S&P Global: Ratings Regulatory Disclosures Continue to Indicate Solid Pricing Power

S&P Ratings typically updates its regulatory pricing disclosures in January, and our perusal of its disclosures shows continued healthy pricing power that we believe reflects the ratings segment's network effect and resulting Morningstar wide moat rating. S&P raised its list price 2.6% year over year on corporate bond ratings to 7.90 basis points from 7.70 basis points last year. While this year’s increase was smaller than the 3.4% increase seen in 2023, we note that it is consistent with the 2.6% per year increase since 2019, when the rack rate was 6.95 basis points. In addition, S&P Global also increased the minimum fee on most corporate transactions to $140,000 versus $125,000 in 2023.