Moody’s affirms MSCI

Moody's Investors Service said it affirmed MSCI Inc.'s Ba1 corporate family, Ba2-PD probability of default, Ba1 senior secured and SGL-1 speculative grade liquidity ratings.

The outlook remains stable.

On Sept. 18, MSCI announced plans to return $1 billion to shareholders by the end of 2016 though establishment of a regular quarterly cash dividend and share repurchases, including $300 million of shares to be purchased immediately through an accelerated share repurchase agreement with an investment bank. The sources of funds will be cash and cash flow from operations.

The amount of planned distributions is in excess of that permitted under the existing senior secured credit facility, so Moody's said it anticipates the existing debt will be amended to permit the distributions or refinanced.

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