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We are always interested in speaking to members of the media on news and events affecting the world of corporate credit risk. We look forward to hearing from you.
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For Immediate Release
[Click Here for Italian Translation]
Moody's KMV and ISMEA Team To Develop Industry-Standard Credit Risk System To Assess Italian Agriculture Companies
Agricultural Minister, ISMEA President and Moody's KMV President Announce Exclusive Deal to Develop Sophisticated Credit Rating Model to Help ISMEA Monitor Risk of Italian Agricultural Companies
ROME, February 2, 2005 - The Italian government and Moody's KMV, the world's leading provider of quantitative credit risk analysis tools, today announced an exclusive arrangement under which Moody's KMV will work with ISMEA, an Italian agency that provides services to the domestic agricultural market, to develop a precise and objective credit rating model for Italian agricultural companies. The new model, which will combine the very detailed industry information regularly gathered by ISMEA with Moody's KMV's advanced analysis and default prediction technology, will be used by the government to monitor the credit worthiness and health of companies throughout the Italian agricultural industry. The one-of-a-kind model will also serve as an objective guide to the agency in directing public funding in the form of loans and other financial aid to agricultural companies.
The announcement was made at the Palazzo Taverna by Gianni Alemanno, the Italian Minister of Agriculture, Arturo Semerari, the President of ISMEA, and Andrew Huddart, the President of Moody's KMV. Also on hand was Maurizio Sella, the President of the Association of Italian Banks.
"We are very excited to be working with the Italian government on this project, which we believe could well serve as an example to other governments as they seek to strengthen their ability to support and develop their domestic agriculture industries using a quantitative approach as encouraged by Basel II," said Mr. Huddart, President Moody's KMV.
Under terms of the contract, Moody's KMV will provide a comprehensive package to ISMEA which includes RiskCalc 3.1 Italy, a recently introduced private company default model that produces default probabilities on a monthly basis by combining forward-looking, equity market-based credit cycle predictors with firm-specific financial details. Also RiskAnalyst™ 3.0, a tool that collects, analyzes and stores data from borrowers' financial statements, will be used to blend ISMEA's proprietary economic data gathered on the agricultural sector to produce a tailored company rating. Moody's KMV will also provide a full range of professional services to customize the model to ISMEA's specific needs and fully train ISMEA's staff in the model's use.
"We feel Moody's KMV represents the best partner available in the market for ISMEA, as we seek to produce the highest quality rating model possible for Italian agricultural companies," said Arturo Semerari, President of ISMEA. "They offered the most advanced research and technology in terms of risk analysis platform and system integration, high level training and professional consulting. These technologies and services, along with our information, should produce the best results achievable."
About Moody’s KMV
Moody’s KMV, a wholly owned subsidiary of Moody's Corporation, is the world’s leading provider of quantitative credit risk analysis tools to lenders, investors, and corporations. Moody’s KMV's tools provide current default probabilities, recovery estimates, valuations and correlations, and are widely used to assess portfolio risk/return. Serving over 2,000 clients in 80 countries, including most of the world's 100 largest financial institutions, Moody’s KMV maintains the largest and cleanest database of corporate defaults in the world. In addition to its San Francisco headquarters, Moody’s KMV has offices around the world to serve its global customer base.
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, and Moody's KMV, the leading provider of market-based quantitative services for banks and investors in credit-sensitive assets serving the world's largest financial institutions. The corporation, which reported revenue of $1.2 billion in 2003, employs approximately 2,300 people worldwide and maintains offices in 18 countries. Further information is available at www.moodys.com.
About IMSEA
ISMEA, a government agency created in 1987, provides Financial, Insurance, and Information services to Italian agricultural companies. The financial service includes activities such as credit lending and warrantees aimed at supporting new agricultural organizations, those expanding the size of land and for accessing new technology. For more information please visit the ISMEA website at www.ismea.it.
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