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We are always interested in speaking to members of the media on news and events affecting the world of corporate credit risk. We look forward to hearing from you.
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For Immediate Release
Moody?s KMV and Markit Sign Distribution Agreement
SAN FRANCISCO and LONDON, January 27, 2005 - Moody?s KMV and Markit Group Limited (?Markit?) today announced an alliance agreement under which they will offer banks a powerful credit risk solution combining loan valuation analytics from Moody?s KMV?s CreditMark product with Markit?s comprehensive daily and historical credit default swap and loan data.
Moody?s KMV?s CreditMark product is a web-based analytics tool that banks use to accurately value corporate loans. Because CreditMark utilises market data that is updated daily, banks can use the tool to monitor in near real-time the value of their loan portfolios and to price new loans based on current credit market conditions. Incorporating Markit?s accurate credit default swap and loan prices into CreditMark will afford subscribers timely access to a leading source of credit data for use in loan valuation.
Jeffrey Bohn, Managing Director at Moody?s KMV, comments: ?The increasing liquidity in the credit markets continues to generate new sources of useful data. Working with a quality firm like Markit will enable Moody?s KMV to improve its ability to deliver enhanced loan valuation tools for marking credit portfolios to market. Combining Moody?s KMV?s valuation analytics with Markit?s data will deliver a significant competitive edge to credit portfolio managers, allowing them to minimise losses and improve portfolio performance.?
Lance Uggla, CEO of Markit, comments: ?The union of Moody's KMV?s credit tools with Markit?s credit and loan dataset provides credit portfolio managers around the world with an unrivalled service for the fast-growing credit markets. The need to manage an expanding credit portfolio containing increasingly complex instruments demands the use of world-class credit analytics and data, which this close partnership provides.?
About Moody?s KMV
Moody?s KMV, a wholly owned subsidiary of Moody's Corporation, is the world?s leading provider of quantitative credit risk analysis tools to lenders, investors, and corporations. Moody?s KMV's tools provide current default probabilities, recovery estimates, valuations and correlations, and are widely used to assess portfolio risk/return. Serving over 2,000 clients in 80 countries, including most of the world's 100 largest financial institutions, Moody?s KMV maintains the largest and cleanest database of corporate defaults in the world. In addition to its San Francisco headquarters, Moody?s KMV has offices around the world to serve its global customer base.
About Moody's Corporation
Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, and Moody's KMV, the leading provider of market-based quantitative services for banks and investors in credit-sensitive assets serving the world's largest financial institutions. The corporation, which reported revenue of $1.2 billion in 2003, employs approximately 2,300 people worldwide and maintains offices in 18 countries. Further information is available at v2.moodys.com.
About Markit
Markit is the leading industry source for asset valuation data and services supporting independent price verification and risk management in global financial and energy markets. Founded in 2001, the company is an independent enterprise with which the world?s leading financial institutions and energy traders work strategically to create price transparency. Today, Markit enjoys the sponsorship of 13 financial institutions who manage assets in excess of $10 trillion, and data contribution relationships with over 45 dealing firms. Markit has designed, launched and acquired over 20 financial data services which are now used by over 300 institutions globally. Areas of product expertise and service include an independent valuation perspective on credit default swaps, syndicated loans, OTC derivatives and structured products (credit, equity, FX, rates, energy, power and metals), as well as dividend forecasting and index and ETF management.
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