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New dashboard offers dynamic view of rated data center universe across Project Finance, Corporates, and Structured Finance Asset Backed Securities

Covers 32 digital infrastructure transactions totaling $105.3 billion in debt issuance
Includes market overview, issuer tear sheets and comparatives, and state-level capacity insights

, /PRNewswire/ -- S&P Global Ratings, the world's leading provider of independent credit ratings, today launched a new interactive dashboard providing a dynamic view of its rated North American data center universe across Project Finance, and Corporates, and Structured Finance asset-backed securities (SF ABS).

The dashboard brings together information across these three areas, providing an overview of the market, issuer tear sheets and comparatives, and insights into states where capacity is being leased. It accompanies S&P Global Ratings' fourth-quarter roundup, "North America Data Center Roundup: Fourth-Quarter 2026," published Oct. 16, 2026.

"Our rated North American data center universe now spans 32 digital infrastructure transactions and $105.3 billion in debt issuance across project finance, structured finance ABS, and corporates," said Vishal Merani, Managing Director and Global Digital Infrastructure Team Leader, S&P Global Ratings.

"Bringing this information together in an interactive format provides a more comprehensive view of our rated data center universe as demand continues to grow." said Dhaval Shah, Director, S&P Global Ratings.

Key takeaways from the fourth-quarter roundup:

S&P Global Ratings currently rates 32 digital infrastructure transactions in North America across Project Finance (PF), Corporates, and Structured Finance asset-backed securities (SF ABS). The majority are SF ABS issuers (50%), followed by PF issuers (28%) and Corporates (22%), based on the number of issuers.
Total debt issuance across rated issuers reaches $105.3 billion, with PF accounting for 58.3%, SF ABS for 26.4%, and Corporates for 15.3%.
The rated transactions are backed by 143 properties with approximately 8.7 gigawatts of capacity available to tenants in North America.
S&P Global Ratings expects data center demand to remain strong in the foreseeable future, driven by exponential data growth, cloud migration, and the ongoing digitization of the global economy.
S&P Global Ratings believes power constraints, permitting challenges, public pushback and regulatory responses could delay or constrain new data center development.

Access the interactive North America data center dashboard here.

This report does not constitute a rating action.

Media Contact:

Jeff Sexton
New York
1-212-438-3448
[email protected] 

About S&P Global Ratings

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can unlock opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions. S&P Global Ratings is a division of S&P Global (NYSE: SPGI). Learn more at www.spglobal.com/ratings. 

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

SOURCE S&P Global Ratings

Wall Street analysts forecast that S&P Global (SPGI - Free Report) will report quarterly earnings of $4.43 per share in its upcoming release, pointing to a year-over-year decline of 6.3%. It is anticipated that revenues will amount to $3.64 billion, exhibiting a decrease of 6.4% compared to the year-ago quarter.

The consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

With that in mind, let's delve into the average projections of some S&P Global metrics that are commonly tracked and projected by analysts on Wall Street.

Analysts expect 'Total revenue- Ratings' to come in at $1.25 billion. The estimate points to a change of +1.2% from the year-ago quarter.

According to the collective judgment of analysts, 'Total revenue- Indices' should come in at $546.73 million. The estimate indicates a change of +18.3% from the prior-year quarter.

The collective assessment of analysts points to an estimated 'Total revenue- Market Intelligence' of $1.27 billion. The estimate indicates a year-over-year change of +2.4%.

Based on the collective assessment of analysts, 'Revenue by Type- Non-transaction Revenue' should arrive at $597.74 million. The estimate indicates a change of +14.7% from the prior-year quarter.

Analysts forecast 'Revenue by Type- Non-subscription / Transaction' to reach $647.96 million. The estimate indicates a change of -20.2% from the prior-year quarter.

The combined assessment of analysts suggests that 'Adjusted Operating Profit- Market Intelligence' will likely reach $454.12 million. The estimate is in contrast to the year-ago figure of $440.00 million.

The consensus estimate for 'Adjusted Operating Profit- Ratings' stands at $837.35 million. The estimate compares to the year-ago value of $832.00 million.

Analysts' assessment points toward 'Adjusted Operating Profit- Indices' reaching $381.32 million. Compared to the present estimate, the company reported $328.00 million in the same quarter last year.

View all Key Company Metrics for S&P Global here>>> S&P Global shares have witnessed a change of +9% in the past month, in contrast to the Zacks S&P 500 composite's no move. With a Zacks Rank #3 (Hold), SPGI is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

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The stock continues to tread water but we're not ready to pull the plug on our former pick.

S&P Global (SPGI - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on October 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis independent ratings and analytics provider is expected to post quarterly earnings of $4.43 per share in its upcoming report, which represents a year-over-year change of -6.3%.

Revenues are expected to be $3.64 billion, down 6.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.06% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for S&P Global?For S&P Global, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.56%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that S&P Global will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that S&P Global would post earnings of $4.49 per share when it actually produced earnings of $4.83, delivering a surprise of +7.57%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

S&P Global doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsNasdaq (NDAQ - Free Report) , another stock in the Zacks Securities and Exchanges industry, is expected to report earnings per share of $1.02 for the quarter ended September 2026. This estimate points to a year-over-year change of +15.9%. Revenues for the quarter are expected to be $1.47 billion, up 11.7% from the year-ago quarter.

The consensus EPS estimate for Nasdaq has been revised 0.6% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +0.14%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Nasdaq will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

S&P Global estimates the world's biggest tech firms are likely to have more AI-linked liabilities than currently known, although its top analyst for the sector sees ​no need to change any ratings at present.

Debt issued by AI infrastructure providers and ‌so-called 'neocloud' firms such as Nvidia-backed CoreWeave has sunk to increasingly stressed levels in recent weeks amid concerns about the aggressive scale of their borrowing.

S&P's Global Head for Digital Infrastructure Mark Habib said the biggest risk to hyperscalers' ​ratings remained whether expected profits fail to materialise.

But he also highlighted so-called 'interconnected financing structures', ​where hyperscalers effectively guarantee huge data centre builds, or smaller AI companies.

"It is ⁠safe to assume that there is more (debt) out there that we are not seeing," Habib ​said during a roundtable in London.

"If it's not reported, then it's not part of the disclosure ​by the hyperscalers. Also, if we are not rating the transactions where this liability may accrue, then the fact of the matter is that we might not have the visibility."

S&P expects the top six US hyperscalers — Amazon (AMZN.O), ​Microsoft (MSFT.O), Alphabet (GOOGL.O), Oracle (ORCL.N), Meta (META.O), and SpaceX (SPCX.O) — to spend more than $7 trillion on data centers and ​other AI-related capex between 2025 and 2030, and have negative free cash flow until at least next year.

