* Second-qtr adjusted earnings $1.12/shr vs est. $1.01
* Revenue from bond ratings business up 16 pct
* Raises full-year revenue growth forecast
(Adds details, forecast, estimates)
July 25 Credit rating agency Moody's Corp
reported a higher-than-expected quarterly profit as
revenue rose from its bond ratings business, and the company
raised its full-year revenue growth forecast.
Revenue from the company's bond ratings business, its
largest, increased 16 percent in the second quarter. The
business accounts for about 70 percent of Moody's total revenue.
Bond markets globally have picked up amid higher demand from
pension funds, dovish U.S. Federal Reserve policy and concerns
among investors about long-term global economic growth.
Global debt issuance rose 12 percent to $1.58 trillion in
the quarter ended June 30, according to Thomson Reuters data.
Moody's acquired a majority stake in Indian credit ratings
and research firm ICRA Ltd in June for about $86 million to
expand its footprint in the debt market in India.
The rating company has also ramped up its analytics business
by buying Indian research firm Amba Investment Services last
year and U.S. loan origination software maker WebEquity
Solutions in June.
Revenue from Moody's analytics division, which sells
financial research and data for assessing risk, rose 15 percent
in the second quarter.
Moody's, Standard & Poor's Ratings Services and Fimalac
SA-owned Fitch Ratings together hold a 95 percent
share of the global credit rating market.
Moody's raised its 2014 revenue growth forecast to low
double digits in percentage terms from high single digit.
Net income attributable to the company rose to $319.2
million, or $1.48 per share, in the quarter ended June 30 from
$225.5 million, or $1 per share, a year earlier.
On an adjusted basis, Moody's earned $1.12 per share.
Revenue rose 16 percent to $873.5 million.
Analysts on average had expected earnings of $1.01 per share
on revenue $803.4 million, according to Thomson Reuters I/B/E/S.
Moody's shares closed at $92.48 on the New York Stock
Exchange on Thursday. The stock has gained about 18 percent this
year to Thursday's close.
(Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)