利差收紧？：合十礼——希望你度过了愉快的周末。

Manav's COTW Spreads Tightening? Namaste – We hope you enjoyed the weekend. As we reviewed Private Credit expansion into ABF/IG in our BIPS last Friday, Barclays' CreditStrategists are Revising our forecast tighter for spreads (Figure 1) as markets have calmed inrecent weeks with the anticipation of trade deals and relatively positive commentary duringearnings/conference season — a positive for SPGI/MCO Ratings. Furthermore, a couple of M&Aannouncements last week are also a positive for issuance (Charter/Cox merger and DKS'sacquisition of FL). While the recent spread tightening is welcome news for issuers, absolute ratelevels may remain fairly high given how stubbornly high the back end of the U.S. Treasury curveremains. And this may only be exacerbated by Moody's downgrade of U.S. Government debtafterthe close last Friday. U.S. Business & Professional ServicesNEUTRAL U.S. Business & Professional Services Manav Patnaik+1 212 526 2983manav.patnaik@barclays.comBCI, US Ronan Kennedy, CPA+1 212 526 2912ronan.kennedy@barclays.comBCI, US Brendan Popson+1 212 526 4009brendan.popson@barclays.comBCI, US Princy Thomas+1 212 526 2460princy.thomas@barclays.comBCI, US P.S. Later in the note are some helpful conference and calendar dates, along with our Weekly StockPerformance charts. And, as always, please do reach out with anything else we can help with. Upcoming Events Relevant to BIPS Conferences & Events (Save the Dates) •September 3-4, 2025: BIPS Credit Bureau Day (Virtual)- A unique opportunity to hear fromsenior group and divisional management of all the major Credit Bureaus.•September 8-10, 2025: (24thAnnual) Global Financial Services Conference (New York)–Most of our Financial Information Services coverage typically attend (CRAs, CBs and more).•December 10-11, 2025:(23rd Annual) Global Technology Conference (San Francisco)– Ayear-end check-up on many of our tech-focused names.•February 18-19, 2026:Industrial Select Conference (Miami Beach)– A great check-up onour industrial services names to start the year. BIPS Reference Material •Marketing Posters:1) Information Services (June 2024); 2) Business Services (April 2024); 3)SPGI-INFOgraphic (January 2023); 4) VRSK-Infographic (March 2023); and 5) EcoLabInfographic (May 2024)•Analyst Homepage:https://live.barcap.com/go/research/analyst/LB01825 Calendar of EventsFIGURE 2. May Events Weekly Stock Performance, Short Interest & More (as of 5/16/25) BIPS Stock Performance FIGURE 4. Information & Business Services Universe 1-week Performance – % Change FIGURE 6. Information & Business Services Universe Covid to Today Performance – % Change Source: Bloomberg, Barclays Research. Past performance is not necessarily indicative of future results. BIPS Short Interest and Sentiment Indicators (as of 5/16/25) FIGURE 7. BIPS – Short Interest (as % of Market Cap) & 1-Month Incremental Short Interest (as % of Market Cap) Source: Bloomberg, Barclays Research Source: Bloomberg, Barclays Research 2025 BIPS Reports May 2025 •BIPS of Info: Postcard from London, Manav Patnaik, 05/09/25•BIPS of Info: Hurry up & wait...(for London ASC next week!), Manav Patnaik, 05/02/25 April 2025 •BIPS of Info Activist Screen Update post Barclays' Event Driven Summit..., Manav Patnaik,04/25/25•BIPS of Info: Read-throughs from EFX (for TRU/FICO); MCO (SPGI) and MSCI (SPGI/FDS), ManavPatnaik, 04/23/25•BIPS of Info Impacts fromtariffsconfirmed by MAN (demand) & ECL (costs), Manav Patnaik,4/17/25•BIPS of Info Feedback from the road..., Manav Patnaik, 4/11/25•BIPS of Business Services: ROL, ECL (& CTAS) = Quality/Own; Rest, not yet, Manav Patnaik,04/04/25•BIPS of Uniforms: CTAS the only real choice (OW) in Uniforms; Move UNF to UW, alongsideVSTS, Manav Patnaik, 04/04/25•BIPS of Info: Only a few places to hide right now (but stay patient), Manav Patnaik, 04/04/25•BIPS of Info BONUS: Credit Bureau recession sensitivity redux, Manav Patnaik, 04/04/25 March 2025 •BIPS of Info: CLVT SOTP update & other read-throughs post DNB deal, Manav Patnaik,03/28/25•BIPS of Info: Up next in Uniforms, Manav Patnaik, 3/21/25•BIPS of Info: What Current Valuation Levels Tell Us, Manav Patnaik, 03/14/25•BIPS of Info: Incremental tidbits from this week, Manav Patnaik, 3/7/2025 February 2025 •BIPS of Info: Relevant read-throughs, given Recession concerns, Manav Patnaik, 02/28/25•BIPS of Info: Miami with CTAS, ECL, ROL (+ WSC/eps & more), Manav Patnaik, 2/21/25•BIPS of Info: Credit Bureau thoughtsafterC-team meetings..., Manav Patnaik, 2/14/25 •BIPS of InfoTariffImpacts & Exposures, Manav Patnaik, 2/7/25 January 2025 •BIPS more of AI: Biz Services Impacts from DeepSeek, Manav Patnaik, 01/31/25•BIPS of Info: 'DeepSeeking' clear GenAI updates from our management teams, ManavPatnaik, 01/31/25•BIPS of Info Strong HF Outlook & other mixed data for Fin Info (Traditional AM +/-, ESG more-ve), Manav Patnaik, 1/24/25•BIPS of Info: ECL, WSC, & ROL previews..., Manav Patnaik, 01/17/25•BIPS of Info: TRI's yea