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<span class="vector-toc-numb">2</span> <span>Credit ratings</span> </div> </a> <button aria-controls="toc-Credit_ratings-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Credit ratings subsection</span> </button> <ul id="toc-Credit_ratings-sublist" class="vector-toc-list"> <li id="toc-Long-term_credit_ratings" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Long-term_credit_ratings"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Long-term credit ratings</span> </div> </a> <ul id="toc-Long-term_credit_ratings-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Short-term_issue_credit_ratings" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Short-term_issue_credit_ratings"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Short-term 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class="vector-toc-list"> </ul> </li> <li id="toc-GAMMA_scores" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#GAMMA_scores"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>GAMMA scores</span> </div> </a> <ul id="toc-GAMMA_scores-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Management_and_Governance_criteria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Management_and_Governance_criteria"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Management and Governance criteria</span> </div> </a> <ul id="toc-Management_and_Governance_criteria-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Downgrades_of_countries" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Downgrades_of_countries"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Downgrades of countries</span> </div> </a> <button aria-controls="toc-Downgrades_of_countries-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Downgrades of countries subsection</span> </button> <ul id="toc-Downgrades_of_countries-sublist" class="vector-toc-list"> <li id="toc-Downgrade_of_U.S._long-term_credit_rating" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Downgrade_of_U.S._long-term_credit_rating"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Downgrade of U.S. long-term credit rating</span> </div> </a> <ul id="toc-Downgrade_of_U.S._long-term_credit_rating-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Downgrade_of_France's_long-term_credit_rating" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Downgrade_of_France's_long-term_credit_rating"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Downgrade of France's long-term credit rating</span> </div> </a> <ul id="toc-Downgrade_of_France's_long-term_credit_rating-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Publications" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Publications"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Publications</span> </div> </a> <ul id="toc-Publications-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism_and_scandal" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism_and_scandal"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Criticism and scandal</span> </div> </a> <button aria-controls="toc-Criticism_and_scandal-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticism and scandal subsection</span> </button> <ul id="toc-Criticism_and_scandal-sublist" class="vector-toc-list"> <li id="toc-Role_in_the_2007–08_financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Role_in_the_2007–08_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Role in the 2007–08 financial crisis</span> </div> </a> <ul id="toc-Role_in_the_2007–08_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism_of_sovereign_debt_ratings" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criticism_of_sovereign_debt_ratings"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Criticism of sovereign debt ratings</span> </div> </a> <ul id="toc-Criticism_of_sovereign_debt_ratings-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Australian_Federal_Court_decision" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australian_Federal_Court_decision"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Australian Federal Court decision</span> </div> </a> <ul id="toc-Australian_Federal_Court_decision-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Antitrust_review" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Antitrust_review"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Antitrust review</span> </div> </a> <ul id="toc-Antitrust_review-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">S&P Global Ratings</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 47 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-47" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">47 