Moody’s profits rise 35 per cent

Rating company Moody’s posted a higher-than-expected quarterly profit yesterday and gave a favourable outlook for 2011 as its ratings business benefited from the uptick in debt issuance. Profit climbed 35 per cent to $137.4m (£85.2m) on quarterly revenue up 16 per cent to $564.3m. Moody’s said its ratings picked up broadly in the fourth quarter, with an increase in high-yield bank loan ratings more than offsetting a decrease in structured finance ratings.