Added by David Sandercock on February 6, 2011
The profit reported by Moody’s Corp, the bond rating company, for the fourth quarter has exceeded expectations, while the company also indicated that it expects its business to do even better this year due to debt issuance uptick.
Moody’s has reported profit amounting $137.4m, $35.5m higher than the profit reported last year, which amounted only $101.9m.
Raymond McDaniel, the Chief Executive of Moody’s Corp, stated himself that the market is anticipated to bring positive results for the rating company.
“We anticipate market conditions to remain generally favorable in 2011. With this outlook, we are projecting revenue increases across most areas of our business and earnings per share in the range of $2.12-$2.22,” said Chief Executive McDaniels according to istockanalyst.com.
For the past year, Moody’s Corp has reported $2.15 per share. However, the increase for the fourth quarter reported by Moody’s showed off a consistent increase of 16 per cent, to no less than $564.2m.
According to the bond ratings company, the most significant boost took place in the fourth quarter, whereas the reasons for the increase were bank loan ratings.
On the other hand, Moody’s rival company, Standard & Poor’s has also reported that its quarterly profit has seen a significant boost.
© 2011, ↑ The Australian Eye News