An essential component of global financial markets

annual report 2018

Chairman’s Letter

Henry A. McKinnell, Jr., Ph.D
chairman of the board

The business environment is undergoing significant change as the macroeconomic cycle, related monetary policy, heightened geopolitical activity and evolving technology impact financial markets.

The pace of that change is accelerating and clearly influences many companies, including Moody’s, along with our employees and our customers. Moody’s Board of Directors is committed to ensuring that the company is well-positioned not only to weather change but to thrive with it by taking advantage of inherent new opportunities.

Central to our ability to prosper throughout cycles is staying true to Moody’s roots as a purpose-driven organization. We are focused on providing information, tools and solutions to promote market transparency and fairness. Both are necessary conditions for market confidence, which in turn supports healthy financial markets over time.

In keeping with this purpose, Moody’s has continued to increase our presence globally and to expand the scope of our products and solutions to create new standards in financial markets adjacent to credit markets.

Moody’s Investors Service (MIS) continues to defend its core position as a leader in credit ratings and research. Its ratings remain predictive, predictable and transparent, and it provides timely and insightful research. At the same time, MIS continues to pursue strategic growth opportunities, benefitting from the tailwinds of long-term global economic growth and continued disintermediation of credit in both developed and developing economies. A representative example of these efforts can be seen in Latin America, where MIS recently invested in ICR Chile. With this investment, MIS and its affiliated companies now assign domestic ratings in seven countries within the region.

Within Moody’s Analytics (MA), Moody’s has remained focused on the successful integration of Bureau van Dijk, acquired in August 2017. Bureau van Dijk’s database of financial information for over 300 million small and medium size enterprises provides a tremendous platform for MA to expand its customer base and product offerings. MA has also increased its commercial real estate presence with the acquisition of Reis, Inc. and added to its financial training solutions with the addition of Omega Performance. The crucial nature of MA’s data and analytics allows for strong retention of its existing customers as well as ongoing sales to new customers. Further, MA’s use of emerging technologies to deliver its products and solutions embeds MA in its target markets.

Early in 2018, Moody’s launched a new corporate social responsibility (CSR) strategy to build a closer bond to our businesses. This strategy features four areas of activity: empowering people with financial knowledge, activating an environmentally sustainable future, helping young people reach their potential and sharing our passion and purpose with the world. A cornerstone of the strategy is Reshape Tomorrow, a global program focusing on empowering entrepreneurs—especially women and members of underserved communities—that helps provide them with expertise and tools to successfully navigate the credit process. In October, Moody’s announced six partner organizations and programs that support our CSR objectives.

Moody’s also continues to focus on ensuring that we employ best practices across all areas of management, especially governance. To that end, I would like to welcome our new directors: Vincent Forlenza and Gerrit Zalm, who joined Moody’s board in 2018, and Thérèse Esperdy, who joined in 2019. They have been strong additions who add unique and insightful expertise.

In closing, I extend my appreciation to my fellow board members, Moody’s executive management team and Moody’s employees for their hard work and dedication in 2018. I would also like to thank Moody’s shareholders, many of whom have supported the company for numerous years. Moody’s remains true to our core purpose, focused strongly on execution, and we are well-positioned to adapt to changing conditions and circumstances. I strongly believe Moody’s will remain an essential component of the global capital markets.

Henry A. McKinnell, Jr., Ph.D
chairman of the board

CEO’s Letter

Raymond W. McDaniel, Jr.
Chief executive officer

2018 was a landmark year for accelerating Moody’s strategic priorities, with our offerings extending deeper into corporate credit as well as into new markets and business adjacencies. Our purpose, as always, is anchored to providing information, insights, solutions and standards that contribute to greater efficiency and fairness for all financial market participants.

Moody’s Investors Service (MIS) expanded its global footprint in 2018 with the opening of its first office in Saudi Arabia and by investing in a leading Latin American rating agency, ICR Chile. Moody’s also advanced its pursuit of new opportunities in markets adjacent to MIS by launching the Cyber Risk Analytics group, an initiative further supported by a recent investment in the Team8 cybersecurity fund. MIS’s work in the increasingly important environmental, social and governance sector also continued to grow, with green bond assessments assigned to $22 billion in project funds. The 45 green bond financings MIS has so far assessed will save an estimated 2.6 million metric tons of annual carbon emissions.