Habib ‌said there ⁠wasn't an estimate of how much additional debt the circular financing might add to firms' balance sheets, although he said S&P was trying to take a "holistic" view overall.

Back in July, it downgraded Oracle to BBB-, the lowest rung of 'investment grade', on concerns about its AI spending and what it ​called "an uncertain path to ​profitability".

Habib was also ⁠asked whether the recent market selloff of bonds linked to the aggressive AI buildout was a sign that investors see them as riskier than ​ratings indicate.

"For now, we don't have the view that there is a ​major disconnect ⁠that needs to force our ratings to change at this point," he said, saying S&P's scores were designed to take a longer-term view.

He said what could change that view was if it became clear ⁠the ​amount of money being spent was no longer sustainable.

"And that ​could come from a variety of drivers," Habib said. "Further increases in the investments (by AI firms), or a view that the ​revenue rate of competition is getting too intense."

High costs and shortages of fertilizer and fuel – combined with the looming effects of El Niño – are becoming a threat to global food security, S&P Global Analysis says

, /PRNewswire/ -- Beyond the more well-documented impacts from the disruption of transit through the Strait of Hormuz lies the beginnings of what could be a global food crisis, a new S&P Global analysis says.

In the first major report from the S&P Global Institute, authors Daniel Yergin, Shankari Srinivasan, Allan Pickett and Simon Blakey say that the reinforcing shocks of higher energy and fertilizer costs, resilient biofuel-linked demand and El Niño-related weather risk are starting to come into view.

"The world's food producers rely on a steady supply of natural gas and sulfur for fertilizer, diesel for machinery and transport, and open sea-lanes for trade," they write. "Conflict is now testing all of them at once, just as El Niño tests the harvest."

The paper – entitled Energy disruption and El Niño: Leading to a global food crisis? – points to "pressure building in fertilizer and diesel markets." The article reflects the combined expertise of S&P Global's agricultural and energy research services and research by S&P Global Ratings.

Fertilizer Bottlenecked

While it has become common knowledge that about 20% of global oil supply and 20% of global LNG trade flowed through the Strait of Hormuz prior to the war, less recognized is the Middle East's role as a major supplier of fertilizer, as well as the feedstocks that other countries rely on to produce it.

Roughly 29% of global trade of urea, the world's most widely used nitrogen fertilizer, normally passes through the Hormuz Strait, as does nearly half of the global sulfur trade and about 21% of the merchant trade of ammonia.

Yet, the fertilizer disruption is only the first channel through which the Iran war reaches global agriculture, the authors say. Fertilizer producers elsewhere depend on energy, mainly natural gas, for feedstock as well as fuel for their manufacture. By restricting oil and LNG flows through the Strait of Hormuz, the conflict also raises fertilizer production costs and farm operating costs far beyond the Gulf.

South Asia is particularly exposed to a double vulnerability of disrupted fertilizer supply from the Gulf and higher costs for the LNG used by domestic producers, the authors note. The Gulf producers are an important source of imported urea for India, while LNG supports around 85% of its domestic urea production. In Bangladesh, the lack of available LNG has resulted in four of the country's five urea fertilizer plants ceasing operation since March 2026.

Diesel Scarcity Tightens the Squeeze on Farm Economics

The global squeeze on diesel – a key operating cost for farmers – extends to those regions that may otherwise be better insulated from immediate fertilizer and LNG shocks.

The Middle East and Russia normally account for half of global net diesel exports. Middle Eastern diesel exports have fallen by more than half since July 2025 to less than 1 million b/d in July 2026. Meanwhile, Ukrainian drone attacks and an export ban have pushed Russian diesel exports from roughly 1 million barrels per day toward zero. China has tightened its restrictions on exports of diesel and jet fuel, also.

With remaining refining capacity already operating near operational limits, diminished supply and low inventories coinciding with seasonal harvest and winter heating demand has taken its toll. The price differential between a barrel of crude oil and a barrel of diesel (historically between $12 and $20) rose above $100 per barrel in the first week of September.

"The conflict has driven diesel prices up much faster than crude oil prices, exposing farmers to a sharp increase in operating costs," the authors write. "Faced with this increase, on top of more expensive fertilizer, farmers in the most affected regions either have to reduce fertilizer purchases and the rate at which they apply fertilizer to their crops, or they may choose to reduce the acreage that they plant. Either way, less food would be produced than would otherwise have happened."

Biofuels intensify the food-or-fuel trade-off

High oil prices also make biofuels more competitive with petroleum, which strengthens demand for the crops and vegetable oils used to produce them. For the first time in recorded history, biofuels became cheaper than oil-based shipping fuels in Europe in September 2026. The resilient demand and policy support for biofuels means that crop markets have less scope to rebalance toward food production.

"Biofuel policy is thus doing more than supporting demand. It is influencing what farmers plant in the middle of an input-cost shock," the authors write.

El Niño compounds the input-cost shock

The anticipated strong El Niño would add further stress just as farmers face higher fertilizer and fuel costs, leaving crops less resilient to heat and disruptive rainfall. The National Oceanic and Atmospheric Administration (NOAA) projects sea-surface temperatures to reach at least 2 degrees C above normal — a threshold reached in only seven episodes since the 1950s.

S&P Global's agriculture modelling now indicates:

Brazil's corn output forecast has been reduced by 6 million metric tons to 137 million metric tons, with a further decline of 10 million metric ton possible if El Niño intensifies. Australia's wheat production could fall to 22 million metric tons, compared with the current forecast of 28 million metric tons. India's rabi wheat crop faces increased downside risk if monsoon deficits persist; September rainfall was approximately 14% below average. Brazil's soybean output forecast has been lowered by 6 million metric tons to 177 million metric tons. A model incorporating El Niño severity and reduced phosphate application produces a probability-weighted estimate of 168 million metric tons, with a 65% probability that output falls between 160 million and 170 million metric tons. The effects will be felt globally: Brazilian soybeans are a major feed for Chinese livestock. Palm oil production in Indonesia and Malaysia faces downside risks of 5.8 million metric tons and 2.5 million metric tons, respectively. Unlike changes in oil prices, which register immediately, the impact on food will take time to appear. The ultimate extent and severity are yet to be determined, the authors write:

"Farmers buy seed, fertilizer and fuel months before they sell a crop. The squeeze now bearing down on farm budgets may therefore not reach food markets in force until 2027.

"A global food crisis is not foreordained. But neither is it any longer a distant risk. If war continues to impede the movement of energy and fertilizer, and if weather cuts harvests across several major producing regions, the elements of such a crisis will be falling into place."

