S&P Global (SPGI) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic priorities and growth outlook

• Focused on three pillars: market leadership, high-growth adjacencies, and amplifying enterprise capabilities through AI, targeting 6%-8% top-line growth and margin expansion over time.

• Market-driven businesses, especially ratings and index, are expected to be the main sources of upside surprise in the next 12-18 months, depending on market conditions like issuance and equity performance.

• AI-driven transformation is underway, with productivity and speed-to-market gains anticipated as enterprise data and technology functions are integrated.

Ratings and private credit

• Ratings business benefits from strong tailwinds, including a historically high maturity wall through 2028 and robust issuance, but guidance remains cautious due to uncertainty in rates and geopolitics.

• Private credit demand is rising amid increased scrutiny, with S&P's consistent methodology and expertise valued by LPs and GPs globally.

• Expansion into sub-asset classes and global markets is ongoing, with a focus on maintaining high-quality, independent ratings.

Market Intelligence (MI) and AI integration

• Leadership changes in MI aim to accelerate integration of data and technology, with a focus on productivity, flexible distribution, and AI opportunities.

• MI growth is expected to accelerate through the year, supported by strong retention, pipeline build, and reversal of Q1 revenue recognition impacts.

• AI is driving increased API usage and new monetization models, with clients willing to pay premiums for AI-ready data and integrated solutions.

• Enterprise pricing adapts to agentic and human use cases, focusing on value delivered rather than seat-based models.