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%B5%D9%86%D9%8A%D9%81%D8%A7%D8%AA_%D8%A5%D8%B3_%D8%A2%D9%86%D8%AF_%D8%A8%D9%8A_%D8%BA%D9%84%D9%88%D8%A8%D8%A7%D9%84" title="تصنيفات إس آند بي غلوبال – Arabic" lang="ar" hreflang="ar" data-title="تصنيفات إس آند بي غلوبال" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D1%82_%D0%B5%D0%BD%D0%B4_%D0%9F%D1%83%D1%8A%D1%80%D1%81" title="Стандарт енд Пуърс – Bulgarian" lang="bg" hreflang="bg" data-title="Стандарт енд Пуърс" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Catalan" lang="ca" hreflang="ca" data-title="S&P Global Ratings" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Czech" lang="cs" hreflang="cs" data-title="Standard & Poor's" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Danish" lang="da" hreflang="da" data-title="S&P Global Ratings" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – German" lang="de" hreflang="de" data-title="S&P Global Ratings" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Estonian" lang="et" hreflang="et" data-title="Standard & Poor's" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Greek" lang="el" hreflang="el" data-title="S&P Global Ratings" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Spanish" lang="es" hreflang="es" data-title="Standard & Poor's" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Esperanto" lang="eo" hreflang="eo" data-title="S&P Global Ratings" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Basque" lang="eu" hreflang="eu" data-title="S&P Global Ratings" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%B3%D8%AA%D8%A7%D9%86%D8%AF%D8%A7%D8%B1%D8%AF_%D8%A7%D9%86%D8%AF_%D9%BE%D9%88%D8%B1%D8%B2" title="استاندارد اند پورز – Persian" lang="fa" hreflang="fa" data-title="استاندارد اند پورز" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – French" lang="fr" hreflang="fr" data-title="Standard & Poor's" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Irish" lang="ga" hreflang="ga" data-title="S&P Global Ratings" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8A%A4%ED%83%A0%EB%8D%94%EB%93%9C_%EC%95%A4%EB%93%9C_%ED%91%B8%EC%96%B4%EC%8A%A4" title="스탠더드 앤드 푸어스 – Korean" lang="ko" hreflang="ko" data-title="스탠더드 앤드 푸어스" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A5%88%E0%A4%82%E0%A4%A1%E0%A4%B0%E0%A5%8D%E0%A4%A1_%E0%A4%8F%E0%A4%82%E0%A4%A1_%E0%A4%AA%E0%A5%82%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%B8" title="स्टैंडर्ड एंड पूअर्स – Hindi" lang="hi" hreflang="hi" data-title="स्टैंडर्ड एंड पूअर्स" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Indonesian" lang="id" hreflang="id" data-title="S&P Global Ratings" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Icelandic" lang="is" hreflang="is" data-title="Standard & Poor's" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Italian" lang="it" hreflang="it" data-title="Standard & Poor's" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A1%D7%98%D7%A0%D7%93%D7%A8%D7%93_%D7%90%D7%A0%D7%93_%D7%A4%D7%95%D7%A8%D7%A1" title="סטנדרד אנד פורס – Hebrew" lang="he" hreflang="he" data-title="סטנדרד אנד פורס" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Kazakh" lang="kk" hreflang="kk" data-title="Standard & Poor's" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Latvian" lang="lv" hreflang="lv" data-title="Standard & Poor's" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Lithuanian" lang="lt" hreflang="lt" data-title="S&P Global Ratings" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Hungarian" lang="hu" hreflang="hu" data-title="S&P Global Ratings" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D0%BD%D0%B4%D0%B0%D1%80%D0%B4_%D0%B8_%D0%9F%D1%83%D1%80%D1%81" title="Стандард и Пурс – Macedonian" lang="mk" hreflang="mk" data-title="Стандард и Пурс" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A4%81%E0%A4%A1%E0%A4%B0%E0%A5%8D%E0%A4%A1_%E0%A4%85%E0%A4%81%E0%A4%A1_%E0%A4%AA%E0%A5%82%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%B8" title="स्टँडर्ड अँड पूअर्स – Marathi" lang="mr" hreflang="mr" data-title="स्टँडर्ड अँड पूअर्स" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Malay" lang="ms" hreflang="ms" data-title="Standard & Poor's" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Dutch" lang="nl" hreflang="nl" data-title="S&P Global Ratings" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/S%26P_%E3%82%B0%E3%83%AD%E3%83%BC%E3%83%90%E3%83%AB%E3%83%BB%E3%83%AC%E3%83%BC%E3%83%86%E3%82%A3%E3%83%B3%E3%82%B0" title="S&P グローバル・レーティング – Japanese" lang="ja" hreflang="ja" data-title="S&P グローバル・レーティング" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Standard_%26_Poor%E2%80%99s" title="Standard & Poor’s – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Standard & Poor’s" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Standard_%26_Poor%E2%80%99s" title="Standard & Poor’s – Low German" lang="nds" hreflang="nds" data-title="Standard & Poor’s" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Standard_%26_Poor%E2%80%99s" title="Standard & Poor’s – Polish" lang="pl" hreflang="pl" data-title="Standard & Poor’s" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Portuguese" lang="pt" hreflang="pt" data-title="S&P Global Ratings" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Romanian" lang="ro" hreflang="ro" data-title="S&P Global Ratings" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/Standard_%26_Poor%E2%80%99s" title="Standard & Poor’s – Russian" lang="ru" hreflang="ru" data-title="Standard & Poor’s" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Albanian" lang="sq" hreflang="sq" data-title="Standard & Poor's" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Sicilian" lang="scn" hreflang="scn" data-title="Standard & Poor's" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target"><span>Sicilianu</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B7%83%E0%B7%8A%E0%B6%A7%E0%B7%91%E0%B6%B1%E0%B7%8A%E0%B6%A9%E0%B6%BB%E0%B7%8A%E0%B6%A9%E0%B7%8A_%E0%B6%87%E0%B6%B1%E0%B7%8A%E0%B6%A9%E0%B7%8A_%E0%B6%B4%E0%B7%94%E0%B7%80%E0%B6%BB%E0%B7%8A%E0%B7%83%E0%B7%8A" title="ස්ටෑන්ඩර්ඩ් ඇන්ඩ් පුවර්ස් – Sinhala" lang="si" hreflang="si" data-title="ස්ටෑන්ඩර්ඩ් ඇන්ඩ් පුවර්ස්" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Standard & Poor's" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Finnish" lang="fi" hreflang="fi" data-title="S&P Global Ratings" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/S%26P_Global_Ratings" title="S&P Global Ratings – Swedish" lang="sv" hreflang="sv" data-title="S&P Global Ratings" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%87%E0%AE%9A%E0%AF%81%E0%AE%9F%E0%AE%BE%E0%AE%A3%E0%AF%8D%E0%AE%9F%E0%AE%B0%E0%AF%8D%E0%AE%9F%E0%AF%8D_%E0%AE%85%E0%AE%A3%E0%AF%8D%E0%AE%9F%E0%AF%8D_%E0%AE%AA%E0%AF%81%E0%AE%B5%E0%AE%B0%E0%AF%8D%E0%AE%9A%E0%AF%81" title="இசுடாண்டர்ட் அண்ட் புவர்சு – Tamil" lang="ta" hreflang="ta" data-title="இசுடாண்டர்ட் அண்ட் புவர்சு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%AA%E0%B9%81%E0%B8%95%E0%B8%99%E0%B8%94%E0%B8%B2%E0%B8%A3%E0%B9%8C%E0%B8%94%E0%B9%81%E0%B8%AD%E0%B8%99%E0%B8%94%E0%B9%8C%E0%B8%9E%E0%B8%B1%E0%B8%A7%E0%B8%A3%E0%B9%8C%E0%B8%AA" title="สแตนดาร์ดแอนด์พัวร์ส – Thai" lang="th" hreflang="th" data-title="สแตนดาร์ดแอนด์พัวร์ส" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Turkish" lang="tr" hreflang="tr" data-title="Standard & Poor's" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Ukrainian" lang="uk" hreflang="uk" data-title="Standard & Poor's" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Standard_%26_Poor%27s" title="Standard & Poor's – Vietnamese" lang="vi" hreflang="vi" data-title="Standard & Poor's" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%A0%87%E6%99%AE%E5%85%A8%E7%90%83%E8%AF%84%E7%BA%A7" title="标普全球评级 – Chinese" lang="zh" hreflang="zh" data-title="标普全球评级" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q106158#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div 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class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">American credit rating agency</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"S&P" redirects here. For the broadcasting entity, see <a href="/wiki/Broadcast_Standards_and_Practices" title="Broadcast Standards and Practices">Broadcast Standards and Practices</a>.</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">S&P Global Ratings</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span typeof="mw:File"><a href="/wiki/File:S%26P_Global_Ratings.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/S%26P_Global_Ratings.svg/250px-S%26P_Global_Ratings.svg.png" decoding="async" width="250" height="138" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/S%26P_Global_Ratings.svg/375px-S%26P_Global_Ratings.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/S%26P_Global_Ratings.svg/500px-S%26P_Global_Ratings.svg.png 2x" data-file-width="400" data-file-height="220" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiary</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label">Predecessor</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li>Poor's Publishing</li><li>Standard Statistics</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1860<span class="noprint">; 164 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">1860</span>)</span><br />1941<span class="noprint">; 83 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">1941</span>)</span> (present corporation status)</td></tr><tr><th scope="row" class="infobox-label">Founder</th><td class="infobox-data agent"><a href="/wiki/Henry_Varnum_Poor" title="Henry Varnum Poor">Henry Varnum Poor</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="/wiki/New_York_City" title="New York City">New York City</a>, <a href="/wiki/New_York_state" class="mw-redirect" title="New York state">New York</a></div>, <div class="ib-company-country country-name">U.S.