Media Contacts:

Isabel Allanwood
S&P Global
+44 7483 368 605
[email protected]

Jeff Marn
S&P Global Energy
+1 202 463 8213
[email protected]

Notes to Editors:

About the S&P Global Institute

The S&P Global Institute is S&P Global's new center for enterprise-wide thought leadership.

The Institute delivers insight on the complex and interconnected challenges facing today's global leaders. Geopolitics, artificial intelligence, the energy transition, and capital flows can no longer be understood in silos.

They are colliding to fundamentally reshape the markets and the global economy.

To navigate this complexity, the Institute brings together data, research, and specialized expertise from across the entire S&P Global enterprise (Ratings, Energy, Market Intelligence, S&P Dow Jones Indices).

Operating at the intersection of capital markets, technology, and global policy, we are dedicated to connecting the dots on these structural transformations, delivering the forward-looking perspectives that clients and decision-makers need to lead with confidence.

To find out more and read the full report, visit: spglobal.com/en/research-insights

About S&P Global  

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape. 

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com. 

SOURCE S&P Global

Investors are concerned that the new monetization model will not be as lucrative for S&P Global (SPGI -0.53%).

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

S&P Global Appoints New Chief Legal OfficerPR Newswire

NEW YORK, Oct. 9, 2026

Thomas Kim to join S&P Global October 19, 2026Steve Kemps to retire at the end of the year, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced the appointment of Thomas Kim as the company's new Chief Legal Officer, effective October 19, 2026. Mr. Kim will report directly to President and Chief Executive Officer (CEO) Martina Cheung and will oversee S&P Global's Legal, Government Affairs, Risk and Compliance function. Mr. Kim is an accomplished legal executive with over 30 years of experience across public company and private practice legal functions. He previously served as Chief Legal Officer and Corporate Secretary for Gartner and Thomson Reuters.

Martina Cheung, President and CEO of S&P Global said, "Thomas brings an exceptional track record and deep expertise across complex matters that shape the markets we operate in today and the adjacencies we continue to expand into. I look forward to welcoming his well-informed counsel and strategic perspective to our leadership team."

As previously announced, Steve Kemps, Chief Legal Officer, has decided to retire from S&P Global, and will remain on as a special advisor to Ms. Cheung until December 31, 2026, to help ensure a smooth transition.

Ms. Cheung added, "Steve's insight, sound judgement and exceptional leadership have been instrumental in shaping S&P Global's legal, governance and compliance framework, leaving a lasting legacy that positions the company for continued success. We are grateful for his many contributions and look forward to working closely with him to ensure a seamless transition."

About Thomas Kim
Thomas Kim is an accomplished legal executive with over 30 years of experience across public company and private practice legal functions. Most recently, Mr. Kim served as Chief Legal Officer and Corporate Secretary for Gartner starting in 2023, where he led the global legal and compliance department, overseeing internal audit, risk management, business continuity, board governance, and safety and security. He also was the interim leader of Gartner Digital Markets, a $200M+ annual business that helps small and medium-sized enterprises find the right software solutions.

Prior to joining Gartner, Mr. Kim was the Chief Legal Officer and Company Secretary of Thomson Reuters, a leading provider of business information services from August 2019 to April 2023. Mr. Kim previously held positions of increasing responsibility in legal, compliance, go-to-market and operations at Thomson Reuters. These roles included Chief Compliance Officer, General Counsel for emerging markets and Chief Counsel for Reuters News. Most notably, he led the separation of the $6 billion financial and risk data division (now a part of the London Stock Exchange) and led the company's business in China.

Mr. Kim was previously in private practice in San Francisco with the law firms Baker & McKenzie and Hancock, Rothert & Bunshoft (now Duane Morris). Throughout his career, he has been recognized as a leader in the legal profession and an active contributor to the broader community. As an award-winning lawyer, he has earned numerous honors for his professional achievements and industry leadership.

Mr. Kim obtained undergraduate and law degrees from Stanford University.

About S&P Global
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com.

Media Contacts:
Christina Twomey
Chief Communications Officer
[email protected]

Farhan Husain
S&P Global
[email protected]

Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/sp-global-appoints-new-chief-legal-officer-302903448.html

SOURCE S&P Global

New platform capabilities bring AI deeper into research and modeling workflows while expanding analytics across valuation, credit and global markets. NEW YORK, Oct. 6, 2026 /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced the latest updates to S&P Capital IQ Pro, led by an expanded ChatIQ experience that brings conversational AI deeper into the platform.

Eastern Bank increased its holdings in shares of S&P Global Inc. (NYSE:SPGI – Free Report) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,878 shares of the business services provider’s stock after acquiring an additional 3,670 shares during the quarter. Eastern Bank’s holdings in S&P Global were worth $23,620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Rockland Trust Co. grew its position in S&P Global by 4.6% in the 3rd quarter. Rockland Trust Co. now owns 57,706 shares of the business services provider’s stock worth $22,763,000 after purchasing an additional 2,531 shares during the last quarter. State Street Corp boosted its stake in S&P Global by 2.2% during the second quarter. State Street Corp now owns 14,482,789 shares of the business services provider’s stock valued at $5,898,261,000 after buying an additional 307,255 shares in the last quarter. ABS Direct Equity Fund LLC bought a new stake in shares of S&P Global in the 2nd quarter worth approximately $166,000. Rench Wealth Management Inc. boosted its stake in shares of S&P Global by 5.7% during the 2nd quarter. Rench Wealth Management Inc. now owns 3,355 shares of the business services provider’s stock worth $1,366,000 after acquiring an additional 180 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of S&P Global by 76.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 690,931 shares of the business services provider’s stock valued at $281,388,000 after purchasing an additional 299,454 shares during the period. Institutional investors and hedge funds own 87.17% of the company’s stock.

S&P Global Price Performance Shares of S&P Global stock traded up $2.23 during midday trading on Monday, hitting $388.50. 684,455 shares of the company were exchanged, compared to its average volume of 2,229,564. S&P Global Inc. has a 52 week low of $381.61 and a 52 week high of $552.25. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $417.55 and a 200-day simple moving average of $422.22. The firm has a market cap of $114.53 billion, a P/E ratio of 23.73, a PEG ratio of 1.86 and a beta of 1.09.

S&P Global (NYSE:SPGI – Get Free Report) last announced its earnings results on Tuesday, July 28th. The business services provider reported $4.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.09 billion. S&P Global had a net margin of 31.37% and a return on equity of 17.74%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the company posted $4.43 EPS. S&P Global has set its FY 2026 guidance at 17.500-17.750 EPS. Research analysts forecast that S&P Global Inc. will post 17.75 earnings per share for the current year. S&P Global Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 25th will be paid a $0.97 dividend. The ex-dividend date is Wednesday, November 25th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.0%. S&P Global’s dividend payout ratio (DPR) is 23.69%.

