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What were the key takeaways from Moody'S's earnings call?

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- **Revenue Record**: Q3 2025 revenue of $2.02 billion (+11% YoY) and EPS of $3.92 (+22% YoY) set new highs, with full-year guidance raised.
- **Margin Expansion**: Operating margin at 53% (+500 bps YoY), MIS margin at 65.2% (up 560 bps YoY), and MA margin at 34.3% (up 400 bps YoY).
- **Strategic Wins**: Japan's largest bank and Asian regulator adopt climate models; $3M+ AI deals with U.S. bank for credit automation.
- **Emerging Markets**: MERIS acquisition strengthens Middle East/Africa presence amid $30T+ debt growth in emerging markets.
- **M&A & Private Credit**: RAS at record levels, private credit revenue +60% YoY, and 200 new mandates in Q3.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 2025 revenue reached $2.02 billion, up 11% YoY, driven by strong issuance across all asset classes. Adjusted diluted EPS of $3.92 rose 22% YoY.
- **Margins Expand**: Adjusted operating margin expanded to 53%, up 500 bps YoY, reflecting operational leverage. Full-year guidance raised for MIS and MA, with MCO revenue expected in the high single-digit range.
- **Strategic Wins**: Notable deals include Japan's largest bank using physical climate risk models and a multi-year deal with an Asian regulator for climate data. AI-driven solutions signed over $3 million in new business with a Tier 1 U.S. bank.
- **Emerging Markets Expansion**: Acquired majority stake in MERIS, Egypt's leading ratings agency, to deepen presence in Middle East and Africa.

**【CFO Financial Commentary】**
- **MIS Performance**: Ratings revenue grew 12% YoY, with transactional revenue up 14%. MIS margin expanded to 65.2%, up 560 bps YoY, driving full-year guidance to 63-64%.
- **MA Momentum**: Analytics revenue rose 9% YoY, with ARR at $3.4 billion (8% YoY). Margin improved to 34.3%, ahead of plans, with full-year outlook at 33%.
- **Free Cash Flow & Share Buybacks**: Free cash flow expected at $2.5 billion, with share repurchases of at least $1.5 billion, returning over 85% of FCF to shareholders.
- **Tax Rate Update**: One-time 200 bps tax benefit from pre-acquisition exposure resolution, neutral to net income.

**【Q&A Key Highlights】**
- **AI in Analytics**: Embedding AI into workflows via agents and APIs, with wins in credit memo automation and early warning systems. No seat-based exposure, focusing on customer needs.
- **Private Credit Growth**: 60% YoY revenue growth in private credit, driven by fund finance and BDCs. 200 new mandates in Q3, on track for 700-750 annually.
- **M&A Outlook**: RAS revenue at record levels, signaling 15-20% M&A issuance growth in 2025. 2026 outlook positive with tailwinds from spreads, Fed easing, and infrastructure investment.
- **Climate Solutions**: Wins outside insurance, including Japan's largest bank and Asian regulator, highlight RMS model utility beyond P&C.
- **MA Growth**: High single-digit ARR growth expected, with strategic investments in lending, KYC, and AI. Medium-term margin target of mid- to high-30s remains intact.

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