Finance History | 11 Wall Street — Old D and B Became a Ratings Book Called MCO
· 2000-9
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Finance History | 11 Wall Street — Old D and B Became a Ratings Book Called MCO
kevin
People treat Moody's as a New York ratings house that always printed MCO after a finished New York book.
The September 2000 survivor was The Dun and Bradstreet Corporation, already listed here.
A 2000 Dun and Bradstreet annual report records that on 30 September 2000 Old D and B separated into two independent public companies.
Shareholders received one share of the new Dun and Bradstreet for every two shares of Old D and B.
Following that distribution, Old D and B was renamed Moody's Corporation and the new company took the Dun and Bradstreet name.
The ratings and research book stayed with the renamed parent and printed under MCO on this exchange.
The Internal Revenue Service had ruled on 15 June 2000 that the receipt of new D and B stock would be tax-free except for cash in lieu of fractional shares.
The mechanism is a tax-free split that left the ratings franchise on the New York tape under new letters while a separate credit-information book walked out under its old name.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that opened MCO.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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