S&P Global Inc. Thesis

S&P Global is a leading provider of financial information and analytics. Its moat is its indispensable credit ratings (S&P Global Ratings), which form a powerful oligopoly with Moody's, and its widely-used market data and benchmarks (S&P Dow Jones Indices). This creates a highly profitable and sticky business model. The growth driver is the increasing demand for data in financial markets, particularly in areas like ESG, private markets, and energy transition. The investment thesis is based on S&P Global's entrenched position as a critical part of the global financial infrastructure.