Market ConditionsManagement revised down annual recurring revenue growth due to tighter selling conditions in banks and asset managers, and uncertainty from government agencies in purchasing around election time.
Revenue PerformanceMoody's Analytics revenue was lighter than expected, missing MSe by -2%, and MA ARR growth guidance lowered to HSD-LDD (from LDD).
Strategic OutlookThe MA segment outlook is more mixed due to strategic shifts from the MSCI partnership, tight purchasing behaviors among banks and asset managers, and government renewal uncertainty with the approaching US election.