At Moody’s Analytics (MA), the recent acquisition of Reis, Inc. not only brought in extensive data on the commercial real estate (CRE) market in the U.S., but also allowed MA to provide market participants with a powerful 360-degree view of the economics of CRE lending and investment. Similarly, the acquisition of Omega Performance, a leader in online credit training for financial institutions, complemented MA’s existing credit training solutions and reinforced MA as a global provider of market standards in credit proficiency for financial institutions.

Investors, issuers, financial institutions and other intermediaries continued to look to Moody’s as a leading authority serving risk-sensitive financial markets. For the eighth year in a row, MIS was named best credit rating agency in the U.S. in a poll conducted by Institutional Investor. FinanceAsia selected MIS as the Best Rating Agency in Asia in its inaugural Achievement Awards and KangaNews named MIS the best Australian credit rating agency for the fifth year in a row. Among the many awards Moody's Analytics earned in 2018 were the #4 overall ranking and six category wins in the annual Chartis RiskTech100® and CLO Data Provider of the Year from GlobalCapital. MA also received four Risk Technology Rankings awards from Asia Risk and three Risk Technology Awards from Risk.

Moody’s successfully navigated a 10% decline in global debt issuance during 2018. As compared with 2017’s buoyant credit environment, 2018’s macroeconomic and geopolitical backdrop caused unevenness in capital market activity, despite moderately strong global economic growth. The year was bookended by surges in equity market volatility and spikes in credit spreads. U.S. tax reform resulted in less borrowing within the corporate investment-grade and public finance sectors during a transitory period. Validating the strength of our business model, the company delivered strong operating results in spite of these headwinds, with revenue up 6% to $4.4 billion, adjusted operating margin of approximately 48% and adjusted diluted EPS growth of 22%.

MIS’s revenue fell slightly by 2% to $2.7 billion in 2018, driven by the debt issuance declines noted above. In addition to U.S. declines in investment-grade and public finance issuance, worldwide speculative grade bond activity was curtailed by market volatility and spread widening. This was especially true during the fourth quarter, which saw issuance slow to a degree not observed since the financial crisis. Partially offsetting this slowdown was a marked increase in collateralized loan obligation activity in the U.S. and Europe, enabled by high availability of recently issued loans. Recurring revenue growth provided further counterbalance, supported by increased monitoring of new ratings mandates.

MA’s revenue increased significantly in 2018, rising 21% to $1.7 billion, driven by organic growth in its core Research, Data & Analytics business and the August 2017 acquisition of Bureau Van Dijk. Enterprise Risk Solutions revenue decreased slightly, its growth temporarily limited as MA executed a shift in product mix away from one-time software licenses and services to a subscription-based model. MA’s unique set of risk-related solutions has proven over time to be resilient to market cycles, as evidenced by consistently high retention rates and customer receptivity to service upgrades.

Other 2018 reported financial measures for Moody’s Corporation include:
Adjusted operating income of $2,117 million
up from $2,002 million
Adjusted operating margin of 47.7%
up 10 basis points from 47.6%
Adjusted diluted EPS of $7.39
up 22% from $6.07
Refer to “Non-GAAP Financial Measures” in Item 7 of Moody’s 2018 Form 10-K for a discussion of the company’s non-GAAP financial measures.

As an employer, Moody’s continued to be recognized for our inclusive workplace throughout 2018. In our third year as one of Working Mother’s 100 Best Companies, we achieved a top-ten ranking. For the first time, Moody's was awarded the Bronze Award in the 2018 Australian Workplace Equality Index, a rigorous, evidence-based benchmarking instrument that assesses workplaces on the impact of their LGBTI inclusion initiatives. For the sixth year running, we were named a “Best Place to Work for LGBT Equality” and received a 100% rating in the Human Rights Campaign's Corporate Equality Index. For the third straight year, we were included as one of the 100 Best Companies by UK Powerlist, which recognizes Britain's most influential People of African and African Caribbean heritage.

