穆迪 (MCO) 2025 Q2 法說會逐字稿

Good day, everyone and welcome to the Moody's Corporation second-quarter 2025 earnings call.

大家好，歡迎參加穆迪公司 2025 年第二季財報電話會議。

At this time, I would like to inform you that this conference is being recorded.

此時，我想通知您，本次會議正在錄製中。

(Operator Instructions)

（操作員指示）

I will now turn the call over to Shivani Kak, Head of Investor Relations. Please go ahead.

現在我將電話轉給投資者關係主管 Shivani Kak。請繼續。

Thank you. Good morning and thank you for joining us today. I'm Shivani Kak, Head of Investor Relations.

謝謝。早安，感謝您今天加入我們。我是投資者關係主管 Shivani Kak。

This morning, Moody's released its results for the second quarter of 2025 and updated guidance for select metrics for full year 2025. The earnings press release and the presentation to accompany this teleconference are both available on our website at ir.moodys.com. During this call, we will also be presenting non-GAAP or adjusted figures. Please refer to the tables at the end of our earnings press release filed this morning for reconciliations between all adjusted measures referenced during this call in US GAAP. I call your attention to the Safe Harbor language, which can be found towards the end of our earnings release. Today's remarks may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the act, I also direct your attention to the management's discussion and analysis section and the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2024 and in other SEC filings made by the company which are available on our website and on the SEC's website. These, together with the Safe Harbor statement, set forth important factors that could cause actual results to differ materially from those contained in any such forward-looking statements. I would also like to point out that members of the media may be on the call this morning in a listen-only mode.

今天上午，穆迪發布了 2025 年第二季業績，並更新了 2025 年全年部分指標的指引。本次電話會議的獲利新聞稿及簡報均可在我們的網站 ir.moodys.com 上查閱。在本次電話會議中，我們也將公佈非公認會計準則 (Non-GAAP) 或調整後資料。請參閱我們今天上午提交的收益新聞稿末尾的表格，以了解美國公認會計準則中本次電話會議中引用的所有調整措施之間的對帳情況。我請您注意安全港語言，它可以在我們的收益報告結尾處找到。今天的言論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。根據該法案，我還請您注意管理層的討論和分析部分以及我們截至 2024 年 12 月 31 日的 10-K 表年度報告中討論的風險因素以及公司提交的其他 SEC 文件中討論的風險因素，這些文件可在我們的網站和 SEC 的網站上查閱。這些內容與安全港聲明一起列出了可能導致實際結果與任何此類前瞻性聲明中的結果存在重大差異的重要因素。我還想指出，媒體成員今天早上可能只能以收聽模式參加電話會議。

Rob?

搶？

Thanks, Shivani, and thanks, everybody for joining today's call.

謝謝 Shivani，也謝謝大家參加今天的電話會議。

I'm going to kick off with some high level takeaways on the operating environment and Moody's second quarter performance. Then I'm going to share some progress updates on our strategic investments and opportunities. And later in the call, Noémie is going to provide some details on the second quarter performance and outlook for the second half of the year. And after we finish our prepared remarks, Noémie and I will be glad to take your questions.

我將首先對經營環境和穆迪第二季的表現發表一些高層次的評價。然後我將分享一些有關我們的策略投資和機會的進展更新。在稍後的電話會議中，Noémie 將提供有關第二季度業績和下半年展望的一些細節。在我們結束準備好的發言後，諾埃米和我將很高興回答你們的提問。

So on to the results. This past quarter, Moody's provided the insights and expertise that helped markets to make sense of a complex and rapidly changing global landscape. Second quarter Moody's revenue of $1.9 billion grew 4% year over year.

接下來看看結果。上個季度，穆迪提供了見解和專業知識，幫助市場理解複雜且快速變化的全球格局。穆迪第二季營收為 19 億美元，年增 4%。

That's an impressive accomplishment given the April issuance air pocket and a tough comparable to the second quarter of last year when revenue grew 22%. Now we remain focused on disciplined expense management delivering an adjusted operating margin of 50.9%. That's up 130 basis points from a year ago.

考慮到 4 月發行量出現波動，與去年第二季營收成長 22% 的情況相比，這是一個令人印象深刻的成就。現在，我們仍然專注於嚴格的費用管理，以實現 50.9% 的調整後營業利潤率。比一年前上漲了 130 個基點。

And together, this translated to adjusted diluted EPS of $3.56. That's up 9%. That's actually 60% growth from the same quarter just three years ago. So it illustrates just how much the earnings power of our business continues to grow.

綜合起來，調整後稀釋每股收益為3.56美元，成長9%。這實際上比三年前的同一季度增長了 60%。這顯示我們的業務獲利能力正在持續成長。

On the back of our second quarter performance, we've narrowed our guidance ranges for rated issuance, MIS revenue, and EPS.

根據第二季的業績表現，我們縮小了評級發行、MIS 收入和 EPS 的指導範圍。

Now starting with MIS, we continue to invest in strengthening our position as the agency of choice for issuers and investors, and that pays dividends in times of uncertainty when markets turn to us for our insights and the quality of our analysts.

現在從 MIS 開始，我們將繼續投資以加強我們作為發行人和投資者的首選代理商的地位，並且在市場充滿不確定性的時候，當市場向我們尋求我們的見解和分析師的素質時，這將帶來回報。

Our ratings franchise delivered $1 billion in revenue this quarter. That's just shy of a second quarter record. And it also marked our second consecutive quarter above the $1 billion revenue mark. And while April started off slowly with several days of no issuance, conditions improved meaningfully as we moved into May and June, and markets stabilized, spreads narrowed back to pre-April levels, and issuance picked up significantly, and that helped to offset the early softness.

我們的評級特許經營權本季實現了 10 億美元的收入。這僅略低於第二季的記錄。這也是我們連續第二季的營收突破 10 億美元大關。雖然 4 月開始時市場表現緩慢，有幾天沒有發行債券，但進入 5 月和 6 月後，市場情況明顯改善，市場趨於穩定，利差縮小至 4 月份之前的水平，發行量大幅回升，這有助於抵消早期的疲軟。

Both total revenue and transactional revenue growth were stronger than issuance growth, and this outperformance was partially helped by a favorable issuance mix and to a lesser degree, the growth in products and services not tied to issuance, such as certain private credit ratings.

總收入和交易收入的成長均強於發行量的成長，這種優異表現部分得益於有利的發行組合，在較小程度上也得益於與發行無關的產品和服務的成長，例如某些私人信用評等。

Now looking ahead to the second half of the year, we're cautiously optimistic. The four key credit themes that we identified at the start of the year remain relevant, and they could influence the balance of 2025 and beyond and these include US policy on trade, tax, and immigration, geopolitical tensions in the Middle East, the fiscal, economic, and security impact of European defense spending and potential shocks triggering a pullback in risk appetite.

現在展望下半年，我們持謹慎樂觀的態度。我們在年初確定的四個關鍵信貸主題仍然具有現實意義，它們可能會影響2025年及以後的平衡，其中包括美國的貿易、稅收和移民政策，中東的地緣政治緊張局勢，歐洲國防開支對財政、經濟和安全的影響，以及引發風險偏好回落的潛在衝擊。

Now one of the deep currents driving demand in Moody's ratings that we've discussed a good deal on recent calls is the continued growth and evolution of the private credit markets, and we've invested and engaged to become an important voice in this space, fulfilling a critical need for more transparency and insights.

目前，推動穆迪評級需求的深層趨勢之一是私人信貸市場的持續增長和演變，我們在最近的電話會議上對此進行了大量的討論，我們已進行投資並致力於成為這一領域的重要聲音，滿足對更多透明度和洞察力的迫切需求。

In the second quarter, we published a private credit webinar on the Moody's IR website and it discusses the trends we're seeing in private credit and how Moody's is serving the market. We also hosted Marquee credit conferences in both New York and London that drew nearly 1,000 people from across the entire private credit ecosystem and these events demonstrate the tremendous convening power of the Moody's brand and also underscore how much interest there is in having us play an important role as the leading opinion provider on credit in this market.

在第二季度，我們在穆迪投資者關係網站上發布了一個私人信貸網路研討會，討論了我們在私人信貸領域看到的趨勢以及穆迪如何服務市場。我們也在紐約和倫敦舉辦了 Marquee 信貸會議，吸引了來自整個私人信貸生態系統的近 1,000 人參加，這些活動展示了穆迪品牌巨大的號召力，也強調了人們對我們作為該市場領先的信貸意見提供者發揮重要作用的興趣。

Now continuing the trend from the first quarter, private credit is an important driver of growth in ratings. In fact, in the second quarter, private credit related transactions accounted for nearly 25% of first-time mandates, and the number of private credit related deals increased by 50% year over year.

目前，私人信貸延續了第一季的趨勢，成為評級成長的重要動力。事實上，第二季私人信貸相關交易占首次授權的近25％，私人信貸相關交易數量較去年同期成長50％。

Revenue related to private credit grew 75% in the second quarter across multiple lines of business and MIS, albeit off of a relatively low base, and it was a contributor to how we delivered flat revenue growth amidst an issuance environment that was down 12%.

儘管基數相對較低，但第二季私人信貸相關的收入在多個業務線和 MIS 中增長了 75%，這也是我們在發行量下降 12% 的環境下實現平穩收入增長的一個原因。

Now private credit investment plays an increasingly important funding role in key sectors such as AI data center investment, transition finance, energy, infrastructure, and we are well-positioned to address these growth opportunities.

現在私人信貸投資在人工智慧資料中心投資、轉型融資、能源、基礎設施等關鍵領域發揮越來越重要的融資作用，我們已準備好抓住這些成長機會。

In fact, among others, we just rated a GBP1.5 billion deal this quarter for a European utility company. That was the largest ever private credit related deal in the UK. And as private credit grows, so too does the use of ratings in this space, as the biggest players in this market realize that a credible independent assessment of credit risk, be it a rating or a model derived score from a trusted firm like Moody's, provides additional transparency and comparability that broadens the investor base and provides a solid foundation as this market continues to scale.

