(Reuters) – Ratings agency Moody’s reported higher-than-expected profit in the third quarter on Wednesday, helped by strong demand for its research and analytics.
The New York-based company saw robust demand for its data and insights, including CreditView, its flagship credit research product.
Lesser economic uncertainty compared to last year also helped a rebound in debt issuance, further boosting Moody’s business.
The company reported adjusted profit of $2.43 per share for the three months ended Sept. 30, compared with analysts’ average estimate of $2.30 per share, according to LSEG data.
“We are in a new era of exponential risk which requires an urgent evolution for our customers,” CEO Rob Fauber said in a statement.
Moody’s kept its full-year adjusted profit forecast unchanged at $9.75 to $10.25 per share.
In August, Moody’s cut credit ratings of several small to mid-sized U.S. banks and said it may downgrade some of the nation’s biggest lenders, warning that the sector’s credit strength would likely be tested by funding risks and weaker profitability.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)