- Company name
- S&P Global
- Sector
- Credit ratings & financial data
- About
- S&P Global rates the credit of companies and governments. It also runs S&P Dow Jones Indices, home of the S&P 500. Investment funds pay licensing fees to track these indices. Companies and banks pay S&P Global to rate the bonds and loans they issue.
- Thesis
- Some investors worry that S&P Global's strong recent growth will not last. Ratings revenue jumped 17% last quarter, driven largely by a surge in AI data center debt and merger financing. Other investors worry that private lenders will skip public ratings altogether. But S&P Global has doubled its private credit ratings coverage since 2021, so it is gaining ground in this shift, not losing it. The Indices business adds a steadier growth engine, with fees tied to a record $6.35 trillion in ETF assets that grow with fund flows rather than the bond market cycle.
- Risks
- Much of Ratings' recent growth comes from a surge in AI data center debt issuance. Management raised its forecast for hyperscaler-related issuance to $250-300 billion for the year. A slowdown in AI infrastructure spending could sharply reduce this bond issuance and hurt Ratings revenue.
S&P Global plans to raise leverage temporarily to fund a $7 billion share buyback in 2026. Gross leverage is expected to reach 2.7-2.8 times EBITDA by year end, above the company's normal 2.0-2.5 times target range.
Private credit lenders funded nearly $146 billion of below-investment-grade debt in 2025, more than the amount funded through broadly syndicated loans. Many private credit deals do not require a traditional public credit rating, which could limit Ratings' addressable market over time.
S&P Global completed the spin-off of its Mobility division in July 2026. The remaining company now has less revenue diversification and must absorb the standalone costs of operating without that business.
- Recent events
- 2026-07-28: S&P Global reported second quarter revenue of $4.15 billion, up 10%. Ratings revenue grew 17%, and Indices revenue grew 20%.
2026-07-01: S&P Global completed the spin-off of Mobility Global Inc., which began trading on the New York Stock Exchange under the ticker MBGL.
2026-05-20: The board of S&P Global approved a plan to spin off the Mobility division into an independent public company.