Analyst Upgrades and Downgrades Several equities analysts have weighed in on SPGI shares. BMO Capital Markets lifted their price objective on shares of S&P Global from $495.00 to $505.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded shares of S&P Global to a “hold” rating in a research note on Saturday, September 5th. JPMorgan Chase & Co. lowered their price objective on S&P Global from $555.00 to $530.00 and set an “overweight” rating on the stock in a report on Wednesday, July 29th. The Goldman Sachs Group cut their target price on shares of S&P Global from $539.00 to $490.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, Robert W. Baird set a $513.00 price objective on S&P Global in a research report on Wednesday, September 2nd. Eighteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $522.24.

Check Out Our Latest Research Report on SPGI

S&P Global Company Profile (Free Report)

S&P Global Inc (NYSE: SPGI) is a global provider of financial information, analytics, benchmarks and credit ratings. The company serves financial institutions, corporations, governments and other organizations by helping them assess credit risk, evaluate markets, manage portfolios, analyze supply chains and make business decisions.

Its principal businesses include S&P Global Ratings, which provides credit ratings, research and related analytical services; S&P Global Market Intelligence, which delivers financial and industry data, research and workflow solutions; and S&P Global Commodity Insights, which supplies pricing information, market analysis and intelligence for energy and commodities markets.

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New framework delivers independent risk transparency for onchain investment vehicles, furthering S&P Global's offerings across the DeFi space , /PRNewswire/ -- S&P Global Ratings, a division of S&P Global (NYSE: SPGI), today launched its Vault Risk Assessment (VRA), a new analytical approach that delivers independent, forward-looking insights into the risks associated with digital asset lending vaults. The initiative brings institutional-grade transparency to the rapidly evolving digital asset ecosystem and supports informed decision-making for market participants.

What is a vault?

Digital asset lending vaults are investment vehicles that operate on a blockchain. They pool investor deposits and deploy them according to defined strategies, working much like managed fixed income funds. Total deposits in vaults reached US$10 billion as of September 2026, demonstrating rapid growth from US$1.5 billion two years earlier. While blockchain-based activity enables point-in-time transparency, strategy and risk disclosures for vaults have typically been limited.

The VRA Analytical Approach

S&P Global Ratings' VRA is a forward-looking opinion about the overall relative risk of impairment to an investor's position in a lending vault. The VRA provides a comprehensive view of a vault's overall risk profile across six key risk factors:

Portfolio credit quality risk Liquidity mismatch risk Curator risk Blockchain risk Protocol risk Vault security and governance risk A VRA is not a credit rating and does not comment on yield levels. To read more about the VRA analytical approach, including the letter-based scale, visit spglobal.com/ratings/en/products/vault-risk-assessments.

"As digital assets continue to institutionalize, the demand for independent risk assessments that bridge traditional finance and decentralized innovation is paramount," said Yann Le Pallec, President, S&P Global Ratings. "Our commitment to bringing transparency and rigorous analysis to all financial markets extends to this rapidly growing segment. The Vault Risk Assessment will empower investors and foster greater confidence and stability as capital flows into these new digital structures."

The VRA analytical approach moves beyond transaction transparency to deliver essential risk transparency, enabling institutions to enhance their investment governance and selection processes and supporting broader adoption of the vault market.

"Digital asset vaults represent a significant evolution in onchain finance, offering new avenues for pooled investment and capital efficiency," said James Wiemken, Executive Managing Director and Head of Global Ratings Services. "However, the inherent complexities and varying disclosure standards in this nascent market create a clear need for a standardized, independent risk perspective. The VRA fills this critical gap, providing market participants with the deep insights necessary to navigate vault investments with greater clarity and confidence."

S&P Global Ratings will publish initial Vault Risk Assessments in future announcements.

A Strategic Focus on Digital Assets

S&P Global has established itself as a bridge between traditional finance and decentralized finance, leveraging its legacy of trusted risk frameworks, benchmarks, and analytical standards to support the institutionalization of digital asset markets.

Recent firsts include:

The industry's first Stablecoin Stability Assessments The first credit rating of a DeFi protocol (Sky Protocol) Its first rating of a structured finance transaction backed by bitcoin: "Ledn". S&P DJI and Kaiko tokenize the iBoxx U.S. Treasuries Index on the blockchain. In September 2026, S&P Global announced an agreement to acquire OpenZeppelin, the security standard for onchain finance. Earlier the same month, S&P Global led a strategic investment in Kaiko, the independent leader in digital asset market data, indices and data infrastructure. For more information on S&P Global's capabilities in digital assets, visit: spglobal.com/ratings/en/products/solutions/digital-assets   

Notes to Editors

What are Digital Asset Vaults? Digital asset lending vaults are investment vehicles that operate on a blockchain. They pool investor deposits and deploy them according to defined strategies, working much like managed fixed income funds. Functionality: These strategies can be fully automated via smart contracts or managed discretionarily by human managers. What is a smart contract? A self-executing program on a blockchain that enforces the terms of an agreement automatically, without an intermediary. In a vault, smart contracts hold the pooled capital and enforce the allocation and risk parameters the curator sets. Ownership: Depositors receive share tokens that represent their proportional claim on the vault's assets and any accrued returns. Role in Finance: Vaults are designed to replicate functions typically performed by traditional financial institutions, such as money market funds, private credit funds, private equity funds, and hedge funds, but within a blockchain environment. They enable pooled investment vehicles to exist directly onchain. Growth: The market for digital asset lending vaults, although nascent, has expanded significantly, with total deposits reaching approximately US$10 billion as of September 2026, demonstrating rapid growth from US$1.5 billion in September 2024. S&P Global Ratings Digital Assets Primer: How Vaults Can Shape The Capital Markets Of Tomorrow (May 25, 2026) Media Contacts

Russell Gerry, S&P Global Comms, London, [email protected] 
Jeff Sexton, S&P Global Comms, New York, [email protected] 
Michelle Lei, S&P Global Comms, Beijing, [email protected]

About S&P Global Ratings

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can unlock opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions. S&P Global Ratings is a division of S&P Global (NYSE: SPGI). Learn more at www.spglobal.com/ratings.
 

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

SOURCE S&P Global Ratings

, /PRNewswire/ -- The Board of Directors of S&P Global (NYSE: SPGI) has approved a cash dividend on the Company's common stock for the fourth quarter of 2026. The dividend of $0.97 is payable on December 10, 2026, to shareholders of record on November 25, 2026. The annualized dividend rate is $3.88 per share.

The Company has paid a dividend each year since 1937 and is one of fewer than 30 companies in the S&P 500® that has increased its dividend annually for more than 50 years.

About S&P Global:

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape. 

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com.

