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Wiki Wiki Summary
Conxita Julià Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations director The role of operations director generally encompasses the oversight of operational aspects of company strategy with responsibilities to ensure operation information is supplied to the chief executive and the board of directors as well as external parties.\n\n\n== Description ==\nThe role of operations director can vary according to the size of a company, and at some companies many even encompass some or all the functions of a chief operating officer.The Institute of Directors of the United Kingdom defines the role as overseeing "all operational aspects of company strategy" and "responsible for the flow of operations information to the chief executive, the board and, where necessary, external parties such as investors or financial institutions".
Motion Picture Association film rating system The Motion Picture Association film rating system is used in the United States and its territories to rate a motion picture's suitability for certain audiences based on its content. The system and the ratings applied to individual motion pictures are the responsibility of the Motion Picture Association (MPA), previously known as the Motion Picture Association of America (MPAA) from 1945 to 2019.
Significant Others The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
The Simpsons The Simpsons is an American animated sitcom created by Matt Groening for the Fox Broadcasting Company. The series is a satirical depiction of American life, epitomized by the Simpson family, which consists of Homer, Marge, Bart, Lisa, and Maggie.
United States fifty-dollar bill The United States fifty-dollar bill ($50) is a denomination of United States currency. The 18th U.S. president (1869-1877), Ulysses S. Grant, is featured on the obverse, while the U.S. Capitol is featured on the reverse.
Daikin Daikin Industries, Ltd. (ダイキン工業株式会社, Daikin Kōgyō Kabushiki-gaisha) is a Japanese multinational air conditioning manufacturing company headquartered in Osaka.
Deferred financing cost Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on. Since these payments do not generate future benefits, they are treated as a contra debt account.
Municipal bond A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
Social issue A social issue is a problem that affects many people within a society. It is a group of common problems in present-day society and ones that many people strive to solve.
Moody's Investors Service Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities.
Moody's Analytics Moody's Analytics is a subsidiary of Moody's Corporation established in 2007 to focus on non-rating activities, separate from Moody's Investors Service. It provides economic research regarding risk, performance and financial modeling, as well as consulting, training and software services.
The Moody Brothers The Moody Brothers are an Americana country music trio who gained prominence in 1985 when they were nominated for a Grammy Award for their instrumental performance of the classic fiddle tune "Cotton Eyed Joe". This trio of brothers, Carlton Moody, Dave Moody, and Trent Moody were nominated for a second Grammy in 1990 and won three International Country Music Awards in Europe.
Fitch Ratings Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating agencies", the other two being Moody's and Standard & Poor's.
Supply chain risk management Supply chain risk management (SCRM) is "the implementation of strategies to manage both everyday and exceptional risks along the supply chain based on continuous risk assessment with the objective of reducing vulnerability and ensuring continuity".SCRM applies risk management process tools after consultation with risk management services, either in collaboration with supply chain partners or independently, to deal with risks and uncertainties caused by, or affecting, logistics-related activities, product availability (goods and services) or resources in the supply chain.\n\n\n== Supply chain exposures ==\nSCRM attempts to reduce supply chain vulnerability via a coordinated, holistic approach ideally involving all supply chain stakeholders, collectively identifying, analysing and addressing potential failure points or modes within or affecting the supply chain.
Integrated Risk Management Services Integrated Risk Management Services (I-RMS) is the trading name of a private security company Business Mobile Security Services Ltd based in Naas, Ireland. It is a member of the Senaca Group.
Bridesmaids (2011 film) Bridesmaids is a 2011 American comedy film directed by Paul Feig, written by Annie Mumolo and Kristen Wiig, and produced by Judd Apatow, Barry Mendel, and Clayton Townsend. The plot centers on Annie (Wiig), who suffers a series of misfortunes after being asked to serve as maid of honor for her best friend, Lillian, played by Maya Rudolph.
Warehouse management system A warehouse management system (WMS) is a set of policies and processes intended to organise the work of a warehouse or distribution centre, and ensure that such a facility can operate efficiently and meet its objectives.\nIn the 20th century the term 'warehouse management information system' was often used to distinguish software that fulfils this function from theoretical systems.
