Moody's profits down 30%

Moody's, owner of the world's second-largest provider of credit ratings, said fourth-quarter profit fell 30 per cent as Europe's sovereign-debt crisis slowed bond sales, reducing demand for its services.

Net income dropped to $96.2 million, or 43 US cent a share, from $137.4 million, or 58 cent, a year earlier. Companies from the US to Europe to Asia postponed bond sales in the fourth quarter as Greece and its creditors struggled to reach an agreement to cut the country's debt, roiling markets. - (Bloomberg)