Analyses from Moody’s Capital Markets Research, Inc. (CMR) focus on explaining signals from the credit and equity markets. The publications address whether market signals, in the opinion of the group’s analysts,accurately reflect the risks and investment opportunities associated with issuers and sectors. CMR research thus complements the fundamentally-oriented research offered by Moody’s Investors Service (MIS), the rating agency. CMR is part of Moody’s Analytics, which is one of the two operating businesses of Moody’s Corporation. Moody’s Analytics (including CMR) is legally and organizationally separated from Moody’s Investors Service and operates on an arm’s length basis from the ratings business.