On February 12, 2013, the Board of Directors of Moody’s Corporation (NYSE: MCO) authorized a new $1 billion share repurchase program. Moody’s expects to commence repurchases under the new program following completion of the existing program, which had $677 million of share repurchase authority remaining as of December 31, 2012.

The company plans to repurchase shares systematically and opportunistically subject to available cash, market conditions and other ongoing capital allocation decisions. As a result, the company’s share repurchase activity may vary from quarter to quarter.  Source:  Moody’s Press Release

Moody’s is taking advantage of its sagging share price to repurchase shares.  Perhaps this is a premature move.  If the Department of Justice (DOJ) wins its suit against S&P, Moody’s will be next and may need more than one billion to pay the fine.