as And share results we everybody a Customer and excited that's morning, on that going today's commonly notable some strong include highlights. some thanks as and financial KYC investments, Good it. Know our business, is business Your our and to joining key I'm our for on strategy MA, business GenAI as Shivani. fastest-growing or progress to Thanks, to spotlight innovations call. our well in to refer
just proud ranking say RiskTechXXX. a technology #X market how And customer I breadth risk the am it global and providers. based comprehensive and in the get Moody's solutions started, I And again both before compliance great recognition and that on want finished most the of Chartis That feedback. has to of is research I depth of our is
I appreciated I've and to support to to each dedication people moment recently And deliver continue take also together our want people. come recognize and to other a how the for really resilience to our incredible our of have customers.
you as morning's with that operating margins have we XX% contributed the adjusted a release, all performance growth in strong from our third quarter. So will line revenue businesses. reported and from improved top this in to diluted XX% increase of overall EPS And adjusted seen each earnings
MA MA its XX% recurring million revenue continues MA's KYC operating And of XX.X%. produced grew ARR growing margin that's business. our now $XXX fourth consecutive quarter XX%. of revenue, an to of be XX% ARR. also while by achieving And over or annualized We at led have growth growth. adjusted
acknowledges is the MIS improve high markets. it. last to that single-digit full from mid- grew issuance in Now the leveraged the the subdued levels, range quarter the I in current capital MIS XX% the would finance markets continued year. year's And in uncertainties as And revenue percentage grow to for expected call to now
walls of calls, total that algorithm. XX% coming important over our a published And corporate on firmly intact. And growth we these are the U.S. our mentioned in as I've very X showed due debt week, nonfinancial that the study. component next increase wall Last remains years. refinancing prior annual refi a long-term And
heard, have attended of GenAI our who month power our and and and would employees. to integrate the moving empower analytic leverage we're capabilities customers solutions both to of as And new suite our broad you to across Open and our last product quickly develop those data our Innovation cutting-edge House to
of just partnerships, third the our businesses. new ratings. us those. look products, pace across want market-leading you we're And innovation through growth. continue will clearly investing, if start with going really quarter, at take is that we entering into all We're launching few And delivering some announced things. of to I'm accelerating you to And to I enable the And interesting a strategic
about deepening participation long-term And Latin markets, its in Local I important talked that issuance count this where customer calls in mentioned. America, growth by developing domestic more to algorithm markets, on that year. than includes Moody's We've has our how is particular, just XX% prior capital grown about and that
And in the with has is also some Asia-Pacific extended market. exciting is domestic why opening business And VIS in Rating Vietnam. which we further ratings of fast-growing our a small September, region but bond opportunities, the domestic that
the last report risk the of in is how published really choice a critical practices. And and relationship on makes of we And and of BitSight. month, leveraged groundbreaking what agency importance about markets the our and our talked with a both it issuers MIS investors. also I relevance part voice cyber for really cross-industry
$XX multidimensional And cyber than were risk how the is a that And highlight credit cyber nearly of data risk, is, we X,XXX of more impacting are a from risks the great in I debt view that inputs. that able this had of companies risks. understanding And provided trillion importance example rated of think, high really we threats. case, at and to
And it we've Now it our previewed moving product. over launching with Research customers. We XXX We're to MA. already call first Assistant. GenAI-enabled
renewal commercialize to the cycle. we head year-end as into launch the is strategy Our
sold our content seconds add-on multiple rich which allows in that will to of thinking insights flagship our initially, product, is as trusted Moody's LLM in Research to generate and is power an with credit proprietary And be And the CreditView. customers leveraging just with languages. Assistant capabilities an
unrated And who credit that integrated that to purchase example new ownership is now think structures, We names. credit analysis. going seamless, are XX,XXX serve content a great module new coverage in And new allows And serve to private better integration our include includes that to experience that also I and use customers market. customers expanded interactive sector research, have a us scorecards peer financials, to scores, the cases. and CreditView of
