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1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:12/11/2025 00:32:50 GMTDistributed on:12/11/2025 00:32:50 GMT12 November 2025Deutsche BankResearch North America Canada United States Industrials Business&Industrial Services Industry Business&Info Services Date Industry Update Quality names lagging the

2、 market;what were watching forTaking StockEvery name in our coverage has underperformed the market(S&P 500)YTD and since Labor Day amidst focus on AI winners and flows away from quality compounders and perceived AI risk for some names(mostly within info services).Earnings season was not kind to stoc

3、ks that missed on metrics that mattered,notably VRSK and CSGP.Waste names also continue to underperform as do most commercial services names with the exception of BFAM(after underperforming significantly into earnings).Against this backdrop,it is difficult to have conviction in absolute terms on mos

4、t stocks,but on a relative basis,we remain most positive on rating agencies(SPGI and MCO)and TRU.With only a few companies left to report,we take stock of moves post-earnings,look at valuations vs.long-term history,and identify debates and possible catalysts from here for names where weve seen heigh

5、tened investor interest.Positive setup for Rating AgenciesIn the immediate aftermath of earnings,there was some concern regarding 4Q issuance trends with October issuance being muted;however,IG issuance ramped up significantly at the end of the quarter(+47%in October)even if HY didnt keep up the pac

6、e(see issuance tracker at the end of this note).We continue to view the Ratings segments for both SPGI and MCO favorably even after two very strong years driven by refinancing activity(the biggest pushback to the bull thesis).The next phase of growth is likely to come from increased M&A activity whi