Contacts:

Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel: + 1 347 640 1521

Media:
Orla O'Brien
Global Head of Public Relations Tel: +1 857 407 8559
[email protected]

SOURCE S&P Global

Potential shift towards new construction adds upside to longer-term outlook, S&P Global Energy analysis says

, /PRNewswire/ -- Canadian oil sands production is expected to average a record 3.5 million barrels per day in 2026 – a 100,000 b/d (3%) increase from the previous year, according to the latest S&P Global Energy 10-year production outlook. Production is expected to reach 3.9 million b/d by the early 2030s.

Since 2001, when annual output was just 300,000 b/d, production has grown every year except for COVID-19-related impacts in 2020.

The bulk of 2026 production growth is expected to once again come from optimization of existing facilities. However, the potential for a renewed appetite for capacity additions via new construction projects is adding additional upside to the longer-term outlook, the analysis says.

Most of today's installed oil sands production capacity is the result of construction between 2009 to 2018, with construction of new facilities being rare since then.

"The Canadian oil sands has proven to be a resilient source of supply despite periods of low oil prices, regional price volatility and uncertainty over future Canadian energy and climate policy," said Kevin Birn, Chief Canadian Oil Markets Analyst, S&P Global Energy. "The question today is not whether the oil sands will continue to grow, but rather how much additional growth could come should new projects once again come forward."

Developments contributing to the sense of optimism include announced plans for expanded pipeline export capacity; the clarification, reduction and extension of carbon pricing to 2040; commitments to accelerate reviews for projects deemed in the national interest; and potential changes to fiscal terms for new oil sands projects.

Canadian energy production is also increasingly being seen as a source of national security and economic growth amid the deteriorating trade relationship between Canada and the United States over the past 18 months, the analysis says.

"The degree of alignment to drive upstream growth between the Canadian Federal and Provincial governments has not been seen in more than a decade," said Birn. "The fresh focus on eliminating uncertainties to accelerate investment could set the stage for a return to new construction and greater growth."

Nevertheless, new construction projects are more capital-intensive and require longer lead times, and important details remain to be determined.

The competitiveness of future projects, and the appetite from shareholders to investment will be critical determinants about what type of upside could emerge. The details of the final implementation agreement related to the Canada-Alberta Memorandum of Understanding that is expected on November 15, 2026, between the governments of Alberta, Canada, and the oil sands industry will be telling, the analysis says.

The current S&P Global Energy outlook expects production levels to roughly plateau after reaching 3.9 million b/d in the early 2030s. The growing optimism, however, creates the potential for an acceleration of growth should new projects advance.

"Looking at past proposed projects that did not advance, and how they have likely evolved, S&P Global Energy estimates that there is nearly half a million barrels per day of incremental production capacity that could come forward beyond what is currently in the outlook," said Celina Hwang, Director, Canadian Crude Oil Markets, S&P Global Energy. "This estimate is what we expect would be the most attractive and expedient projects. Given the right conditions and time, the potential could be greater."

Media Contacts:

Suzanne Mount
S&P Global Energy
[email protected]

About S&P Global Energy

At S&P Global Energy, our comprehensive view of global energy and commodities markets enables our customers to make superior decisions and create long-term, sustainable value. Our four core capabilities are: Platts for pricing and news; CERA for research and advisory; Horizons for energy expansion and sustainability solutions; and Events for industry collaboration.

S&P Global Energy is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with trusted data, expertise, and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape. Learn more at www.spglobal.com/energy.

SOURCE S&P Global Energy

Agreement extends Cboe's exclusive licensing rights for S&P 500 Index options through 2051 and creates new opportunities for innovation across next-generation markets and technologies

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, and S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, today announced a 25-year extension of their exclusive licensing agreement that will continue their longstanding collaboration through 2051.

Under the extended agreement, Cboe will continue to have the exclusive rights to offer trading in its flagship S&P 500® Index (SPX) options. Cboe and S&P DJI may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.

The agreement builds on more than 40 years of collaboration between Cboe and S&P DJI that began in 1983 with the launch of SPX options – a breakthrough innovation that has since become the global standard for how investors worldwide gain and manage U.S. equity market exposure.

"Cboe and S&P DJI have created one of the industry's great success stories. By combining S&P DJI's index expertise with Cboe's unmatched ability to build and operate highly liquid derivatives markets, we have built one of the world's most liquid products and a relationship that has delivered lasting value across the global financial marketplace," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "This extension allows us to further grow our SPX and VIX franchises, while providing the certainty and continuity that our customers have come to expect in these products. It also gives us significant runway to pursue the next frontier of innovation and stay ahead of evolving investor needs and emerging technologies. The opportunities ahead are as compelling as those that first brought our organizations together 43 years ago, and we look forward to what we can achieve together in the decades ahead."

"The S&P 500 is the definitive barometer of U.S. equity market performance and the most widely tracked index in the world," said Catherine Clay, Chief Executive Officer of S&P DJI. "Investor demand for exposure to U.S. equities continues to accelerate, and we see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs. Cboe brings deep expertise in developing, listing, and operating liquid derivatives markets that complements our index expertise, and this agreement allows us to keep innovating for the next generation of investors."

SPX options are one of the world's most liquid and actively traded index options. Reflecting growing global demand for exposure to U.S. equity markets, SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts – a 25% increase over the prior year and the 4th consecutive year of record trading activity.

In recent years, Cboe has continued to grow the SPX options suite, alongside its closely connected VIX options and futures franchise, through new products, structures and expirations, expanding the range of tools available and access for retail and institutional investors globally.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

About S&P Dow Jones Indices

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit: www.spglobal.com/spdji. 

Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc The S&P 500 Index is proprietary to S&P Dow Jones Indices LLC or its affiliates. S&P®, S&P 500®, The 500®, 500™, US 500™ and SPX® are trademarks of Standard & Poor's Financial Services, LLC or its affiliates; Dow Jones®, is a trademark of Dow Jones Trademark Holdings LLC; all of which have been licensed for use by Cboe Exchange, Inc. Cboe Exchange's options on the S&P 500 Index are not sponsored, issued or endorsed by S&P Dow Jones Indices and S&P Dow Jones Indices does not have any liability with respect thereto. All other trademarks and service marks are the property of their respective owners. 

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies or errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

S&P Global (SPGI -1.21%) and Moody's (MCO -1.61%), two of the world's largest aggregators of financial data, have both rated debt for over a century. Poor's Publishing, which eventually merged with Standard Statistics to become S&P, sold its first bond ratings in 1916. Moody's launched its modern bond ratings business in 1909.

Today, S&P Global and Moody's both provide a much broader range of financial data, analytics, and credit rating services. However, both companies still typically generate more than 30% of their revenue from their industry-leading credit rating services. Let's see how those legacy businesses maintain their moats -- and how they support their other businesses.