ACRA (rating agency) ACRA (Analytical Credit Rating Agency; Russian: Аналитическое Кредитное Рейтинговое Агентство - АКРА) is a rating agency based in Moscow, Russia. It was established in 2015, with Yekaterina Trofimova as its CEO.Due to the withdrawal of US-based rating agencies because of Russian legislative changes and sanctions against Russia, ACRA was expected by analysts to become Russia's main ratings issuer.ACRA is deemed too demanding by a number of Russian companies, and is compared unfavorably to its competitor Expert RA, which is seen as putting its customers first.
Television content rating system Television content rating systems are systems for evaluating the content and reporting the suitability of television programs for children, teenagers, or adults. Many countries have their own television rating system and countries' rating processes vary by local priorities.
Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.
Competitors for the Crown of Scotland When the crown of Scotland became vacant in September 1290 on the death of the seven-year-old child Queen Margaret, 13 claimants to the throne came forward. Those with the most credible claims were John Balliol, Robert Bruce, John Hastings and Floris V, Count of Holland.
Sport of athletics Athletics is a group of sporting events that involves competitive running, jumping, throwing, and walking. The most common types of athletics competitions are track and field, road running, cross country running, and racewalking.
List of female fitness and figure competitors This is a list of female fitness and figure competitors.\n\n\n== A ==\nJelena Abbou\n\n\n== B ==\nLauren Beckham\nAlexandra Béres\nSharon Bruneau\n\n\n== C ==\nNatalie Montgomery-Carroll\nJen Cassetty\nKim Chizevsky\nSusie Curry\n\n\n== D ==\nDebbie Dobbins\nNicole Duncan\n\n\n== E ==\nJamie Eason\nAlexis Ellis\n\n\n== F ==\nAmy Fadhli\nJaime Franklin\n\n\n== G ==\nAdela García \nConnie Garner\nElaine Goodlad\nTracey Greenwood\nOksana Grishina\n\n\n== H ==\nMallory Haldeman\nVanda Hădărean\nJen Hendershott\nSoleivi Hernandez\nApril Hunter\n\n\n== I ==\n\n\n== J ==\nTsianina Joelson\n\n\n== K ==\nAdria Montgomery-Klein\nAshley Kaltwasser\n\n\n== L ==\nLauren Lillo\nMary Elizabeth Lado\nTammie Leady\nJennifer Nicole Lee\nAmber Littlejohn\nJulie Lohre\nJenny Lynn\n\n\n== M ==\nTimea Majorová\nLinda Maxwell\nDavana Medina\nJodi Leigh Miller\nChisato Mishima\n\n\n== N ==\nKim Nielsen\n\n\n== O ==\n\n\n== P ==\nVicky Pratt\nElena Panova\nChristine Pomponio-Pate\nCathy Priest\n\n\n== Q ==\n\n\n== R ==\nMaite Richert\nCharlene Rink\nKelly Ryan\n\n\n== S ==\nErin Stern\nCarol Semple-Marzetta\nKrisztina Sereny\nTrish Stratus (Patricia Anne Stratigias)\n\n\n== T ==\nKristi Tauti\nJennifer Thomas\n\n\n== U ==\n\n\n== V ==\nLisa Marie Varon\n\n\n== W ==\nLatisha Wilder\nTorrie Wilson\nLyen Wong\nJenny Worth\nNicole Wilkins\n\n\n== Y ==\n\n\n== Z ==\nMarietta Žigalová\nMalika Zitouni\n\n\n== See also ==\nList of female bodybuilders\n\n\n== References ==\nThere has been a rise in the number of women wanting to compete as fitness models.
Nationally recognized statistical rating organization A nationally recognized statistical rating organization (NRSRO) is a credit rating agency (CRA) approved by the U.S. Securities and Exchange Commission (SEC) to provide information that financial firms must rely on for certain regulatory purposes.\n\n\n== History ==\nThe use of the term NRSRO began in 1975 when the SEC promulgated rules regarding bank and broker-dealer net capital requirements (17 CFR 240.15c3-1).Prior to 1975, the SEC did not adopt specific standards for determining which credit rating agencies were "nationally recognized", and instead addressed the question on a case-by-case basis.
