Moody's ups stake in Israeli rating agency Midroog to 40%

By Reshmi Basu

New York, Nov. 1 - Moody's Investors Service and Israeli rating agency Midroog Ltd. said that Moody's is planning to increase its minority stake in Midroog to 40% from 10%.

Moody's first entered into an affiliation agreement with Midroog in August 2003 and has since provided technical support on rating methodology and analyst training.

Moody's said that the enhanced position underscores its confidence in the Israeli capital market.

"Our affiliation has already enhanced Moody's and Midroog's ability to assist Israeli companies seeking to access the debt capital markets, both in Israel and internationally," said Michael Foley, Moody's senior managing director of Europe, in a news release.

"The intended increase of our ownership stake to 40% reflects our desire to work even more closely with Midroog to provide high quality rating and research services for the benefit of the Israeli financial markets," he added.

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