Image source: Getty Images.

Why do S&P Global and Moody's have wide moats? In 1975, the Securities and Exchange Commission (SEC) informally classified a handful of trusted ratings agencies --- including S&P, Moody's, and Fitch -- as Nationally Recognized Statistical Rating Organizations (NRSROs). In 2007, that classification was written into law.

Under that law, any issuer that wants to sell bonds to institutional buyers must get a rating from an NRSRO. Pension funds, mutual funds, insurance companies, and banks are also barred from holding any debt that doesn't carry an investment-grade rating from an approved NRSRO.

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Newer and smaller ratings agencies, even if approved as NRSROs, would struggle against S&P, Moody's, and Fitch for three simple reasons. First, investors wouldn't trust their ratings. Second, issuers wouldn't pay them because an unknown rating wouldn't help them sell more bonds. Lastly, the big three agencies have built massive databases of financial data over the past century. Newcomers, even armed with the latest AI tools, can't aggregate that much data.

Most debt issuances require at least two NRSRO ratings. Together, S&P and Moody's control over 80% of that market. The rest mainly goes to Fitch, a subsidiary of the private Hearst Corporation. Therefore, it's practically impossible for a newcomer to cross that moat.

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S&P Global and Moody's both use their debt rating businesses to acquire new customers. Any company that wants to issue debt must use their rating services, and that stickiness allows it to cross-sell its market data, risk-management software, research terminals, workflow tools, and other subscription-based services. Both companies leverage the reputation of their credit-rating services to sell other products, which in turn feed even more data into their ecosystems.

Can S&P Global and Moody's overcome their near-term challenges? S&P Global and Moody's both seem like reliable long-term investments, but they've both underperformed the S&P 500 (^GSPC -0.55%) by a wide margin this year. Rising interest rates and Treasury yields mainly caused that pressure.

In mid-September, the Federal Reserve raised its benchmark rates for the first time in three years to tame inflation. The 10-Year Treasury yield also recently rose to 5.2% -- its highest level since 2007. That pressure will drive more issuers to throttle or halt new debt offerings, since they'll need to issue new debt at yields higher than those on CDs or Treasuries to remain competitive.

But even if near-term demand for their credit-rating services dries up, their market data and analytics services will continue to thrive through bear and bull markets. Regardless of the market's direction, investors will still need to use data from S&P Global and Moody's to analyze their investments. It will also continue to collect index licensing fees (for the S&P 500, Dow Jones, and other indexes) from fund managers and institutional investors.

In other words, S&P Global and Moody's -- which have weathered plenty of market downturns over the past century -- will continue to grow as the financial sector evolves. Both stocks are still reasonably valued at 23 and 26 times next year's earnings, respectively, and they should remain reliable stocks to buy, hold, and forget for the next few decades.

Bloomberg's Erin Hudson joins Scarlet Fu on "Bloomberg Real Yield." A report from S&P Global Ratings found the health of US public schools is deteriorating.

U.S. business activity grew in September at the fastest rate for over five years, according to the S&P Global US Flash PMI released Wednesday (Sept. 23). The flash S&P Global US PMI Composite Output Index rose from 56.0 in August to 58.

AI Panic Hits Wall Street: 3 Financial Stocks on SaleS&P Global NYSE: SPGI is seeing continued growth across its Market Intelligence, Ratings, Indices and Energy businesses, supported by commercial integration, artificial intelligence adoption and productivity initiatives, Chief Financial Officer Eric Aboaf said during a Barclays conference discussion.

Aboaf, who joined the company about a year and a half ago after two decades in banking, said his focus has been on improving visibility into commercial activity, including sales pipelines, customer segments and product offerings. He said the company is seeking to operate at greater scale while continuing to invest in growth and deliver margin expansion.

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Despite Downturns, Analysts Say These 4 Financial Stocks Are BuysHe credited the management team, led by Martina Cheung, with establishing a chief commercial officer organization focused on 130 customers representing roughly the top third of S&P Global’s revenue base. The approach is intended to bring the company’s ratings, market data, benchmarks and energy offerings together for senior client discussions, including with corporate and financial-services executives.

Market Intelligence Growth and AI Adoption Addressing market speculation concerning the Capital IQ Pro business, Aboaf said S&P Global does not comment on “unwarranted rumors.” He said the company remains focused on growth in Market Intelligence, where first-half revenue growth exceeded 6%, within its full-year guidance range of 5.5% to 7%.

3 Financially Fit Companies Set to Make a RunThe company has reorganized Market Intelligence into two segments: Kensho Data Platforms, which represents about two-thirds of the division, and Enterprise Solutions, which accounts for the remaining third. Enterprise Solutions, which includes system-of-record workflow software and data offerings, grew 10% year over year during the first two quarters, according to Aboaf.

Aboaf said the company is seeing high-single-digit to low-double-digit growth in data, depending on the quarter. He said the number of customers using model context protocol, or MCP, connectors reached 500, up 50% from the prior quarter. Data usage through application programming interfaces and large-language-model calls increased fivefold from the first quarter to the second quarter, after also rising fivefold from the fourth quarter to the first quarter.

He also pointed to the integration of S&P Global data into ChatGPT financial-services workflows. According to Aboaf, an OpenAI study released the prior week found error rates below 3% when using trusted proprietary S&P Global data, compared with about 6.5% for the company’s nearest competitor.

Aboaf characterized AI as an “accelerant” rather than an immediate standalone revenue source. He said the company expects its pricing model to evolve over time from primarily value-based pricing toward greater usage-based components as customers gain experience with AI tools. S&P Global intends to maintain controls around its proprietary data, including keeping it behind a paywall and not allowing it to be used for model training.

Productivity and Margin Outlook The CFO said AI and other technology tools are creating opportunities to reduce operating costs while funding reinvestment. In data operations, an area with roughly $500 million in costs, S&P Global sees a path to a 20% cost reduction and is evaluating additional opportunities through advanced AI and quantitative models.

Aboaf said the company expects to continue delivering companywide margin expansion of approximately 50 to 75 basis points while investing in products, features and geographic growth. Market Intelligence could generally be at the upper end of that range because of its larger expense base, he said.

In the first half, he said margins increased by more than 100 basis points in Market Intelligence, more than 200 basis points in Ratings, and 75 basis points or more in both Energy and Indices. He also expects more limited headcount growth across the company, citing productivity improvements in enterprise data, software development, research and analytical work.

Ratings Issuance and Investment Activity For S&P Global Ratings, Aboaf said the company’s outlook for billed issuance has improved from low-single-digit growth at the start of the year to mid- to high-single-digit growth. He said issuance comparisons may become more difficult in the second half because the third and fourth quarters of the prior year were particularly strong.

