In the U.S., MA revenue of $85.8 million for the second quarter of 2012 increased 23% from the prior-year period. Outside the U.S., revenue of $113.8 million grew 17% as compared with the same quarter of 2011.SECOND QUARTER EXPENSES Second quarter 2012 expenses for Moody’s Corporation were $362.3 million, 8% higher than in the prior-year period, primarily due to increased headcount both from acquisitions in late 2011 and from growth in our existing business, as well as investments in technology to support both business growth and regulatory initiatives. Excluding the impact of foreign currency translation, expenses grew 10 percent. Moody’s reported operating margin for the second quarter of 2012 was 43.5%, down from 44.6% in the second quarter of 2011. Moody’s effective tax rate was 33.6% for the second quarter of 2012, compared with 27.8% for the prior-year period. The increase in the effective tax rate was primarily due to lower taxes in 2011 resulting from a favorable foreign tax ruling. YEAR-TO-DATE RESULTS Moody’s Corporation revenue for the first six months of 2012 totaled $1,287.6 million, an increase of 9% from $1,182.3 million for the same period of 2011. Excluding the impact of foreign currency translation, revenue growth was 11 percent. Expenses for the first six months of 2012 totaled $740.1 million, 12% higher than a year ago. The impact of foreign currency translation was negligible. First half operating income of $547.5 million grew 5% from $520.2 million for the same period of 2011. Excluding the impact of foreign currency translation, operating income grew 8 percent. Diluted earnings per share of $1.52 for the first half of 2012 increased $0.03 from the prior-year period, which, again, had included a $0.06 favorable tax impact related to a foreign tax ruling and a $0.03 legacy tax benefit. Revenue at Moody’s Investors Service totaled $893.9 million for the first six months of 2012, an increase of 5% from the same period in 2011. Moody’s Analytics revenue rose 19% from the first half of 2011 to $393.7 million.