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MOODY’S KMV LAUNCHES INTERNAL CREDIT RATING SOLUTION FOR CHINA

Continued Global Demand for RiskAnalyst Fuels Local Language Version

SAN FRANCISCO, February 28, 2006 – Moody's KMV, the world's leading provider of quantitative credit risk measurement and management solutions to lenders, investors and corporations, today announced a Simplified Chinese version of RiskAnalyst™. The Simplified Chinese version of RiskAnalyst enables banks, non-bank financial institutions and corporations to make lending decisions using internal ratings and analysis of financial statement data based on local accounting standards.

RiskAnalyst improves the speed, accuracy and consistency of internal rating systems by allowing institutions to capture, analyze and store financial and non-financial borrower and facility information. It combines the proven analysis, reporting and credit risk assessment features of the Moody's KMV platform with browser-based delivery that lowers the cost of management and deployment.

RiskAnalyst helps organizations meet their credit risk assessment goals based on Basel II regulatory requirements and internal policies. Templates for standardizing analysis of financial results across differing local accounting practices, International Financial Reporting Standards (IFRS) compliance and internal rating assessment for middle market lending are included in RiskAnalyst.

“We are building out our capabilities based on increased demand for our solutions in some of the world’s highest growth markets,” said Andrew Huddart, President of Moody’s KMV. “Chinese banks and corporations are setting strict internal credit rating practices to move toward common standards applied in increasingly global markets. RiskAnalyst offers the first Simplified Chinese language tool backed by the leading edge analytics of Moody’s KMV and ensures firms in China can accurately and consistently make good credit decisions.”

RiskAnalyst was introduced in 2003 and Moody’s KMV has continued to enhance the product to meet clients’ needs worldwide. It draws upon 20 years of application development and product delivery experience. The result is a robust, flexible solution that addresses today's key credit risk challenges. A French version of RiskAnalyst was launched in November 2005.