Amidst planned business separations, S&P Global’s private credit revenue soars by 25%, highlighting a structural shift in corporate finance with resilient demand and expanding market role.
S&P Global’s latest earnings offered investors a reminder that some of the most important growth inside the company is coming from a corner of the market that remains opaque to many outsiders. While attention centred on the planned separation of the Mobility business, the stronger signal from the first quarter was a 25% rise in private credit revenue within the Ratings division, a pace that comfortably beat the company’s 10% increase in adjusted revenue overall.
That matters because private credit is no longer a niche sideline. S&P Global has spent years expanding beyond its traditional role in rating public bonds and broadly syndicated loans, building a presence in direct lending that gives it exposure to a market increasingly shaped by private equity dealmaking, larger corporate borrowers and companies choosing to stay private for longer. The result is a business line that is less tied to the stop-start rhythm of public debt issuance and more connected to a structural shift in corporate finance.
The company’s own market intelligence research suggests the backdrop remains favourable. Global private credit funds raised $224.25 billion in 2025, up 3.2% from the year before, according to S&P Global Market Intelligence. North America alone raised nearly $100 billion in 2024 and more than $87 billion in 2025, showing that demand has remained resilient even as US interest rates eased and public bond markets became easier to tap.
S&P Global’s Ratings arm now accounts for a significant share of the group’s revenue, and the private credit piece is still comparatively small. The company said its private markets revenue, including ratings, was north of $600 million in 2025, or about 4% of total revenue. Yet the speed of growth makes it strategically important, especially because the business can expand in both strong and weak economic conditions as lenders, investors and regulators continue to seek independent risk assessment.
The broader market helps explain why. S&P Global’s Ratings research notes that private credit has widened from a source of finance for smaller borrowers into a channel for mergers, acquisitions, leveraged buyouts and other larger transactions. It has also become more competitive with broadly syndicated loans, with spreads narrowing as demand intensifies. In S&P Global’s view, that points to a market that is still evolving rather than reaching maturity.
Even with generative AI reshaping financial data analysis, S&P Global appears to retain one important advantage: trust. In private credit, where information is often limited and borrowers are less transparent than public companies, institutional investors are still likely to value established credit expertise. That gives the company a durable role as a gatekeeper of data and risk assessment in a market that shows few signs of slowing.
- https://www.fool.com/investing/2026/06/02/private-credit-revenue-climbed-25-at-sp-global-las/ – Please view link – unable to able to access data
- https://www.fool.com/investing/2026/06/02/private-credit-revenue-climbed-25-at-sp-global-las/ – S&P Global’s Ratings segment experienced a 25% year-over-year growth in private credit revenue, surpassing the company’s 10% growth in adjusted revenue for the quarter. This expansion into the private credit market reduces reliance on traditional public debt issuance, offering more stability amid fluctuating interest rates. The company’s focus on generative AI services for financial data analysis further enhances its position in the evolving market.
- https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/1/global-private-credit-fundraising-increased-in-2025-96448289 – In 2025, global private credit funds raised $224.25 billion, marking a 3.2% increase from the previous year. This growth underscores the expanding role of private credit in financing, with nonbank lenders increasingly competing with traditional banks and providing essential funding for private equity deals. The trend reflects a shift towards alternative lending sources in the financial landscape.
- https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/3/demand-for-private-credit-to-persist-amid-lower-us-interest-rates-99743258 – Despite lower US interest rates, demand for private credit is expected to remain strong. In 2024, North America-focused private credit funds raised nearly $100 billion, with more than $87 billion raised in 2025. This indicates sustained investor interest in private credit as an alternative financing source, even as public bond markets become more accessible due to rate declines.
- https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/04/private-credit-in-focus-cross-industry-signals – Private credit continues to play a significant role across various industries, with demand in the US remaining resilient despite lower interest rates. Utilities are increasingly turning to private credit to fund large-scale investment programs, while sectors like software and office property face challenges due to cyclical, structural, and technological shifts. The evolving landscape highlights the growing importance of private credit in financing diverse sectors.
- https://www.spglobal.com/ratings/en/research/private-markets/private-credit – The private credit market has expanded significantly, providing alternative funding avenues for corporate, infrastructure, and financial companies. This growth reflects a shift in borrower composition, with private credit now lending to larger borrowers and funding substantial loans for mergers, acquisitions, and leveraged buyouts. The narrowing of spreads between private credit and broadly syndicated loans indicates increased demand and competition in the market.
- https://arxiv.org/abs/2603.14491 – A study titled ‘Private Credit Markets Theory, Evidence, and Emerging Frontiers’ examines the rapid growth of private credit assets, which increased from $158 billion in 2010 to nearly $2 trillion globally by mid-2024. The paper provides a systematic survey of the academic literature on private credit, discussing its rapid expansion, lending technologies, risk-adjusted returns, and potential systemic risks associated with the sector.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on June 2, 2026, discussing S&P Global’s Q1 2026 earnings report released on April 28, 2026. ([fool.com](https://www.fool.com/investing/2026/06/02/private-credit-revenue-climbed-25-at-sp-global-las//?utm_source=openai)) The information is current and not recycled from older sources. However, the article relies on a press release from S&P Global, which typically warrants a high freshness score. ([fool.com](https://www.fool.com/earnings/call-transcripts/2026/04/28/sp-global-spgi-q1-2026-earnings-transcript/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes from S&P Global’s earnings call transcript. ([fool.com](https://www.fool.com/earnings/call-transcripts/2026/04/28/sp-global-spgi-q1-2026-earnings-transcript/?utm_source=openai)) These quotes are consistent with the company’s official statements. However, the quotes cannot be independently verified against other sources, raising concerns about their authenticity.
Source reliability
Score:
6
Notes:
The primary source is The Motley Fool, a reputable financial news outlet. ([fool.com](https://www.fool.com/investing/2026/06/02/private-credit-revenue-climbed-25-at-sp-global-las//?utm_source=openai)) However, the article heavily relies on S&P Global’s press release and earnings call transcript, which may present a biased perspective. ([fool.com](https://www.fool.com/earnings/call-transcripts/2026/04/28/sp-global-spgi-q1-2026-earnings-transcript/?utm_source=openai))
Plausibility check
Score:
8
Notes:
The reported 25% year-over-year growth in private credit revenue aligns with S&P Global’s earnings call transcript. ([fool.com](https://www.fool.com/earnings/call-transcripts/2026/04/28/sp-global-spgi-q1-2026-earnings-transcript/?utm_source=openai)) The analysis of the private credit market’s expansion and S&P Global’s strategic positioning is plausible and consistent with industry trends. However, the article’s reliance on a single source for this information raises concerns about the comprehensiveness of the analysis.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides a timely and plausible analysis of S&P Global’s 25% year-over-year growth in private credit revenue. However, it heavily relies on S&P Global’s own press release and earnings call transcript, which may present a biased perspective. The lack of independent verification from other reputable sources raises concerns about the objectivity and reliability of the information presented. Therefore, the overall assessment is a FAIL with MEDIUM confidence.