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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
Oldrich Vasicek, Ph.D., Founding Principal of KMV, Inducted into the Fixed Income Analysts Society (FIASI) Hall of Fame
NEW YORK, November 12, 2002 - Dr. Oldrich Vasicek, who with Stephen Kealhofer and John Andrew McQuown founded KMV, the firm that pioneered quantitative credit risk management tools, will be inducted into the Fixed Income Analysts Society (FIASI) Hall of Fame on November 12th at an award dinner in New York City.
Dr. Vasicek, whose career in credit risk measurement and management spans more than three decades, was recognized by the FIASI for his lifetime achievements in the advancement of fixed income security and portfolio analysis. FIASI established its Hall of Fame in 1995 to honor individuals who have made major contributions to the credit risk industry.
Hailed by many as having a profound effect on financial theory and practice, his equilibrium model of the term structure of interest rates is widely regarded as the landmark work in the field. Dr. Vasicek is also well known in the credit industry for co-founding KMV Corporation, which was acquired by Moody's in April 2002 to form Moody's KMV. He was instrumental in developing the Moody's KMV Expected Default Frequency (EDF) credit measure, a groundbreaking technology that has steadily won adherents among financial institutions on every continent.
The EDF credit measure is based on the idea that the likelihood of default by a corporate borrower or bond issuer is best estimated by a careful analysis of the relationship between a firm's liabilities and its market assets, including the firm's equity market capitalization. Today, many of the world's largest financial institutions rely on the Moody's KMV EDF credit measurement system.
"Induction into the FIASI Hall of Fame is a great honor for me and for Moody's KMV," said Dr. Vasicek. "It is recognition that the tools that we created have played an important role in the evolution of the global credit markets. We are very proud to have made a contribution to the industry."
Dr. Vasicek's induction into the FIASI Hall of Fame follows on the heels of two other significant industry accolades. Earlier this year, he was honored with Risk magazine's Lifetime Achievement Award. In 2000, Dr. Vasicek was inducted into Derivatives Strategy magazine's Derivatives Strategy Hall of Fame.
Earlier in his career, Dr. Vasicek was a Vice President in the Management Science Department of Wells Fargo Bank in San Francisco. He has taught graduate finance at the University of Rochester, University of California at Berkeley, and at Ecole Superieure des Sciences Economiques et Commerciales in France. A native of the Czech republic, Dr. Vasicek holds a Ph.D. in probability theory from Charles University in Prague.
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.
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