Revenue Mix
Revenue By Type
Corporate Ratings Are Now a Larger Portion of the Business
Financial Crisis and U.S. Cash Repatriation Had Modest Impacts on Revenue from Corporates, Financial Institutions, and Governments
Change in Revenue Mix: 2007 vs. 2024
Corporates
578
2,098
2,356
1,498
1,666
2,314
Total
$2,138
$3,606
$4,097
$3,050
$3,332
$4,370
S&P Global Ratings Revenue by Quarter: 2023–2024
| hello | | hello | hello | 2023 | | hello | hello | 2024 |
| |
| CRISIL, Other*
| | $119
| $125
| $121
| $145
| | $122
| $128
| $131
| $140
|
| Structured Finance
| | 86
| 89
| 104
| 108
| | 107
| 143
| 134
| 153
|
| Corporates
| | 429
| 429
| 413
| 395
| | 594
| 607
| 590
| 522
|
| Financial Institutions
| | 137
| 140
| 126
| 138
| | 177
| 183
| 181
| 185
|
| Governments
| | 54
| 68
| 55
| 52
| | 62
| 74
| 75
| 61
|
| Total
| | $824
| $851
| $819
| $838
| | $1,062
| $1,135
| $1,110
| $1,062
|
| hello | | hello | hello | 2023 | | hello | hello | 2024 |
| |
| CRISIL, Other*
| | $119
| $125
| $121
| $145
| | $122
| $128
| $131
| $140
|
| Structured Finance
| | 86
| 89
| 104
| 108
| | 107
| 143
| 134
| 153
|
| Corporates
| | 429
| 429
| 413
| 395
| | 594
| 607
| 590
| 522
|
| Financial Institutions
| | 137
| 140
| 126
| 138
| | 177
| 183
| 181
| 185
|
| Governments
| | 54
| 68
| 55
| 52
| | 62
| 74
| 75
| 61
|
| Total
| | $824
| $851
| $819
| $838
| | $1,062
| $1,135
| $1,110
| $1,062
|
S&P Global Ratings Billed Issuance
(total par value of issuance billed by S&P Global Ratings)
|
| ‘24 v. ‘22
| (9)%
| (5)%
| (6)%
| (17)%
| 24%
| 12%
| 1%
| 21%
| 35%
| 47%
| 26%
| (9)%
|
| ‘24 v. ‘23
| 66%
| 66%
| 28%
| 75%
| 45%
| 50%
| 124%
| 51%
| 69%
| 76%
| 11%
| 56%
|
|
| ‘24 v. ‘22
| (9)%
| (5)%
| (6)%
| (17)%
| 24%
| 12%
| 1%
| 21%
| 35%
| 47%
| 26%
| (9)%
|
| ‘24 v. ‘23
| 66%
| 66%
| 28%
| 75%
| 45%
| 50%
| 124%
| 51%
| 69%
| 76%
| 11%
| 56%
|
Note: S&P Global Ratings’ Billed Issuance includes loans, and excludes issuance billed under the frequent issuer program as well as items that don’t impact transaction revenue including unrated debt and most international public finance
S&P Global Ratings rated $4.9 trillion in global new issuance debt in 2024, and had more than 1 million ratings outstanding at the end of 2024