investing We're estate our better entities our Orbis. in one by that their and Orbis, customers our companies. also that about data And again And for partnership expanded cyber includes largest constantly XXX,XXX on into scores enables risk. understand data world's integrating databases which the cyber with to BitSight is we've of
product We Solutions. across also launches Decision several exciting have
a And this portfolio new early CreditLens with really data signals. content. loan bank's of we banking, in in performance provides monitoring module providing warning bank's Moody's loan-level launched by So a and own and dynamic module portfolio measuring view will a that integrate a
make We're some empowering And around the risk banking to also reporting. our with customers and of testing that ESG proprietary lending, more management, our into regulatory transition informed RMS's physical that solutions. models and the decisions synergies original is climate acquisition. And RMS portfolio integrating these range of are a better, data with we and stress envisioned
great to it's practice. in see So this
I two gathering to with Together also doing CEOs we're and a Europe and was platform last Moody's Chief London ecosystem. their Gallagher. Officers. again very of industry. we're players, And carbon RMS, came BitSight, industry the with what insurance with partnering major launched at a I about a of away excited with the we And Lloyd's major And emissions Steering in market bunch month for Re RMS of Risk develop Munich recently with Cyber Industry accounting Group speaking
Innovation we're change. continuing and addition initiatives, really taking to launches as recent approach House Open And our organization. a our to driving at month, hands-on product our these colleagues active in heard and and last innovating Now across GenAI leverage in are you
XX% in-house CoPilot our our used people In have tool. of fact, over
includes now our a report process. preparing improving for share And also And advantage things benefiting from that's customers. feedback us this as internal loop. our that own And with is journey an an like or allowing learnings we're from internal to reinforcing early-mover our GenAI adoption coding,
I and And to engaging customers, research with our particular, of these a of for extensively July, our integrity we've benefits curated have including strategy, approach their since data our and every the been And relevance their data this in will security. customers product said, we've and nearly our and meaningful And of both as our that productivity customers. Research demoed believes around insight. one Assistant, of and customers speaking proprietary with GenAI number
partnership Microsoft expand our continuing joint think to ways customers the to also appeal that segments. sets to also market we've we're Service. up work of revving opportunities, broadening go-to-market internally. been Microsoft Teams our the and Azure capabilities we this expand seeking new We're I to leverage We're and Research entitlement secure with partnership into and functionality that the doing their part and content We're building of as Assistant. OpenAI importantly, leveraging new And collaborate
into to available Teams Platforms that plug-ins Microsoft's of also enable Dynamics monthly delivery and entitlement to shared XXX and Moody's and migrating be And million creating Microsoft content CRM and our our explore and users continuing to content their We're enable workflow integrations. includes to sets to Fabric Power to will that infusing customers. content insights
about I'd taken that say the we're really the So progress very ahead. together, lie opportunities we're energized made. And we've excited by
And go-to-market to include And It development, Microsoft, maximize help to many deliver leveraging developed direct to players, with this partnerships we're and we've and team solutions. software commercial take addition respective framework and can or innovative activities third-party can a and product cloud a opportunities. our for In GenAI closely a working strengths joint leading partnerships. new opportunity, other forms. strategy joint
week of Google think to and to Cloud good example LLMs and analysis Moody's I work partnership, creating perform the financial And professionals are announced Google. financial is deeper this specifically of applications AI this earlier through reports this and going materials. disclosures and faster help and we other explore a with
to some we're the excited be innovation cutting GenAI certainly edge of leading So with at partners.
cloud-based Decision we've within quarters, three SaaS of spotlighting the recent businesses been In one Solutions.
they for objective with, underwriting want I making if a before, or of a I KYC. And whether KYC industry-specific, unlike have And insurance, is series, you so monitoring loan, as customer relevant customers of important of our it's to many obviously with all and banking doing are a really is business base. to insurance off will, said better customer to an that a policy, understanding our which a who onboarding And cap are supplier.
