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We study the information outage probability (IOP) and constrained capacity of moderate-length codes overAWGN channels based on M-ary phase-shift keying signals. The IOP provides an important benchmarkfor performance evaluation of moderate-length codes. We analytically compute the IOP and compare itwith numerical simulations using the DVB-S2 error-correcting code with numerous code rates employed in Protected Tactical Waveform (PTW). Numerical results confirm the tightness of the analytical results.