Moody’s Corporation (NYSE:MCO) today announced the launch of
Vietnam Investors Service And Credit Rating Agency Joint Stock
Company (VIS Rating), a partnership between Moody’s and leading
Vietnamese financial institutions that was initiated by the Vietnam
Bond Market Association (VBMA). Vietnam’s Ministry of Finance
issued a credit rating agency license to VIS Rating on September
18, 2023.
VIS Rating will provide independent, best-in-class credit rating
services to domestic corporate issuers in Vietnam.
“Moody’s recognizes the vital role that the local debt capital
market plays in driving Vietnam’s economic growth,” said Michael
West, President of Moody’s Investors Service. “As a global leader
in credit ratings, research, and risk analysis, our international
presence and local experience will position VIS Rating as the
rating agency of choice in Vietnam.”
The value of Vietnam’s outstanding corporate bonds stood at
around 13% of GDP as of August 2023, pointing to robust growth
potential in its debt capital market. As Vietnam’s domestic bond
market develops, credit ratings and research will play a meaningful
role by helping companies access new capital, formulate funding
strategies, signal transparency, and maintain investor confidence
during times of market stress.
“VIS Rating broadens Moody’s network of domestic partners in
Asia-Pacific and complements our leading cross-border coverage in
Vietnam,” said Wendy Cheong, Managing Director and Regional Head of
Asia-Pacific, Moody’s Investors Service, and member of the Board of
Management, VIS Rating. “We are committed to providing global best
practices, technical, and talent support to bolster VIS Rating’s
capabilities.”
“We are delighted to have the backing of Moody’s and other local
leading financial institutions as founding shareholders,” said Mr.
Tran Le Minh, Chief Executive Officer and Managing Director of VIS
Rating. “Together, we will build an organization that will be
synonymous with trust, credibility, and best-in-class credit
ratings and research in Vietnam.”
Moody’s is the largest shareholder in VIS Rating with a 49%
holding. Other founding shareholders include ACB Securities
Company, Dragon Capital Finance Limited, Nam A Bank Asset
Management Company Limited, VNDIRECT Securities Corporation, and
VPS Securities Joint Stock Company. VIS Rating operates
independently from Moody’s.
ABOUT MOODY’S
Moody’s (NYSE: MCO) is a global integrated risk assessment firm
that empowers organizations to make better decisions. Its data,
analytical solutions and insights help decision-makers identify
opportunities and manage the risks of doing business with others.
We believe that greater transparency, more informed decisions, and
fair access to information open the door to shared progress. With
approximately 14,500 employees in more than 40 countries, Moody’s
combines international presence with local expertise and over a
century of experience in financial markets. Learn more at
moodys.com/about.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and
prospects for Moody’s business and operations that involve a number
of risks and uncertainties. Such statements involve estimates,
projections, goals, forecasts, assumptions and uncertainties that
could cause actual results or outcomes to differ materially from
those contemplated, expressed, projected, anticipated or implied in
the forward-looking statements. Stockholders and investors are
cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements and other information in
this release are made as of the date hereof, and Moody’s undertakes
no obligation (nor does it intend) to publicly supplement, update
or revise such statements on a going-forward basis, whether as a
result of subsequent developments, changed expectations or
otherwise, except as required by applicable law or regulation. In
connection with the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, Moody’s is identifying
certain factors that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking
statements. Those factors, risks and uncertainties include, but are
not limited to: the impact of current economic conditions,
including capital market disruptions, inflation and related
monetary policy actions by governments in response to inflation, on
worldwide credit markets and on economic activity, including on the
volume of mergers and acquisitions, and their effects on the volume
of debt and other securities issued in domestic and/or global
capital markets; the uncertain effectiveness and possible
collateral consequences of U.S. and foreign government initiatives
and monetary policy to respond to the current economic climate,
including instability of financial institutions, credit quality
concerns, and other potential impacts of volatility in financial
and credit markets; the global impact of the Russia - Ukraine
military conflict on volatility in world financial markets, on
general economic conditions and GDP in the U.S. and worldwide, on
global relations and on the Company's own operations and personnel;
other matters that could affect the volume of debt and other
securities issued in domestic and/or global capital markets,
including regulation, increased utilization of technologies that