Letter of credit A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, when the reliability of contracting parties cannot be readily and easily determined.
Regulatory affairs Regulatory affairs (RA), also called government affairs, is a profession within regulated industries, such as pharmaceuticals, medical devices, cosmetics, agrochemicals (plant protection products and fertilizers), energy, banking, telecom etc. Regulatory affairs also has a very specific meaning within the healthcare industries (pharmaceuticals, medical devices, biologics and functional foods).
Sporting Arms and Ammunition Manufacturers' Institute The Sporting Arms and Ammunition Manufacturers' Institute (SAAMI, pronounced "Sammy") is an association of American manufacturers of firearms, ammunition, and components. SAAMI is an accredited standards developer that publishes several American National Standards that provide safety, reliability, and interchangeability standards for commercial manufacturers of firearms, ammunition, and components.
Atosiban Atosiban, sold under the brand name Tractocile among others, is an inhibitor of the hormones oxytocin and vasopressin. It is used as an intravenous medication as a labour repressant (tocolytic) to halt premature labor.
United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, being composed of a lower body, the House of Representatives, and an upper body, the Senate.
Continental Congress The Continental Congress was a series of legislative bodies, with some executive function, for thirteen of Britain's colonies in North America, and the newly declared United States just before, during, and after the American Revolutionary War. The term "Continental Congress" most specifically refers to the First and Second Congresses of 1774–1781 and, at the time, was also used to refer to the Congress of the Confederation of 1781–1789, which operated as the first national government of the United States until being replaced under the Constitution of the United States.
Regulatory capture In politics, regulatory capture (also agency capture and client politics) is a form of corruption of authority that occurs when a political entity, policymaker, or regulator is co-opted to serve the commercial, ideological, or political interests of a minor constituency, such as a particular geographic area, industry, profession, or ideological group.When regulatory capture occurs, a special interest is prioritized over the general interests of the public, leading to a net loss for society. The theory of client politics is related to that of rent-seeking and political failure; client politics "occurs when most or all of the benefits of a program go to some single, reasonably small interest (e.g., industry, profession, or locality) but most or all of the costs will be borne by a large number of people (for example, all taxpayers)".
List of energy regulatory bodies \n== Africa ==\nBotswana: Botswana Energy Regulatory Authority (BERA) is the energy regulator and a government parastatal of the Botswana government.\nMalawi: Malawi Energy Regulatory Authority (MERA)\nKenya: Energy and Petroleum Regulatory Authority (EPRA)\nSouth Africa: National Energy Regulator (NERSA)\nZimbabwe: Zimbabwe Energy Regulatory Authority (ZERA)\n\n\n== Asia ==\n \nBangladesh: Bangladesh Energy Regulatory Commission (BERC) was established on March 13, 2003 through a legislative Act of the Government of Bangladesh to regulate gas, electricity and petroleum products for the whole of Bangladesh.
Swedish language Swedish (svenska [ˈsvɛ̂nːska] (listen)) is a North Germanic language spoken natively by at least 10 million people, predominantly in Sweden and in parts of Finland, where it has equal legal standing with Finnish with the exception of Åland which is unilingually Swedish. It has more speakers than any other North Germanic language and is the fourth-most spoken Germanic language overall.
Ministry of Finance (India) The Ministry of Finance (IAST: Vitta Maṃtrālaya) is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.The Ministry of Finance is the apex controlling authority of four central civil services namely Indian Revenue Service, Indian Audit and Accounts Service, Indian Economic Service and Indian Civil Accounts Service.
