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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, and 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; bank loan ratings; and corporate credit estimates 

Revenue by Type

(dollars in millions)

49%
51%
53%
47%
49%
51%
'17
'18
'19
Non-Transaction
$1,473
$1,533
$1,529
Total Revenue
$2,988
$2,883
$3,106

Revenue by Geography

(dollars in millions)

57%
43%
56%
44%
56%
44%
'17
'18
'19
U.S.
$1,716
$1,619
$1,745
Total Revenue
$2,988
$2,883
$3,106

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

Data as of 12/31/2019

Corporate Ratings Are Now a Larger Portion of the Business 

Change in Revenue Mix: 2007 vs. 2019

(dollars in millions)

1,4002,100$3,500’17’19’15’1611%10%55%15%8%11%10%56%15%8%12%11%54%16%7%12%10%52%16%10%11%11%51%17%9%15%9%44%27%6%’18’071,2711,2531,3071,9331,2421,3271,6551,5781,4121,4041,4501,321$1,278$1,305$1,334$1,1231,2251,2441,2431,183$2,138$2,428$2,535$2,9881,3231,5581,450$1,3491,203$2,8832,8007001,3161,7281,479$1,3421,241$3,106

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: 2000–2019

(dollars in millions)

$3,500 2,800 700 1,400 2,100 0 700 1400 2100 2800 3500 2008 vs. 2007: 7% decline in revenue from Corporates, Financial Institutions, and Governments 2018 vs. 2017: U.S. tax reform resulted in U.S. corporations repatriating large amounts of previously unused cash ’06 ’08 ’16 ’18 ’17 ’10 ’12 ’14 ’04 ’02 ’03 ’05 ’07 ’09 ’11 ’13 ’15 ’01 ’00 ’19

S&P Global Ratings Revenue by Quarter: 2017–2019

(dollars in millions)

201720182019
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

CRISIL, Other*

$79$83$87$86$88$90$87$84$83$84$91$83

Structured Finance

587481947687808061827499

Corporates

410419412414419427360353386458439445

Financial Institutions

11011310412211611412695113117126122

Governments

565955734957484952596070

Total

$714$747$739$789$748$775$700$661$696$801$789$820
201720182019
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

CRISIL, Other*

$79$83$87$86$88$90$87$84$83$84$91$83

Structured Finance

587481947687808061827499

Corporates

410419412414419427360353386458439445

Financial Institutions

11011310412211611412695113117126122

Governments

565955734957484952596070

Total

$714$747$739$789$748$775$700$661$696$801$789$820

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:

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

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

Details may not sum to total due to rounding