rafael Gonzalez, President of BRC, added "We believe our
affiliation with Moody´s will benefit the Colombian capital markets
and will better position us to serve issuers and participate in the
growth of the local economy."

This affiliation continues Moody´s active efforts to expand its
international footprint in high growth countries, including
transactions in Indonesia, South Africa, Peru, El Salvador, Panama,
Israel and now Colombia over the past twelve months.

About Moody´s Investors Service

Moody´s Investors Service is a leading provider of credit ratings,
research, and risk analysis. Moody´s commitment and expertise
contributes to stable, transparent and integrated financial markets,
protecting the integrity of credit. The firm´s ratings and analysis
track debt covering more than 100 sovereign nations, 12,000 corporate
issuers, 29,000 public finance issuers, and 96,000 structured finance
obligations. Moody´s also publishes credit opinions, research and
commentary, serving more than 9,300 customer accounts at some 2,400
institutions around the globe. Moody´s Investors Service is a
subsidiary of Moody´s Corporation (NYSE: MCO), which reported revenue
of $2.0 billion in 2006, employs approximately 3,600 people worldwide
and maintains a presence in 27 countries. Additional information about
the company is available at www.moodys.com.