Moody’s Corporation, the parent of the US-based ratings agency, is slashing about 275 jobs from its global workforce and plans to restructure part of its business as the company becomes one of the latest victims of credit market tumult.

The redundancies, which amount to 7.5% of its 3,600 staff, could mark the first round of cuts among the main three ratings agencies as the industry comes to terms with an expected drop in new sales of securities in certain markets, especially structured finance.