7 Jun 2004 10:01

Moody‘s becomes majority shareholder in Interfax Rating Agency;firm is renamed Moody’s Interfax Rating Agency

Moody‘s Investors Service announced today that it has taken a majority stake in the Moscow-based Interfax Rating Agency. Interfax is an affiliate of Interfax Information Services Group, the leading independent information services provider in Russia and other Commonwealth of Independent States (CIS) countries.

The agreement takes effect immediately and the firm now will be called Moody’s Interfax Rating Agency.
John Rutherfurd, Jr., Chairman and Chief Executive Officer of Moody’s Corporation said at the stock purchase agreement signing ceremony in Moscow that "Moody’s entered into a relationship with Interfax Rating Agency more than two years ago, which has benefited both firms. We are increasing our stake today to be in an even better position in terms of providing the highest quality credit rating and research services available in the Russian marketplace."
"The acquisition of a majority interest in Interfax Rating Agency by Moody’s is an indication of Interfax Rating Agency’s high professional standards. The formation of such a serious alliance opens up new opportunities for advancing the rating business both in Russia and in the CIS countries," adds Mikhail Komissar, Chief Executive Officer and Chairman, Interfax Information Services Group.
Three Moody’s Investors Service executives have been nominated for election to the Moody’s Interfax Rating Agency board of directors: Chester Murray, Executive Vice President, International, Michael Foley, Senior Managing Director, Europe, and Michel Madelain, Group Managing Director, Corporate Finance Group-Europe.
Moody’s first entered into a strategic cooperation agreement with Interfax Rating Agency in October 2001. In November 2003, the two firms entered into a joint venture when Moody’s purchased approximately 20% of Interfax Rating Agency shares.

Moody‘s Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Moody‘s is a subsidiary of Moody‘s Corporation (NYSE: MCO), which employs nearly 2,300 employees in 18 countries and had reported revenue of $1.2 billion in 2003. Additional information about the company is available at www.moodys.com.

Moody’s Interfax Rating Agency, a member of the Interfax Information Services Group, specializes in the assessment of credit risk in Russia. The agency rates financial institutions, regional administrations and non-financial enterprises. Moody’s Interfax Rating Agency bases its ratings on a domestic Russian rating scale. More information on Moody’s Interfax Rating Agency is available on the website http://rating.interfax.ru.