Dive into SPGI - Potential upside as of now

After the recent selloff (17% in last 5 days) I thought it would be valuable to breakdown SPGI, given how critical it is to the finance world. Not to mention others in this group have identified it as a hated business right now. Below are some of my main points. Wanted the groups feedback on the thesis. The 17% drop looks it is a credit-cycle overreaction. Investors are pricing the Ratings segment of their business as if high rates have permanently broken the machine. However 79% of SPGI’s revenue is recurring. They aren't losing customers but it looks like borrowers are playing chicken with the fed's rate decisions. There’s a lot of noise right now with the Mobility Global spin-off coming in 2026 and the $1.8B 'With Intelligence' acquisition. Investors usually hate it when a clean story gets messy with integrations and separations. That execution risk is real sure but this does not effect the core of the business. At 22x forward earnings, we aren't at deep value territory, but we’re a long way from the "priced for perfection" levels we saw last year. For a business with these kind of moats and margins, you rarely get a 14% discount without some hair on it. I personally see this as a good entry point for a strong moat business. As for sourcing, I used a [SEC filing analyzer](http://plainsignal.io) to help sort through the latest risks.