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4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION (MCO)
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Announcement: Moody's: GIC's credit profile supported by solid capital adequacy and liquidity positions

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11/24/2017 | 02:11pm CET

The Gulf Investment Corporation's (GIC, A2 stable) credit profile benefits from solid capital adequacy and liquidity positions and support from its highly rated shareholders, Moody's Investors Service said in a report today.

The annual update, 'Gulf Investment Corporation G.S.C.-A2 stable, Annual credit analysis', is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

'GIC's credit profile has gradually improved as a result of lower market exposure and continued deleveraging,' said Thaddeus Best, a Moody's Analyst and author of the report. 'However, an absence of callable capital and a focus on equity investment constrain the profile.'

The substantial deleveraging that GIC has achieved to date has significantly improved its capital position and the company has a large amount of shareholder's equity relative to operating assets.

Following operating losses in 2008 of around $1 billion, amounting to around half its capital base in 2007, GIC received additional capital from members after making a call on its callable capital resources. Additional capital paid-in amounted to $1.2 billion, which was injected between 2008 and 2009.

Over the past three years, GIC's capital base has represented an average 107% of operational assets, a very high level even among multilateral development banks (MDBs). GIC has reduced its leverage considerably since 2008, with debt to usable equity falling from 5x in 2008 to 49.7% in 2016.

GIC's asset performance displays some volatility and the company's assets are relatively concentrated. Its business model is more risky than those of other MDBs making loans to public or private sector entities. However, the company operates in a more benign environment than many MDBs.

GIC's portfolio is relatively diversified, given the split in assets between securities investments and direct equity holdings, as well as between sectors. GIC's concentration in a relatively narrow range of countries is in line with regional MDBs that also focus on a similarly limited set of countries.

Return on assets has averaged 2.3% over the past three years, declining slightly in 2016 but still among the highest of the MDBs that Moody's rates.

The company's liquidity is supported by the large size of liquid assets relative to short-term liabilities, and low costs of funding. However, the degree to which GIC continues to rely on wholesale deposits and its relatively weak market-implied rating adversely affect Moody's assessment.

Unlike the majority of similarly rated MDBs, GIC does not benefit from contractual member support, although its shareholders have shown their propensity to support by providing called-up capital in 2008-09, leading to a very strong capital position, as well as their continued placement of large deposits in GIC.

The stable outlook on GIC's A2 rating reflects Moody's expectation that GIC's capital buffers and liquidity position will be sustained.

Upward rating pressure could result from evidence of stronger support, including the re-introduction of callable capital, or a sustained improvement in the volatility of earnings. Downward rating pressure may result from significant investment losses that erode capital adequacy or a sustained weakening of shareholders' capacity to support GIC.

Subscribers can access the report at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1097428

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, Sao Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at [email protected] or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Christian de Guzman

VP - Senior Credit Officer

Sovereign Risk Group

Moody's Investors Service Singapore Pte. Ltd.

50 Raffles Place #23-06

Singapore Land Tower

Singapore 48623

Singapore

JOURNALISTS: 852 3758 1350

Client Service: 852 3551 3077

Yves Lemay

MD - Sovereign Risk

Sovereign Risk Group

JOURNALISTS: 44 20 7772 5456

Client Service: 44 20 7772 5454

Thaddeus Best

Analyst

Sovereign Risk Group

Telephone: 00971 4237 9536

Releasing Office:

Moody's Investors Service Singapore Pte. Ltd.

50 Raffles Place #23-06

Singapore Land Tower

Singapore 48623

Singapore

JOURNALISTS: 852 3758 1350

Client Service: 852 3551 3077

(C) 2017 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2017 4 097 M
EBIT 2017 1 785 M
Net income 2017 1 207 M
Debt 2017 4 530 M
Yield 2017 1,01%
P/E ratio 2017 23,83
P/E ratio 2018 23,93
EV / Sales 2017 8,07x
EV / Sales 2018 7,17x
Capitalization 28 535 M
Chart MOODY'S CORPORATION
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Moody's Corporation Technical Analysis Chart | MCO | US6153691059 | 4-Traders
Technical analysis trends MOODY'S CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 13
Average target price 152 $
Spread / Average Target 1,7%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Linda S. Huber Chief Financial Officer & Executive Vice President
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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