4Q and FY 2023 Investor Presentation
Maintaining Financial
Flexibility through
Proactive Management
Bond portfolio WAC1
WAC With Hedges
WAC Excluding Hedges
4.7%
4.3%
4.3%
3.9%
3.5%
3.6%
4.2%
3.3%
3.3%
3.3%
3.9%
4.0%
3.1%
3.4%
3.4%
3.2%
3.0%
2.1%
2.4%
2.4%
» Well-laddered maturities; attractive long-end
rates provide opportunity to optimize WAC
and WAM
» Strong liquidity with $2.2B in cash and short-
term investments, and an undrawn $1.25B
revolving credit facility²
» Leverage below maximum 4.0x total debt /
EBITDA covenant³
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Balanced maturity schedule 4
$300
$ in millions
USD Fixed USD Floating EUR Fixed ■ EUR Floating
$829
$250
$500
$600
$300
$552
$500
$300
$500
$500
$400
$400
$300
$300
$300
$250
$100
$100
А
#
Н
2025 2027 2028 2029 2030 2031 2032
2041 2044
2048 2050 2052
2060 2061
2. As of December 31, 2023. See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2023" from February 13, 2024, 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, 2023.
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4Q and FY 2023 Investor Presentation
1.
Note: WAC = Weighted Average Coupon. WAM = Weighted Average Maturity.
2014-2023, as of end of Q4 2023.
64
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