How S&P Global Ratings Generates Revenue
- Non-transaction revenue:
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 revenue:
Ratings for new issuances, such as corporate, financial institution, insurance, government, and structured finance debt instruments; and bank loan ratings
Revenue by Type
U.S. GAAP Stand-alone (1)
Pro forma (2)
Corporate Ratings Are Now a Larger Portion of the Business
Change in Revenue Mix: 2007 vs. 2022
Corporates
$578
$1,558
$1,728
$2,098
$2,356
$1,498
Total
$2,138
$2,883
$3,106
$3,606
$4,097
$3,050
Financial Crisis and U.S. Cash Repatriation Had Modest Impacts on Revenue from Corporates, Financial Institutions, and Governments
S&P Global Ratings Revenue by Quarter: 2021–2022
| | 2021 | | 2022 |
| |
| CRISIL, Other*
| | $97
| $102
| $106
| $124
| | $109
| $116
| $116
| $131
|
| Structured Finance
| | 101
| 121
| 114
| 122
| | 89
| 97
| 78
| 83
|
| Corporates
| | 605
| 622
| 582
| 547
| | 478
| 379
| 326
| 315
|
| Financial Institutions
| | 141
| 152
| 144
| 136
| | 128
| 138
| 114
| 129
|
| Governments
| | 72
| 77
| 72
| 60
| | 64
| 65
| 48
| 46
|
| Total
| | $1,017
| $1,073
| $1,017
| $989
| | $868
| $796
| $681
| $705
|
| | 2021 | | 2022 |
| |
| CRISIL, Other*
| | $97
| $102
| $106
| $124
| | $109
| $116
| $116
| $131
|
| Structured Finance
| | 101
| 121
| 114
| 122
| | 89
| 97
| 78
| 83
|
| Corporates
| | 605
| 622
| 582
| 547
| | 478
| 379
| 326
| 315
|
| Financial Institutions
| | 141
| 152
| 144
| 136
| | 128
| 138
| 114
| 129
|
| Governments
| | 72
| 77
| 72
| 60
| | 64
| 65
| 48
| 46
|
| Total
| | $1,017
| $1,073
| $1,017
| $989
| | $868
| $796
| $681
| $705
|
Globally, S&P Global Ratings rated more than $3.3 trillion of global debt in 2022 and has more than 1 million ratings outstanding
Data as of 12/31/2022