During this past year, Moody’s had a number of additions at the senior management level. We welcomed Mark Kaye as Chief Financial Officer, Caroline Sullivan as Corporate Controller and Mona Breed as Chief Information Officer. I am also pleased to welcome Thérèse Esperdy, Vincent Forlenza and Gerrit Zalm as newly appointed directors of the Moody’s Board over the last year.

During 2019 Moody’s will continue to execute on our long-term strategic objectives for sustainable growth. We will do so while maintaining our focus on attracting and retaining top talent through a diverse and inclusive culture, and by striving to increase our efficiency by leveraging technology and innovation to be more agile and ready not just to adapt to change, but to drive it. I am optimistic that this formulation will enable the company to weather any cyclical fluctuations that may persist.

Finally, I take this opportunity to thank Moody’s employees around the world for all that you accomplished in 2018, positioning the company to navigate the challenges and seize the opportunities before us in 2019 and into the next decade.

Raymond W. McDaniel, Jr.
president & Chief executive officer

Financial Highlights

2018 revenue mix
Note: Refer to "Non-GAAP Financial Measures" in Item 7 of Moody's 2018 Form 10-K for a discussion of the Company's non-GAAP financial measures.
The decline in free cash flow in 2017 was due to a settlement with the U.S. Department of Justice and the attorneys general of 21 U.S. states and the District of Columbia
Leadership & Corporate Info


Henry A. McKinnell, Jr., Ph.D.
Raymond W. McDaniel, Jr.
Basil L. Anderson
Jorge A. Bermudez
Thérèse Esperdy
Vincent A. Forlenza

Chairman & Chief Executive Officer
Becton Dickinson
Director since April 2018

Vincent A. Forlenza, age 65, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. He has served as a director of Becton Dickinson, a global medical technology company, since 2011 and became Chairman of its board in 2012. Mr. Forlenza has served as Becton Dickinson’s Chief Executive Officer since 2011 and President from 2009 to April 2017. Prior to that, Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. Mr. Forlenza joined Becton Dickinson in 1980 and served in a number of different capacities, including strategic planning, business development, research and development, and general management in each of Becton Dickinson’s segments and in overseas roles. Mr. Forlenza is a member of the board of directors and former chairman of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization. He is a member of the Board of Trustees of The Valley Health System and a member of the Board of Directors of the Quest Autism Foundation. He previously served as a member of the Board of Trustees of Lehigh University from 2011 to 2017.

Mr. Forlenza has served as the chief executive officer of a public, global medical technology company for eight years. He has also served as chairman of that company’s board since 2012. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. He additionally brings experience in areas such as strategic planning, business development and new product development. His service as a director also contributes to his focus on corporate governance matters.

Kathryn M. Hill
Leslie F. Seidman
Bruce Van Saun
Gerrit Zalm

Retired Chairman & Chief Executive Officer
Director since April 2018

Gerrit Zalm, age 66, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. He served as Chairman and Chief Executive Officer of ABN AMRO Bank N.V., a full-service bank with a primary focus on the Northwest Europe, from 2009 to 2016. In 2008, Mr. Zalm served as Chief Financial Officer of DSB Bank N.V. and as its Chief Economist from 2007 to 2008. From 2007 to 2010, Mr. Zalm served as the Chairman of the Trustees of the International Accounting Standards Board. Mr. Zalm was Minister of Finance of the Netherlands from 2003 to 2007 and 1994 to 2002 and served in the Netherlands House of Representatives as the Parliamentary Leader of the VVD Party from 2002 to 2003. Prior to 1994, Mr. Zalm was head of the Netherlands Bureau for Economic Policy Analysis, held various positions at the Netherlands Ministry of Finance and Ministry of Economic Affairs and was a professor at Vrije Universiteit Amsterdam. Mr. Zalm has served as a director of Royal Dutch Shell since 2013.

Mr. Zalm has significant experience in the financial sector and brings invaluable insight into the government and international regulatory fields. He served as the chief executive officer and chairman of a global bank for eight years. He brings a wealth of regulatory experience from his roles as Minister of Finance of the Netherlands for twelve years, chairman of the trustees of the International Accounting Standards Board, and as a member of the Netherlands House of Representatives as the Parliamentary Leader of the VVD Party.


