S&P Global (SPGI) is expected to see limited impact on enterprise margins from the Mobility spinoff, as transition services agreement income offsets stranded costs, RBC Capital Markets said in a Monday note.

The brokerage said S&P Global reorganized its reporting structure by moving its Maritime & Trade business to the Energy segment and Credit Analytics to Ratings, while updating its corporate cost allocation methodology.

S&P Global expects to issue updated 2026 guidance excluding the Mobility business with its Q2 results and has reorganized its Market Intelligence segment following management changes, according to the report.

RBC said long-term trends, including greater reliance on capital markets financing and rising debt levels, should support credit issuance growth above global gross domestic product, with pricing providing an additional tailwind for ratings revenue.

RBC maintained its outperform rating on the stock but lowered its price target to $510 from $560.

S&P Global shares were down 1% in Tuesday trading.

Price: 444.54, Change: -2.69, Percent Change: -0.60