Moody's Corp. (MCO) Analyst Day Call September 12, 2012, 08:00 am ET Executives Salli Schwartz - Global Head, Investor Relations Ray McDaniel - President & CEO Mark Zandi - Chief Economist, Moody‘s Economy.com Michel Madelain - President and COO, Moody's Investors Service Mike Rowan - Managing Director Global Commercial Group John Goggins - EVP and General Counsel Mark Almeida - President, Moody's Analytics Geoff Fite - Executive Director and COO, Enterprise Risk Management Rishi Khosla - Chairman & CEO of Copal Partners Dan Russell - Executive Director, Research Linda Huber - EVP and CFO, Moody‘s Corporation Rob Fauber - SVP, Corporate Development Lisa Westlake - SVP and Chief HR Officer AnalystsPresentationOperatorSalli Schwartz
Good morning everyone. If everyone could take their seats, we're going to get started. Thank you very much for joining us at our Moody’s 2012 Investor Day today. I am Salli Schwartz, Global Head of Investor Relations for Moody’s Corporation. Before we start this morning’s program, I would like to spend just a minute thanking my team, the volunteers and event staff and of course Moody’s management team who have all helped plan and orchestrate today’s event. Here we've listed our agenda for the day. I won’t go through the various presentations. I am sure you are all familiar with what we are going to do. But I'd like to note that in addition to what is listed here we've two scheduled breaks. The first after Mark Zandi's macroeconomic overview and a second after John Goggins' legal update. Moody Analytics product demos will be available during the second break and again at the conclusion of the event and after Ray’s closing remarks we will serve a light lunch. We'll be in this room through Mark Zandi's presentation and then move next door just over here to room C and D. All refreshment breaks and product demos will take place right where we are now in rooms A and B. And we're going to ask that you hold questions until Q&A at the end of each session.