MSCI – Base Case iCDS 123bps, Negative Case iCDS 149bps, 2029 4.000% Bond YTW of 5.693%, iYTW of 5.553%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

March 5, 2024

  • Credit markets are accurately stating MSCI’s credit risk with a YTW of 5.693% relative to an Intrinsic YTW of 5.553% and an Intrinsic CDS of 123bps. Meanwhile, Moody’s is overstating the firm’s fundamental credit risk, with its speculative Ba1 credit rating two notches below Valens’ IG4 (Baa2) credit rating.

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