Martina Cheung
President S&P Global Ratings at S&P Global
Thank you, Chris. Over the 14 years that I've been at S&P Global and under Doug's leadership, I've come to appreciate how this company has gone from strength to strength. That development and our consistent track record of strong performance has been built on trusted brands, exceptional talent and a disciplined focus on exceeding our clients' expectations. Over the last few months, I've been deeply engaged with our Board of Directors and every internal and external stakeholder group to make sure we continue that legacy of growth and customer delight.
Doug and I have met jointly with many of our largest customers to hear directly from them, how best we can position S&P Global to meet their needs in the coming years. I've also met with strategic partners, shareholders, regulators and vendors to make sure that we as a leadership team have a clear understanding of the varying needs of each group, so we can prioritize our investment in both time and capital in the most effective ways. I've spent a significant amount of time with our internal product, commercial and analytical teams as well.
While I've had broad experience in my career, including the privilege of leading two of our largest divisions, it's vital to me that I have a current and timely view of our products, our customer pain points, our innovation pipeline, our operations and the environment in which we're currently operating. I've met with leaders across the organization to gain insights into all of these key areas and this will remain an important part of how our leadership team maintains a customer centric, innovative and informed strategy going forward.
I've also spent time hearing directly from our people on the topics that matter most to them. I've hosted nearly 40 town hall meetings, roundtable discussions and deep dive sessions across the organization to discuss everything from culture to organizational design and to make sure that our leadership is accessible and transparent with our people around the world. These experiences have made it crystal clear to me how incredible this organization is. Our core products are strong, our people are remarkable. There's a real sense of pride, excitement and optimism as we look to expand our vision of what we can accomplish in the coming years.
Now as many of you saw last week, we announced several leadership changes to ensure we have the right team in place to deliver this expanded vision. We have a strong culture of developing leaders at S&P Global, and it's a testament to that culture that six of the seven leaders on this slide who are taking on new roles are internal promotions. As we announced last week, we are thrilled to welcome Eric Aboaf as our new CFO, and we expect him to join in February of 2025. Eric brings a wealth of experience as a CFO in the financial services sector and a very strong track record of exactly the type of disciplined execution that we hope to continue here at S&P Global.
We also announced last week that we are making some changes in our division leadership. Effective November 1, Saugata Saha will become the President of our Market Intelligence division, having previously led Commodity Insights. Yann Le Pallec, will become the President of S&P Global Ratings, having most recently served as the Global Head of Rating Services. We will have Co-Presidents of Commodity Insights. Mark Eramo, who is our current Head of the Fuels, Chemicals and Resource Solutions business and Dave Ernsberger, who currently leads the market reporting and trading Solutions business. S&P Global Mobility will continue under the leadership of Edouard Tavernier and S&P Dow Jones Indices will continue to be led by Dan Draper.
In addition to our division leadership, I also wanted to highlight two horizontal functions that we've introduced. First, in addition to his role as President of Market Intelligence, Saugata Saha will also serve as our Chief Enterprise Data Officer. In that role, Saugata will lead enterprise-wide efforts to expand and connect S&P Global's vast data estate, harnessing the full potential of the company's data capabilities for our customers.
Lastly, Sally Moore will be assuming the newly created role of Chief Client Officer. Given the immense breadth of the data products and services that S&P Global brings to the market, we often meet with customers who are buying several products from various divisions. As current Head of Strategy, M&A and Partnerships, Sally has a deep understanding of our capabilities and strong relationships across the industry. In her new role, she will lead our commercial initiatives across the company to make sure that we are bringing the full power of S&P Global to our largest clients and she will establish an enterprise wide capability to drive strategic account management at scale.
With our executive leadership team in place, we are in a strong position to execute against well defined strategic initiatives. Benchmarks, private markets, sustainability and energy transition, enterprise data and Generative AI were all topics that we discussed at our Investor Day in 2022, and we plan to continue our strategic focus and investments in these areas. Back in July, we established teams of senior leaders from across the organization to do deep reviews in the key strategic areas that we believe are aligned to our core competencies, competitive advantages and market opportunities.
And it was encouraging to see the work these teams delivered as we believe each of these areas remains an attractive investment and we identified important opportunities to drive incremental growth beyond what we had previously considered. We will have more to say about the strategic initiatives over time, but I wanted to assure you all that we continue to see very strong potential in each of these areas. We remain committed to transparency and accountability around the investments we are making and the impact we're seeing on our performance as a result.
Now, turning to our outlook for the remainder of 2024. Our financial guidance assumes global GDP growth of 3.2%, US inflation of 2.9% and an average price for Brent crude of $81 per barrel. These are all roughly in line with our previous expectations. While there's some variation in market expectations around the pace of rate cuts through the end of the year, our base case assumption is that we see at least one more rate cut this year in the US. While encouraging for various parts of our business going forward, we would not expect the number of rate cuts in the remainder of 2024 to drive much variation in our financial results for 2024.
