S&P Grants Revolut BBB+ Rating for the First Time, Plans Bond Issuance in 2027

S&P Global Ratings has granted the UK digital bank Revolut its first BBB+ investment-grade rating, with expectations that the company will issue senior unsecured bonds in 2027 to build a debt buffer and meet regulatory requirements. Revolut's balance sheet has exceeded £40 billion (approximately $53.5 billion). If the bank were to fail, the Bank of England could push for a restructuring, with investors bearing the losses. S&P expects that as Revolut expands its unsecured retail lending business and launches mortgage products, its loan portfolio will double by 2027 and double again in 2028. S&P believes that Revolut has a strong consumer brand, a scalable technology platform, and a diversified product offering, but its share of primary banking customer relationships is lower than that of traditional banks, and rapid global expansion may exacerbate operational complexity and compliance risks. BBB+ is considered a lower tier within S&P's investment-grade ratings.

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