Bangkok--19 Jan--Moody's
Moody's Corporation (NYSE: MCO) announced that it has acquired 99 percent of PT Kasnic Credit Rating Indonesia. The name of the firm will be changed to PT Moody's Indonesia and will operate as Moody's Indonesia. Moody's will have an option to acquire the remaining one percent subject to compliance with Indonesian law. Terms and conditions of the transaction are not being disclosed and the financial impact on Moody's Corporation is not material.
"Indonesia is South East Asia's largest economy and is growing rapidly.
Demand for Moody's rating services in the country should grow substantially in the coming years as capital investment increases and its domestic capital market develops," said Raymond W. McDaniel, Jr., Chairman and Chief Executive Officer of Moody's Corporation. "Moody's Indonesia gives Moody's a meaningful local presence that will allow us to provide enhanced customer service to both domestic and cross-border Indonesian issuers, and to offer high quality credit ratings, research, analysis and training to local market investors."
"Moody's Indonesia expands our already sizable network of offices and affiliations in the region," added Thomas J. Keller, Group Managing Director, Moody's Asia Pacific. "The acquisition will advance our commitment to providing comprehensive ratings and research services to both domestic and global financial market participants."
Kasnic, established in 1997 and based in Jakarta, is one of two domestic credit rating agencies in Indonesia and specializes in providing rating opinions on debt instruments, including Islamic debt, corporate bonds, asset-backed securities and other structured financings, municipal bonds and Medium-Term-Notes. Moody's will provide management and technical support, including on rating methodologies and analyst training based on its globally recognized expertise in credit analysis. Moody's Indonesia will convert Kasnic's existing ratings to Moody's National Scale Ratings which will provide market participants with domestic ratings reflecting relative credit risk within Indonesia.
"Kasnic's in-depth knowledge of the local market, coupled with Moody's global expertise, will position Moody's Indonesia to better serve the country's fast growing capital market," says Kasnic's President Director Minon Almasyhur, who will lead Moody's Indonesia.
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; Moody's KMV, a leading provider of credit risk processing and credit risk management products for banks and investors in credit-sensitive assets serving the world's largest financial institutions; and Moody's Economy.com, a provider of economic research
and data services.
The corporation, which reported revenue of US$1.7 billion in 2005, employs approximately 3,000 people worldwide and maintains offices in 22 countries. Further information is available at www.moodys.com .
Hong Kong
Thomas J. Keller
Group Managing Director
Moody's Asia Pacific Limited
TELEPHONE: 852-2916-1150