SPGI · 10-Q · 2026Q3 · Full report

Ratings Issuance Demand

S&P Global Inc. · 2026-10-28 · Importance 25 · Surprise 32

Ratings’ third-quarter billed issuance increased 8% to $1.227 trillion, while nine-month billed issuance rose 15% to $3.725 trillion. Third-quarter investment-grade issuance growth was driven by AI-related issuance and M&A transactions. High-yield and bank-loan issuance decreased in the quarter because of lower refinancing activity; nine-month investment-grade billed issuance increased 32%.

Key facts

• Third-quarter billed issuance increased 8% to $1,227 billion from $1,140 billion; nine-month billed issuance increased 15% to $3,725 billion from $3,240 billion. source
• Three-month Ratings transaction revenue growth reflected higher corporate-bond ratings revenue from strong investment-grade issuance, partly offset by lower bank-loan ratings revenue from reduced refinancing and lower CLO issuance. source
• Nine-month Ratings transaction revenue increased due to strong investment-grade issuance and higher structured-finance revenue, partly offset by lower bank-loan ratings revenue from reduced refinancing. source
• Third-quarter billed issuance rose primarily because investment-grade issuance increased on AI-related issuance and M&A transactions; high-yield and bank-loan issuance declined due to lower refinancing activity. source
• Q3 2026 Ratings transaction revenue increased on higher corporate bond ratings revenue, primarily from strong investment-grade issuance, partly offset by lower bank loan ratings revenue and lower structured finance revenue. source