3Q 2021 Investor Presentation
MIS 2021 Guidance: Improvement in Issuance Outlook Driven
by Leveraged Loans and Structured Finance
MIS Revenue¹
MIS Adjusted Operating Margin¹
Low-teens
% increase
$3.3B
2020
2021F
59.7%
Approximately 62%
2020
2021F
Key drivers of MIS FY 2021 outlook¹
Total Issuance²: Increase in the high-single-digit percent
range
-
IG: (~35%)
-
FIG: -10%
HYB: ~20% PPIF: (-20%)
LL: ~100%
-
SFG: ~100%
-
Projecting 1,050 to 1,150 first time mandates
Increased adjusted operating margin guidance driven by top-
line growth and supported by ongoing operating efficiency
initiatives
1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance.
2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
Note: IG = Investment Grade. HYB = High Yield Bonds. LL = Leveraged Loans.
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3Q 2021 Investor Presentation 27View entire presentation