Moody's Corporation

we're about to begin. Good day everyone and welcome to the Moody's Corporation Third Quarter 2020 Earnings Conference Call. At this time I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company we will open the conference up for questions and answers following the presentation. You may signal by pressing star 1 during that time. I would now like to turn the conference over to Shivani Kak, Head of Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and thanks for joining us on this teleconference to discuss Moody's third quarter 2020 results, as well as our outlook for full year 2020. I'm Shivani Kak, Head of Investor Relations. This morning, Moody's released its results for the third quarter of 2020, as well as our outlook for full year 2020. The earnings press release and a presentation to accompany this teleconference are both available on our website at ir.moody's.com. Ray McDaniel, Moody's President and Chief Executive Officer, will lead this morning's conference call. Also making prepared remarks on the call this morning is Mark Kay, Moody's Chief Financial Officer. During this call, we will also be presenting non-GAAP or adjusted figures. Please refer to the table at the end of our earnings press release filed this morning for a reconciliation between all adjusted measures referenced during this call on GAAP. I call your attention to the safe harbour language which can be found towards the end of our earnings release. Today's remarks may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the Act, I also direct your attention to the management discussion and analysis section and the risk factors discussed in our annual report on Form 10-K for the year ended December 31st, 29, our quarterly report Form 10-Q for the quarter ended March 31st, 2020, and in other SEC filings made by the company, which are available on our website and on the SEC's website. these together with the safe harbour statement set forth important factors that could cause actual results to differ materially from those contained in any such forward-looking statements. I would also like to point out that members of the media may be on the call this morning in a listen-only mode. Before we begin, we would like to comment on the succession plan that was announced last week. Ray McDaniel will retire as President and CEO of Moody's on December 31st after nearly 34 years with the company, including over 15 years as CEO. We are very pleased that the board has appointed Rob Faber, Moody's chief operating officer, as Ray's successor. Ray will remain on the board upon his retirement and will assume the role of chairman effective January 1st. I will now turn the call over to Ray.

Thank you, Shivani, and good morning, everyone. Before we discuss the company's performance, I want to take just another minute to reflect on the leadership succession plan. As Shivani mentioned, I'll be retiring from Moody's at the end of the year. And with the unanimous approval of the board of directors, Rob Falberg will succeed me as president and CEO. I will continue to serve on Moody's board while I will assume the role of chairman. Rob has now joined the board, and we will work closely together, as well as with senior leadership and our fellow directors, to ensure a smooth and successful transition. Leaving a job you love and people you respect is not easy, especially at such a great company. I'd like to thank our employees for their unyielding commitment to quality and rigor and for upholding Moody's purpose to bring clarity, knowledge, and fairness to an interconnected world. It has been a privilege working with you all. While it's difficult to leave, I'm confident that this is the right time in the company's evolution for this transition to take place. Moody's is stronger now than ever before, and the company is well positioned for the future. Rob's impressive record of achievement during his 15 years at the company Combined with his deep knowledge of our businesses and the needs of our customers, make him the ideal leader to take Moody's into its next chapter. I think you all know Rob well. Since joining Moody's in 2005, he has shown himself to be an innovative, strategic, and results-oriented leader and someone who cares deeply about our people. He has grown with the company and served in a number of leadership roles, most recently as chief operating officer where he has overseen both MIS and MA. as well as strategy and marketing for the corporation. I am confident he will continue to maximize our strengths and champion collaboration, innovation, and efficiency across the company. Moody's future is in excellent hands. And with that, let me turn the call over to Rob to say a few words.