Risk Factors
MOODYS CORP /DE/ ITEM 1A RISK FACTORS The following risk factors and other information included in this annual report on Form 10-K should be carefully considered
The risks and uncertainties described below are not the only ones the Company faces
Additional risks and uncertainties not presently known to the Company or that the Company’s management currently deems minor or insignificant also may impair its business operations
If any of the following risks occur, Moody’s business, financial condition, operating results and cash flows could be materially adversely affected
Changes in the Volume of Debt Securities Issued in Domestic and/or Global Capital Markets and Changes in Interest Rates and Other Volatility in the Financial Markets Approximately 80prca of Moody’s revenue in 2005 was derived from ratings, a significant portion of which was related to the issuance of credit-sensitive securities in the global capital markets
Moody’s revenue growth from these sources in 2005 was in line with its compound annual growth rate from 2001 through 2004 as continued strength in global structured finance, strong financial institutions issuance and ratings of bank credit facilities was partially offset by the impacts of declines in US high yield issues and in investment grade corporate finance issuance volumes in the US and Europe
The Company anticipates that a substantial part of its business will continue to be dependent on the number and dollar volume of debt securities issued in the capital markets
Therefore, the Company’s results could be adversely affected by a reduction in the level of debt issuance
Unfavorable financial or economic conditions that either reduce investor demand for debt securities or reduce issuers’ willingness or ability to issue such securities could reduce the number and dollar volume of debt issuance for which Moody’s provides ratings services
In addition, increases in interest rates or credit spreads, volatility in financial markets or the interest rate environment, significant political or economic events, defaults of significant issuers and other market and economic factors may negatively impact the general level of debt issuance, the debt issuance plans of certain categories of borrowers, and/or the types of credit-sensitive products being offered
A sustained period of market decline or weakness could also have a material adverse effect on Moody’s business and financial results
Possible Loss of Market Share or Revenue Through Competition or Regulation The markets for credit ratings, research and credit risk management services are increasingly competitive
Moody’s competes on the basis of a number of factors, including quality of ratings, client service, research, reputation, regulatory qualification, price, geographic scope, range of products and technological innovation
For example, a large investment grade default could impact the Company’s reputation and potentially lead to greater regulatory oversight
Moody’s faces increasing competition from S&P, Fitch, DBRS, local rating agencies in a number of jurisdictions and niche companies that provide ratings for particular types of financial products or issuers (such as AM Best Company, Inc, with respect to the insurance industry)
Since Moody’s believes that some of its most significant challenges and opportunities will arise outside the US, it will have to compete with rating agencies that may have a stronger local presence or a longer operating history in those markets
These local providers or comparable competitors that may emerge in the future may receive support from local governments or other institutions that Moody’s does not receive
are designated as NRSROs by the SEC In March 2005, the SEC disclosed that in considering the oversight of NRSROs, it may pursue a voluntary compliance and oversight framework for rating agencies that are designated as NRSROs, or it could seek legislative authority for formal compliance and oversight for NRSROs
In April 2005, the SEC released for public comment a Proposed Rule on the “Definition of Nationally Recognized Statistical Rating Organization”
The proposed definition of the term NRSRO is an entity that: (i) issues publicly available credit ratings that are current assessments of the creditworthiness of obligors with respect to specific securities or money market instruments; (ii) is generally accepted in the financial markets as an issuer of credible and reliable ratings, including ratings for a particular industry or geographic segment, by the predominant users of securities ratings; and (iii) uses systematic procedures designed to ensure credible and 13 ______________________________________________________________________ reliable ratings, manage potential conflicts of interest, and prevent the misuse of nonpublic information, and has sufficient financial resources to ensure compliance with those procedures
Numerous market participants, including Moody’s, responded to the request for comment
Moody’s response can be found on the Regulatory Affairs page of the Company’s website
In addition, in June 2005 the SEC produced technical assistance pursuant to a congressional request, relating to statutory authority that the SEC may need if Congress determines that it is appropriate to create a comprehensive oversight regime for credit rating agencies
Congress had also requested that market participants provide their views on the SEC’s technical assistance
Moody’s comments can be found on the Regulatory Affairs page of the Company’s website
At present, Moody’s is unable to assess the likelihood of any regulatory changes that may result from the SEC’s ongoing review
However, the elimination of the NRSRO concept, retention of the NRSRO concept with different regulatory oversight, or SEC recognition of additional NRSROs could result in loss of market share or revenue for Moody’s, or higher costs of operations
Introduction of Competing Products or Technologies by Other Companies The markets for credit ratings, research and credit risk management services are increasingly competitive
