3Q 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%
3.5%
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 $2.1B 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
$ in millions
300
USD Fixed ■USD Floating EUR Fixed ■ EUR Floating
800
250
500
600
300
546
500
400
400
300
500
500
300
300
300
250
100
100
#
#
Н
2041 2044
2048 2050 2052
2060 2061
2025 2027 2028 2029 2030 2031 2032
Note: WAC = Weighted Average Coupon. WAM = Weighted Average Maturity.
1. 2014-2023, as of end of Q3 2023.
2. As of September 30, 2023. See press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, 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 September 30, 2023.
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3Q 2023 Investor Presentation
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