Dear clients,

To summarize Moody's views of the September 11th's impact on global credit quality, we have prepared this special report: a digest of commentary and rating activity during the days and weeks following the attacks on New York and Washington.  We hope you will find this digest to be a useful guide to our current market views.  This digest is also being forwarded to investors who subscribe to Moody's Investors Service publications and research services.  Click the links below to view the publication.

Thank you,
Michael Foley
Group Managing Director
Corporate Finance


The Credit Impact of September 11, 2001 on ?

Global Corporate Finance <http://www.moodys.com/moodys/cust/research/venus/Publication/Special%20Report/noncategorized_number/71581.pdf>

This report focuses on the global corporate finance markets, including detailed analysis of the tragedy's impact on individual industrial sectors from aerospace to telecommunications. It also provides a look at the market from a macro perspective, including recent trends in bond defaults, upgrades and downgrades, and pricing in the corporate debt and equity markets.


Global Banking and Sovereigns <http://www.moodys.com/moodys/cust/research/venus/Publication/Special%20Report/noncategorized_number/71577.pdf>

This report focuses on sovereign credits and banking systems, including an overview of the impact of the tragedy on U.S. payment systems, on Wall Street, and on economies worldwide already faced with an economic slowdown. It also explains our current outlook on several national banking systems and details sovereign rating actions taken since the attacks. 


Global Structured Finance Markets <http://www.moodys.com/moodys/cust/research/avalon/Publication/Special%20Report/noncategorized_number/SF11499.pdf>

This report focuses on global structured finance markets, including asset-backed securities, where pooled aircraft securitizations are feeling the most immediate pressure, and where credit card backed deals may be impacted by changing consumer sentiment and general economic malaise. It also includes commentary on changes in the asset quality of and markets for mortgage-backed securities, CDOs, and derivatives in the weeks following the attacks. 


The Insurance Industry <http://www.moodys.com/moodys/cust/research/venus/Publication/Special%20Report/noncategorized_number/71580.pdf>

This report focuses on the insurance industry, including both insurance and reinsurance, and both life and property and casualty, and looks also at the impact on the Lloyd's market and on the major financial guarantors. It also includes a digest of rating actions, reviews, and outlook changes taken since the attacks.


U.S. Public Finance <http://www.moodys.com/moodys/cust/research/genoa/Publication/Special Comment/noncategorized_number/PBM71576.pdf>

This report focuses on the U.S. public finance market and on infrastructure finance globally. Analysis includes the impact of the tragedy at the city, county, and state level in New York and California; on airport credits in North America and in Europe; and on the not-for-profit segment of the municipal market, where attacks may have an interesting effect on the demand for higher education.