S&P Global expects increased revenue from rating private debt financings as credit markets potentially turn down, says CFO Ewout Steenbergen. The private credit market, now at USD1.6tr, has surged from USD500bn in 2015, with investors likely to seek more risk information in tough times. Steenbergen points out that private credit investors, untested in full credit cycles, might face reduced returns or losses. S&P collaborates with buyout firms on credit quality assessments and considers changes in private lenders' strategies, like turning to collateralised loan obligations. Already rating some private deals, S&P reported USD109m from its private market business last quarter, aiming for USD600m in revenue by 2026. Over 25% of S&P's third-quarter revenue, around USD3.1bn, came from all ratings, showing a 20% year-on-year growth.