SPGI · 10-Q · 2026Q1 · Full report
Outstanding Indebtedness
S&P Global Inc. · 2026-04-28 · Importance 56 · Surprise 24
Total debt outstanding was $13,318 million as of March 31, 2026, with short-term debt including current maturities of $2,697 million and long-term debt of $10,621 million. The fair value of total debt was reported at $11.1 billion as of March 31, 2026. The company noted a contractual increase in the interest rate payable on its Sustainability-Linked Senior Notes due 2029 by 25 basis points effective March 1, 2026 and disclosed a five-year $2.0 billion credit facility that supports its commercial paper program and terminates December 17, 2029; the credit facility contains customary covenants including an indebtedness-to-cash flow ratio that has not been exceeded. These items together describe material refinancing, interest rate and covenant exposures that affect the company’s capital structure and interest cost.
Key facts
- S&P Global has the ability to borrow a total of $2.0 billion through its commercial paper program, which is supported by its $2.0 billion five-year credit agreement that terminates on December 17, 2029.
- From and including March 1, 2026, the interest rate payable on the Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points (0.25%) per annum in accordance with the terms of the governing indenture.
- Long-term debt as of March 31, 2026: $10,621 million; as of December 31, 2025: $12,370 million.
- As of March 31, 2026, S&P Global had $951 million of outstanding commercial paper; as of December 31, 2025, it had $715 million outstanding.
- Obligor Group intercompany payables to the Non-Obligor Group were $18,592 million as of March 31, 2026 and $18,077 million as of December 31, 2025.
- On December 1, 2025, S&P Global issued $600 million of 4.25% Senior Notes due 2031 and $400 million of 4.80% Senior Notes due 2035.
- On March 1, 2023, S&P Global issued registered Senior Notes in exchange for previously unregistered Senior Notes originally issued on March 18, 2022, including $700 million of 4.75% Senior Notes due 2028 and $921 million of 4.25% Senior Notes due 2029.
- On March 1, 2023, S&P Global also exchanged other series including $1,237 million of 2.45% Senior Notes due 2027, $1,227 million of 2.95% Sustainability-Linked Senior Notes due 2029, $1,492 million of 2.90% Senior Notes due 2032, $974 million of 3.70% Senior Notes due 2052, and $500 million of 3.90% Senior Notes due 2062.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +4.4% | Short-term debt including current maturities as of March 31, 2026: $2,697 million. |
| liability | positive | realized | +2.9% | Long-term debt as of March 31, 2026: $10,621 million; as of December 31, 2025: $12,370 million. |
| liability | negative | realized | -1.6% | On December 1, 2025, S&P Global issued $600 million of 4.25% Senior Notes due 2031 and $400 million of 4.80% Senior Notes due 2035. |
| liability | negative | realized | -0.8% | Obligor Group intercompany payables to the Non-Obligor Group were $18,592 million as of March 31, 2026 and $18,077 million as of December… |
| liability | negative | realized | -0.4% | As of March 31, 2026, S&P Global had $951 million of outstanding commercial paper; as of December 31, 2025, it had $715 million outstanding. |
| liability | positive | realized | +0.4% | Total debt (short-term and long-term) at March 31, 2026: $13,318 million; at December 31, 2025: $13,088 million. |
| liability | negative | realized | -0.3% | Fair value of total debt borrowings was $11.1 billion as of March 31, 2026 and $11.3 billion as of December 31, 2025. |
| net_income | negative | realized | — | From and including March 1, 2026, the interest rate payable on the Sustainability-Linked Senior Notes due 2029 was increased by 25 basis… |
| cash | negative | realized | — | From and including March 1, 2026, the interest rate payable on the Sustainability-Linked Senior Notes due 2029 was increased by 25 basis… |