The following Management's Discussion and Analysis ("MD&A") provides a narrative
of the results of operations and financial condition of S&P Global Inc.
(together with its consolidated subsidiaries, "S&P Global," the "Company," "we,"
"us" or "our") for the three and nine months ended September 30, 2020. The MD&A
should be read in conjunction with the consolidated financial statements,
accompanying notes and MD&A included in our Form 10-K for the year ended
December 31, 2019 (our "Form 10-K"), which have been prepared in accordance with
accounting principles generally accepted in the United States of America ("U.S.
GAAP"). The MD&A includes the following sections:
•Overview
•Results of Operations - Comparing the Three and Nine Months Ended September 30,
2020 and 2019
•Liquidity and Capital Resources
•Reconciliation of Non-GAAP Financial Information
•Critical Accounting Estimates
•Recently Issued or Adopted Accounting Standards
•Forward-Looking Statements

OVERVIEW



We are a leading provider of transparent and independent ratings, benchmarks,
analytics and data to the capital and commodity markets worldwide. The capital
markets include asset managers, investment banks, commercial banks, insurance
companies, exchanges, trading firms and issuers; and the commodity markets
include producers, traders and intermediaries within energy, petrochemicals,
metals and agriculture.

Our operations consist of four reportable segments: S&P Global Ratings
("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global
Platts ("Platts") and S&P Dow Jones Indices ("Indices").
•Ratings is an independent provider of credit ratings, research, and analytics,
offering investors and other market participants information, ratings and
benchmarks.
•Market Intelligence is a global provider of multi-asset-class data, research
and analytical capabilities, which integrate cross-asset analytics and desktop
services.
•Platts is the leading independent provider of information and benchmark prices
for the commodity and energy markets.
•Indices is a global index provider maintaining a wide variety of valuation and
index benchmarks for investment advisors, wealth managers and institutional
investors.
Key results for the periods ended September 30 are as follows:
(in millions, except per share
amounts)                                          Three Months                                                                        Nine Months
                                  2020             2019             % Change 1             2020             2019             % Change 1
Revenue                        $ 1,846          $ 1,689                 9%              $ 5,575          $ 4,964                12%
Operating profit 2             $   944          $   891                 6%              $ 2,960          $ 2,408                23%
Operating margin %                  51  %            53  %                                   53  %            49  %
Diluted earnings per share
from net income                $  1.88          $  2.50               (25)%             $  7.78          $  6.40                22%


1   % changes in the tables throughout the MD&A are calculated off of the actual
number, not the rounded number presented.
2 Operating profit for the three months ended September 30, 2020 includes a gain
on dispositions of $8 million, a technology-related impairment charge of $5
million and Kensho retention related expense of $2 million. Operating profit for
the nine months ended September 30, 2020 includes a gain on dispositions of $16
million, employee severance charges of $12 million, a technology-related
impairment charge of $5 million and Kensho retention related expense of $10
million. Operating profit for the three and nine months ended September 30, 2019
includes a gain on dispositions related to the sale of RigData and Standard &
Poor's Investment Advisory Services LLC ("SPIAS") of $27 million and $22
million, respectively. The nine months ended September 30, 2019 includes
employee severance charges of $20 million and a lease impairment charge of $5
million. Additionally, operating profit for the three and nine months ended
September 30, 2019 includes Kensho retention related expense of $6 million and
$17 million, respectively. Operating profit also includes amortization of
intangibles from acquisitions of $32 million and $29 million for the three
months ended September 30, 2020 and 2019, respectively, and $94 million and $92
million for the nine months ended September 30, 2020 and 2019, respectively.

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Three Months



Revenue increased 9% driven by increases at all of our reportable segments.
Revenue growth at Ratings was mainly driven by an increase in transaction
revenue due to higher corporate bond ratings revenue, partially offset by a
decrease in bank loan ratings revenue. Revenue growth at Market Intelligence was
driven by annualized contract value growth in Market Intelligence Desktop
products, Credit Risk Solutions and Data Management Solutions. Revenue growth at
Indices was due to higher average levels of assets under management ("AUM") for
ETFs and mutual funds, and an increase in data subscription revenue, partially
offset by lower over-the-counter derivative revenue and exchange-traded
derivative revenue. The revenue increase at Platts was primarily due to
continued demand for market data and price assessment products. Foreign exchange
rates had a favorable impact of less than 1 percentage point.

Operating profit increased 6%, with a favorable impact from foreign exchange
rates of 2 percentage points. Excluding the unfavorable impact of a higher gain
on dispositions in 2019 of 5 percentage points primarily related to the sale of
RigData and SPIAS, operating profit increased 11%. The increase was primarily
due to revenue growth at all of our reportable segments combined with a decrease
in travel and entertainment expenses from non-essential travel restrictions in
response to the 2019 novel coronavirus ("COVID-19"), partially offset by an
increase in incentive costs and higher compensation costs driven by annual merit
increases and additional headcount.

