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.
