Buy MCO by Oct 22, 2026.

Moody’s had an exceptional quarter. Rated issuance exceeded $2T for the second consecutive quarter, MIS transaction revenue grew 34%, and total MIS revenue grew 25%. However, management did not raise the full-year MIS revenue outlook, which remains at high-single-digit growth and that surprised me. So I looked into the disclosures and found two reasons. Before diving into the details, using transaction revenue / issuance volume as a rough conversion proxy: 2025 Q2 = $1.54T / 663M = 4.3 bp, 2026 …