事實上，本季我們剛剛為一家歐洲公用事業公司評估了一筆價值 15 億英鎊的交易。這是英國有史以來最大的私人信貸相關交易。隨著私人信貸的成長，評級在該領域的使用也在增長，因為這個市場的最大參與者意識到，對信用風險進行可靠的獨立評估，無論是評級還是來自穆迪等值得信賴的公司的模型得出的分數，都提供了額外的透明度和可比性，擴大了投資者基礎，並為這個市場的持續擴大奠定了堅實的基礎。

And in addition to how we're addressing this need in ratings, this was also an important driver of our MA partnership with MSCI that we announced back in April, and this presents great opportunities for us to leverage the world's best commercial credit franchise with data, models, ratings, and workflow to serve the emerging needs of a whole new group of investors and asset managers who now need enhanced credit underwriting and monitoring capabilities as they invest in this space.

除了我們如何滿足評級中的這一需求之外，這也是我們今年 4 月宣布與 MSCI 建立 MA 合作夥伴關係的重要驅動力，這為我們提供了絕佳的機會，讓我們能夠利用全球最佳的商業信貸特許經營權，包括數據、模型、評級和工作流程，滿足全新投資者和資產管理者的新興需求，他們現在需要增強的信用和監控能力，以投資於這一領域。

Drilling down into Moody's Analytics. Our performance this quarter underscores the strategic role that MA plays in driving Moody's growth and earnings quality. And we delivered another strong quarter with 11% revenue growth and 12% growth in recurring revenue.

深入研究穆迪分析。本季的表現凸顯了 MA 在推動穆迪成長和獲利品質方面發揮的策略作用。我們又度過了一個強勁的季度，營收成長了 11%，經常性收入成長了 12%。

ARR grew 8%, led by a 10% increase in Decision Solutions, and recurring revenue held steady at 96% of MA's total, reinforcing the strength and predictability of our business model. And while we continue to deliver steady growth, I think what really stood out this quarter was margin expansion.

ARR 成長了 8%，其中決策解決方案成長了 10%，經常性收入穩定在 MA 總收入的 96%，增強了我們商業模式的實力和可預測性。雖然我們繼續實現穩定成長，但我認為本季真正引人注目的是利潤率的擴大。

MA delivered an adjusted operating margin of 32.1%, and that's a 360 basis point improvement year over year and that puts us solidly on track to deliver our full year margin guidance of 32% to 33%.

MA 的調整後營業利潤率為 32.1%，比去年同期提高了 360 個基點，這讓我們預計將實現 32% 至 33% 的全年利潤率預期。

Now our best in class solutions continue to earn industry recognition, and recently, Moody's was ranked number one in the Chartis Quantitative Analytics50 rankings for the third year in a row, winning 13 individual categories.

現在，我們一流的解決方案繼續贏得業界的認可，最近，穆迪連續第三年在 Chartis Quantitative Analytics50 排名中名列第一，贏得 13 個單獨類別。

And these third party awards, they're important because they're an external validation of our ability to deliver innovative and industry-leading solutions that meet the evolving needs of our customers. And this recognition is also echoed in a strong engagement at our annual banking and insurance customer conferences.

這些第三方獎項非常重要，因為它們是對我們提供創新和行業領先解決方案以滿足客戶不斷變化的需求的能力的外部驗證。我們年度銀行和保險客戶大會的積極參與也反映了這項認可。

At our banking conference, we showcased our integrated suite of products, including the advancements in building a fully end to end loan origination solution, incorporating key elements from our Numerated acquisition.

在我們的銀行會議上，我們展示了我們的綜合產品套件，包括建立完全端到端貸款發放解決方案的進展，並融入了我們收購 Numerated 的關鍵要素。

And this was a great validation of the addition of Numerated's front end capabilities as well as the AI enablement across our platform. Our newly launched lending origination package that features Numerated was adopted by several renewing customers as of early July, with an average contract value increase of nearly 15%, and notably one of the largest Japanese banks cited the enhanced value proposition of the integrated offering as a key reason for their upgrade.

這大大驗證了 Numerated 的前端功能以及我們平台的 AI 支援。截至 7 月初，我們新推出的以 Numerated 為特色的貸款發放套餐已被多家續約客戶採用，平均合約價值增長近 15%，值得注意的是，日本最大的銀行之一將綜合產品的增強價值主張列為升級的主要原因。

And we're optimistic this adoption trend will accelerate as we enter a heavy renewal cycle in the second half of the year. Our Insurance Conference drew record attendance and showcased new model releases, enhanced underwriting capabilities, and integrations with CAPE Analytics, which we acquired back in January.

我們樂觀地認為，隨著我們進入下半年的大規模更新周期，這種採用趨勢將會加速。我們的保險會議吸引了創紀錄的出席人數，並展示了新的模型發布、增強的承保能力以及與我們在一月份收購的 CAPE Analytics 的整合。

Feedback from customers was overwhelmingly positive, especially around the fit and value of CAPE's AI-enabled geospatial intelligence, data and risk analytics in strengthening our catastrophe models. And we're really encouraged by the early traction here.

客戶的回饋非常積極，尤其是在 CAPE 的人工智慧地理空間智慧、數據和風險分析在加強我們的災難模型方面的適用性和價值方面。我們對早期的進展感到非常鼓舞。

CAPE's ARR is more than 10% higher than when we closed the acquisition, and we expect that growth to accelerate further through year end, making it a meaningful contributor to our broader insurance portfolio. Now beyond our insurance solution's line of business, we're seeing strong cross sell into our insurance customer base.

CAPE 的 ARR 比我們完成收購時高出 10% 以上，我們預計到年底這一增長速度將進一步加快，從而為我們更廣泛的保險組合做出有意義的貢獻。現在，除了我們的保險解決方案業務線之外，我們還看到了保險客戶群的強勁交叉銷售。

Several insurance customers adopted our Maxsight unified risk and KYC platform. That includes a large multinational insurer in APAC that selected Moody's to consolidate multiple screening systems into a single streamlined solution, and that not only simplifies their operations, but it also validates our synergy thesis from the RMS acquisition.

多家保險客戶採用了我們的 Maxsight 統一風險和 KYC 平台。其中包括亞太地區的一家大型跨國保險公司，該公司選擇穆迪將多個篩選系統整合為一個簡化的解決方案，這不僅簡化了他們的運營，而且還驗證了我們從 RMS 收購中獲得的協同效應理論。

And while we delivered a strong quarter from both a growth and margin standpoint, we're not standing still. We continue to innovate, invest, and partner to capitalize on the deep currents driving demand for our solutions and you've heard me talk about how we're investing in the evolution of the markets this quarter.

儘管從成長和利潤率的角度來看，我們本季表現強勁，但我們並沒有停滯不前。我們將繼續創新、投資和合作，以利用推動我們解決方案需求的深層趨勢，您已經聽過我談論我們如何在本季度投資於市場的發展。

That included our partnership with MSCI to provide third party credit scores on thousands of private credit companies and loans that we discussed on the last call. And this past quarter, we also made another investment in our domestic ratings franchise in Latin America, building on the really great momentum that we have across the region.

其中包括我們與 MSCI 的合作，為我們上次通話中討論的數千家私人信貸公司和貸款提供第三方信用評分。上個季度，我們還對拉丁美洲的國內收視率特許經營權進行了另一項投資，以鞏固我們在該地區的強勁發展勢頭。

We completed our acquisition of ICR Chile, which is a leading provider of domestic credit ratings in Chile, which in turn is the third largest domestic bond market in Latin America, and we're going to integrate this business into Moody's Local.

我們完成了對 ICR Chile 的收購，該公司是智利國內信用評級的領先提供商，而智利又是拉丁美洲第三大國內債券市場，我們將把這項業務整合到穆迪本地評級中。

Activity in these markets remains very healthy with Moody's Local new mandates year-to-date up more than 30% year over year, and that reinforces the importance of continuing to invest in our leading presence across the region and thought leadership in the debt markets of tomorrow.

這些市場的活動仍然非常健康，穆迪的本地新授權今年迄今同比增長超過 30%，這強調了繼續投資於我們在整個地區的領先地位以及未來債務市場的思想領導力的重要性。

We also announced several exciting partnerships with major technology and data players. We're really excited about our data integration with SAP's new Business Data Cloud. The first dashboard product is set to launch in Q4, with more to come, and that opens up a new distribution channel for our data to thousands of SAP customers.

我們也宣布與幾家主要技術和數據公司建立令人興奮的合作夥伴關係。我們對與 SAP 新業務資料雲端的資料整合感到非常興奮。第一款儀表板產品將於第四季推出，隨後將有更多產品推出，這將為我們向數千名 SAP 客戶分發資料開闢新的管道。

During the quarter, our new onboarding agent leveraging our massive company data database that we call Orbis was featured during the Keynote at Coupa's annual Inspire conference, which drew over 3,000 attendees.

在本季度，我們利用龐大的公司資料庫（我們稱之為 Orbis）的新入職代理商在 Coupa 年度 Inspire 會議的主題演講中亮相，吸引了超過 3,000 名與會者。

And our risk data suite is now available in the Databricks marketplace. That's another important step in our growing partnership with Databricks and significantly enhances the customer access and integration to our content and offers new monetization opportunities.

我們的風險數據套件現已在 Databricks 市場上架。這是我們與 Databricks 日益增長的合作關係的又一重要舉措，顯著增強了客戶對我們內容的存取和集成，並提供了新的獲利機會。

Now we know there's growing interest in understanding the contribution of GenAI to our business, and while sales of our standalone GenAI solutions are not material yet, we wanted to provide a few meaningful indicators to demonstrate the progress and value that GenAI is already delivering.

現在我們知道，人們越來越有興趣了解 GenAI 對我們業務的貢獻，雖然我們獨立的 GenAI 解決方案的銷售尚未實現，但我們希望提供一些有意義的指標來證明 GenAI 已經取得的進展和價值。

At first, at a high level is the deployment of GenAI across our portfolio. So over the past year, we've accelerated the rollout of our GenAI capabilities and by the end of the second quarter, approximately, 40% of our products measured by ARR now includes some form of GenAI enablement, whether offered as a standalone solution, as an upgrade, or embedded within the core product.

