100% Owned by Moody’s
NICE Group decided to sell-off the entire share of Korea Investors Service owned by NICE Infra to Moody’s Corporation on July 18.
With the decision, Moody’s will take over Korea Investors Service to be its 100% owned affiliate.
According to the financial circle, NICE group recently agreed to sell 49% of the shares of Korea Investors Service to Moody’s. The shares were originally owned by NICE Infra, an affiliate of NICE Holdings Co and the remaining 51% shares were already owned by Moody’s. Hence, through the recent agreement, Korea Investors Service will be owned 100% by Moody’s, becoming one of its subsidiary companies.
Earlier in 2001, Moody’s purchased 51% stocks of Korea Investors Service, acquiring the management rights. Later in 2008, NICE Group acquired Korea Information Service (today’s NICE Information Service), the parent company of Korea Investors Service at that time.
In the meantime, a controversy is already arising over a foreign company acquiring a Korean credit rating company. An official of an accounting firm pointed out, “it is hard to believe that a credit evaluation company, which deals with the inside information of Korean firms, has been sold to a foreign company so easily.”
Another official in the financial circle reacted negatively by saying, “It’s a wonder that there has never been even a minimal measure by financial authorities.”