By Rob Curran

Moody's Corp. posted a 15% increase in second-quarter net income amid strong demand for its research products.

The New York credit-ratings and research firm said earnings for the quarter ended June 30 rose to $377 million, or $2.05 a share, from $327 million, or $1.77 a share, a year earlier. Excluding certain items, Moody's logged second-quarter profit of $2.30 a share.

Second-quarter revenue rose 8% to $1.49 billion. Revenue at its Moody's Analytics unit surged 11% to $747 million, while revenue at the Moody's Investors Service credit-ratings unit increased 6%, also to $747 million. The firm said it fielded surprisingly strong demand for investment-grade credit ratings, partly because corporations rushed to issue bonds ahead of the debt-ceiling deadline.

The company said it was incorporating artificial intelligence into its research.

"Moody's is poised to capitalize on the momentous opportunity of generative AI to activate the power of our unique and verified data sets," President and Chief Executive Rob Fauber said in a statement.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

July 25, 2023 07:38 ET (11:38 GMT)

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