Given stability in our macroeconomic outlook and the significant outperformance since we last provided guidance, we are increasing our outlook for 2024. We are increasing our billed issuance forecast for 2024 by 25 percentage points. Given the outperformance in Q3 and our expectation that Q4 will likely see positive growth in billed issuance, we are now expecting total billed issuance to increase approximately 50% in 2024.
These factors combined with the exceptional results year-to-date inform our decision to substantially increase our full year financial guidance for the company once again. This slide illustrates our current guidance for GAAP results. We are once again raising our enterprise outlook for the full year on all headline metrics given the strength of the third quarter and our improved outlook for the fourth quarter.
We now expect revenue growth in the range of 11.5% to 12.5%, adjusted margin expansion of 200 basis points to 250 basis points and adjusted diluted EPS in the range of $15.10 to $15.30, representing a $0.70 to $0.75 increase from our prior guidance. Additional details on our consolidated financial guidance can be found in our press release, but I also wanted to note we have increased our guidance for adjusted free cash flow to approximately $5.2 billion, up $500 million from our prior guidance.
As I'll discuss in a moment, we continue to balance near-term profitability with the need to invest for future growth and we continue to prioritize long-term profitable growth for the company as a whole. The strength of our market driven businesses so far in 2024 provides us with an opportunity to invest in our products, our people and our brands across divisions, while still delivering significant outperformance at the enterprise level and that will be reflected in our outlook today.
Specifically, as Chris discussed earlier, the strong outperformance thus far this year will increase incentive compensation across the company in 2024 and will also provide capital to pull forward some planned future investment in technology into this year. This is a good thing. And while it has the combined impact of tempering potential margin expansion in some divisions in 2024, we firmly believe that investing in our products and people will enhance our ability to deliver stronger enterprise financial results over the long term.
Moving to our division outlook. Given the continued headwinds that Doug mentioned facing our financial services customers, we are tightening the range for Market Intelligence revenue growth in 2024. We now expect growth in the range of 6% to 6.5%. Following the very strong third quarter and the improved outlook for the fourth quarter, we are raising the guidance range for Ratings revenue growth by 12 percentage points and now expect revenue in the range of 26% to 28% for the full year.
While this represents an even more significant increase from the initial guidance we provided back in February, we remind investors that our guidance reflects our expectations based on the best information and estimates available at the time, and Ratings remains largely a market driven business that is difficult to predict in the near-term.
The issuance environment in 2024 has progressed well beyond what we expected at the beginning of the year, and we have adjusted our guidance as we saw the market dynamics evolving throughout the year. We are pleased that our decisions to preserve and invest in capacity in prior years have allowed us to meet the elevated demand in 2024 and we look forward to finishing the year strong.
In Commodity Insights, we are tightening the range and raising the low-end to reflect the strength we've seen throughout the year. We now expect revenue growth in the range of 9% to 9.5%. In Mobility, we are tightening the range as well, and we now expect revenue in the range of 8% to 8.5%. Lastly, in Indices, the continued strength in AUM, exchange traded derivatives and subscription ACV led to an improved outlook for the year. We are raising our guidance by 3 percentage points to a new range of 13% to 15%.
Turning to division margins. In Market Intelligence, we now expect margins in the range of 32.5% to 33%, tightening and slightly lowering our prior range due to the updated revenue outlook and the elevated expenses associated with compensation that were discussed earlier. In Ratings, we now expect higher revenue to improve margins as well and now expect full year margins in the range of 61% to 62%. In Commodity Insights, we are tightening the guidance to a range of 46.5% to 47%, reflecting the strong revenue growth, planned strategic investments and the impact of compensation expenses.
In Mobility, we are tightening the guidance to a range of 38.5% to 39%, reflecting the performance year-to-date and the continued investments to drive future growth. In Indices, we expect higher growth to drive improved margins, somewhat offset by incentive compensation and strategic investments. We now expect margins in the range of 69.5% to 70.5%.
As we continue to prioritize enterprise growth and identify areas for incremental investment in both people and products, we are thrilled to be able to make those incremental investments while still passing on much of the revenue upside from this year to the margins. Compared to the initial guidance we provided at the beginning of the year, we now expect 5 percentage points to 6 percentage points more revenue growth, 100 basis points to 150 basis points of further margin expansion and nearly 10% higher adjusted EPS. We believe that this enterprise mindset and focus on solving for the collective whole will drive strong profitable growth and long term shareholder value for years to come.
With that, we will turn the call back to Mark for your questions.