1 Audit
2 Governance & Nominating
3 Compensation & Human Resources
4 Executive
* Committee Chairman
Corporate Secretary
Elizabeth m. McCarroll
Stockholders and other stakeholders may communicate with the Board, or with a specific director or directors, by writing to:
c/o Corporate Secretary
Moody’s Corporation
7 World Trade Center
250 Greenwich Street
New York, NY 10007

senior management

Raymond W. McDaniel, Jr.

President & Chief Executive Officer

Mr. McDaniel has served as the Company’s President and Chief Executive Officer since April 2012, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012. He currently serves on the Executive Committee of the Board of Directors. Mr. McDaniel served as the Company’s President from October 2004 until April 2005 and the Company’s Chief Operating Officer from January 2004 until April 2005. He has served as Chief Executive Officer of Moody’s Investors Service, Inc. since October 2007. He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. Mr. McDaniel served as the Company’s Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003. He served as Senior Managing Director, Global Ratings and Research, of Moody’s Investors Service from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000. Mr. McDaniel currently is a director of John Wiley & Sons, Inc. and a member of the Board of Trustees of Muhlenberg College.

Mark E. Almeida

President, Moody's Analytics

Mr. Almeida has served as President of Moody’s Analytics since January 2008. Prior to this position, Mr. Almeida was Senior Vice President of Moody’s Corporation from August 2007 to January 2008, Senior Managing Director of the Investor Services Group (ISG) at Moody’s Investors Service, Inc. from December 2004 to January 2008 and was Group Managing Director of ISG from June 2000 to December 2004. Mr. Almeida joined Moody’s Investors Service, Inc. in April 1988 and has held a variety of positions with the company in both the U.S. and overseas.

Robert Fauber

President, Moody's Investors Service

Mr. Fauber has served as President—Moody’s Investors Service, Inc. since June 1, 2016. He served as Senior Vice President—Corporate & Commercial Development of Moody’s Corporation from April 2014 to May 31, 2016 and was Head of the MIS Commercial Group from January 2013 to May 31, 2016. From April 2009 through April 2014, he served as Senior Vice President—Corporate Development of Moody’s Corporation. Mr. Fauber served as Vice President—Corporate Development from September 2005 to April 2009. Prior to joining Moody’s, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. From 1992 to1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.

John J. Goggins

Executive Vice President & General Counsel

Mr. Goggins has served as the Company’s Executive Vice President and General Counsel since April 2011, overseeing both the Legal and Compliance Departments. Prior to that, he served as the Company’s Senior Vice President and General Counsel from October 2000 until April 2011. Mr. Goggins joined Moody’s Investors Service, Inc. in February 1999 as Vice President and Associate General Counsel.

Richard Cantor

Chief Risk Officer

Mr. Cantor has served as the Company’s Chief Risk Officer since December 2008 and as Chief Credit Officer of Moody’s Investors Service, Inc. since November 2008. From July 2008 to November 2008, Mr. Cantor served as Acting Chief Credit Officer. Prior thereto, Mr. Cantor was Managing Director of Moody’s Credit Policy Research Group from June 2001 to July 2008, after serving as Senior Vice President in the Financial Guarantors Rating Group. Mr. Cantor joined Moody’s in 1997 from the Federal Reserve Bank of New York, where he served as Assistant Vice President in the Research Group and was Staff Director at the Discount Window. Prior to the Federal Reserve, Mr. Cantor taught Economics at UCLA and Ohio State and has taught on an adjunct basis at the business schools of Columbia University and New York University.

Helene Gurian

Chief Compliance Officer

Helene Gurian joined Moody’s in 2010 and is the company’s Chief Compliance Officer. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. Prior to joining Moody’s, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudential’s insurance broker-dealer, and, subsequently for their corporate centers. In that role, she supervised the corporate investigations and anti-money laundering divisions and the company’s regulatory examination program. Ms. Gurian started her career in government, where she served as a senior trial counsel in the New York County District Attorney’s Office, and subsequently as the Deputy Commission for the New York City Department of Investigation and Deputy Commissioner and Chief Counsel for the New York State Commission of Investigation.