Investment-grade issuance has been supported by hyperscaler financing activity, though Aboaf said this has been only one component of a broader issuance environment. Investment-grade issuance has represented roughly 40% to 45% of total issuance this year, broadly consistent with historical levels, he said.

He added that refinancing needs in high yield and bank loans remain substantial, while merger-and-acquisition activity, structured finance volumes and public and private ratings have also supported demand. Hyperscaler transactions have included not only conventional bonds but also structured and project finance, he said.

S&P Global continues to invest in automating parts of ratings surveillance and improving analyst productivity, according to Aboaf. The company also recently completed a small acquisition of a Nigerian and African ratings service as part of its regional expansion efforts.

Energy and Capital Allocation In S&P Global Energy, the company now expects full-year revenue growth of 4.5% to 6%, after first-half growth of about 4%. Aboaf said the second quarter was expected to be the low point and that growth should improve in the second half, assuming some stabilization in energy markets.

He said S&P Global expects the Energy division to return to its medium-term growth target of 6% to 8% next year. Current sanctions have represented an approximately 75-basis-point headwind for the division over the last several quarters, he said.

Aboaf said the sale of a software slice of the energy business to SLB should improve the portfolio mix, while creating a new distribution partner for the company’s proprietary data. The company’s capital-allocation priorities remain organic investment, limited bolt-on acquisitions and selective exits from small, subscale product lines, he said. Recent bolt-on investments included datacenterHawk, a data-center power and forecasting business, and the African ratings expansion.

About S&P Global (NYSE:SPGI)S&P Global Inc NYSE: SPGI provides financial information, analytics, benchmarks and credit ratings to businesses, governments and investors worldwide. Its services are used to evaluate credit risk, analyze markets, value assets, assess commodities and support investment and business decisions.

The company operates through businesses that include S&P Global Ratings, which provides credit ratings and related research; S&P Global Market Intelligence, which delivers financial and industry data, analytics and workflow tools; S&P Global Commodity Insights, which supplies information and pricing assessments for energy and commodity markets; and S&P Dow Jones Indices, which develops and maintains market indexes such as the S&P 500.

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Holding global temperature rise to 2 degrees Celsius by end of century remains possible – though increasingly challenged – while more ambitious targets increasingly out of reach, new country-specific analysis shows

, /PRNewswire/ -- The global economy is on the cusp of a major shift where most of future global energy demand growth will come from emerging markets and developing economies (EMDEs). The new realities of meeting this demand alongside the need for energy security, resilience and affordability render more-ambitious climate goals infeasible, even with exponential growth of renewables and rapid electrification, according to a new S&P Global Energy study.

The study, Multidimensional Global Energy Pathways finds energy demand from EMDEs could rise by over 60% by 2060, adding the equivalent of another China (155 EJ) to global primary energy demand. By contrast, demand from advanced economies and China is expected to be broadly flat over the longer term (despite the rise of AI and data centers) as final energy consumption rises only slowly with more electrification and improvements in energy efficiency, the study finds.

As a result, most advanced economies will focus on transforming existing energy systems while EMDEs will be driven to greatly expand their systems to meet increasing demand. A large share of new low-carbon supply will be deployed in addition to – rather than in place of – existing fossil fuel sources.

"The thinking and policies that have sought to shape the energy transition over the last decade have collided with the realities of economic development, growing energy demand, geopolitics and the pace of technological progress," said Daniel Yergin, Vice Chairman, S&P Global. "The fundamental fact is that the largest source of long-term energy demand growth will come from emerging markets and developing economies where energy needs are driven by economic development, industrialization, urbanization and rising incomes. We hope that this study will contribute to a deeper dialogue about the realities and challenges of the energy transition."

Multidimensional Global Energy Pathways provides a realistic, nationally differentiated approach to long-term energy and emissions projections, with a specific focus on the EMDEs. The analysis takes a bottom-up, country level view of demand that considers factors such as differences in levels of economic development, resource endowments, institutional capacity and development priorities, as well as finance, infrastructure, supply chains, land availability and the pace of technology adoption.

Paris climate targets are increasingly out of reach
The study finds that the most ambitious climate targets, such as limiting global temperature rise to 1.5oC, are not reachable under any plausible trajectory; and globally reaching net-zero emissions before the end of the century is unlikely. While some advanced economies may achieve or come close to carbon neutrality by 2060, most EMDEs will not achieve the goal until late century at the earliest, the study says.

Limiting global temperature rise to 2oC by the end of this century remains possible, but only under the study's most aggressive decarbonization pathway. In this Emissions Reduction Pathway, installed solar and wind generation capacity would rise eight-fold globally (eighteen-fold in EMDEs) and supply 73% of global electricity by 2060. Grid battery capacity increases 25-fold over the same period. Total greenhouse gas emissions decline 65% by 2060, assuming commensurate actions on non-energy emissions.

By comparison, the study's Current Realities Pathway – a more likely pathway in the current policy environment – shows total greenhouse gas emissions declining by only 17% over that period, with global warming reaching 2.8oC by the end of the century. A third, Diverging Priorities Pathway envisages a hybrid trajectory where advanced economies prioritize emissions reduction while EMDEs prioritize GDP growth, energy affordability, security and economic competitiveness, with intermediate global emissions and warming outcomes (2.5oC by end of century). 

Holding temperature rise to 2 degrees Celsius by end of century possible but increasingly challenged
While the 2oC Emissions Reduction Pathway remains possible, it is increasingly challenged by technical and commercial realities, the study says.

"Electrification based on renewable energy sources is key to emissions reduction, and the rate of growth will be substantial," said Atul Arya, Senior Vice President and Chief Energy Strategist, S&P Global Energy. "Nevertheless, there are practical limits to how much power systems can expand, decarbonize and remain reliable at the required pace, at affordable cost and within the limits of available finance."

In part because integration costs rise rapidly once variable solar and wind share exceeds around 50-60% of generation, global capital investment of $50 trillion – more than the combined market capitalization of all companies listed on the Nasdaq – would be required through 2060 for power generation, storage, transmission and distribution.

While electricity demand would double to over 60,000 TWh by 2060, practical limits to total electrification become apparent, the study says. Sectors such as heavy industry, air and marine transport will remain difficult to electrify. The most challenging sector to electrify, transportation and in particular medium and heavy-duty transportation, sees electricity provide less than 30% of its total energy by 2060 in all pathways.

A transition defined by expansion as much as substitution
Across all plausible pathways the result is a prolonged period of coexistence in which multiple energy sources operate in parallel. Fossil fuels remain structurally embedded in the energy system even as their overall share of demand declines. Under the study's 2oC pathway, more than $11 trillion in upstream capital investment will be required to meet oil and gas demand through 2060, even though oil demand declines over 40% to close to 60 million barrels per day. The Current Realities Pathway, where oil demand declines by a modest 7% and gas demand rises by 35%, envisages nearly $14 trillion of upstream investment over the same period.

