Manav Patnaik
Barclays Bank PLC, Research Division

Thank you for being here. For those of you who don't know me, my name is Manav Patnaik. I cover business and information services for Barclays. We're pleased to kick off day 2 for us, at least here with Moody's CFO, Noemie Heuland. Thank you for being here, Noemie.

Noemie Heuland
Senior VP & CFO

Thank you.

Manav Patnaik
Barclays Bank PLC, Research Division

Maybe, Noemie, I figured the best place to start would be, I think, last year when you came here, it was your first time in London and you just started, it's been about 2 years now. So maybe just some of your reflections and thoughts over the last 2 years. I know maybe when you first started, things were, you're in a nice stable Moody's company. Now things have completely changed, but just your thoughts.

Noemie Heuland
Senior VP & CFO

Yes. It's always been pretty moving environment for the past 5, 6 years. So we're getting used to our first quarter being a little bit hectic. But it's been 2 years. I think we're fortunate to have joined at a very exciting time for Moody's. We have very strong momentum and deep currents in our debt capital markets across both the U.S. and Europe and Asia Pac. So Moody's has a big rule about the different dynamics between public and private markets.

A lot of very strong funding needs that underpin the demand for credit and ratings, AI-related infrastructure, maturity walls are very strong. So a lot of exciting -- and we've invested a lot