Moody’s Corp. (MCO) and Standard & Poor’s parent McGraw Hill Financial Inc. (MHFI) rallied after the European Central Bank said it would purchase securities and cut interest rates, which may increase bond sales worldwide.
Moody’s, the second-largest credit rater, climbed 1.1 percent to a record $94.11 in New York. McGraw Hill, whose S&P ratings unit is the world’s largest, increased 1.7 percent to $83.86, near its all-time closing high of $84.70 reached in June.
The top ratings companies have enjoyed increasing revenue since the credit crisis as borrowers take advantage of historically low interest costs, boosting demand for debt opinions. The ECB took the unprecedented step of setting negative borrowing rates to spur the region’s economy.
Corporate bond sales in the U.S. have surged this month after the slowest August since 2008. Companies raised about $24.3 billion yesterday in the busiest day for issuance this year. Sales are running ahead of last year, when annual volume was a record $1.5 trillion.
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