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S&P Global Ratings

spglobal.com/ratings

Credit Ratings. Research. Insights. 

Spanning 27 countries, S&P Global Ratings is a leading provider of credit ratings, research, and insights essential to driving growth and transparency. S&P Global Ratings’ analysts offer a combination of global perspective and local insight.

 

Our Focus Forward

Strengthen analytical excellence to drive market relevance

Leverage new technology and data capabilities to transform our value chain

Enter new high-potential geographies with innovative products

Extend our strong analytical capabilities to new opportunities such as ESG and cybersecurity

 

How S&P Global Ratings Generates Revenue

  • Non-Transaction:
    Surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings, and global research and analytics at CRISIL
  • Transaction:
    Ratings for new issuances, such as corporate, financial institution, insurance, government, and structured finance debt instruments; and bank loan ratings

Revenue by Type

(dollars in millions)

49%
51%
45%
55%
45%
55%
'19
'20
'21
Non-Transaction
$1,529
$1,629
$1,844
Total Revenue
$3,106
$3,606
$4,097

Revenue by Geography

(dollars in millions)

56%
44%
59%
41%
59%
41%
'19
'20
'21
U.S.
$1,745
$2,110
$2,398
Total Revenue
$3,106
$3,606
$4,097

S&P Global Ratings rates more than $47 trillion of global debt and has more than 1 million ratings outstanding

Data as of 12/31/2021

Corporate Ratings Are Now a Larger Portion of the Business 

Change in Revenue Mix: 2007 vs. 2021

(dollars in millions)

1,3071,9331,6551,5781,4501,321$1,334$1,1231,2431,1831,3231,5581,450$1,3491,2031,3161,7281,479$1,3421,2411,3102,0981,537$1,3781,2831,4582,3561,573$1,4291,280CRISIL, Other*Structured Finance CorporatesFinancial InstitutionsGovernments

Details may not sum to total due to rounding

*Other includes interdivision royalty, Taiwan Ratings Corporation, and adjustments

Financial Crisis and U.S. Cash Repatriation Had Modest Impacts on Revenue from Corporates, Financial Institutions, and Governments

Revenue: 2000–2021

(dollars in millions)

$4,5003,3751,1252,25001125225033754500’06’09’15’18’12’03’00’21

Structured Finance by Asset Class

(dollars in millions)

’19’21’200125250375500202120202019

S&P Global Ratings Revenue by Quarter: 2019–2021

(dollars in millions)

201920202021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

CRISIL, Other*

$83

$84

$91

$83

$86

$91

$93

$109

$97

$102

$106

$124

Structured Finance

61

82

74

99

75

65

77

93

101

121

114

122

Corporates

386

458

439

445

475

632

510

482

605

622

582

547

Financial Institutions

113

117

126

122

128

145

133

130

141

152

144

136

Governments

52

59

60

70

61

73

81

68

72

77

72

60

Total

$696

$801

$789

$820

$825

$1,006

$894

$881

$1,017

$1,073

$1,017

$989

201920202021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

CRISIL, Other*

$83

$84

$91

$83

$86

$91

$93

$109

$97

$102

$106

$124

Structured Finance

61

82

74

99

75

65

77

93

101

121

114

122

Corporates

386

458

439

445

475

632

510

482

605

622

582

547

Financial Institutions

113

117

126

122

128

145

133

130

141

152

144

136

Governments

52

59

60

70

61

73

81

68

72

77

72

60

Total

$696

$801

$789

$820

$825

$1,006

$894

$881

$1,017

$1,073

$1,017

$989

Details may not sum to total due to rounding

*Other includes interdivision royalty, Taiwan Ratings Corporation, and adjustments

Corporate ratings are now a larger portion of S&P Global Ratings’ business

Notes:

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC

The Ratings division includes S&P Global Ratings, which is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“NRSRO”); CRISIL Limited, a global analytical company incorporated in India; and certain other ratings-related businesses

Division revenues do not include interdivision revenue elimination