Investor Presentaiton
Maintaining Financial Flexibility through Proactive Management
Bond portfolio WAC1
Balanced maturity schedule4
$ in millions
4.7%
4.3% 4.3%
3.9%
300
3.5%
3.3% 3.3%
3.3%
300
4.2%
3.1%
3.9%
4.0%
800
250
500
3.4%
3.4%
600
3.0%
500
534 500
300
500
500
400
400
300
300
300
2.1%
2.4% 2.4%
250
100
100
#
//
Н
2014
2015
2016
2017
2018
2019
2020
2021
2022
2024 2025 2027 2028 2029 2030 2031 2032
2041 2044
2048 2050 2052
2060 2061
WAC With Hedges
WAC Excluding Hedges
■ USD Fixed
■USD Floating
■EUR Floating
■EUR Fixed
» Well-laddered maturities; attractive long-end rates provide opportunity to optimize WAC and WAM
>> Strong liquidity with $1.9B in cash and short-term investments, and an undrawn $1.25B revolving credit facility²
>> Leverage below maximum 4.0x total debt / EBITDA covenant³
WAC = Weighted Average Coupon. WAM = Weighted Average Maturity.
1. 2014-2022 as of year-end.
2. As of December 31, 2022. See press release titled "Moody's Corporation Reports Results for Fourth Quarter And Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for Moody's sources of capital and cash flow generation.
3. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million.
4. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of December 31, 2022.
MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY.
4Q and FY 2022 Investor Presentation 64View entire presentation