The ability to provide innovative products and technologies that anticipate customers’ changing requirements and to utilize emerging technological trends is a key factor in maintaining market share
Competitors may develop quantitative methodologies or related services for assessing credit risk that customers and market participants may deem preferable, more cost-effective or more valuable than the credit risk assessment methods currently employed by Moody’s
Increased Pricing Pressure from Competitors and/or Customers In the credit rating, research and credit risk management markets, competition for customers and market share has spurred more aggressive tactics by some competitors in areas such as pricing and service
While Moody’s seeks to compete primarily on the basis of the quality of its products and service, if its pricing and services are not sufficiently competitive with its current and future competitors, Moody’s may lose market share
Possible Loss of Key Employees to Investment or Commercial Banks or Elsewhere and Related Compensation Cost Pressures Moody’s success depends in part upon recruiting and retaining highly skilled, experienced financial analysts and other professionals
Competition for qualified staff in the financial services industry is intense, and Moody’s ability to attract staff could be impaired if it is unable to offer competitive compensation and other incentives
Investment banks and other competitors for analyst talent may be able to offer higher compensation than Moody’s
Moody’s also may not be able to identify and hire employees in some markets outside the US with the required experience or skills to perform sophisticated credit analysis
Moody’s ability to compete effectively will continue to depend, among other things, on its ability to attract new employees and to retain and motivate existing employees
Exposure to Litigation Related to Moody’s Rating Opinions Moody’s faces litigation from time to time from parties claiming damages relating to ratings actions
In addition, as Moody’s international business expands, these types of claims may increase because foreign jurisdictions may not have legal protections or liability standards comparable to those in the US (such as protections for the expression of credit opinions as is provided by the First Amendment)
These risks often may be difficult to assess or quantify and their existence and magnitude often remains unknown for substantial periods of time
14 ______________________________________________________________________ Potential Emergence of Government-Sponsored Credit Rating Agencies When governments adopt regulations that require debt securities to be rated, establish criteria for credit ratings or authorize only certain entities to provide credit ratings, the competitive balance among rating agencies and the level of demand for ratings may be positively or negatively affected
Government-mandated ratings criteria may also have the effect of displacing objective assessments of creditworthiness
In these circumstances, debt issuers may be less likely to base their choice of rating agencies on criteria such as independence and credibility, and more likely to base their choice on their assumption as to which credit rating agency might provide a higher rating, which may negatively affect the Company
Potential for New US, Foreign, State and Local Legislation and Regulations, Including Those Relating to Nationally Recognized Statistical Rating Organizations In the United States and other countries, the laws and regulations applicable to credit ratings and rating agencies continue to evolve and are presently subject to review by a number of legislative or regulatory bodies, including the SEC in the United States and the CESR on behalf of the European Union
It is possible that such reviews could lead to greater oversight or regulation concerning the issuance of credit ratings or the activities of credit rating agencies
Such additional regulations could, potentially, increase the costs associated with the operation of a credit rating agency, alter the rating agencies’ communications with the issuers as part of the rating assignment process, increase the legal risk associated with the issuance of credit ratings, change the regulatory framework to which credit rating agencies are subject and/or affect the competitive environment in which credit rating agencies operate
A description of certain of the more recent regulatory initiatives in the United States and other countries is described above under the section entitled “Regulation” in Item 1, “Business”, of this Form 10-K At present, Moody’s is unable to predict the regulatory changes that may result from ongoing reviews by the SEC or other regulatory bodies or the effect that any such changes may have on its business
Exposure to Increased Risk from Multinational Operations Moody’s maintains offices outside the US and derives a significant portion of its revenue from sources outside the US operations in different countries expose Moody’s to a number of legal, economic and regulatory risks such as: • changes in legal and regulatory requirements affecting either Moody’s operations or its customers’ use of ratings • possible nationalization, expropriation, price controls and other restrictive governmental actionsrestrictions on the ability to convert local currency into US dollars • currency fluctuations • export and import restrictions, tariffs and other trade barriersdifficulty in staffing and managing offices as a result of, among other things, distance, travel, cultural differences and intense competition for trained personnellonger payment cycles and problems in collecting receivables • political and economic instabilitypotentially adverse tax consequences Any of these factors could have a material adverse effect on the business, financial condition and results of operations of the Company in the future