Each country's energy sources and emissions trajectory will be shaped by geography, infrastructure and resource endowment rather than a single optimal path, the study says.

The study shows a wide range of energy-related CO2 emissions outcomes at the country level—from a decline of close to 100% to an increase of over 90% by 2060—reflecting the complex, country-specific realities inherent to national energy systems. Energy security and affordability may mean faster electrification and renewables for fossil fuel importers; for resource-rich countries, it may mean greater domestic fossil fuel production.

A more sophisticated and flexible approach may therefore be required when developing location-relevant decarbonization pathways for industrial sectors, one that accounts for where emissions occur and where energy is ultimately used, the study says.

"The energy transition will be increasingly defined by how the world meets large volumes of new demand while also reducing emissions, strengthening security and preserving affordability," said Nick Lowes, Vice President, Consulting, S&P Global Energy. "It will be multidimensional, regionally differentiated and multi-speed. This will require objective and inclusive discussion about the very different perspectives between advanced and developing economies on their respective energy and climate priorities."

About the Study:
Multidimensional Global Energy Pathways is available at: https://www.spglobal.com/en/research-insights/special-reports/multidimensional-global-energy-pathways

Leveraging S&P Global's cross-divisional expertise and proprietary data across the company's Energy and Market Intelligence divisions, the study evaluates three alternative global pathways for energy and emissions out to 2060. Particular focus is placed on the emerging and developing economies which will drive future energy demand growth. Using a detailed country-specific approach and introducing a new Energy Prosperity Indicator (EPI), the study examines the trade-offs individual countries will face in providing reliable and affordable energy to support socio-economic development while seeking to reduce global greenhouse gas emissions. In-depth power system modelling is used to assess the pace and scale at which national energy systems can electrify using renewable power sources, and the challenges and limitations to this. The study evaluates the resulting emissions trajectories and global warming outcomes using realistic assumptions.

Instead of normative outlooks that start from predetermined outcomes and develop scenarios through "back casting," this study starts from current realities and reflects the actual choices policy makers and investors face and provides actionable basis for their decisions. Furthermore, the study focuses on energy demand first, not energy supply as is the case with many existing outlooks. This realistic approach is necessary to account for strong energy demand growth in EMDEs.

This report does not make policy recommendations. It is intended to inform and support dialogue on the challenges and opportunities facing policymakers and investors as countries seek to develop secure and affordable sources of energy while pursuing climate goals. The analysis and metrics developed during the course of this research represent the independent analysis and views of S&P Global.

This study was supported by the following organizations: Amazon Web Services, Aramco, PETRONAS, Pipeline Infrastructure Ltd, and Woodside Energy. The Institute of Energy Economics, Japan (IEEJ) provided input data and assumptions for select Asian countries. S&P Global is exclusively responsible for the analysis, content and conclusions of the study.

Media Contacts:

Jeff Marn
S&P Global Energy
+1 202 463 8213
[email protected]

About S&P Global Energy
At S&P Global Energy, our comprehensive view of global energy and commodities markets enables our customers to make superior decisions and create long-term, sustainable value. Our four core capabilities are: Platts for pricing and news; CERA for research and advisory; Horizons for energy expansion and sustainability solutions; and Events for industry collaboration.

S&P Global Energy is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with trusted data, expertise, and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape. Learn more at www.spglobal.com/energy.

SOURCE S&P Global Energy

S&P Global's recurring revenues, AI adoption and productivity gains support growth as rising investment costs and a business reset pressure margins.

NEW YORK--(BUSINESS WIRE)--S&P Global Leads Strategic Investment in Kaiko, Extending Series B to $110 Million.

S&P Global Inc. (SPGI) Barclays 24th Annual Global Financial Services Conference September 14, 2026 11:15 AM EDT

Company Participants

Eric Aboaf - CFO & Executive VP

Conference Call Participants

Manav Patnaik - Barclays Bank PLC, Research Division

Presentation

Manav Patnaik
Barclays Bank PLC, Research Division

Okay. All right. Good morning still, I guess, everybody. Thank you for being here. My name is Manav Patnaik. I cover business and information services for Barclays.

We're very pleased to have with us today from S&P, Eric Aboaf, who's the CFO. Thank you for being here, Eric.

Question-and-Answer Session

Manav Patnaik
Barclays Bank PLC, Research Division

Eric, maybe just a place to start would be you've been now, I think, at the company about 1.5 years almost. So just talk about what you've kind of -- what's kind of surprised you, both positive or negative in the 1.5 years? And perhaps what have you brought to the table differently?

Eric Aboaf
CFO & Executive VP

Yes. I think I spent, as you know, 20 years in banking in your corner of the world. And it's been really exciting to come to S&P. I've worked at -- worked with S&P as a partner, a supplier, a vendor, whether it's around ratings, benchmarks for asset management, market data. Energy data is probably the one area that I spent less time on before coming.

And what I found is much as I had expected, just a set of growth businesses focused on transparency, clarity, scenarios and what can make financial institution, corporations and energy companies even more successful. And that's where I spend my time is where do we grow, where can we accelerate, what's next. There's a great innovation engine, which I think is a little different than what you see in banks because banks have to be constrained by definition, and innovation is at

New York-based crypto data provider Kaiko has raised $110 million in a ​funding round led by S&P Global, in a ‌sign of growing interest from mainstream financial institutions in tracking digital asset markets.

Other investors in the round include ​BNP Paribas, Nasdaq, Royal Bank of Canada, ​French state investor Bpifrance and U.S. trading ⁠firm Susquehanna, Kaiko said in a statement ​on Monday.

Kaiko, which was founded in France in 2014, ​said it would use the funds to strengthen its data business and expand its product offering, which currently covers ​more than 150 different exchanges and crypto ​protocols.

While cryptocurrencies such as bitcoin have retreated from a peak ‌hit ⁠in late 2025, banks, exchange operators and other financial institutions have increasingly expressed interest in "tokenisation" - the idea of creating crypto tokens that represent mainstream ​financial assets such ​as stocks and ⁠bonds.

Various crypto exchanges have started selling products based on stocks, including perpetual ​futures, prompting regulatory warnings about the risk ​to ⁠investors.

“As digital assets accelerate, S&P Global is investing for the future, and this investment underscores that conviction,” ⁠said ​Cathy Clay, the CEO of ​S&P Dow Jones Indices, in a statement.

Bloom Energy, Illumina, and Everpure Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400, and S&P SmallCap 600 PR Newswir