Ratings: 31–32
U.S. Debt Market

Dollar volume by new-issue category

In 2024, S&P Global Ratings rated approximately 77% of the $2.9 trillion in addressable debt issued in the U.S. market compared with 80% of a $1.9 trillion market in 2023. Rated debt issuance by dollar volume in the U.S. increased by 50% from 2023 to 2024 while the number of issues increased by 33%.

The rated debt market is a component of the total debt market and includes only the debt securities issued with a rating. The rated U.S. debt market primarily comprises six new-issue categories (shown below):  (1) Corporates (Industrials, Infrastructure, and Financial Services), (2) Municipals, (3) Sovereigns, (4) Mortgage-Backed Securities (Residential and Commercial), (5) Asset-Backed Securities, and (6) Collateralized Debt Obligations.

 

Rated U.S. Debt Market:
2024 Dollar Volume by New-Issue Category (a, b, c, d, e, f)

 

 

Rated U.S. Debt Market (a, b, c, d, e, f)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

83%
85%
81%
78%
80%
85%
76%
75%
80%
77%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$1,744
$1,741
$1,928
$1,531
$1,758
$2,407
$2,267
$1,477
$1,556
$2,241
Rated Volume
$2,097
$2,056
$2,367
$1,959
$2,196
$2,835
$2,997
$1,969
$1,939
$2,909
# of Rated Issues
13,316
13,386
12,501
10,189
12,061
13,700
13,999
9,160
8,987
11,911

Sources: Refinitiv, Green Street Advisors, S&P Global Ratings

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U.S. Corporates: Industrials (c)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

98%
99%
98%
98%
97%
94%
96%
97%
98%
99%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$699
$655
$713
$475
$653
$1,106
$753
$423
$500
$628
Rated Volume
$713
$660
$725
$484
$673
$1,171
$786
$435
$510
$633
# of Rated Issues
956
894
1,081
740
859
1,427
1,059
659
760
920

Sources: Refinitiv, S&P Global Ratings

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U.S. Corporates: Infrastructure

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

99%
99%
95%
96%
88%
97%
97%
98%
95%
100%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$79
$84
$80
$71
$72
$117
$101
$69
$113
$156
Rated Volume
$80
$85
$84
$74
$82
$121
$104
$70
$119
$156
# of Rated Issues
163
160
156
132
148
195
164
121
180
235

Sources: Refinitiv, S&P Global Ratings

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U.S. Corporates: Financial Services (c)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

96%
97%
97%
95%
94%
91%
91%
97%
97%
94%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$396
$384
$435
$355
$368
$469
$554
$428
$378
$555
Rated Volume
$414
$395
$451
$376
$392
$513
$608
$443
$390
$590
# of Rated Issues
626
601
691
582
613
712
864
647
629
1,126

Sources: Refinitiv, S&P Global Ratings

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U.S. Municipals (a)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

82%
80%
84%
82%
79%
79%
80%
77%
73%
74%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$317
$343
$355
$272
$327
$364
$344
$263
$263
$360
Rated Volume
$385
$429
$422
$331
$411
$458
$429
$343
$359
$486
# of Rated Issues
10,547
10,665
9,156
7,258
9,075
10,135
9,774
6,403
6,234
7,469

Sources: Refinitiv, S&P Global Ratings

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U.S. Residential Mortgage-Backed Securities (RMBS) (b, d)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

15%
18%
11%
19%
30%
22%
15%
22%
16%
26%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$7
$6
$5
$12
$29
$20
$27
$28
$11
$41
Rated Volume
$47
$35
$51
$65
$99
$91
$179
$126
$70
$156
# of Rated Issues
127
76
100
146
219
219
391
298
181
308

Sources:  Green Street Advisors, S&P Global Ratings

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U.S. Commercial Mortgage-Backed Securities (CMBS) (b)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

25%
24%
40%
39%
44%
28%
29%
14%
32%
14%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$23
$16
$33
$27
$38
$15
$31
$15
$12
$13
Rated Volume
$95
$67
$83
$69
$87
$52
$107
$102
$38
$92
# of Rated Issues
127
105
123
121
141
89
164
127
63
144

Sources: Green Street Advisors, S&P Global Ratings

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U.S. Asset-Backed Securities (ABS) (b, e)

(S&P Global Ratings penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

66%
63%
65%
64%
63%
67%
57%
58%
58%
61%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$125
$121
$141
$145
$143
$127
$159
$144
$145
$168
Rated Volume
$190
$192
$216
$229
$227
$191
$278
$249
$251
$275
# of Rated Issues
332
352
371
428
406
338
429
411
351
378

Sources: Green Street Advisors, S&P Global Ratings

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U.S. Collateralized Debt Obligations (CDOs) (b)

(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)

37%
54%
43%
46%
49%
75%
53%
38%
50%
55%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$40
$58
$124
$130
$82
$92
$231
$55
$62
$238
Rated Volume
$108
$108
$286
$282
$167
$123
$432
$144
$125
$436
# of Rated Issues
247
273
630
614
382
363
975
343
385
1,137

Sources: Green Street Advisors, S&P Global Ratings

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Notes:

Annual figures; dollar volume in billions; data by domicile of issuer/assets

Details may not sum to total due to rounding

Historical percentages calculated based on unrounded figures

Data is subject to revision to reflect final deal information  

(a)

Excludes municipal student loans and private placements

(b)

Excludes confidential and repo transactions

(c)

Includes Rule 144a (private placements), MTN takedowns, convertibles, and preferred stocks. Excludes private placements (except Rule 144a issues), retail notes, commercial paper, and all agency issues

(d)

Excludes agency deals. Includes home equity loans

(e)

Excludes asset-backed commercial paper and letters of credit

(f)

Includes sovereigns