Credit Issuance (re: MCO): Global issuance was down -17% in 2Q, but with some unique mix dynamics that are net positive for MCO – i.e., IG issuance (U.S. -46%; EUR -40%) lapped a record 2020 and showed some inevitable tempering after a robust last 15+ months; but riskier (and more transaction-based) asset classes like HY (U.S. +10%; EUR nearly 2x), leveraged loans (U.S. +200%) and structured (U.S. CMBS up nearly 4x; CLOs +138%) were all strong. Remember that even with record 2Q20 issuance, IG only made up ~30% of MIS revenues that quarter; and IG has a more ‘recurring’ component (frequent issuers) than other asset classes. We tweak up 2Q MIS revenues to -5% (vs. -8% prior) and maintain our assumption for ~flat Ratings growth in 2H. 2Q EPS goes to $2.66 ($2.58 prior); and our FY21 EPS is now $11.47 (above high end of MCO’s $11.00-11.30 guide).