S&P Global Ratings Summer Advisory Council: digital infrastructure, structured capital and private credit

A highly insightful evening at S&P Global Ratings’ Summer Advisory Council. At ALPHA Ratings Advisory, staying ahead of shifting market dynamics and evolving methodologies is central to how we structure and guide our clients’ credit rating strategies. Our key takeaways from the sessions:

Macro shifts

The evening opened by noting the stark contrast from the winter council earlier this year. The market is now contending with rising interest rates, inflation and geopolitical risks in the Middle East. Concurrently, the AI boom has created a massive financing need for digital infrastructure, energy adaptation, climate resilience and supply chains.

Organisational evolution

S&P discussed recent changes to its analytical organisation in EMEA, designed to better serve evolving client expectations and foster greater cross-sector alignment.

Digital infrastructure

An excellent deep dive into how S&P Global Ratings approaches the financing of digital assets and hyperscalers.

Structured capital transactions

This area is rapidly emerging as a new asset class. A compelling case study on joint venture structures and back leverage showed that S&P Global Ratings has publicly commented on approximately ten transactions year to date in 2026, with a $30 billion aggregate capital raise, maintaining an analytical focus on risk-sharing, minimum value commitments and shortfall payment provisions in downside scenarios. Preliminary documentation requirements for these projects typically include term sheets, guarantees and financial models.

Private credit

The asset class is growing in complexity, shifting away from traditional relationship lending towards secured, asset-backed structures. S&P Global Ratings evaluates private credit utilising exactly the same criteria applied to public markets, operating under a firm “credit is credit” framework.