NEW YORK: Bond rating company Moody's Corp posted higher-than-expected fourth-quarter profit as its ratings business benefited from the uptick in debt issuance.
Profit climbed to $137.4 million from $101.9 million a year earlier. Profit per share rose to 58 cents from 43 cents, beating analysts' average estimate of 48 cents, according to Thomson Reuters I/B/E/S.
The company said its ratings picked up broadly in the quarter, with an increase in high-yield bank loan ratings more than offsetting a decrease in structured finance ratings.
Rival Standard & Poor's, owned by McGraw-Hill Cos, also reported a jump in earnings in the fourth quarter.
Moody's said its quarterly revenue rose 16 percent to $564.3 million.
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