Moody´s Confirms External Review of European CPDO Rating Process

Moody´s recognizes the seriousness of

questions raised by today´s Financial Times

article concerning the analytical models and methodologies used in our

European constant-proportion debt obligation (CPDO) ratings process. The

integrity of our ratings and rating methodologies is extremely

important; as such, when the questions were recently raised to us, we

retained the law firm of Sullivan & Cromwell and initiated a thorough

external review of our European CPDO ratings process. Upon completion of

the review, we will promptly take any appropriate actions. Moody´s rated 44 European CPDO tranches

representing approximately $4 billion in rated securities. Moody´s Investors Service is a leading provider of credit ratings

research, and risk analysis. Moody´s

commitment and expertise contributes to transparent and integrated

financial markets. The firm´s ratings and analysis track debt covering

more than 100 sovereign nations, 11,000 corporate issuers, 26,000 public

finance issuers, and 110,000 structured finance obligations. Moody´s

also publishes credit opinions, research and commentary, serving more

than 8,700 customer accounts around the globe. Moody´s Investors Service

is a subsidiary of Moody´s Corporation (NYSE: MCO), which reported

revenue of $2.3 billion in 2007, employs approximately 3,600 people

worldwide and maintains a presence in 29 countries. Additional

information about the company is available at www.moodys.com.