首先，從高層次上講，我們將在我們的產品組合中部署 GenAI。因此，在過去的一年裡，我們加快了 GenAI 功能的推出，到第二季末，以 ARR 衡量，我們大約 40% 的產品現在都包含某種形式的 GenAI 支持，無論是作為獨立解決方案、升級還是嵌入核心產品中。

A second way to look at progress is by looking at the growth of our total relationships with customers who have purchased or upgraded to standalone GenAI offerings from us. Their total spend across Moody's Analytics measured by ARR is approaching $200 million and that is growing at about twice the rate of MA overall.

觀察進度的第二種方式是觀察我們與從我們這裡購買或升級到獨立 GenAI 產品的客戶的整體關係的成長。以 ARR 衡量，他們在穆迪分析上的總支出接近 2 億美元，而且成長速度約為 MA 整體成長速度的兩倍。

So this cohort of GenAI adopters shows stronger and deeper engagement, and that reinforces the broader impact of our GenAI investments and innovation strategy.

因此，這群 GenAI 採用者表現出更強大、更深入的參與度，這增強了我們的 GenAI 投資和創新策略的更廣泛影響。

Now finally, I want to share a milestone in our partnership with Microsoft, and we're excited to share that Microsoft will use Moody's as their primary operational data provider for customer hierarchy and organization data management.

最後，我想分享我們與微軟合作的一個里程碑，我們很高興地告訴大家，微軟將使用穆迪作為其客戶層次結構和組織資料管理的主要營運資料提供者。

Moody's data is helping power decision making across Microsoft's operations and plays a significant role in facilitating Microsoft's view of their customers. And this partnership integrates Moody's proprietary data sets into Microsoft's supply chain, compliance, credit, and know your customer business functions.

穆迪的數據正在幫助微軟的整個營運中做出決策，並在促進微軟對其客戶的看法方面發揮重要作用。此次合作將穆迪的專有資料集整合到微軟的供應鏈、合規、信貸和了解客戶業務功能中。

And the benefits from this partnership include enhanced risk management, AI innovation, and cost efficiencies, and we believe this collaboration underscores the importance of data-driven decision making and AI innovation in today's rapidly evolving business landscape.

此次合作帶來的好處包括加強風險管理、人工智慧創新和成本效率，我們相信，此次合作強調了數據驅動決策和人工智慧創新在當今快速發展的商業環境中的重要性。

So some good execution this quarter, even with the choppy environment in April, and we're confident in our strategy building, buying, partnering to capitalize on the powerful growth drivers shaping our markets, from expanding our GenAI capabilities to deepening our presence in high growth regions and forging strategic partnerships.

因此，即使 4 月市場環境動盪，本季的執行情況仍然良好，我們對我們的策略制定、購買和合作充滿信心，可以利用塑造我們市場的強大成長動力，從擴大我們的 GenAI 能力到深化我們在高成長地區的影響力和建立策略夥伴關係。

We're positioning Moody's to lead in an increasingly data-driven AI-enabled world and to deliver long term sustainable value for our stakeholders.

我們將穆迪定位為在日益由數據驅動的人工智慧世界中處於領先地位，並為我們的利害關係人提供長期可持續的價值。

With that, Noémie, over to you.

好了，諾艾米，交給你了。

Thank you, Rob, and hello, everyone. Thank you for joining us today.

謝謝你，羅布，大家好。感謝您今天加入我們。

Indeed, we delivered strong results in the second quarter, and I'll walk you through the details and provide some additional color.

事實上，我們在第二季取得了強勁的業績，我將向您詳細介紹並提供一些額外的資訊。

Starting with MIS. Revenue was flat versus the prior year or declining by 1% when adjusted for positive FX movement effects, surfacing $1 billion for the second consecutive quarter. The trends of transaction revenue against issuance growth implies a favorable issuance mix this quarter from corporate finance, structured finance, and PPIF, and the contribution of private credit.

從 MIS 開始。營收與上年持平，經外匯變動正面影響調整後下降 1%，連續第二季達 10 億美元。交易收入與發行成長的趨勢顯示本季度企業融資、結構性融資和 PPIF 的發行組合良好，並且私人信貸有所貢獻。

Recurring revenue increased by 7% year on year from pricing initiatives and portfolio growth.

由於定價措施和投資組合成長，經常性收入年增 7%。

Now looking at our performance across asset classes. Corporate finance transaction revenue declined 6% year on year as bank loans issuance slowed and M&A activity remains subdued. Notably, there was a significant decline in repricing activity, which contributed positively to the revenue mix.

現在來看看我們在各個資產類別中的表現。由於銀行貸款發放放緩且併購活動持續低迷，企業融資交易收入較去年同期下降 6%。值得注意的是，重新定價活動大幅下降，這對收入組合產生了積極影響。

Investment-grade transaction revenue grew 18% on issuance growth of 16% as issuers took advantage of tight spreads, reflecting elevated demand for high quality paper. As you probably have seen in the press, this was particularly pronounced in the TMT sector.

由於發行人利用了較小的利差，投資等級交易收入成長了 18%，發行量增加了 16%，這反映出對高品質票據的需求增加。正如您可能在媒體上看到的，這種現像在TMT領域尤其明顯。

High yield transaction revenue was broadly in line with last year, with notably strong performance in EMEA. In financial institutions, transaction revenue declined 6% year on year, driven by lower infrequent issuer activity, primarily in the insurance sector.

高收益交易收入與去年基本持平，其中歐洲、中東和非洲地區表現特別強勁。在金融機構中，交易收入較去年同期下降 6%，主要是因為發行人活動減少（主要是保險業）。

Structured finance issuance declined by 25% in the second quarter as market volatility and wider spread curtailed activity in April. Transaction revenue declined only 3%, helped by favorable mix, particularly from a slowdown in CLO refinancing, and from higher average fees in other asset classes.

由於市場波動和利差擴大導致 4 月活動減少，第二季結構性融資發行量下降了 25%。交易收入僅下降了 3%，這得益於有利的組合，特別是 CLO 再融資的放緩，以及其他資產類別的平均費用上升。

Finally, public, project and infrastructure finance grew 3% in transaction revenue, driven primarily by US public finance. Issuance was largely opportunistic to get ahead of any impending policy changes and market volatility.

最後，公共、專案和基礎設施融資的交易收入成長了 3%，主要受美國公共財政的推動。發行很大程度上是為了搶佔先機，避免任何即將發生的政策變化和市場波動。

It's also worth noting that in the second quarter, our US Public Finance group rated the highest quarterly issuance volume since 2007. First time mandates were nearly 200 in the second quarter, which is very encouraging and keeps us on pace for our expectation of 700 to 800 for the full year in support of ongoing funding needs and the growth in private credit.

另外值得注意的是，第二季度，我們的美國公共財政小組評級為自2007年以來最高的季度發行量。第二季首次授權數量接近 200 筆，這非常令人鼓舞，並使我們朝著全年 700 至 800 筆的預期目標邁進，以支持持續的融資需求和私人信貸的增長。

In EMEA, first time mandates were up year over year, driven by mandates in PPIF, which was supported by the increase in private credit. As private credit becomes a more prominent part of the market, it's important to note that some issuance activity is not captured in rated issuance figures reported by external data providers.

在歐洲、中東和非洲地區，首次授權同比增長，這得益於 PPIF 授權的推動，而私人信貸的增長則為其提供了支持。隨著私人信貸成為市場中越來越重要的組成部分，值得注意的是，一些發行活動並未被外部數據提供商報告的評級發行數據所捕捉。

Moving to margin. MIS delivered 64.2% adjusted operating margin, expanding 100 basis points from last year. As a reminder, for modeling purposes, I'd like to say that the second quarter 2024 included a one-time legal reserve related to a regulatory matter, impacting the underlying margin expansion dynamics year over year.

移至邊緣。MIS 調整後的營業利益率為 64.2%，比去年同期增加了 100 個基點。提醒一下，出於建模目的，我想說 2024 年第二季包括與監管事項相關的一次性法定儲備，這將對基礎保證金擴張動態產生逐年影響。

Taking seasonality into account, we continue to expect between 61% and 62% adjusted operating margin for MIS for the full year.

考慮到季節性因素，我們仍然預期 MIS 全年調整後的營業利潤率將在 61% 至 62% 之間。

Turning to Moody's Analytics, revenue grew 11% in the second quarter, and that includes about 4 percentage points of growth from M&A and FX. Recurring revenue grew 12%, with organic constant currency recurring revenue growth of 8%, in line with second quarter ARR growth.

穆迪分析公司表示，第二季營收成長了 11%，其中包括來自併購和外匯的約 4 個百分點的成長。經常性營收成長 12%，有機固定匯率經常性營收成長 8%，與第二季 ARR 成長一致。

Decision Solutions, which includes banking, insurance, and KYC, continues to deliver double-digit growth. KYC led the way with sustained strong demand for our data, analytics, and workflows, serving customers across industries.

決策解決方案（包括銀行、保險和 KYC）繼續實現兩位數成長。KYC 憑藉著對我們的數據、分析和工作流程持續強勁的需求，引領產業發展，為各行各業的客戶提供服務。

KYC ARR grew 17% last quarter and moderated slightly to 15% this quarter. The primary driver of this deceleration was the strategic termination of a long-standing redistribution partnership. We believe that this is in the best long term interest of preserving the value of our proprietary data.

KYC ARR 上個季度成長了 17%，本季略微下降至 15%。造成這種減速的主要原因是長期再分配夥伴關係的策略性終止。我們相信，從長遠來看，這最有利於維護我們專有數據的價值。

Outside of this specific event, KYC new business growth remains strong, and we expect ARR growth to remain in the mid to high teens through the second half of the year. In banking, our portfolio of products, including our Lending Suite, Risk and Finance Solutions, as well as data sales from the legacy Reis acquisition, among several other smaller product lines, delivered a blended ARR growth of 7%.

