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For Immediate Release
Moody's KMV™ Releases Enhanced Version of Popular Portfolio Manager Product, Providing Greater Speed and Functionality
Calculations That Once Took Hours Now Take Minutes; Allows More Frequent Assessment of Risk
SAN FRANCISCO, September 16, 2003 - Moody's KMV, the world's leading provider of quantitative credit risk products for lenders and investors, today introduced Portfolio Manager 2.2, a major enhancement to one of the firm's most popular products which is widely used by portfolio and risk managers at banks, insurance companies and asset management firms to assess portfolio credit risk and return.
According to Dr. Jeff Bohn, Managing Director at Moody's KMV, the new version provides quicker analysis and prediction of correlated losses -- in some cases reducing the time it takes to run the necessary simulation from hours to minutes. The improvement gives users the ability to increase the amount and breadth of analysis they perform, for example, allowing them to run simulations each time there is change in the portfolio, all with the same level of accuracy. The new version also features data integration with RiskCalc, the Moody's KMV product that produces default risk probabilities for private firms, allowing banks in particular to better assess the mid-market credit risk in their portfolios. Finally, new valuation and recovery options extend a portfolio managers' ability to employ market data they may be using and enter information as they collect it from their trading systems. The feature is especially beneficial to asset managers and loan traders.
"These are significant enhancements that collectively improve the accuracy, timeliness and availability of the data that is necessary for users to have if they are to assess and manage their risk on a portfolio-wide basis," said Dr. Bohn. "As such we expect it will find a warm welcome among this product's many users in financial institutions around the world."
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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