NEW YORK (S&P Global Ratings) Feb. 13, 2024--S&P Global Ratings today announced that Ruth Yang has been appointed Global Head of Private Markets Analytics. In her new role, Ruth is responsible for developing and expanding S&P Global Ratings' coverage of private debt markets and enhancing market engagement through best-in-class thought leadership.

"As private markets expand and evolve, investors and companies need trusted insights to make decisions with conviction. S&P Global Ratings provides market participants with analysis, insightful data, and proprietary research across asset classes to navigate this structural shift in the credit landscape," said Martina Cheung, President of S&P Global Ratings. "Ruth's deep expertise in global leveraged finance, strategy development, and thought leadership makes her a natural choice to lead our continued expansion in private markets."

Ruth will continue to be a member of the research and development team and will retain her responsibilities as Global Head of Thought Leadership for S&P Global Ratings. She is also the sponsor of the S&P Global cross-divisional private markets research lab.

Private credit has long been an important source of funding for small and middle-market borrowers, alongside the broadly syndicated loan and speculative-grade bond markets. Over the last few years, the use of private credit has accelerated, driven by interest rate and economic headwinds, and along with it, leveraged lending, private credit funds and vehicles, including middle-market CLOs.

The evolution in private market structures is driving increased demand for S&P Global Ratings' well-established credit expertise including alternative investment fund ratings, NAV loan ratings, and structured finance ratings that provide additional transparency to investors in this opaque market. S&P Global Ratings' continuous coverage, insights, and proprietary research on private markets examine the explosive growth in private credit against the backdrop of rising credit pressures and help to identify the risks and opportunities across these asset classes.

Most recently, Ruth led the S&P Global Ratings Credit Research & Insights team, overseeing the creation and publication of macro-credit and thematic research, risk assessments, rating transition analyses, and credit market forecasts. She has more than 25 years of experience in the leveraged finance markets, including managing leveraged finance content and operations globally for Leveraged Commentary & Data (as part of S&P Global Market Intelligence) and developing the strategy for leveraged finance offerings at Fitch Solutions. Earlier in her career, she held roles at the Loan Syndications & Trading Association (LSTA), Fremont Financial, Aspen Performance Group, and Sanford C. Bernstein & Co. Inc. She holds an A.B. in history from Harvard University.

For more information on S&P Global Ratings' private markets capabilities and coverage, visit: spglobal.com/ratings/PrivateMarkets

This report does not constitute a rating action.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

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