have the potential to intensify competition and accelerate
disruption and disintermediation in the financial services
industry, as well as the number of issuances of securities without
ratings or securities which are rated or evaluated by
non-traditional parties; the level of merger and acquisition
activity in the U.S. and abroad; the uncertain effectiveness and
possible collateral consequences of U.S. and foreign government
actions affecting credit markets, international trade and economic
policy, including those related to tariffs, tax agreements and
trade barriers; the impact of MIS’s withdrawal of its credit
ratings on countries or entities within countries and of Moody’s no
longer conducting commercial operations in countries where
political instability warrants such action; concerns in the
marketplace affecting our credibility or otherwise affecting market
perceptions of the integrity or utility of independent credit
agency ratings; the introduction of competing products or
technologies by other companies; pricing pressure from competitors
and/or customers; the level of success of new product development
and global expansion; the impact of regulation as an NRSRO, the
potential for new U.S., state and local legislation and
regulations; the potential for increased competition and regulation
in the EU and other foreign jurisdictions; exposure to litigation
related to our rating opinions, as well as any other litigation,
government and regulatory proceedings, investigations and inquiries
to which Moody’s may be subject from time to time; provisions in
U.S. legislation modifying the pleading standards and EU
regulations modifying the liability standards applicable to credit
rating agencies in a manner adverse to credit rating agencies;
provisions of EU regulations imposing additional procedural and
substantive requirements on the pricing of services and the
expansion of supervisory remit to include non-EU ratings used for
regulatory purposes; uncertainty regarding the future relationship
between the U.S. and China; the possible loss of key employees and
the impact of the global labor environment; failures or
malfunctions of our operations and infrastructure; any
vulnerabilities to cyber threats or other cybersecurity concerns;
the timing and effectiveness of our restructuring programs, such as
the 2022 - 2023 Geolocation Restructuring Program; currency and
foreign exchange volatility; the outcome of any review by
controlling tax authorities of Moody’s global tax planning
initiatives; exposure to potential criminal sanctions or civil
remedies if Moody’s fails to comply with foreign and U.S. laws and
regulations that are applicable in the jurisdictions in which
Moody’s operates, including data protection and privacy laws,
sanctions laws, anti-corruption laws, and local laws prohibiting
corrupt payments to government officials; the impact of mergers,
acquisitions, such as our acquisition of RMS, or other business
combinations and the ability of Moody’s to successfully integrate
acquired businesses; the level of future cash flows; the levels of
capital investments; and a decline in the demand for credit risk
management tools by financial institutions. These factors, risks
and uncertainties as well as other risks and uncertainties that
could cause Moody’s actual results to differ materially from those
contemplated, expressed, projected, anticipated or implied in the
forward-looking statements are described in greater detail under
“Risk Factors” in Part I, Item 1A of Moody’s annual report on Form
10-K for the year ended December 31, 2022, and in other filings
made by the Company from time to time with the SEC or in materials
incorporated herein or therein. Stockholders and investors are
cautioned that the occurrence of any of these factors, risks and
uncertainties may cause the Company’s actual results to differ
materially from those contemplated, expressed, projected,
anticipated or implied in the forward-looking statements, which
could have a material and adverse effect on the Company’s business,
results of operations and financial condition. New factors may
emerge from time to time, and it is not possible for the Company to
predict new factors, nor can the Company assess the potential
effect of any new factors on it. Forward-looking and other
statements in this document may also address our corporate
responsibility progress, plans, and goals (including sustainability
and environmental matters), and the inclusion of such statements is
not an indication that these contents are necessarily material to
investors or required to be disclosed in the Company’s filings with
the Securities and Exchange Commission. In addition, historical,
current, and forward-looking sustainability-related statements may
be based on standards for measuring progress that are still
developing, internal controls and processes that continue to
evolve, and assumptions that are subject to change in the
future.
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version on businesswire.com: https://www.businesswire.com/news/home/20230919791043/en/
SHIVANI KAK Investor Relations +1 212-553-0298
Shivani.kak@moodys.com OR HECTOR LIM Communications +62 2 9270 8141
hector.lim@moodys.com
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