Moody’s Analytics Knowledge Services industry-leading fixed-income and credit practice works with the world’s leading sell-side and buy-side firms. The unit, one of the leading third-party research teams, supports fixed-income and credit activities across client segments, rating categories, products, and geographies, and providing unmatched credit research capabilities to our global clients. Its leadership team has extensive experience in managing world-class analysts to provide cutting-edge research services.

We have delivered expertise across most fixed-income products, including rates, investment-grade, high-yield, distressed debt, leveraged finance, structured products, public finance, emerging markets, and commodities. For these products, we have carried out several research activities to support our clients, such as fundamental credit analysis, rating forecasts, cash flow modeling, capital structure analysis, thematic studies, and risk reporting.

Our Fixed Income and Credit Research services include:

Investment Grade
We support clients in conducting detailed reviews of all available information to produce high-quality credit reports covering individual issuers, sectors, or geographies. The content of such reports could range from “quick-and-dirty” desk notes to detailed publishing-quality reports, depending on client requirements. Our thematic studies drive idea generation and help uncover hidden credit opportunities, beyond the radar of regular analyst coverage.
High Yield and Leveraged Finance
Our analysts support our clients’ activities in high-yield and leveraged finance research by building forecast cash flow models, making suitable accounting adjustments, indenture screening, covenant headroom monitoring, stress testing, and scenario analysis. We also help in the development and maintenance of shadow ratings using established methodologies, tracking the coverage universe for news and events, and preparing relative value screens and quantitative filters.
Distressed Debt
We help clients in establishing enterprise values and in estimating the recovery values of different debt brackets under stress and distress situations. Our analysts also calculate the value of shares pledged as collateral using different measures, and assess the effectiveness of covenants across different layers of debt. Real-time tracking of news and events, along with an analysis of the impact on recovery prospects, helps our clients stay ahead of the curve.
US Municipals
We provide an added thrust to our clients’ municipal credit research process, which has become imperative to track and understand the risk characteristics and credit quality of the issuers. Our analysts support initial economic, financial, and debt analyses on issuers and surveillance, where they track city, MSA, county, hospital, public utility, and other municipals. They monitor regional news, economic indicators, and issuer-level data and add significant value to the investment process without incurring fixed costs.
Sovereign Debt
We help monitor sovereign debt across the developed, emerging, and frontier markets. For our clients, we also undertake country visits, macroeconomic studies, central bank watch, fiscal policy reviews, and contingent liability and budget analysis, and monitor political risk and compare legal systems. Some of the products we support include country screens, daily economic updates, periodic market monitors, event impact reports, and detailed sovereign research reports.
Structured Products
Our analysts support credit analysis and risk management activities for clients across a wide variety of structured products, including CDOs, CLOs, ABS, and MBS. We help clients formulate investment strategies using mathematical modeling, simulation, and back-testing, as well as credit scoring and analysis. Our analysts have experience in monitoring constituents, assigning shadow ratings, highlighting rating change assessments, running default simulation models, and performing substitution analysis.
Emerging Markets
We provide clients with pan-global research support covering all BRIC, Eastern European, Middle Eastern, Asian, African, and Latin American countries. We undertake sovereign and corporate debt analysis for both hard and local currency debt including country studies and site visits, thematic and sector studies, market monitoring, economic and political risk evaluation, credit strategy, and bond database support.
We help clients perform convertible bond valuation by combining the fair value of the straight bond, based on the credit spread, and the fair value of the option using the implied volatility of the stock price. This is achieved by building advanced forecast models for companies, capturing all key performance drivers. Our analysts also track the prices and spreads of bonds, screen investment opportunities in the convertibles universe, and perform peer analysis to generate trade ideas.