Moody`s Corp.

Strong Q1 Performance: Moody's reported a record $1.9 billion in revenue for Q1 2025, up 8% year-over-year (YOY). Adjusted operating margin increased to 51.7%, and adjusted diluted EPS grew 14% to $3.83, reflecting the franchise's resilience amidst market volatility and uncertainty.

Adjusted Issuance Guidance: The company narrowed its Miscellaneous Income Stream (MIS) revenue growth outlook to a range of flat to mid-single-digit increases for 2025. Rated issuance for MIS is expected to decrease in the low to high single-digit range due to broader economic challenges, including uncertainty surrounding M&A activity and the overall issuance environment.

Impact of Private Credit: Private credit has emerged as a significant growth driver, particularly in structured finance. In Q1 2025, Moody's rated 143 private credit-related deals, up from 69 in Q1 2024, with private credit contributing notably to growth in the ratings business.