Farisa Zarin

Chief Government & Public Affairs Officer

Farisa Zarin is the Chief Government and Public Affairs Officer. Her responsibilities include our global interaction with policy makers, and securities, bank and insurance regulators. She also oversees Moody’s Corporate Social Responsibility program. During her tenure at Moody’s, Ms. Zarin has held senior positions in the Credit Policy group and the Global Compliance group. She has also worked in the Moody’s Sovereign Risk Unit on an adjunct basis, focusing mainly on the legal ramifications of sovereign defaults. Prior to joining Moody’s, Ms. Zarin worked as an attorney at the following organizations: the United Nations Office of the Prosecutor, International War Crimes Courts; the United States Senate Judiciary Committee; and the American Bar Association’s Central and Eastern European Law Initiative.

Ms. Zarin attended Oberlin College where she earned a B.A. in Economics and Psychology; University of Wisconsin where she earned a J.D. and was placed on the Dean’s List; and the Instituto Universitario Europeo where she earned an LL.M. in comparative law. She is a recipient of a MacArthur Foundation Scholarship, was the 1997 Fulbright Committee’s nominee for the OSCE Fellowship, and the United States candidate for the NATO Fellowship.

Mona Breed

Chief Information Officer

Mona Breed is the Chief Information Officer of Moody’s Corporation, overseeing all global enterprise technology programs and activities. Ms. Breed joined Moody’s in 2018 after nearly 30 years of diverse experience across all dimensions of technology, finance and large-scale project management / system implementation. Mona came to Moody’s from OppenheimerFunds, where she served as Head of Infrastructure, Enterprise Applications, IT Strategy and Transformation. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers. She is a graduate of Emory University.

Jeffrey R. Hare

Corporate Planning & Risk

Jeffrey Hare is the Senior Vice President, Corporate Planning and Risk, and reports to Moody’s Chief Financial Officer. Mr. Hare is responsible for developing the company’s financial plans and reporting Moody’s financial performance to senior management and the Board of Directors. In addition, Mr. Hare helps lead the company’s enterprise risk management efforts.

Mr. Hare joined Moody’s in 1995 and has held several positions of increasing responsibility within the Finance organization, participating in a variety of functions including treasury, corporate development, and investor relations. Prior to joining Moody’s, Mr. Hare held various finance positions at Sea-Land Service, Inc., a wholly-owned subsidiary of CSX Corporation.

Mr. Hare holds an M.B.A. from Kellogg School of Management, Northwestern University and a B.S. in business management from Cornell University.

Melanie Hughes

Chief Human Resources Officer

Ms. Hughes has served as the Company’s Senior Vice President—Chief Human Resources Officer since September 2017. Prior to joining the Company, Ms. Hughes was Chief Human Resource Officer and Executive Vice President, Human Resources at American Eagle Outfitters from July 2016 to September 2017 and served as Executive Vice President, Human Resources at Tribune Media from May 2013 to June 2016. She has held several senior management roles for many different companies such as Coach, Gilt Group, DoubleClick and UBS Warburg.

Mark Kaye

Chief Financial Officer

Mr. Kaye has served as the Company’s Senior Vice President—Chief Financial Officer since August 2018.  Prior to joining the Company, Mr. Kaye was Senior Vice President and Head of Financial Planning and Analysis at Massachusetts Mutual Life Insurance Company (MassMutual) since February 2016, and Chief Financial Officer of MassMutual U.S. since July 2015. Prior to that, Mr. Kaye served as Chief Financial Officer and Senior Vice President, Retirement Solutions, at Voya Financial from 2011 to 2015. Mr. Kaye previously held various senior financial and risk reporting positions at ING U.S. and ING Group, and was in the investment banking division of Credit Suisse First Boston.

Scott Kenney

Chief Audit Executive

Mr. Kenney has served as Chief Audit Executive since March 2015. Prior to joining the Company, Mr. Kenney was a Managing Director at Deloitte & Touché LLP from 2008 to 2015 where he provided Internal Audit services for a number of clients, including Moody’s Corporation. He held various internal audit positions at Deloitte & Touché from 1997 to 2008 and worked in the Internal Audit Department of Staff Builders Home Health Agency from 1995 to 1997. Mr. Kenney is a Certified Public Accountant (New York), Certified Information Systems Auditor and serves on the Board of Governors for the New York Chapter of the Institute of Internal Auditors.

