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MarketScreener Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION

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Credit Markets: Ratings Firms Give Leeway To Some -2-

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10/21/2019 | 02:48am EDT

Moody's also overstated Newell's earnings by double-counting amortization when calculating earnings before interest, tax, depreciation and amortization -- the denominator of the leverage ratio.

Adjusting for the errors, Moody's estimate of Newell's leverage should have been closer to six times earnings, the Journal found.

Earlier this month, Moody's updated its calculation of Newell's year-end 2018 leverage to six times earnings, versus a revised estimate of 5.5 times it published in August that took various asset sales into account. S&P raised its number to 5.4 times earnings, citing "normalized" figures that also took into account Newell's asset sales.

An S&P spokesman said in an email that "our analysis speaks for itself."

Moody's confirmed its 2018 calculation included earnings from businesses Newell had sold. Moody's said the calculation was just a different way of measuring leverage, though it agreed that double-counting amortization was an error, and said it corrected it in October.

Kraft and Newell long-term bonds trade in junk territory. S&P and Moody's predict Newell will reduce its debt to about four times earnings within the next year or so.

Write to Gunjan Banerji at Gunjan.Banerji@wsj.com and Cezary Podkul at cezary.podkul@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
MOODY'S CORPORATION 0.92% 219.29 Delayed Quote.55.17%
NEWELL BRANDS 2.71% 19.92 Delayed Quote.4.33%
S&P GLOBAL INC. 0.38% 251.42 Delayed Quote.47.39%
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Financials (USD)
Sales 2019 4 700 M
EBIT 2019 2 018 M
Net income 2019 1 389 M
Debt 2019 4 282 M
Yield 2019 0,94%
P/E ratio 2019 30,2x
P/E ratio 2020 25,9x
EV / Sales2019 9,74x
EV / Sales2020 9,12x
Capitalization 41 490 M
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Technical analysis trends MOODY'S CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 220,14  $
Last Close Price 219,29  $
Spread / Highest target 11,7%
Spread / Average Target 0,39%
Spread / Lowest Target -19,7%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry A. McKinnell Chairman
Mark Kaye Chief Financial Officer & Senior Vice President
Mona Breed Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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