Revenue and Issuance Analysis

Rating Performance Drives Investor Confidence Ten-Year Default Rates by Rating for 2009- 2018 Cohort: Non-Financial Corporates¹ 9% Ten-Year Cumulative 1993-2018 CLO Impairments² 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% $ ཅཱ ཙྪི ལྕ ༥?? Baa1 Baa2 8% 8% 88% 87% 7% 6% 5% 63% 5% 44% 4% 32% 3% 2% 26% 19% 2% 16% 6% 7% 1% 2% 0% 0% Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Aaa Aa A Baa Ba B >> We remain focused on analytical expertise and our credit methodologies to provide predictive, predictable and transparent ratings » Accuracy reinforces investor demand pull 1 2 Source: Moody's Investors Service. The data in the chart above shows the ten-year cumulative default rates by rating from January 2009, through January 2018 of fundamental Moody's rated universe globally. Rating category is based on senior unsecured rating (or equivalent) of the issuer. Source: Moody's Investors Service: Global multi-year cumulative WR-adjusted impairment rates by original rating, 1993-2018. MOODY'S November 4, 2019 31

View entire presentation