Moody’s Corporation (NYSE:MCO), synonymous with its objective credit ratings, rose, after it posted 2Q earnings that beat analysts’ estimates.

In a statement issued today by New-York based Moody’s, the credit ratings company confirmed that its endeavors in the second quarter gleaned $172.5 million. This beat the estimates forwarded by four analysts surveyed by Bloomberg, reports Bloomberg. Apparently, the analysts gave estimates of 69 cents. The $172.5 million net income translates to 79 cents a share, trampling on analyst estimates by quite some degree.

Despite the rickety nature of the world economy, and the fewer bond sales by companies across the globe, Moody’s top line rose 6 percent. Raymond McDaniel, the CEO, clearly pointed out that he would overlook the volatility of the global economy, and confirmed he wouldn’t alter the annual earnings per share guidance from the range of $2.62 to $2.72.

Apparently, Europe’s outgrown debt crisis has negatively affected bond issuance plans. Benchmark Co’s analyst, Ed Atorino, exclaimed that bond issuance was unpredictable at the moment.

While Moody’s revenue’s rose, its profits plunged on a year-over-year basis. Last year at this time, the credit ratings company’s profit came in at 82 cents a share, or $189 million. Data compiled by Bloomberg also shows that Global corporate bond issuance dipped 18 percent on a year-over-year basis. While this year’s issuance came in at $764 billion, last year’s issuance was higher at $930.8 billion.

Revenue sprung from $605.8 million last year, to $640.8 million this year. Moody’s corporate bond rating unit posted sales of $ 191.5 million, presenting a 4 percent drop.

At the time of writing, this news was just in. Comments from analysts and varied stakeholders are expected to stream in later on, as the market absorbs the news. Analysts are particularly curious to see if Warren Buffet-one of the richest persons in the world, and owner of Berkshire Hathaway Inc- will comment on the story. Buffet’s Berkshire has a $1.1 billion stake at Moody’s, representing 13 percent.

Earlier this year, Moody’s has been noted for its no-nonsense approach to downgrading. In fact, it reached a point in June, where investors blatantly displayed their disregard to Moody’s ratings. Richard Bove, an analyst at Rochdale securities, became popular that time, after he said that the downgrades were the most obscene acts he had ever witnessed.

In June, Moody’s downgraded 11 European banks amid the European debt crisis. Nokia is the latest victim of the dreaded downgrades after it was pushed down two notches not more than a week ago.