By Chris Wack


S&P Global Inc. shares hit a 52-week low Wednesday after the company said it is suspending financial guidance for the full year due to deteriorating macroeconomic conditions negatively impacting expectations for gross domestic product growth and debt issuance volumes.

The stock, which was down 3.2% lower to $338.30 at 10:37 a.m. ET, hit its 52-week low of $311.87 earlier in the session. Shares traded at a 52-week high of $484.21 on Dec. 16.

S&P Global said it can't affirm its previously issued guidance and expects to reintroduce formal financial guidance in conjunction with its second-quarter earnings results.

In May, the company said it expected 2022 earnings of $12 to $12.25 a share. Analysts polled by FactSet are currently looking for 2022 earnings of $12.72 a share.

S&P Global also had forecast 2022 adjusted earnings of $13 to $13.25 a share, compared with the $13.06 that analysts are currently expecting.

The company said debt issuance volumes have been weak year-to-date, and should similar trends continue through the end of 2022 market issuance could see year-over-year declines in the high teens. Rated, or billed, issuance could be 30% to 35% lower than the previous year, and leveraged loan volumes could be approximately 40% lower, it said.

In such a scenario, ratings revenue could be negatively impacted by as much as $600 million, S&P said.

The company said it doesn't expect a change to previously stated capital return targets.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

06-01-22 1054ET