3Q 2022 Investor Presentation
MIS: Revised Outlook Reflects Adverse Macroeconomic
Conditions1
Revenue¹
$3.8B
Approximately
30% decline
Adjusted Operating Margin¹
FY 2022 Issuance Guidance 1,2
As of October 25, 2022
As of July 26, 2022
62.2%
Total Issuance
(Mid-30s%)
Approximately
51%
2021
2022F
2021
2022F
Investment Grade
High Yield Bonds (~75%)
Leveraged Loans
Financial Institutions
Public, Project and
Infrastructure Finance
Structured Finance
(~55%)
(-35%)
(-10%)
(-20%)
(~35%)
» Cyclical market volatility expected to continue, with issuance to remain significantly constrained
» Infrequent issuers more selective around opportunistic activity given rising rates and favorable cash positions
» Projecting 600 to 650 first-time mandates
IN
ONE
骨
ON
1.
Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance, reconciliations between
adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance.
2.
Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
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3Q 2022 Investor Presentation 25View entire presentation