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S&P Global Inc

SPGI: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$637.00	Cnbv	Zvtdhmgds

Though Slightly Soft, S&P Global’s Non-Ratings Businesses Helped Offset Ratings Weakness

Aug 2, 2022

S&P Global reported a pro-forma revenue decline of 5% amid a 26% decline in ratings revenue in the second quarter as the acquired IHS Markit businesses helped offset the rating revenue volatility. The ratings revenue decline was mostly expected given the weak bond issuance market and the firm's 2022 segment outlook of a low-to-mid 20s decline in ratings revenue is roughly in line with Moody's low 20s percent decline expectation provided last week. As we modestly lower our revenue and operating margin forecasts, we are reducing our fair value estimate on wide-moat-rated S&P Global to $380 from $395.

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