Moody’s, the second-largest credit rating agency, warned on Wednesday that it remained cautious about the prospects of a recovery in the credit markets this year and was expecting declines in structured finance revenue of over 50 per cent.

The company, whose biggest investor is billionaire Warren Buffett, reported a near halving of net income in the second quarter to $135.2m, from $261m last year. Revenues fell 25 per cent to $487m.