S&P Global

Every time a company or government issues bonds, there is a good chance S&P Global rates the debt, and that ratings business is one of the most profitable franchises in finance. The New York firm sits at the center of capital markets through a handful of powerful units: S&P Global Ratings, which judges creditworthiness; S&P Dow Jones Indices, owner of the S&P 500 and the Dow, which collects fees whenever funds track those benchmarks; and market-intelligence and data arms used by analysts everywhere. Its 2022 merger with IHS Markit added commodity pricing, formerly Platts, and mobility data on the auto industry. Much of the revenue is recurring subscriptions and index royalties, which makes it steadier than the debt issuance that drives the ratings cycle. High margins, entrenched positions and pricing power are why investors prize the stock.

On MyRWA, SPGI trades tokenized across 3 on-chain venues - see the listings below.