4Q and FY 2023 Investor Presentation
Moody's in Greater China
Domestic and Cross Border¹
37%
45%
FY 2023 Cross
Border Market
Rated Issuance
Volume
$42B2
FY 2023
Domestic Market
Rated Issuance
Volume
~$1.0T³
63%
■Rest of Market Moody's Coverage
■Rest of Market CCXI's Coverage
Revenue and Attributable Income from China 4
■Attributable Income from CCXI
$ Millions
MIS Cross Border Revenue ■Total MA Revenue
$118
$14
55%
MIS Cross Border and Total MA
Attributable Income from CCXI
» Moody's participates directly in the cross-border China issuance market through MIS and in the domestic market through a 30% interest in CCXI
» Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets
» Continuing to foster constructive relationships and partnerships with issuers, regulators, and other market participants
1. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs).
2.
The percentages displayed in the pie chart represent the coverage of the total ratings opportunity (as debt issuances can bear two or more ratings).
3. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 7.08 average exchange rate in 2023 is used for
conversion. Percentages based on issuance volume; percentages were based on deal count in prior presentations.
4. Greater China: Mainland, Hong Kong, Macau and Taiwan. Revenue and attributable income data for full year 2023.
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4Q and FY 2023 Investor Presentation
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