Rating agency Moody’s has reported a decline in third-quarter income of around 13% year-on-year. This is despite an increase in revenue of 6% for the quarter.
A poor performance in the structured credit business, in particular a 52% decrease in RMBS revenue, was mainly to blame.
Moody’s chairman and CEO Raymond McDaniel said: “Based on expectations of continued weakness in the debt markets, we are revising our 2007 earnings guidance downward. We now expect full-year revenue to grow in the high-sin