S&P Global Ratings: First awarded Revolut a BBB+ rating, expected to issue bonds for fundraising in 2027

S&P Global Ratings released a report on Thursday, granting the UK digital bank Revolut a BBB+ investment grade rating for the first time, and expects the company to issue senior unsecured bonds in 2027 to establish a debt buffer capable of absorbing potential losses and meeting regulatory requirements.

The report noted that Revolut's balance sheet has exceeded £40 billion (approximately $53.5 billion); if the bank were to collapse, the Bank of England could push for a restructuring, with investors bearing the corresponding losses. S&P expects that as Revolut expands its unsecured retail lending business and launches mortgage products, its loan portfolio size will double by 2027 and double again by 2028.

S&P believes that Revolut has a strong consumer brand, a scalable technology platform, and an increasingly diversified product range, but its main banking customer relationships still account for a lower proportion compared to 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.