Moody’s highest estimates amid record debt

<p>Moody’s Corp. said its sales and profits increased in the last quarter as the boom in debt issuance led to increased demand for its services.

The rating agency said third-quarter net income of $ 467 million, or $ 2.47 per share, from $ 380 million, or $ 1.99 per share, a year earlier.

Adjusted earnings were $ 2.69 per share. Analysts polled by FactSet were forecasting adjusted earnings of $ 2.09 per share.

Revenue was $ 1.36 billion, up from $ 1.24 billion a year earlier. Analysts were forecasting sales of $ 1.22 billion.

Revenues from its investor services business increased 11%, while revenues from its analytics business grew 7%.

“Moody’s Investors Service benefited from a third consecutive record quarter of issuance as fixed rate issuers took advantage of historically low borrowing costs to refinance existing debt and bolster liquidity,” said Raymond McDaniel, president and chief executive officer management, in a prepared speech.

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