capabilities And I to And have that, time-to-time, that their our ARR over and RDC, a how to that's tried the and earlier, build and you from in of growing business to about $XXX over outperformed ask as million they some two added our of solutions. be is said both acquisition we years, elements generating original BvD thoughtful And targets. have very we really foundational at have about acquisitions XX%. significant KYC
of drivers And KYC growth the business. there the are thematic behind several
growth and in the very would transactions and manual are I about and expensive again breadth amidst Specifically, precision greater compliance and out companies and with new the increasing are payments; what online better for more broadly, not call the regulations; customers need business but this combines of just and automation digitization with. processes; the doing who insights, and need all in-house analytics for also and of
feedback, recently, language and private ESG sanctions data X.X people analytics AI, cloud-based based XX and in companies solutions So that over on for people than that machine customers And traditional XXX also profiles we're by ways. scores. on platform, proprietary credit customer talk more this includes call public adverse these media. ownership on data billion natural exposed and our integrating some with with us learning, links, delivering compelling scores on a and before, processing million SaaS added politically pretty through an use modern you've and million on in we've heard about over combining and companies And solutions our
And It and ways. supports So acquisition via and and proprietary and content in tools or onboarding, monitoring several we into also our data different includes end-to-end offer screening, data workflow that that management in-house third-party access systems. APIs third-party risk full feeds to customers' KYC processes. with customer includes
we software And acquired what PassFort bought the front-end workflow Pack we is when XXXX. in
including industry, So awards, in a to And increasingly data workflow. leader being that's this recent combination across as a for full-service us provider being provider as space. from that and identified moved a being the recognized just vendor Chartis the both only data market that the is
investing are of with in something also We're comply our relevance called launch That their efficiently of And enhance better our corporate of customers and growth offerings significant recent counterparties regulatory outside government the the sanctions enables by SanctionsXXX. includes space. implications we seeing of financial sector. effectively customers, the suppliers and the regarding requirements That extension. and and sanctions to understanding both by to
key set And our build strategy. really reach ability our customers a is land-and-expand that a to element solutions broad of of
of came then for from new parts other provides MA's additional relationships from generating XX% approximately to us of overall new And last year In customer fact, the cross-sell opportunities in ARR these growth KYC. MA.
only customer runway remaining or about base an solutions. our XX% existing of buy for represents MA's our also future some that our KYC significant very Currently, Likewise, for of about growth. one important opportunity XX,XXX-or-so provides customers X,XXX customers. cross-sell And
third Now certainly the in in normal that stronger turning back to with quarter, what we first saw finance In seasonal leveraged by some quarter relatively patterns. strongest the say subdued consistent XXXX. leverage volume August. since the volumes was And was and activity issuance MIS. of was I'd loan September. driven on the was of Growth July
favorable to infrequent public versus with banking project finance activity prior all issuance that elevated a year, contributed coupled and and that, from the And in issuers improvement mix. an of
about XX% revenue X% revenue revenue XX%, last growth, the for transactional XX% And grew year. a up result, MIS versus together issuance while with was up quarter. MIS As was global recurring
And I'd structured in investment-grade the as a anticipating and to quarter, issuance in an we fragile. July. than updated fourth the expectation modestly general finance, particularly sentiment head lower say into back volumes in we our been had reflect fourth quarter, the remains bit of We've market guidance
a the and and And for reason for volatility full conditions XX% higher-for-longer combined on the heightened to geopolitical around around And that's approximately issuers. some issuance with we're XXXX. uncertainty growth And the likely turmoil, year opportunistic impactful yields to continue outlook rate a will that spreads. concerns to environment, investment-grade macroeconomic drive particularly be lowering investment-grade are interest these
We also impacts the generation structured knock-on finance see asset sector. on to the lower continue of
decline prior And outlook to our so to year. we're compared XX% updating by around the
to XXXX grow for high range to to the the to So to single-digit mid- our in expect in these MIS two forecast for we updates expectation result in And issuance now issuance low revision year. in overall be an range. and growth the mid-single-digit
to U.S. $X.X while And are by So see term, just nonfinancial refinancing, an near published, supplemental refunding we study. And X look headwinds last approximately both I some on X they aggregate continue which in you study there and at in medium-term the as the as accelerating years the supporting our And factor walls key due the appendix mentioned, recently growth. year's next that's maturities a to we, corporate are issuance issuance I growth And captures grow. annual coming EMEA. about up next years, can believe, that, the figure, materials. versus trillion and our in with XX% in in
largest to markets. want the in this all U.S. the years, bond of I also out spotlight particular. length Obviously, to that's the looking the finance, global And aggregate study. U.S. the is X and And the of this forward study contributor about XX% main XX%. -- the approximately over grew grew study, wall leveraged compared is by last year's which maturity to the
mix So over to certainly future helpful be to the years. that's going coming
part overall growth far corporate percent algorithm. be which of corporate remains velocity, outstanding, below I say also and averages. important an that would maturities forward corporate support MIS total total to is debt to a And the for So issuance issuance as future continue provide historical debt of continue pretty long-term
that issuance So the potential in implies demand future. for the pent-up
on going for Operator? to here. So happy the I'm that I'm to note, pause call open questions.