除了這一特定事件之外，KYC 新業務成長依然強勁，我們預計今年下半年 ARR 成長率將保持在中高水準。在銀行業務方面，我們的產品組合（包括貸款套件、風險和金融解決方案以及從傳統 Reis 收購中獲得的數據銷售）以及其他幾個較小的產品線實現了 7% 的混合 ARR 成長。

We are concentrating our investments on supporting customers across the entire lending workflow, from origination to approval and beyond. Our flagship lending product, CreditLens is proof of that success with low teens ARR growth and mid teens new business growth boosted by the ongoing integration of Numerated AI and data analytics capabilities, which you heard Rob touch on earlier.

我們集中投資於支持客戶整個貸款流程，從發起到批准甚至更遠的未來。我們的旗艦貸款產品 CreditLens 就是成功的證明，其 ARR 成長率達到低十幾歲，新業務成長率達到十幾歲，這得益於 Numerated AI 和數據分析功能的持續整合，正如您之前聽到 Rob 提到的那樣。

Insurance solutions deliver 9% ARR growth with a couple of dynamics to call out. An account loss following a merger dampened growth by about 1 percentage point, and we faced a tough comparable against record new business in the first half of last year.

保險解決方案實現了 9% 的 ARR 成長，其中有幾個動態值得關注。合併後的帳戶損失使成長下降了約 1 個百分點，與去年上半年創紀錄的新業務相比，我們面臨嚴峻的挑戰。

That said, our new business pipeline is building nicely, growing at double digit pace, and we expect it will support at least high single digit growth rates as we head into the second half of the year. Regarding the low double digit growth with CAPE Analytics that Rob mentioned, I want to call out that this is not captured in the insurance solutions ARR metric as we wait to lap the anniversary of our acquisitions before including them in the line of business and overall MA ARR.

也就是說，我們的新業務管道正在順利建設，以兩位數的速度成長，我們預計，在進入下半年時，它將至少支持高個位數的成長率。關於 Rob 提到的 CAPE Analytics 的低兩位數成長，我想指出的是，這並沒有體現在保險解決方案 ARR 指標中，因為我們要等到收購週年紀念日之後才將它們納入業務線和整體 MA ARR。

Turning to research and insights. We delivered ARR growth of 7%, supported by continued innovation in CreditView. This includes contributions for Research Assistant, as well as the modernized user experience with new features, scorecards, and PIA analytics.

轉向研究和見解。在 CreditView 持續創新的支持下，我們實現了 7% 的 ARR 成長。這包括對研究助理的貢獻，以及具有新功能、記分卡和 PIA 分析的現代化用戶體驗。

We're also integrating real-time news and additional data sets to deliver richer, more timely signals, driving growth for strong retention rates and pricing power. Finally, data and information ARR grew 6%. Following some outsized attrition from the US government in the first quarter, we remain focused on driving growth for strong retention and new business production.

我們還整合了即時新聞和其他數據集，以提供更豐富、更及時的訊號，推動強勁的留存率和定價能力的成長。最後，數據和資訊 ARR 增長了 6%。繼第一季美國政府大規模裁員之後，我們仍將專注於推動成長，以保持強勁的留任並開展新業務。

We're also making meaningful progress on improving MA's margin profile, and we're doing this by prioritizing investments, optimizing vendor relationships, revisiting legacy org structures, and deploying productivity tools across the organization.

我們在改善 MA 的利潤狀況方面也取得了有意義的進展，我們透過優先考慮投資、優化供應商關係、重新審視遺留組織結構以及在整個組織內部署生產力工具來實現這一目標。

As a result, annualized compensation expense declined by 4% from the beginning of the year through June. We expect this continued rigor and discipline to support further margin expansion in the second half of 2025 and into 2026.

因此，從年初到 6 月份，年度薪資支出下降了 4%。我們預計，這種持續的嚴謹和紀律將支持 2025 年下半年和 2026 年利潤率進一步擴大。

While there were several discrete factors influencing performance across our lines of business this quarter, I wanted to provide transparency to help unpack the underlying drivers. Stepping back, Moody's Analytics continues to deliver high predictable, high single digit ARR growth, now paired with strong and sustainable margin expansion.

雖然本季有幾個離散因素影響著我們各業務線的業績，但我希望提供透明度來幫助解開潛在的驅動因素。回顧過去，穆迪分析持續實現高可預測、高個位數的 ARR 成長，同時也實現強勁且可持續的利潤率擴張。

This combination of consistent top line performance and disciplined execution positions MA as a durable long-term growth engine for Moody's.

穩定的營收表現和嚴格的執行力使 MA 成為穆迪持久的長期成長引擎。

Turning to the remainder of the year and our guidance. We are reaffirming our MA guidance metrics and updating our outlook for MIS issuance and revenue. These revisions primarily reflect better than expected second quarter performance and a weaker US dollar.

展望今年剩餘時間和我們的指導。我們正在重申我們的 MA 指導指標並更新我們對 MIS 發行和收入的展望。這些修正主要反映了第二季業績優於預期以及美元走弱。

You can see the details on slide 12. For M&A related issuance, our view is largely unchanged. We continue to expect 15% growth in announced M&A and flat rated issuance. That said, we're monitoring the environment closely as macroeconomic and geopolitical uncertainty tends to disproportionately affect this aspect of issuance.

您可以在第 12 張投影片上看到詳細資訊。對於併購相關發行，我們的觀點基本上沒有改變。我們繼續預計已宣布的併購和固定利率發行將成長 15%。話雖如此，我們正在密切關注環境，因為宏觀經濟和地緣政治的不確定性往往會對發行的這一方面產生不成比例的影響。

Keep in mind, M&A is only one of many factors impacting overall issuance volumes. Insurance finished the second quarter ahead of our earlier expectations, leading us to update the low end of our prior guidance range.

請記住，併購只是影響整體發行量的眾多因素之一。保險業第二季的業績超出了我們先前的預期，這促使我們更新了先前指導範圍的低端。

That said, uncertainty remains around several macro drivers, including tariffs, central bank interest rate policy, inflation, the path of credit spreads, and the trajectory of M&A activity for the remainder of the year. The low end of our issuance forecast accounts for potential short-lived issuance air pocket, but does not anticipate a meaningful deterioration in the macroeconomic or geopolitical environment.

儘管如此，圍繞幾個宏觀驅動因素仍然存在不確定性，包括關稅、央行利率政策、通貨膨脹、信貸利差走勢以及今年剩餘時間的併購活動軌跡。我們的發行預測低端考慮到了潛在的短期發行空頭，但並未預期宏觀經濟或地緣政治環境會顯著惡化。

On the revenue front, we now expect full year MIS revenue growth in the low to mid single digit percent range, and we believe there is more upside than downside at our midpoint. From a modeling perspective, taking the midpoint of our guidance range, we anticipate MIS revenue to decline in the low single digit year over year in Q3, followed by mid-single digit growth in Q4.

在收入方面，我們現在預計全年 MIS 收入成長率將在低至中等個位數百分比範圍內，並且我們認為中間值上行空間大於下行空間。從建模角度來看，取我們指導範圍的中點，我們預計 MIS 收入在第三季將年比下降低個位數，然後在第四季度實現中等個位數成長。

Our full year MIS adjusted operating margin guidance remains at 61% to 62%. For Moody's Analytics, we continue to expect both revenue and ARR growth in the high single digit percent range, consistent with the outlook we shared in our Q1 call.

我們的全年 MIS 調整後營業利益率指引仍為 61% 至 62%。對於穆迪分析，我們繼續預期營收和 ARR 成長率都將保持在高個位數百分比範圍內，這與我們在第一季電話會議上分享的展望一致。

We also reaffirm our full year adjusted operating margin guidance of 32% to 33% with a steady ramp upwards from the 32% we reported this quarter, reflecting both seasonality of revenue and expenses, as well as ongoing expense management efforts.

我們也重申全年調整後的營業利潤率預期，即 32% 至 33%，較本季報告的 32% 穩步上升，這反映了收入和支出的季節性，以及持續的費用管理工作。

At the MCO level and excluding the impact from restructuring charges, we expect operating expense to ramp between $30 million to $45 million in the third quarter versus Q2 primarily related to our annual merit increases, followed by a gradual sequential increase in Q4.

在 MCO 水準上，排除重組費用的影響，我們預計第三季的營運費用將比第二季增加 3,000 萬美元至 4,500 萬美元，這主要與我們的年度績效加薪有關，隨後在第四季將逐漸增加。

We anticipate approximately $100 million of incentive compensation for each of the remaining quarters of the year. Finally, our efficiency program continues to deliver results. We have already executed an annualized savings of over $100 million which are helping offset annual salary increases and variable costs as the year progresses.

我們預計今年剩餘季度的每季的激勵薪酬約為 1 億美元。最後，我們的效率計劃繼續取得成果。我們已經實現了超過 1 億美元的年度節省，這有助於抵消年度工資成長和年度變動成本。

Now putting it all together, we continue to expect top line for MCO to grow in the mid single digit percent range with adjusted operating margin in the 49% to 50% range. Our updated adjusted diluted EPS guidance range now implies 10% growth at the midpoint versus last year.

現在綜合起來，我們繼續預期 MCO 的營收將成長中個位數百分比範圍，調整後的營業利潤率將在 49% 至 50% 範圍內。我們更新後的調整後稀釋每股盈餘指引範圍現在意味著與去年相比中點成長 10%。

Echoing Rob's comments, we're executing well on our strategy from a position of financial sprint. Looking forward, we are investing to capitalize on the secular demand drivers for deep currents such as digital transformation, AI adoption, and the expansion of private markets that are driving multi-year investment cycles for our customers and in turn generating demand for Moody's ratings, data, analytics, and workflow solutions.

與 Rob 的評論相呼應，從財務衝刺的角度來看，我們的策略執行得很好。展望未來，我們將進行投資，利用數位轉型、人工智慧應用和私人市場擴張等深層趨勢的長期需求驅動力，這些趨勢正在為我們的客戶推動多年的投資週期，進而產生對穆迪評級、數據、分析和工作流程解決方案的需求。

With that, I'd like to thank all of our colleagues for their contributions to yet another strong quarter from Moody's.