Nine Months



Revenue increased 12% driven by increases at all of our reportable segments.
Revenue growth at Ratings was mainly driven by an increase in transaction
revenue due to higher corporate bond ratings revenue, partially offset by a
decrease in bank loan ratings revenue. Revenue growth at Market Intelligence was
driven by annualized contract value growth in Market Intelligence Desktop
products, Credit Risk Solutions and Data Management Solutions. Revenue growth at
Indices was due to higher exchange-traded derivatives trading volumes, higher
AUM for ETFs and an increase in data subscription revenue. The revenue increase
at Platts was primarily due to continued demand for market data and price
assessment products. Foreign exchange rates had an unfavorable impact of less
than 1 percentage point.

Operating profit increased 23%, with a favorable impact from foreign exchange
rates of 2 percentage points. Excluding the unfavorable impact of a higher gain
on dispositions in 2019 of less than 1 percentage point primarily related to the
sale of RigData and SPIAS and a technology-related impairment charge of less
than 1 percentage point, partially offset by higher employee severance charges
in 2019 of less than 1 percentage point, a lease impairment charge in 2019 of
less than 1 percentage point and higher Kensho retention related expense in 2019
of less than 1 percentage point, operating profit increased 23%. The increase
was primarily due to revenue growth at all of our reportable segments combined
with a decrease in travel and entertainment expenses from non-essential travel
restrictions in response to COVID-19, partially offset by an increase in
incentive costs and higher compensation costs driven by annual merit increases
and additional headcount.

We are closely monitoring the impact of the outbreak of COVID-19 on all aspects
of our business. While COVID-19 did not have a material adverse effect on our
reported results for the three and nine months ended September 30, 2020, we are
unable to predict the ultimate impact that it may have on our business, future
results of operations, financial position or cash flows. While we have modeled
and updated the financial implications of a three month recovery scenario,
factoring in data points from both internal and external economists and a range
of observable market sources and incorporated the impact into our 2020 guidance
expectations, the extent to which our results of operations may be impacted by
the COVID-19 pandemic will depend largely on future developments, which are
uncertain and cannot be accurately predicted.

Our Strategy



We are a leading provider of transparent and independent ratings, benchmarks,
analytics and data to the capital and commodity markets worldwide. Our purpose
is to provide the intelligence that is essential for companies, governments and
individuals to make decisions with conviction. We seek to deliver on this
purpose in line with our core values of integrity, excellence and relevance.

In 2018, we announced the launch of Powering the Markets of the Future to provide a framework for our forward-looking business strategy. Through this framework, we seek to deliver an exceptional, differentiated customer experience by enhancing our foundational capabilities, evolving and growing our core businesses, and pursuing growth via adjacencies. In 2020, we will strive to deliver on our strategic priorities in the following key areas:


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Finance

•Meeting or exceeding revenue growth and EBITA margin targets and delivering on commitments to return capital to shareholders;

•Funding organic opportunities with continued productivity gains;

•Pursuing a disciplined acquisition, investment and partnership strategy to support our strategic initiatives; and

•Better serving our customers, employees, and the communities in which we operate through our commitment to corporate responsibility and sustainability.

Customer

•Continuing to drive excellence through our core business offerings;

•Delivering ESG, Small and Medium-sized Enterprise data and Marketplace solutions to market on schedule and with strong commercial traction;

•Modernizing and enhancing the delivery of our products across multiple channels (e.g., S&P Global Platform, MI Smart move, feeds, application programming interfaces);

•Providing a superior customer experience through the collective efforts of our divisions and functions; and

•Accelerating growth in non-U.S. markets with a particular focus on progressing our businesses in China.



Operations

•Modernizing our workplace to improve end-user productivity and experience, enabling our employees to innovate and better serve our customers;

•Standardizing and simplifying our technology to best support and enable our divisions;

•Reducing our Cyber Security risk while augmenting process maturity and producing outcomes commensurate with our risk appetite;

•Maintaining our strong commitment to quality, utilizing shared data processes and capabilities; and

•Continuing to advance a strong Risk, Internal Control, and Compliance environment.

People

•Creating an inclusive performance-driven culture that drives employee engagement and aligns with our purpose of accelerating progress in the world;

•Promoting career mobility and attracting and retaining the best people; and

•Improving diversity in overall representation through talent acquisition, advancement and retention.



There can be no assurance that we will achieve success in implementing any one
or more of these strategies as a variety of factors could unfavorably impact
operating results, including prolonged difficulties in the global credit markets
and a change in the regulatory environment affecting our businesses. See Item
1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on
Form 10-K.
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