Diversification is working for S&P Credit Market Services
Reduced dependence on new issuance
- Expanding overseas
- Non-traditional ratings (i.e. Bank Loan Ratings, Rating Evaluation Services) not tied to new issue market
Producing good results
- Overseas markets are growing rapidly, particularly in Europe
- Structured Finance is strong, here and abroad
- Public Finance continues to show strength
- Corporate issuance soft, but decline built into our estimates
- Non-Traditional ratings are growing rapidly