Отчётный звонок Moody's Corporation

Yeah, Scott, it's Rob. I think you started to nail it there. We've been talking for a number of these calls about how important it is to have a rigorous third-party independent assessment of credit risk in the private credit market. And that was the driver behind what we did with MSCI. And it's interesting, I mentioned in my prepared remarks, we don't have a lot of rating exposure in the direct lending market. And that's, again, one of the reasons that we partnered with MSCI to be able to provide investors with that third-party view. And I I mentioned that, so I'd say two things, you know, whenever you start to see a little bit of credit stress in the market, and I talked about at least in the public markets, the spec grade default rate is higher than historical averages. So you can imagine that there's some similar, you know, stress in the, in the private credit market that drives more demand for credit insight and research. We see that with the usage of our website and, uh, you know, all sorts of things, the engagement that we have with investors. So, um, I would say that's true. And then second, you're right. I mean, we're now seeing a little bit of a, of a, you know, flow back into the public markets because at the end of the day, um, those coupons that you can get in the public markets are typically, uh, represent a fairly substantial savings versus, you know, funding in the private, private markets. So, you know, I think we could see an ebb and flow, um, you know, between the private and public markets. But, you know, I think we're pretty well positioned to serve the needs of investors and issuers, whether it's, you know, in the private market or the public market. And that's what we've really been working on over the last, you know, call it two years.