David Platt

Chief Strategy Officer

Mr. Platt currently serves as SVP & Chief Strategy Officer for the Corporation, with responsibility for Corporate Development and Global Communications. Previously, Mr. Platt served as Managing Director and Head of Corporate Development for Moody's from January 2013 to November 2018. Prior to joining Moody’s, Mr. Platt provided M&A and corporate finance advisory services to clients, including Moody’s, from 2010 to 2012. Previously, he served as a Managing Director in the M&A Group at Deutsche Bank from 2007 to 2009, advising companies and boards across a range of industries. Prior to Deutsche Bank, Mr. Platt served as a Managing Director in the M&A Group at Bank of America and held similar roles in the M&A Groups at Citigroup and Donaldson, Lufkin & Jenrette from 1997 to 2007. From 1992 to 1997, Mr. Platt was a Senior Investment Analyst in the Money Market Fixed Income Division at Fidelity Investments where his responsibilities included credit risk assessment, setting of exposure limits and investment oversight for a broad range of corporate and municipal credits as well as structured products. Mr. Platt holds an M.B.A. from the University of Chicago, a B.A. from the University of California, Berkeley in Political Economies of Industrialized Societies and earned the CFA designation.

Salli Schwartz

Global Head of Strategic Capital Management & Treasurer

Salli Schwartz is Moody’s Global Head of Strategic Capital Management & Treasurer. In this role, Ms. Schwartz leads a combined investor relations and treasury function, responsible for overseeing Moody’s relationships with its debt and equity investors, sell side analysts, rating agencies and partner banks, and for executing the company’s financing, cash management and capital allocation activities. Ms. Schwartz, who joined Moody’s in 2007, served previously as Moody’s Treasurer and Moody’s Global Head of Investor Relations and Communications, as well as on Moody’s Corporate Development team. Prior to joining Moody's, Ms. Schwartz held positions in corporate strategy, corporate treasury and planning and analysis with Citigroup. She has also held investment banking and merchant banking positions with Legg Mason.

Ms. Schwartz has a Master of Business Administration from Cornell University and a Bachelor of Arts from the University of Pennsylvania, both with distinction.

She is a member of the board of directors of the National Academy Foundation (NAF), where she serves as chair of the audit committee.

Arthur N. Skelskie

Corporate Services

Arthur Skelskie was appointed Senior Vice President of Moody’s Corporation in April 2010. In this role, Mr. Skelskie manages the Corporate Services Department consisting of Global Real Estate, Procurement and Sourcing, Corporate Security and Business Continuity. Mr. Skelskie joined Moody’s in 2006 as the Vice President of Global Real Estate. Prior to joining Moody's, Mr. Skelskie managed the global real estate function at Time Inc. from 2000 to 2006 and prior to that was responsible for corporate real estate management in North America for Siemens AG. Mr. Skelskie began his career as a real estate attorney with the law firms of Schulte Roth & Zabel and Stadtmauer & Bailkin. He is a graduate of Brown University and New York University School of Law.

Caroline Sullivan

Corporate Controller

Ms. Sullivan has served as the Company’s Senior Vice President – Corporate Controller since December 2018. Prior to joining the Company, Ms. Sullivan served in several roles at Bank of America, where her last position held was Managing Director and Global Banking Controller. Prior to that role, Ms. Sullivan supported the Global Wealth & Investment Management business from 2015 to 2017 in a variety of positions including Controller and was Chief Financial Officer for the Latin America region from 2014 to 2015. From 2011 to 2013, she served as the Legal Entity Controller for the bank’s main broker dealer and other Merrill Lynch entities. Ms. Sullivan previously held various senior positions at several banks and a major accounting firm, and is a member of the American Institute of Certified Public Accountants.

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The Company has filed its annual report on Form 10-K for the year ended December 31, 2018 with the Securities and Exchange Commission.

The Form 10-K, along with other Moody’s SEC filings and corporate governance documents, are available, without charge, upon request to the Investor Relations Department at the Corporate Office or on


The Company’s common stock trades on the New York Stock Exchange under the symbol “MCO”.