Moody's Corp to cut 275 jobs

NEW YORK: Moody's Corp, the parent of Moody's Investors Service, on Monday said it will eliminate 275 jobs, or 7.5 per cent of its staff, as the credit market slowdown brings a decline in demand for credit ratings.

The New York-based company expects to take a charge of $47 million to $52 million for the fourth quarter of 2007. It said the charge includes $43 million to $48 million for the job cuts, and $4 million to end some technology contracts.

Moody's said it employed 3,600 people at the end of the year. On October 24, it had posted a 13 percent decline in third-quarter profit, slashed its full-year earnings outlook, and said it planned aggressive cost cuts to cope with tightening credit markets.