在此，我要感謝所有同事為穆迪又一個強勁的季度所做的貢獻。

And operator, we're now happy to take any questions.

接線員，我們現在很樂意回答任何問題。

(Operator Instructions)

（操作員指示）

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

So a couple of moving pieces here on the decision solution. I was just curious if you could provide some more color on the strategic termination and the account loss which is weighing on the KYC and insurance particularly and how do we think about those headwinds but also as we think about going into the back half of the year, you have easier comp from the federal contract as well as the Moody's MSCI contract.

因此，這裡關於決策解決方案有幾個變動之處。我只是好奇，您是否可以提供更多關於戰略終止和帳戶損失的詳細信息，這些對 KYC 和保險尤其有壓力，我們如何看待這些不利因素，但當我們考慮進入下半年時，您可以從聯邦合同以及穆迪的 MSCI 合同中獲得更輕鬆的補償。

So just puts and takes as we think about the decision solutions ARR going into the back half of the year.

因此，當我們考慮下半年的決策解決方案 ARR 時，我們只是進行一些投入和產出。

It's Rob. So first of all, just a little bit of color on some of the attrition and Noémie touched on it, we had indicated, I think last quarter that there was some government related attrition. Noémie mentioned that we had strategically terminated a distribution partnership in KYC.

我是羅布。首先，我們稍微談談人員流失的情況，Noémie 也提到了這一點，我們曾指出，我認為上個季度出現了一些與政府相關的人員流失。Noémie 提到我們已經策略性地終止了 KYC 中的分銷合作關係。

So I think that's -- it counts as attrition, but that's a decision that we took because we thought it was in the kind of the long term interests of our business. We've continued to have some ESG related attrition. We saw that in the first quarter that continued into the second quarter and as Noémie said, kind of a one-off attrition event insurance related to an M&A deal.

所以我認為這算是一種人員流失，但這是我們所做的決定，因為我們認為這符合我們業務的長期利益。我們持續遭遇一些與 ESG 相關的人員流失。我們在第一季看到這種情況持續到了第二季度，正如 Noémie 所說，這是一種與併購交易相關的一次性人員流失事件保險。

When we look at the drivers of ARR growth for the balance of the year in decision solutions, I'd say maybe three things. So let me start with banking. You heard Noémie touch on lending. CreditLens is our flagship lending product.

當我們研究決策解決方案中今年剩餘時間 ARR 成長的驅動因素時，我可能會說三件事。那麼就讓我先從銀行業開始吧。您聽到 Noémie 談到借貸問題。CreditLens 是我們的主打借貸產品。

And over half the growth that we have in banking is driven by our lending products and CreditLens ARR growth is in kind of the low to mid teens. And we've got a very nice pipeline that has been building. It's 15% higher than it was this time last year.

我們銀行業務成長的一半以上是由我們的貸款產品推動的，CreditLens ARR 成長率處於低至中等水平。我們正在建造一條非常好的管道。與去年同期相比，這一數字高出了 15%。

As we talked about in our prepared remarks, that's been supported by the addition of Numerated. So we basically brought in an enhanced set of front end capabilities. We've been integrating that into the CreditLens platform and then going to market with a more comprehensive solution.

正如我們在準備好的演講中談到的，這得到了 Numerated 的支持。因此我們基本上引入了一套增強的前端功能。我們一直將其整合到 CreditLens 平台中，然後以更全面的解決方案推向市場。

And we're seeing some very nice growth from that. And as I mentioned, we're getting ready to go into a renewal cycle and we have the opportunity to upgrade customers into that package. So we think lending is a good driver in banking.

並且我們看到了非常好的成長。正如我所提到的，我們正準備進入更新周期，我們有機會將客戶升級到該套餐。因此我們認為貸款是銀行業的一個良好推動力。

And insurance, the pipeline has been building. We had a great insurance conference. We've got a very important new model launch coming in the second half of the year that there's a lot of customer demand around that.

而保險方面的管道也一直在建設中。我們舉辦了一次很棒的保險會議。我們將在今年下半年推出一款非常重要的新車型，這款車型將受到大量客戶的青睞。

And as we talked about CAPE, while it's not in the ARR numbers, we've gotten a great reception from customers and the integration of CAPE into the Intelligent Risk Platform. And CAPE would be accretive to ARR growth if we included it in that this year.

正如我們所討論的 CAPE，雖然它不在 ARR 數字中，但我們得到了客戶的熱烈歡迎，並且 CAPE 已整合到智慧風險平台中。如果我們今年將 CAPE 納入其中，它將促進 ARR 的成長。

And then one last thing. Just in KYC, we've got very strong cross sell continues into financial services customers. That's north of 20% ARR growth. We expect new sales to corporates to really kind of start to ramp in the fourth quarter of the year after we make some enhancements to our Maxsight platform.

還有最後一件事。僅在 KYC 中，我們就獲得了非常強勁的金融服務客戶交叉銷售。這意味著 ARR 成長率超過 20%。我們預計，在對 Maxsight 平台進行一些改進後，今年第四季面向企業的新銷售額將真正開始成長。

And we've got some good momentum with a recently signed partnership from a third party payment platform. And as Noémie said, excluding that attrition event, we'd be in the -- ARR growth would be -- continue to be in the high teens rate.

我們最近與第三方支付平台簽署了合作協議，這為我們帶來了良好的發展勢頭。正如 Noémie 所說，排除掉那次人員流失事件，我們的 ARR 成長率將繼續保持在高位。

Yeah. And the other thing I would, Ashish, is on our pipeline build, we're building pipeline pretty nicely as we're heading into the second half. Our pipeline is up significantly year on year. I think our ability to execute and convert that pipeline is combined with still relative effect of tariffs and other macro factors and customers' decision making process.

是的。我想說的另一件事是，阿希什 (Ashish)，關於我們的管道建設，隨著我們進入下半年，我們的管道建設進展順利。我們的管道逐年大幅增加。我認為我們執行和轉換該管道的能力與關稅和其他宏觀因素以及客戶的決策過程的相對影響相結合。

It's really what's going to help us move towards the high end of that range. So we're -- good pipeline built, and heavily weighted in the back half, which is a pretty normal pattern for our business.

這確實能幫助我們邁向這範圍的高端。因此，我們建立了良好的管道，並在後半部分佔有很大的比重，這對於我們的業務來說是相當正常的模式。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

I just wanted to ask a two parter on MIS. I mean, just wondering if you guys think there was any potential pull forward of issuance during the quarter from the second half of the year as the macro environment kind of got a little bit more stable.

我只是想問一下關於 MIS 的兩個問題。我的意思是，我只是想知道你們是否認為隨著宏觀環境變得更加穩定，下半年本季的發行量可能會提前。

And then just on the private credit side. There's been talk about how private credit can potentially perform better when public debt markets are a little shaky. Just wondering as like public debt markets potentially got better as we move throughout the quarter, if you saw any changes in the performance of the private credit market as well.

然後僅談及私人信貸方面。有人討論當公共債務市場有些不穩定時私人信貸如何可能表現得更好。只是想知道，隨著整個季度的推進，公共債務市場可能會變得更好，您是否也看到私人信貸市場的表現發生了任何變化。

I would say I don't think there was meaningful pull forward shift. Last year, you remember on the calls we had this whole theme, we had the elections in the fourth quarter of the year and the bankers were telling issuers that they should go ahead and pull issuance forward of the elections in case there was any turbulence in the markets.

我想說，我認為沒有出現有意義的提前轉變。您記得，去年我們在電話會議上討論了這個主題，我們在第四季度舉行了選舉，銀行家告訴發行人，他們應該繼續進行發行，並在選舉之前進行發行，以防市場出現任何動盪。

That hasn't been the case this year. We'll probably talk about, at some point on this call, kind of a year to go outlook for issuance, and we'll talk a little bit about how we've approached that, but I wouldn't say that's been a meaningful theme.

今年的情況並非如此。我們可能會在這次電話會議上討論未來一年的發行前景，並稍微談談我們是如何處理這個問題的，但我不會說這是一個有意義的主題。

On private credit, I think it's not necessarily a case of either/or. I mean, I think what we're seeing here is it's both. We had some healthy performance issuance activity in the public markets, but we continue to see that in the private credit markets, and there's some real demand drivers for that.

對於私人信貸，我認為這不一定是非此即彼的情況。我的意思是，我認為我們在這裡看到的是兩者兼而有之。我們在公開市場上有一些健康的績效發行活動，但我們繼續在私人信貸市場上看到這種情況，並且存在一些真正的需求驅動因素。

I mean, you heard the numbers that we talked about in our prepared remarks, 75% growth in private credit revenues for the quarter. But I would cite a couple of things that are -- a few things that are kind of driving this ongoing growth of private credit, and it's not, I think a lot of people think about it as -- private credit as direct lending and as an alternative to going to public markets.

我的意思是，您聽到了我們在準備好的發言中談到的數字，本季私人信貸收入增加了 75%。但我想列舉一些推動私人信貸持續成長的因素，我認為很多人不認為私人信貸是直接貸款，也不是進入公開市場的替代方案。

But as we've tried to talk about in this call, it's -- private credit has become much broader than that, right? So it's not just direct lending. There's fund finance. There's securitization. And you've got a few things going on. You've got insurers continuing to increase allocations to private credit, and that's also driving an increased demand for ratings.

但正如我們在這次電話會議中試圖談論的那樣，私人信貸的範圍已經變得比這廣泛得多，對吧？所以這不僅僅是直接貸款。有基金理財。有證券化。還有一些事情要做。保險公司不斷增加對私人信貸的配置，這也推動了對評級的需求增加。

We're seeing rated feeder funds becoming more important in the fundraising stage for private credit. Finance itself is becoming a more prominent asset class within private credit. You've got a number of different lenders now in fund finance.

