By Rob Curran

S&P Global Inc.'s first-quarter earnings declined 36% as a prior-year gain affected comparisons and rising interest rates took a toll on its debt-rating operations.

The New York credit-ratings, data and research provider logged net income of $795 million, or $2.47 a share, down from $1.24 billion, or $4.47 a share, in the year-ago period. The first quarter of 2022 included a gain on the sale of S&P Global's CUSIP unit.

Stripping out certain items, S&P Global posted earnings of $3.15 a share.

Revenue rose 32% to $3.16 billion, jolted higher by the acquisition of rival data firm IHS Markit Inc.

Revenue at S&P Global's ratings unit dropped 5% to $824 million, weighed by slower debt issuance. The historic jump in interest rates and turmoil in the banking sector have hampered debt-market activity in recent months. Some economists argue that a slow-moving credit crunch is in process, with lending and bond issuance set to be further constricted.

Revenue at the company's commodity research unit rose 40% to $508 million, bolstered by the IHS Markit acquisition.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

April 27, 2023 07:50 ET (11:50 GMT)

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