Moody's Corporation (NYSE:MCO) today filed a Form 8-K with the
Securities and Exchange Commission disclosing an increase in its
borrowing capacity to $1 billion from $500 million. As of August 13,
2007, the company has borrowed $600 million of the total $1 billion in
borrowing capacity. The funds will be used primarily to finance the
company's continuing share repurchase program. As announced
previously, Moody's plans to return capital to shareholders by
purchasing shares systematically as well as opportunistically when
conditions are favorable.
"Cyclical market conditions give us a favorable opportunity to
repurchase Moody's shares at an attractive price, providing additional
value to our shareholders," said Raymond W. McDaniel, Jr., Chairman
and Chief Executive Officer of Moody's Corporation. "Our increased
borrowing power will enable us to take advantage of this buying
opportunity."
Moody's is an essential component of the global capital markets.
It provides credit ratings, research, tools and analysis that help to
protect the integrity of credit. Moody's Corporation (NYSE: MCO) is
the parent company of Moody's Investors Service, which provides credit
ratings and research covering debt instruments and securities; Moody's
KMV, a provider of quantitative credit analysis tools; Moody's
Economy.com, which provides economic research and data services; and
Moody's Wall Street Analytics, a provider of software tools and
analysis for the structured finance industry. The corporation, which
reported revenue of $2.0 billion in 2006, employs approximately 3,600
people worldwide and maintains a presence in 27 countries. Further
information is available at www.moodys.com.