我們看到評級子基金在私人信貸融資階段變得越來越重要。金融本身正在成為私人信貸中更突出的資產類別。現在基金融資領域已經有許多不同的貸款機構。

And as I said, we've got the growth in ABF, particularly where you've got, I would say more illiquid assets sitting on bank balance sheets and private credit is one alternative for funding those assets. So if you just look at the asset flows into private credit and we've seen the headlines about the potential for going into the retail markets and retirement and so on, that means that there's going to be a lot of investor dollars continuing to come into this market, and that means they will need to be able to find a supply.

正如我所說，ABF 取得了成長，特別是在銀行資產負債表上有更多非流動資產的情況下，私人信貸是融資這些資產的替代方案。因此，如果你只看流入私人信貸的資產，我們已經看到有關進入零售市場和退休等潛力的頭條新聞，這意味著將有大量投資者的資金繼續進入這個市場，這意味著他們需要能夠找到供應。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Just wanted to focus on the operating margin expansion in the quarter. Were there any expenses maybe shifted from the second quarter to the back half of the year that drove that outperformance? And if so, roughly, how much?

只是想關注本季的營業利潤率擴張。是否有任何費用可能從第二季轉移到下半年，推動了這項優異表現？如果是的話，大概是多少？

This is really -- so the answer is no. There is no real push for expenses from the second quarter to subsequent quarter. We made some adjustments to our incentive comp funding as we always do. But the performance in the quarter is really related to our efforts especially around MA. As you saw, we've expanded our operating margin by 360 basis points from last year.

這確實是——所以答案是否定的。從第二季到下一季，支出並沒有真正的推動力。我們像往常一樣對激勵補償資金做了一些調整。但本季的表現確實與我們的努力有關，特別是在 MA 方面的努力。如您所見，我們的營業利潤率比去年提高了 360 個基點。

We had prioritization of investments. We're looking at our portfolio and where we need to reallocate capital to support our growth areas that Rob touched on. We're optimizing our vendors' relationships. We've been very thoughtful with discretionary spends like T&E, other non-comp related items.

我們對投資進行了優先排序。我們正在審視我們的投資組合以及我們需要在哪裡重新分配資本來支持 Rob 提到的成長領域。我們正在優化與供應商的關係。我們對差旅費、其他非薪酬相關項目等可自由支配的開支非常謹慎。

And we're also deploying productivity tools across the organization, which I think is a very important point. We've highlighted several internally developed use cases that are making our employee more efficient in previous calls, customer services, sales tools.

我們也在整個組織內部署生產力工具，我認為這是非常重要的一點。我們重點介紹了幾個內部開發的用例，這些用例使我們的員工在先前的通話、客戶服務和銷售工具方面更有效率。

We're enabling our employees to access GenAI copilots very early on. And we're using those on a day to day. As a matter of fact, you look at our engineering groups. They have -- I think 80% of our population is using those tools, and our product headcount hasn't grown materially since last year, even though we're innovating a lot.

我們很早就允許員工使用 GenAI 副駕駛。我們每天都在使用這些。事實上，你看看我們的工程組。我認為，我們 80% 的員工都在使用這些工具，儘管我們進行了大量創新，但自去年以來，我們的產品員工數量並沒有實質成長。

So it's really execution, focus on spend and you expect us to continue to improve those margin profiles, especially in MA throughout the rest of the year.

因此，這實際上是一種執行，重點是支出，並且您希望我們繼續改善這些利潤率狀況，尤其是在今年剩餘時間內的 MA 中。

Russell Quelch, Rothschild & Co Redburn.

羅素·奎爾奇，羅斯柴爾德公司雷德本。

This is really a follow on from Ashish's question earlier where you talked mainly about KYC and insurance ARR outlook, but I wonder what you're seeing in the banking sector. If I was being picky, this is the fourth consecutive quarter of decline in banking ARR within decision solutions, and that's come at a time where you're rolling out new upgrades or new solutions and upgrades to existing as you articulated earlier.

這實際上是 Ashish 之前問題的延續，您主要談到了 KYC 和保險 ARR 前景，但我想知道您在銀行業看到了什麼。如果我很挑剔的話，這是決策解決方案中銀行 ARR 連續第四個季度下降，而這發生在您推出新的升級或新的解決方案以及對現有解決方案進行升級的時候，正如您之前所闡述的。

So can you give some color on what you're seeing in the banking sector, what conversations you're having with these clients? I'm just trying to get a sense of whether the growth can accelerate or re-accelerate here and in this client segment and what the catalyst might be.

那麼，您能否介紹一下您在銀行業看到的情況以及您與這些客戶進行了哪些對話？我只是想了解這裡和這個客戶群的成長是否能夠加速或重新加速，以及催化劑可能是什麼。

Yeah. So a couple of things. When we think about the banking customer base broadly, I would say we continue to have very good growth selling into the banking customer base. When we look at our banking segment within decision solutions, we've got a portfolio of products there.

是的。有幾件事。當我們廣泛考慮銀行客戶群時，我想說我們在銀行客戶群中的銷售持續保持非常好的成長。當我們審視決策解決方案中的銀行部門時，我們發現了一系列產品。

We've got, as I talked about, our Lending Suite. We've got Risk and Finance Solutions, but we've also got, and I think Noémie called it out, we have the commercial real estate data that was what you might think of as the legacy Reis acquisition.

正如我所說的，我們有借貸套件。我們擁有風險和財務解決方案，但我們也有，我想 Noémie 也提到過，我們擁有商業房地產數據，您可能會認為這是 Reis 的遺留收購。

We have our lending business. Lending -- the growth of lending has actually been down over the last year or so. So all that contributes to that 7% growth, and that's why we wanted to kind of call out. The real focus area for us is around lending.

我們有貸款業務。貸款—過去一年左右，貸款成長實際上一直在下降。所有這些都促成了 7% 的成長，這就是我們想要呼籲的原因。我們真正關注的領域是貸款。

It's our largest product within our banking segment. And as you heard me talk about, Russell, it's growing quite nicely. In fact, when you look at the combined ARR of lending and Numerated together, that ARR growth is going to be in the -- actually, we think that'll be up in the high teens.

這是我們銀行業務領域最大的產品。正如您所聽到的，拉塞爾，它發展得相當好。事實上，當你把貸款和 Numerated 的綜合 ARR 放在一起看時，ARR 的增長將會是——實際上，我們認為將會達到十幾歲的水平。

So again, we feel very good about lending, but you have to kind of think about the full portfolio of what we have. Sorry, I think I said -- if I said lending, I might have said learning. I'm realizing. Our Learning business has been down. If I said lending, I misspoke. Our Learning business has been down. Think of that as our training business.

所以，我們對貸款業務感到非常樂觀，但你必須考慮我們擁有的全部資產組合。抱歉，我想我說的是──如果我說的是藉貸，我可能會說的是學習。我意識到了。我們的學習業務一直處於低迷狀態。如果我說的是藉貸，那我就說錯了。我們的學習業務一直處於低迷狀態。將其視為我們的培訓業務。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Mix was a tailwind this quarter to MIS revenue growth. How do you think your updated guidance on debt issuance by category will impact mix in the second half of the year?

Mix 是本季 MIS 營收成長的推動力。您認為您更新的按類別發行債務的指導將如何影響下半年的組合？

Yeah. So let me talk about -- talk briefly about the second half, but maybe let me just talk what contributed to the positive mix that we saw so far. So I think some of those trends will continue. So the most notable positive mix for us was in structured finance and there, we had issuance that was -- came out of ABCP and Covered Bonds programs and we don't capture all of that issuance in our issuance data, but we picked up some very nice revenue from that.

是的。所以讓我簡單談談下半年，但也許我只想談談是什麼促成了我們迄今為止看到的積極組合。所以我認為其中一些趨勢將會持續下去。因此，對我們來說最顯著的積極組合是結構性融資，其中，我們的發行來自 ABCP 和抵押債券計劃，我們並沒有在發行數據中捕捉到所有的發行，但我們從中獲得了一些非常好的收入。

There was a shift in the mix of -- in bank loans of repricing to actual new bank loans. So there was a shift towards really away from repricing activity. There's lower repricing activity. And in our PPIF segment, we saw a slowdown in the issuance from Sub-Sovereign, but that's where we have less favorable economics.

銀行貸款重新定價與實際新增銀行貸款的組合發生了變化。因此，人們實際上已經不再關注重新定價活動。重新定價活動較少。在我們的 PPIF 領域，我們發現次主權債券的發行速度有所放緩，但這也是我們經濟狀況較不有利的領域。

As we kind of look out for the rest of the year, I think we may see more infrequent issuers if markets remain open, and you would see that in both investment grade as well as high yield, and that would potentially be favorable to mix.

當我們展望今年剩餘時間時，我認為如果市場保持開放，我們可能會看到更多不頻繁的發行人，而且你會在投資級和高收益中看到這種情況，這可能有利於組合。

In structured finance, we have seen some real strength in CMBS. So CMBS and CLO activity would be positive to mix as well. The only other thing I would call out is, Noémie mentioned that M&A has been still pretty muted through the first half of the year.

在結構性融資方面，我們看到了 CMBS 的真正優勢。因此 CMBS 和 CLO 活動的混合也會有正面作用。我唯一要指出的另一件事是，Noémie 提到今年上半年的併購活動仍然相當低迷。

As you know, we changed our M&A assumption. So that'll be something that we'll watch for because if we see a pick up in M&A, that would certainly be mix positive.

如您所知，我們改變了我們的併購假設。所以這是我們會關注的事情，因為如果我們看到併購活動回升，那肯定會帶來正面的影響。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hey, Rob, I want to ask you to go over some of the positive comments you had on the AI and GenAI, particularly just to clarify what you're talking about about the ARR being $200 million and growing two times the size of other products.

嘿，羅布，我想請你回顧一下你對 AI 和 GenAI 的一些積極評價，特別是澄清一下你所說的 ARR 為 2 億美元並且增長到其他產品的兩倍。

Like, can you go over the specifics over that so we get that clear? Was that $200 million is some kind of products that have any aspect of AI? Just go over that and kind of give us a little bit more detail.

