NEW YORK–(BUSINESS WIRE/ AETOSWire )– Moody’s Corporation (NYSE:MCO)
announced today that it has fully acquired Global Credit Rating Company Limited (GCR), a
leading domestic credit rating agency with operations spanning Africa. The announcement
follows Moody’s 2022 acquisition of a majority stake in GCR, and expands Moody’s investment
in Africa’s domestic credit markets.
“GCR provides investors with crucial insights and clarity into Africa’s fast-growing domestic
credit markets, which play an important role in economic development throughout the
continent,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “Moody’s is
excited to deepen our domestic ratings presence in Africa through a trusted name in GCR.”
“The full acquisition of GCR by Moody’s is an important milestone that will enable us to build
on our deep local market insights and over a quarter century of growth across the African
continent,” said Marc Joffe, Chief Executive of GCR. “It will also provide the opportunity to
further develop solutions that meet a range of customer needs, including credit ratings, credit risk
solutions, and ESG capabilities.”
GCR rates financial institutions, corporates, public sector issuers, and structured transactions
across Africa, and maintains offices in South Africa, Nigeria, Senegal, Kenya, and Mauritius. It
will continue to operate as an affiliate of Moody’s – developing its own rating methodologies,
issuing its own credit ratings, and maintaining a separate management team.
The terms of the transaction were not disclosed, and it will not have a material impact on
Moody’s 2024 financial results.
About Moody’s Corporation
In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights,
and innovative technologies help customers develop a holistic view of their world and unlock
opportunities. With a rich history of experience in global markets and a diverse workforce of
approximately 15,000 across more than 40 countries, Moody’s gives customers the
comprehensive perspective needed to act with confidence and thrive. Learn more at
moodys.com.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this document 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
document 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. These factors, risks and uncertainties include, but are not limited to: the
impact of general economic conditions (including significant government debt and deficit levels,
and 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 impacts of the Russia – Ukraine
military conflict and the military conflict in Israel and the surrounding areas 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 actions; concerns in
the marketplace affecting our credibility or otherwise affecting market perceptions of the
integrity or utility of independent credit agency ratings; the introduction or development of
competing and/or emerging technologies and products; 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 jurisdictions in which we operate,
including the EU; 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 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, 2023, 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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*Source: Contacts
For Moody’s Investor Relations:
Shivani Kak
Moody’s Corporation
+1 212-553-0298
Shivani.Kak@moodys.com
For Moody’s Communications:
Joe Mielenhausen
Moody’s Corporation
+1 212-553-1461
