Investor Presentaiton
Proactive Capital and Liquidity Management
Bond portfolio WAC1
Balanced maturity schedule 5
$ in millions
4.3%
4.3%
3.9%
3.5%
3.3%
3.9%
4.0%
3.3%
3.1%
3.4%
3.4%
2.4%
2.1%
2015
2016
2017
2018
2019
2020
2021
WAC With Hedges
WAC Excluding Hedges
300
300
853
250
568
600
600
500
500
300
500 500
2.4%
400
400
300
300
250
100
Н
#
#
2023 2024 2025
2027 2028 2029 2030 2031
2041 2044
2048 2050
2060 2061
■ USD Fixed USD Floating
EUR Fixed
EUR Floating
Annualized Dividend Per Share
» Strong liquidity with $1.9B in cash and short-term investments,
and a $1.25B revolving credit facility²
>> 1.8x net debt to adjusted operating income³
$2.80
$2.48
$2.24
$2.00
$1.76
$1.48
$1.52
$1.36
» Leverage well below maximum 4.0x total debt / EBITDA
covenant4
2015
2016
2017
2018
2019
2020
2021
2022F2
1. WAC = Weighted Average Coupon. 2015-2021 data as of year-end.
2.
See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022 for Moody's complete full year 2022 guidance.
3. Trailing twelve months adjusted operating income. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP.
4. 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.
5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of December 31, 2021.
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4Q & FY 2021 Investor Presentation 76View entire presentation