例如，您能否詳細地講一下細節以便我們能夠弄清楚？這 2 億美元是某種具有人工智慧方面的產品嗎？請仔細閱讀並向我們提供更多細節。

Yeah. I'm glad you asked. So as I mentioned, the actual revenue from -- solely from what you would think of as standalone AI products is still not material. So we wanted to step back and think about how do we think about the benefit that we're seeing from our AI engagement.

是的。我很高興你問這個問題。正如我所提到的，僅從你所認為的獨立人工智慧產品中獲得的實際收入仍然不重要。因此，我們想退一步思考一下，我們如何看待從人工智慧參與中看到的好處。

And so we actually looked at our customers that had taken at least one -- had purchased at least one either upgrade or standalone AI offering, right? And so we think of those as the GenAI early adopters and with those customers, we're oftentimes having very different discussions with them because those discussions may be at a much more senior level.

因此，我們實際上關注的是至少購買過一項升級或獨立 AI 產品的客戶，對嗎？因此，我們認為他們是 GenAI 的早期採用者，對於這些客戶，我們經常與他們進行非常不同的討論，因為這些討論可能處於更高層次。

We're engaged with partners like the hyperscalers with these customers. We're doing proofs of concept and all sorts of things with those early adopters, so very deep engagement. And when we looked at our relation, our -- overall, the total spend across MA from those relationships, so not just what they're paying us for AI, but all of the GenAI early adopters, the growth of those relationships has been basically double the growth that we see from the rest of our MA customers.

我們與這些客戶的超大規模合作夥伴進行了合作。我們正在與早期採用者進行概念驗證和各種各樣的事情，因此參與度非常深入。當我們審視我們的關係時，我們的——總體而言，MA 從這些關係中獲得的總支出，不僅僅是他們為 AI 支付給我們的費用，還包括所有 GenAI 早期採用者，這些關係的增長基本上是我們從其他 MA 客戶那裡看到的增長的兩倍。

And I guess in some ways, that's not surprising because like I said, this has led to a very different kind of engagement with those customers that allows us to then be able to talk about all sorts of other content sets and models and other capabilities that we can bring together for them.

我想從某種程度上來說，這並不奇怪，因為就像我說過的，這導致了與這些客戶的一種非常不同的互動，使我們能夠討論我們可以為他們整合的各種其他內容集和模型以及其他功能。

So that's what we're trying to get at.

這就是我們想要達到的目的。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to ask more about private credit and specifically sort of how do you think about the contribution from private credit to MIS revenues? I know it's small but certainly growing quite fast. And perhaps if you can talk about sort of where it's showing up because your recurring revenues in MIS have also been pretty strong and I'm curious if some of that is showing up there and then maybe how much of it is contributing to the mix on the structured finance side that you just talked about?

我想多詢問有關私人信貸的問題，特別是您如何看待私人信貸對 MIS 收入的貢獻？我知道它很小但確實增長得很快。也許您可以談談它出現在哪裡，因為您在 MIS 中的經常性收入也相當強勁，我很好奇其中是否有一些出現在那裡，然後也許其中有多少對您剛才談到的結構化融資方面的組合做出了貢獻？

Yeah. So we talked about the 75% growth that we saw in the quarter and that's showing up in a few different places. So the asset-backed finance is showing up in our structured finance ratings. When you think about what we're doing with BDCs and obviously, BDCs are effectively engaged in direct lending, and so we rate -- we have very strong coverage of public BDCs and all of the fund finance.

是的。因此，我們討論了本季看到的 75% 的成長，這在幾個不同的地方都有體現。因此，資產支持融資出現在我們的結構性融資評級中。當您考慮我們對 BDC 所做的事情時，顯然，BDC 有效地參與了直接貸款，因此我們評級 - 我們對公共 BDC 和所有基金融資都有非常強大的覆蓋範圍。

So NAV lines, sub lines, rated feeders, all of that kind of activity, that's rolling through our FIG franchise. We've even got some private credit rolling through project finance. We have investors who are investing in infrastructure and projects who are investing in deals that were unrated at the time of issuance, and for them to invest in them, they actually want to get a rating from Moody's on that.

因此，NAV 線、子線、額定饋線以及所有這類活動都透過我們的 FIG 特許經營進行。我們甚至透過專案融資獲得了一些私人信貸。我們有一些投資者正在投資基礎設施和項目，他們投資的交易在發行時尚未評級，為了進行投資，他們實際上希望獲得穆迪的評級。

So even in project finance, we're starting to see the impact of private credit. You can also see it in our first time mandate numbers. We talked about something like a quarter of our first time mandates for the second quarter were related to private credit.

因此，即使在專案融資中，我們也開始看到私人信貸的影響。您也可以在我們的首次授權數字中看到這一點。我們談到，第二季首次授權的四分之一與私人信貸有關。

So it's rolling through several different lines in the rating agency as well as contributing to our new mandate growth.

因此，它在評級機構的幾條不同線路上滾動，同時也促進了我們新任務的成長。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I wanted to ask about the environment in MA. So ARR stepped down to 8%, but it seems like there are some sort of one-off things like the insurance client and you had mentioned the government in prior quarters. So just trying to understand like is it these like one off situations that are really driving that growth slower or is the underlying environment really not that good and so that's really what the bulk is and there are these sort of one off things, but it's really the overall environment that has been getting worse.

我想問一下 MA 的環境。因此 ARR 下降至 8%，但似乎存在一些一次性的事情，例如保險客戶，而且您在前幾個季度提到政府。所以只是想了解一下，是否這些一次性的情況真的導致成長放緩，或是潛在的環境真的不太好，這確實是主要原因，雖然存在這些一次性的事情，但實際上是整體環境一直在惡化。

Just wanted to understand a little bit more clarity on that.

只是想對此有更清晰的了解。

So in general, these things we talked about contributed to attrition ticking down about 1 percentage point. So it does have an impact. And then when you go down to the subsegment level, these things -- because of the size of the businesses, these events can actually have an impact on ARR growth in any given quarter.

因此，總的來說，我們討論的這些因素導致員工流動率下降了約 1 個百分點。所以它確實有影響。然後，當你深入到細分市場層面時，這些事情——由於業務規模，這些事件實際上會對任何特定季度的 ARR 成長產生影響。

Just as it relates to the environment, maybe let me just talk a little bit about what we're seeing from a kind of a sales perspective. And I would say we have seen a little bit of a lengthening in sales cycles and there's a but here or an and maybe, and that is that we've also seen average deal sizes increase, and that's because we're seeing more products per sale effectively as we pull these things together and bundle them into solutions.

就其與環境的關係而言，也許讓我從銷售的角度稍微談談我們所看到的情況。我想說的是，我們已經看到銷售週期有所延長，但這裡也有一個“但是”或“也許”，那就是我們也看到平均交易規模在增加，這是因為當我們將這些東西整合在一起並捆綁成解決方案時，我們看到每筆銷售實際上有更多的產品。

So a little bit longer sale cycles, slightly larger average deal sizes, and that's something that as long as those two things are going together, we feel comfortable with that. I wouldn't say there's been a material deterioration in the end markets by any means.

因此，銷售週期稍微長一點，平均交易規模稍微大一點，只要這兩件事結合在一起，我們就會感到滿意。無論如何，我不會說終端市場出現了實質的惡化。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Wanted to stick with private credit if we could. Two part question there. First, I think recently, Senator Warren has sent you a letter, Rob, on potential risks. Just curious how you're thinking about that given the rapid growth of this market.

如果可以的話，我們希望堅持私人信貸。這裡有兩個部分問題。首先，我認為最近沃倫參議員已經給你發了一封關於潛在風險的信，羅布。我只是好奇，考慮到這個市場的快速成長，您是如何看待這個問題的。

And then second, and maybe relatedly, can you talk to maybe the level of investment you've been making in that team, the size of that team, how aggressively you're hiring to support this effort now understanding that it's still small in the whole scheme of things, but just interested in just how forward leading you want to be here.

第二，也許與此相關的是，您能否談談您對該團隊的投資程度、團隊規模，以及您為支持這項工作而招募的力度有多大？我知道從整體來看，這個團隊仍然很小，但我感興趣的是您希望在這裡發揮多大的領導作用。

Yeah. I would say, first of all, we have an important role to play as an independent assessor of credit risk and this market is obviously -- has elements of opacity to it and there's a desire from investors to have more transparency and more comparability as well.

是的。我想說，首先，作為獨立的信用風險評估者，我們發揮著重要作用，而這個市場顯然存在不透明的因素，投資者也希望有更高的透明度和可比性。

And so we think we have a very important role to play. One of the things I would stress is there's not a team and so think of this as we're leveraging all of the strengths of the rating agency, right, with all of the private credit methodologies go through our standard regulated industrial strength methodology development process.

因此我們認為我們可以發揮非常重要的作用。我想強調的一點是，我們沒有團隊，所以想想看，我們正在利用評級機構的所有優勢，所有私人信貸方法都經過我們標準監管的工業強度方法開發流程。

The ratings are issued by rating analysts who are rating both public and private credit, right? So these are people in our FIG team, in our structured finance team, in our project finance team and our corporate team as well.

這些評級是由對公共和私人信用進行評級的評級分析師發布的，對嗎？這些人也是我們 FIG 團隊、結構化融資團隊、專案融資團隊和企業團隊的成員。

So very experienced analysts, robust methodologies. All of the process, integrity and regulation for the public markets is the same thing that's being applied to how we're approaching private credit in this case. And so yes, we -- in some cases, where we're seeing increased flow, we would be adding to the fund finance team or maybe it's to the esoterics team or the ABF team in structured finance to make sure that we can handle the flow.

因此，分析師經驗非常豐富，方法論也很健全。公共市場的所有流程、誠信和監管都與我們在這種情況下處理私人信貸的方式相同。是的，在某些情況下，當我們看到流量增加時，我們會擴充基金財務團隊，或者可能是結構化融資中的深奧團隊或 ABF 團隊，以確保我們能夠處理流量。

But so that's where we've been adding -- I'd say adding the headcount. We do have -- the last thing I'd say is we do have a dedicated analytical coordinator. So we have a global head of private credit who can kind of look across the franchise and make sure that we have consistency in how we're thinking about approaching the various elements of private credit and be able to help us think thematically across the portfolio.

