Non-transaction revenue, which includes annual contracts, surveillance fees, and a royalty from McGraw-Hill Financial for the right to use and distribute S&P content, grew by 11.1% to $284.6 million in the second quarter of 2011 compared to the same period last year. Royalty revenue in the second quarter was $15.5 million compared to $13.8 million for the same period in 2010. Non-transaction revenue also benefited from growth in new corporate credits under surveillance; gains at CRISIL, S&P's majority-owned company in India; and in non-issue based analytical services, which offset a decline in structured finance surveillance primarily related to defaults and maturing deals. Non-transaction revenue produced 59.3% of Standard & Poor's total revenue in the second quarter of 2011 compared to 63.2% for the same period last year.