Revolut has received its first investment-grade credit rating, with S&P Global Ratings assigning the UK digital bank a BBB+ grade as it pushes to expand beyond its home market. S&P expects Revolut to tap bond investors for the first time in 2027, issuing senior unsecured debt to meet regulatory capital requirements and build a buffer against potential loan losses.
A balance sheet growing fast
Revolut's balance sheet has now topped £40 billion, and S&P forecasts its loan portfolio will double in 2027 and double again in 2028, as the company pushes further into unsecured consumer lending and mortgages. That kind of rapid loan growth typically requires a bank to raise additional capital to stay within regulatory limits, which is part of why S&P expects Revolut to turn to the bond market rather than relying solely on retained earnings or equity.