但這就是我們一直在增加的地方——我想說的是增加員工人數。我們確實有——我想說的最後一件事是，我們確實有一位專門的分析協調員。因此，我們設立了一位全球私人信貸主管，他可以縱觀整個特許經營業務，確保我們在處理私人信貸各個要素的方式上保持一致，並能夠幫助我們從主題上思考整個投資組合。

So we do have a dedicated analytical leader who coordinates the activities across the rating teams, and then we have a dedicated commercial leader who sits in our commercial team and focuses on the alternative asset managers.

因此，我們確實有一位專門的分析領導者，負責協調評級團隊的活動，然後我們還有一位專門的商業領導者，他在我們的商業團隊中，專注於另類資產管理者。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So I have a question about MA and somewhat related to AI. So when I look at your number research and insight, it was better than expected. Could you please unpack a little bit more on the drive of this string? Is it mainly driven by Research Assistant?

所以我有一個關於 MA 的問題，並且有點與 AI 相關。因此，當我查看您的數位研究和見解時，它比預期的要好。您能否進一步解釋一下這個字串的驅動？主要由研究助理推動嗎？

And then for Rob, given your earlier response to an AI question, do you start to see an acceleration of AI adoption in your client base? So when it comes -- I mean, sometimes, it could come massively.

然後對於 Rob，鑑於您先前對 AI 問題的回答，您是否開始看到客戶群中 AI 的採用加速？所以當它來臨時——我的意思是，有時候，它可能會大規模地來。

Yeah. If you look at the growth in research and insights ARR, there's a portion of that that's definitely driven by Research Assistant. There's some new product launches as well. So we're pretty happy with the growth in research and insight.

是的。如果你看一下研究和洞察 ARR 的成長，你會發現其中一部分肯定是由研究助理推動的。還有一些新產品發布。因此，我們對研究和洞察力的成長感到非常高興。

We also noted that the customers who've adopted Research Assistant have a higher NPS. They have a propensity to expand their relationship with us across the MA portfolio as Rob alluded to. We've enhanced our platform relevancy, security.

我們也注意到，採用研究助理的客戶擁有更高的 NPS。正如 Rob 所提到的，他們傾向於透過 MA 投資組合來擴大與我們的關係。我們增強了平台的相關性和安全性。

We've improved the precision of our search results. We include the earnings calls, news. We ensure they're more aligned with user inquiries. And so that's definitely contributed to expansion and growth in that line of business.

我們提高了搜尋結果的精確度。我們包括收益電話會議、新聞。我們確保它們更符合用戶的查詢。這無疑促進了該業務線的擴張和成長。

As it relates to AI, I'd say, in some cases, it depends on the customer tier. So let me just take banks because that's our largest customer base. The largest banks we're working with, they're wanting to pull our data, perhaps our own specialized agents into their internal AI workflow orchestration platforms that they're building, right?

至於人工智慧，我想說，在某些情況下，它取決於客戶層級。我就拿銀行來說吧，因為這是我們最大的客戶群。我們正在合作的最大的銀行希望將我們的數據，也許是我們自己的專業代理，納入他們正在建立的內部人工智慧工作流程編排平台，對嗎？

Our customers -- so then think of like our Tier 2 and Tier 3 bank customers. I talked about -- our CreditLens platform is a great example. We're just building AI capabilities and integrating that into the platform itself. And so there's all sorts of AI enablement from spreading financials to monitoring covenants and writing credit memos and all of that.

我們的客戶－可以想像我們的二級和三級銀行客戶。我談到了—我們的 CreditLens 平台就是一個很好的例子。我們只是建立人工智慧功能並將其整合到平臺本身中。因此，人工智慧可以實現各種功能，從傳播財務資訊到監控契約、編寫信用備忘錄等等。

And so our customers there are getting access to AI through the platform. And in some cases, there may be modules that we would charge for on a la carte basis because they add so much value and in other cases, we just embed that AI functionality into the platform and that enhances -- we have already seen leads to improved customer satisfaction and improved -- and increased usage, and that gives us an opportunity then at renewal time to price behind that additional value.

因此，我們的客戶可以透過該平台存取人工智慧。在某些情況下，我們可能會對某些模組按單點收費，因為它們增加了太多價值；而在其他情況下，我們只是將人工智慧功能嵌入到平台中，這樣可以增強——我們已經看到它能提高客戶滿意度和使用率，這讓我們有機會在續約時為這些附加價值定價。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

I'm late in the call here, but maybe I'll sneak in another private credit question since that seems to be a topic these days. So look, Rob, I see all the opportunities and good growth that you're talking about. You mentioned that people are overly focused on direct lending sometimes.

我來晚了，但也許我會偷偷問另一個私人信用問題，因為這似乎是最近的一個話題。所以，羅布，我看到了你所說的所有機會和良好的成長。您提到人們有時過於關注直接借貸。

But I do think that's the biggest area of fundraising in the last few years and a lot of dry powder. So just wondering what you're seeing on that site in particular because it seems like the deals are getting larger, they are more frequent and I don't think you're really participating in ratings there.

但我確實認為這是過去幾年中最大的籌款領域，而且資金量很大。所以我只是想知道您在該網站上看到了什麼，因為交易似乎越來越大，越來越頻繁，而且我認為您並沒有真正參與那裡的評級。

So just wondering if you're looking at that market and say like, hey, there's X percent of all business that on the corporate finance leveraged loan side that we may be missing out today. So I'm just curious of what the number is today and how quickly you think you can maybe replace it with other private credit opportunities if you're catching my drift.

所以我只是想知道，如果你正在觀察那個市場，並且說，嘿，我們今天可能錯過了企業財務槓桿貸款方面所有業務的 X%。所以我只是好奇今天的數字是多少，以及如果您明白我的意思，您認為多快可以用其他私人信貸機會取代它。

Yeah. Maybe a couple ways I think about that, Alex. And is there a substitution from time to time where an issuer decides they do a large deal that would have otherwise been a public deal and that we would have rated and they do a private credit deal? Yes, that happens.

是的。也許我對此有幾種看法，亞歷克斯。是否有時會出現這樣的情況：發行人決定進行一筆大額交易，而這筆交易本來是公開交易，我們會對其進行評級，而他們卻進行私人信貸交易？是的，確實如此。

But we also see that issuers go in and out of public and private credit markets. There's no question that the private credit markets are more expensive than the public markets. And so we've seen deals come back into the public market.

但我們也看到發行人進出公共和私人信貸市場。毫無疑問，私人信貸市場比公開市場更昂貴。因此，我們看到交易又回到了公開市場。

So in some ways, I think of that, Alex, as like there's an element of that that's like another form of maturity wall because the rating opportunity may have been deferred in some cases but not lost. The other thing I would say, Alex, and this goes back to the MSCI partnership, I mean, you remember how the Moody's business started.

因此，從某種程度上來說，亞歷克斯，我認為這就像是另一種形式的成熟度牆，因為在某些情況下評級機會可能被推遲了，但並沒有失去。我想說的另一件事是亞歷克斯，這又回到了 MSCI 合作夥伴關係，我的意思是，你還記得穆迪的業務是如何開始的。

We were an investor-pay model, right? And so over time, investors valued ratings and the utility of ratings, and then we eventually switched to an issuer-pay model because there was an investor demand pull that supported that.

我們是投資人付費模式，對嗎？因此，隨著時間的推移，投資者開始重視評級及其效用，然後我們最終轉向發行人付費模式，因為有投資者需求拉動支持這種模式。

I think what we're doing with MSCI is important not just because of the immediate revenue opportunity, but it's the opportunity to have investors in the private credit space start to use ratings, right? These will be model implied ratings expressed on the rating scale and over time, you can imagine as investors are saying, okay, now I have a third party independent view of credit that I can now discuss with the GP, ask perhaps why the rating is the same or different.

我認為我們與 MSCI 合作的重要性不僅在於它能帶來直接的收入機會，還在於它能讓私人信貸領域的投資者開始使用評級，對嗎？這些將是評級量表上表達的模型隱含評級，隨著時間的推移，你可以想像投資者會說，好的，現在我有了第三方獨立的信用觀點，我現在可以與 GP 討論，也許可以問一下為什麼評級相同或不同。

And so I think we're wanting to condition those investors to start to be able to use ratings and value the comparability of those ratings between both private and public credit. And over time, I think we may see, Alex, that the GPs decide to say, hey, we're going to go ahead and start to get these exposures rated or assessed by Moody's because the investors value that.

因此，我認為我們希望讓這些投資者開始能夠使用評級，並重視私人和公共信用評級之間的可比性。隨著時間的推移，亞歷克斯，我想我們可能會看到，GP 決定說，嘿，我們將繼續進行，並開始讓穆迪對這些風險敞口進行評級或評估，因為投資者重視這一點。

So that will take some time, but I think that's an opportunity as this market continues to mature.

這需要一些時間，但我認為隨著這個市場不斷成熟，這是一個機會。

We are all out of time for questions today. This will conclude today's Q&A session.

我們今天的提問時間已經不夠了。今天的問答環節到此結束。

I would like to turn the call back over to Rob for any closing remarks.

我想將電話轉回給 Rob，讓他做最後的總結演講。

Okay. With that, it's a wrap, and we look forward to talking to you on the next earnings call.

好的。至此，一切就結束了，我們期待在下次財報電話會議上與您交談。

Have a great day, everybody.

祝大家有個愉快的一天。

Thank you.

謝謝。

This concludes Moody's Corporation second quarter 2025 earnings call.

穆迪公司 2025 年第二季財報電話會議到此結束。

As a reminder, immediately following this call, the company will post the MIS revenue breakdown under the Investor Resources section of the Moody's IR homepage. Additionally, a replay will be made available after the call on the Moody's IR website.

提醒一下，本次電話會議結束後，公司將立即在穆迪投資者關係主頁的投資者資源部分發布 MIS 收入明細。此外，電話會議結束後，穆迪投資者關係網站上也將提供重播。

Thank you.

謝謝。