Bullish outlook for bond issuance
Management provided an upbeat assessment of market conditions for debt issuance, highlighting strong growth in most markets outside the US. Credit quality is also improving for speculative grade credits, which bodes well for a continuation of relatively tight spreads. Within MA, the integration of BvD is going according to plan and organic growth in RD&A is also strong. While there was no change to the recently provided FY18 guidance, commentary was definitely positive but it is still early in the year. We continue to prefer SPGI in the sector given a greater revenue diversity and faster margin expansion but FY18 EPS growth rates and PE multiples are now very similar. We retain our Neutral rating.Moody's is a provider of credit ratings and assessment services; credit, capital markets and economic research, data and analytical tools; software solutions that support financial risk management activities; quantitatively derived credit scores; learning solutions and certification services; and company information and business intelligence products. The company's segments are: Moody's Investors Service, which publishes credit ratings on a range of debt obligations and the entities that issue such obligations in markets worldwide; and Moody's Analytics, which provides financial intelligence and analytical tools to assist businesses in making decisions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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