A Higher-for-Longer Fed Cuts Both Ways for S&P Global

S&P Global faces mixed impacts from sustained higher interest rates. While elevated rates will boost demand for its subscription-based market intelligence and alternative asset services, they could dampen its higher-margin credit rating business by reducing corporate debt issuance. Despite a 20% year-to-date decline and AI competition concerns, analysts project 10-13% EPS growth through 2027, and the stock appears reasonably valued at 20x forward earnings with room for dividend increases.