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 six months ended June 30, 2021. 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, 2020
(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 Six Months Ended June 30, 2021
and 2020
•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 June 30 are as follows:
(in millions, except per share
amounts)                                           Three Months                                              Six Months
                                   2021             2020             % Change 1             2021             2020             % Change 1
Revenue                         $ 2,106          $ 1,943                 8%              $ 4,122          $ 3,729                11%
Operating profit 2              $ 1,154          $ 1,105                 4%              $ 2,234          $ 2,017                11%
Operating margin %                   55  %            57  %                                   54  %            54  %
Diluted earnings per share from
net income                      $  3.30          $  3.28                 1%              $  6.42          $  5.90                 9%


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 June 30, 2021 includes IHS Markit
merger costs of $50 million and a lease impairment of $3 million. Operating
profit for the six months ended June 30, 2021 includes IHS Markit merger costs
of $99 million, a lease impairment of $3 million, Kensho retention related
expense of $2 million and a gain on disposition of $2 million. Operating profit
for the three months ended June 30, 2020 includes employee severance charges of
$3 million, Kensho retention related expense of $2 million and a gain on
disposition of $1 million. Operating profit for the six months ended June 30,
2020 includes employee severance charges of $12 million, a gain on disposition
of $8 million and Kensho retention related expense of $7 million. Operating
profit also includes amortization of intangibles from acquisitions of $22
million and $32 million for the three months ended June 30, 2021 and 2020,
respectively, and $53 million and $61 million for the six months ended June 30,
2021 and 2020, respectively.


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Three Months



Revenue increased 8% driven by increases at all of our reportable segments.
Revenue growth at Ratings was mainly driven by an increase in non-transaction
revenue, partially offset by a slight decrease in transaction revenue as an
increase in bank loan ratings revenue and higher structured finance revenue were
more than offset by a decrease in corporate bond ratings revenue. Revenue growth
at Market Intelligence was driven by subscription revenue growth in Credit Risk
Solutions, Data Management Solutions and Market Intelligence Desktop products.
Revenue growth at Indices was due to higher average levels of assets under
management for ETFs and mutual funds and higher data subscription revenue,
partially offset by lower exchange-traded derivative revenue. The revenue
increase at Platts was primarily due to continued demand for market data and
market insights products driving both higher renewal and subscription rates from
prior year. Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 4%, with a favorable impact from foreign exchange
rates of less than 1 percentage point. Excluding the unfavorable impact of IHS
Markit merger costs in 2021 of 4 percentage points, operating profit increased
8%. The increase was primarily due to revenue growth at all of our reportable
segments, partially offset by higher incentive costs and an increase in
compensation costs driven by additional headcount and annual merit increases.

Six Months



Revenue increased 11% 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 bank loan ratings revenue and structured finance revenue,
partially offset by lower corporate bond ratings revenue as well as an increase
in non-transaction revenue. Revenue growth at Market Intelligence was driven by
subscription revenue growth in Credit Risk Solutions, Data Management Solutions
and Market Intelligence Desktop products. Revenue growth at Indices was due to
higher average levels of assets under management for ETFs and mutual funds and
higher data subscription revenue, partially offset by lower exchange-traded
derivative revenue. The revenue increase at Platts was primarily due to
continued demand for market data and market insights products driving both
higher renewal and subscription rates from prior year. Foreign exchange rates
had a favorable impact of 1 percentage point.

Operating profit increased 11%, with a favorable impact from foreign exchange
rates of 1 percentage point. Excluding the unfavorable impact of IHS Markit
merger costs in 2021 of 4 percentage points, partially offset by higher employee
severance charges in 2020 of 1 percentage point, operating profit increased 14%.
The increase was primarily due to revenue growth at all of our reportable
segments combined with a decrease in occupancy costs and travel and
entertainment expenses from non-essential travel restrictions in response to the
2019 novel coronavirus ("COVID-19"), partially offset by higher incentive costs
and an increase in compensation costs driven by additional headcount and annual
merit increases.

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 six months ended June 30, 2021 and 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.

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 2021, we will strive to deliver on our strategic priorities in the following key areas:

Finance

•Meeting or exceeding revenue growth and EBITA margin targets with particular focus on accelerating growth in the greater Asia Pacific region;

•Funding organic opportunities and pursuing disciplined acquisitions, investments and partnerships to support our key growth areas;


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•Taking a lead role in the market regarding ESG disclosures and achieving our stated environmental sustainability targets; and

•Executing against Integration Management Office ("IMO") and regulatory milestones; building trust and team cohesion with IHS Markit (NYSE:INFO) colleagues; laying groundwork to set proforma organization up for successful realization of our synergy and strategic goals.

Customer

•Continuing to deliver our key initiatives to the market and building them through a customer-first lens;



•Prioritizing customer preferences, while enhancing and adjusting the delivery
of our products across multiple channels such as feeds and APIs; and delivering
on S&P Global Platform initiatives;

•Incorporating a customer perspective in all divisions and functions, including
the reimagining of our customer's work environments and how best to serve them;
pursuing partnerships to meet customers where they are; and

•Nurturing and protecting the core franchise, while growing brand equity with the appropriate investments.



Operations

•Improving end-user productivity and experience by providing our employees with the tools and processes to better serve our customers;



•Reimagining our work environment by continuing to standardize our technology
and encouraging employee participation in the reshaping of where we work, how we
work and how we serve;

•Advancing our risk culture by maturing risk management & compliance processes and our cyber security posture; and

•Utilizing our innovation teams and latest technology to maintain our commitment to advancing our shared data processes and technical capabilities.

People

•Continuing to foster a people first environment, while maintaining existing levels of engagement;

•Encouraging career mobility through career coaching, while attracting and retaining the best people; and

•Improving diverse representation through talent acquisition, advancement and retention, while continuing to raise awareness of racial education.



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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