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Empresas y finanzas

Moody's profit beats as debt issuance picks up


    NEW YORK (Reuters) - Bond rating company Moody's Corp posted a higher-than-expected quarterly profit and gave a favorable outlook for 2011 as its ratings business benefited from the uptick in debt issuance.

    Profit climbed to $137.4 million from $101.9 million a year earlier. Profit per share rose to 58 cents from 43 cents, beating analysts' average estimate of 48 cents, according to Thomson Reuters I/B/E/S.

    "We anticipate market conditions to remain generally favorable in 2011," Chief Executive Raymond McDaniel said in a statement, adding that the company is projecting revenue increases across most of its businesses.

    The company said it expects full-year 2011 revenue to increase in the high-single-digit percent range. Earnings per share for 2011 are expected to be between $2.12 and $2.22. Moody's reported full-year earnings per share for 2010 of $2.15.

    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.

    Rival Standard & Poor's, owned by McGraw-Hill Cos , also reported a jump in earnings in the fourth quarter.

    Moody's said its quarterly revenue rose 16 percent to $564.3 million.

    (Reporting by Elinor Comlay; Editing by John Wallace and Maureen Bavdek)