</div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent">John Berisford</td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span>US$2.61 billion (2009)<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">10,000+</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Parent_company" class="mw-redirect" title="Parent company">Parent</a></th><td class="infobox-data"><a href="/wiki/S%26P_Global" title="S&P Global">S&P Global</a></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://spglobal.com/ratings/">spglobal<wbr />.com<wbr />/ratings<wbr />/</a></span></td></tr></tbody></table> <p><b>S&P Global Ratings</b> (previously <b>Standard & Poor's</b> and informally known as <b>S&P</b>) is an American <a href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agency</a> (CRA) and a division of <a href="/wiki/S%26P_Global" title="S&P Global">S&P Global</a> that publishes financial research and analysis on <a href="/wiki/Capital_stock" class="mw-redirect" title="Capital stock">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, and <a href="/wiki/Commodity" title="Commodity">commodities</a>. S&P is considered the largest of the <a href="/wiki/Big_Three_(credit_rating_agencies)" title="Big Three (credit rating agencies)">Big Three</a> credit-rating agencies, which also include <a href="/wiki/Moody%27s_Ratings" title="Moody's Ratings">Moody's Ratings</a> and <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch Ratings</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Its head office is located on <a href="/wiki/55_Water_Street" title="55 Water Street">55 Water Street</a> in <a href="/wiki/Lower_Manhattan" title="Lower Manhattan">Lower Manhattan</a>, <a href="/wiki/New_York_City" title="New York City">New York City</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Corporate_history">Corporate history</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=1" title="Edit section: Corporate history"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Poor%27s_Directory_of_Railroad_Officials_1893_(Frontispiece).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg/220px-Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg" decoding="async" width="220" height="361" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg/330px-Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg/440px-Poor%27s_Directory_of_Railroad_Officials_1893_%28Frontispiece%29.jpg 2x" data-file-width="1553" data-file-height="2550" /></a><figcaption>"Poor's Directory of Railroad Officials", 1893 (frontispiece)</figcaption></figure><p>The company traces its history back to 1860, with the publication by <a href="/wiki/Henry_Varnum_Poor" title="Henry Varnum Poor">Henry Varnum Poor</a> of <i>History of Railroads and Canals in the United States</i>. This book compiled comprehensive information about the financial and operational state of U.S. railroad companies. In 1868, Henry Varnum Poor established <b>H.V. and H.W. Poor Co.</b> with his son, <a href="/wiki/Henry_William_Poor" title="Henry William Poor">Henry William Poor</a>, and published two annually updated hardback guidebooks, <i><a href="/wiki/Poor%27s_Manual_of_the_Railroads_of_the_United_States" title="Poor's Manual of the Railroads of the United States">Poor's Manual of the Railroads of the United States</a></i> and <i>Poor's Directory of Railway Officials</i>.<sup id="cite_ref-snphistory_4-0" class="reference"><a href="#cite_note-snphistory-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-time-history_5-0" class="reference"><a href="#cite_note-time-history-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In 1906, Luther Lee Blake founded the <b>Standard Statistics Bureau</b>, with the view to providing financial information on non-railroad companies. Instead of an annually published book, Standard Statistics would use 5-by-7-inch cards, allowing for more frequent updates.<sup id="cite_ref-snphistory_4-1" class="reference"><a href="#cite_note-snphistory-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In 1941, Paul Talbot Babson purchased Poor's Publishing and merged it with Standard Statistics to become <b>Standard & Poor's Corp.</b> In 1966, the company was acquired by <a href="/wiki/S%26P_Global" title="S&P Global">The McGraw-Hill Companies</a>, extending McGraw-Hill into the field of financial information services.