ABOUT CREDIT RATINGS

What Is A Rating?
  • Apr 15, 2015

This video explains who we are, what we do, and the advantages of getting a credit rating. Watch

  • May 27, 2014

Since 2008, we have made major revisions to several key ratings criteria, and many of these criteria changes have led to rating actions. As we continue to enhance our ratings criteria to achieve further consistency and comparability, a factor we call credit stability will continue to play a central role. More

  • Jun 03, 2009

Standard & Poor's is committed to taking action to help restore confidence in ratings. As one example, over the past year, we have launched a number of initiatives designed to foster greater transparency in our analytics and processes. These initiatives have included publishing "what-if" scenario analyses discussing factors that could cause ratings to change, more explicit discussions of the… More

スタンダード&プアーズの信用格付けとは何か?
  • Jul 28, 2014

スタンダード&プアーズの信用格付けとは何か、企業がスタンダード&プアーズに格付けを依頼する理由について、スタンダード&プアーズ・レーティング・ジャパンの格付業務推進部長、鶴岡直哉が解説する。 Watch

Do Credit Spreads Measure Credit Risks?
  • Jan 03, 2011

Critics of traditional fundamental credit analysis have suggested that price signals from the bond and credit default swap markets may be superior to credit ratings. But understanding credit market dynamics is far more complicated and requires far more insight. The truth is that while credit… Watch

  • Jan 01, 2014

At Standard & Poor's, our rating process is generally similar for all issuers, including corporations, governments and financial institutions. The may be some differences, including with respect to rating structured finance instruments. These differences involve the way the process is initiated and conducted, the rating criteria and assumptions that apply, as well as the specific kinds of… More

What Are Standard & Poor's Issuer Credit Ratings?
  • Feb 07, 2014

What are Standard & Poor’s issuer credit ratings? In this CreditMatters TV episode, Matthew Batrouney and Faith Rees from Standard & Poor's client business management team provide an overview of what issuer credit ratings are, how they're determined, and why market participants find them of value. Watch

  • Nov 20, 2014

This document contains Standard & Poor's rating definitions. The definitions are classified into two types; general-purpose credit ratings and special-purpose ratings. Standard & Poor's ratings scales use letters, numbers, and/or words to summarize the opinion. The rating definition provides the meaning of the letters, numbers and/or words. Additionally, some ratings are expressed with… More

PERFORMANCE

Rating The Rater: Assessing Standard & Poor's Corporate Rating Performance
  • Apr 16, 2014

A credit rating is an opinion about the creditworthiness of an issuer or the credit quality of an individual debt issue, from strongest to weakest, within a universe of credit risk. And the track record for Standard & Poor’s corporate ratings as indicators of default risk has been very strong. In… Watch

Standard & Poor’s Report Spotlights The 2013 Default And Ratings Performance Of Global Financial And Nonfinancial Companies
  • Mar 19, 2014

Each year, we publish our global corporate default and rating transitions study. The performance of our global corporate ratings last year remains broadly in line with our expectations. In this CreditMatters TV segment, Global Head of Fixed Income Research Diane Vazza discusses the outcomes. Watch

  • Mar 31, 2014

Every year, Standard & Poor's publishes default studies that cover many different asset classes ranging from corporates, structured finance, public finance, and sovereigns, among others. Here, we will examine some of the more common questions we encounter regarding our annual global corporate default study. When using examples to clarify an answer, we will be referring to exhibits as they… More

  • Mar 19, 2014

Despite market turmoil during the summer--mainly because of announcements from the Federal Reserve that it was considering beginning to taper its bond purchases--corporate borrowers ultimately had a relatively stable 2013. In the full year, 81 global corporate issuers defaulted, relatively unchanged from 83 in 2012. These 81 defaulted issuers accounted for a total of $97.3 billion in debt, up… More

  • Apr 16, 2014

Since the financial crisis that began in late 2008 and the slow recovery since, more attention than ever is on credit ratings. But a key question that is often overlooked is: How well do credit ratings do the job they are designed for? The track record of Standard & Poor's Ratings Services' corporate ratings as indicators of default risk is very strong and has remained so over the long term. A… More

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  • May 23, 2014
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In this CreditMatters TV segment, Standard & Poor’s Chairman of the Sovereign Ratings Committee John Chambers discusses the key takeaways from our sovereign default and rating transitions study for 2013. Highlights include sovereign foreign-currency cumulative average default rates and ‘AAA’… Watch

CRITERIA

  • Mar 23, 2015

We are clarifying our criteria as to what conditions must be met to raise an issue credit rating from 'D', or an issuer credit rating from 'D' or 'SD' (selective default). More

  • Feb 24, 2014

On Nov. 19, 2013, we published our new criteria for rating nonfinancial corporate entities, the first significant update to our corporate ratings methodology since 2008. Through the new criteria, we sought to provide market constituents with greater insight into the ratings process, and enhance the global comparability of our ratings through a clear, comprehensive, and globally consistent… More

  • Apr 03, 2014

Here, Standard & Poor's Ratings Services provides a step-by-step summary of how we use our insurance criteria to produce an issuer credit rating or a financial strength rating (ICR or FSR). First, using reported data and our own metrics, we evaluate an insurer's business risk profile and financial risk profile. For the business risk profile, we undertake a detailed analysis of industry and… More

  • Jul 08, 2013

This article provides in summary form a step-by-step guide to how our bank criteria work to produce an issuer credit rating. The process starts with our Banking Industry Country Risk Assessment (BICRA) methodology, a macro analysis of economic and industry risk. Next, we look at bank-specific characteristics: business position, capital and earnings, risk position, and funding and liquidity.… More

  • Jul 31, 2014

Standard & Poor’s Ratings Services’ corporate analytical methodology organizes the analytical process according to a common framework and divides the analysis into several steps so that we may consider all salient factors. The first step is analyzing a company’s business risk profile, followed by an evaluation of its financial risk profile. We combine our assessments to determine an issuer’s… More

  • Nov 12, 2013

The events of the last several years highlighted the role of credit ratings agencies in assessing sovereign creditworthiness. We are publishing this article to explain the basics of Standard & Poor's Ratings Services' sovereign rating methodology, and our sovereign rating process in general. Sovereign government bonds, which represent more than 40% of the stock of bonds issued globally, are a… More

  • Dec 31, 2013

Standard & Poor's Ratings Services' criteria provide the analytical framework within which Standard & Poor's derives its rating opinions. Our criteria encompass broad principles for assessing our view of creditworthiness, the rating factors that are specific to the issuers and issues we rate, and the assumptions we generally make in our analyses. Our criteria entail a large body of analytical… More

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