Moody's Investors Service announced on June 7, 2004 that it has taken a majority stake in the Moscow-based Interfax Rating Agency. Interfax is an affiliate of Interfax Information Services Group, the leading independent information services provider in Russia and other Commonwealth of Independent States (CIS) countries.

Moody's first entered into a strategic cooperation agreement with Interfax Rating Agency in October 2001. In November 2003, the two firms entered into a joint venture when Moody's purchased approximately 20% of Interfax Rating Agency shares.

Moody's Interfax Rating Agency, a member of the Interfax Information Services Group, specializes in the assessment of credit risk in Russia. The agency rates financial institutions, regional administrations and non-financial enterprises. Moody's Interfax Rating Agency bases its ratings on a domestic Russian rating scale.