<sup id="cite_ref-snphistory_4-2" class="reference"><a href="#cite_note-snphistory-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Credit_ratings"><span class="anchor" id="credit_ratings"></span>Credit ratings</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=2" title="Edit section: Credit ratings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As a <a href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agency</a> (CRA), the company issues credit ratings for the debt of public and private companies, and public borrowers such as governments, governmental agencies, and cities. It is one of several CRAs that have been designated a <a href="/wiki/Nationally_recognized_statistical_rating_organization" title="Nationally recognized statistical rating organization">nationally recognized statistical rating organization</a> (NRSRO) by the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Long-term_credit_ratings">Long-term credit ratings</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=3" title="Edit section: Long-term credit ratings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:BlankMap-World_S%26P.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/BlankMap-World_S%26P.svg/552px-BlankMap-World_S%26P.svg.png" decoding="async" width="552" height="280" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/BlankMap-World_S%26P.svg/828px-BlankMap-World_S%26P.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/BlankMap-World_S%26P.svg/1104px-BlankMap-World_S%26P.svg.png 2x" data-file-width="2754" data-file-height="1398" /></a><figcaption>Countries by Standard & Poor's long-term sovereign rating. <b>Legend</b>: <table class="wikitable"> <tbody><tr> <td style="background: #006600; color: #ffffff">AAA </td> <td style="background: #009900; color: #ffffff">AA+ </td> <td style="background: #00cc00; color: #ffffff">AA </td> <td style="background: #00ff00">AA- </td> <td style="background: #99ff33">A+ </td> <td style="background: #ccff66">A </td> <td style="background: #e0ff00">A- </td> <td style="background: #ffffcc">BBB+ </td> <td style="background: #ffff66">BBB </td> <td style="background: #ffff00">BBB- </td></tr> <tr> <td style="background: #ffcc99">BB+ </td> <td style="background: #ffcc66">BB </td> <td style="background: #ffc200">BB- </td> <td style="background: #ff9933">B+ </td> <td style="background: #ff6600">B </td> <td style="background: #ff6666">B- </td> <td style="background: #ff3333">CCC+ </td> <td style="background: #e80000; color: #ffffff">CCC </td> <td style="background: #af0000; color: #ffffff">CCC- </td> <td style="background: #000000; color: #ffffff">SD/D </td></tr></tbody></table></figcaption></figure> <p>S&P rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC (such as BBB+, BBB, and BBB−). For some borrowers issuances, the company may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or stable. </p><p><b>Investment Grade</b> </p> <ul><li><b>AAA</b>: An obligor rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest issuer credit rating assigned by Standard & Poor's.</li> <li><b>AA</b>: An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. Includes: <ul><li><b>AA+</b>: equivalent to <a href="/wiki/Moody%27s#credit_ratings" class="mw-redirect" title="Moody's">Moody's</a> Aa1 (high quality, with very low credit risk, but susceptibility to long-term risks appears somewhat greater)</li> <li><b>AA</b>: equivalent to Aa2</li> <li><b>AA−</b>: equivalent to Aa3</li></ul></li> <li><b>A</b>: An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. <ul><li><b>A+</b>: equivalent to A1</li> <li><b>A</b>: equivalent to A2</li></ul></li> <li><b>BBB</b>: An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</li></ul> <p><b>Non-Investment Grade</b> (also known as speculative-grade) </p> <ul><li><b>BB</b>: An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitments.</li> <li><b>B</b>: An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.</li> <li><b>CCC</b>: An obligor rated 'CCC' is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.</li> <li><b>CC</b>: An obligor rated 'CC' is currently highly vulnerable.</li> <li><b>C</b>: highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations</li> <li><b>R</b>: An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</li> <li><b>SD</b>: has selectively defaulted on some obligations</li> <li><b>D</b>: has defaulted on obligations and S&P believes that it will generally default on most or all obligations</li> <li><b>NR</b>: not rated</li></ul> <div class="mw-heading mw-heading3"><h3 id="Short-term_issue_credit_ratings">Short-term issue credit ratings</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=4" title="Edit section: Short-term issue credit ratings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The company rates specific issues on a scale from A-1 to D. Within the A-1 category, it can be designated with a plus sign (+). This indicates that the issuer's commitment to meet its obligation is very strong. <a href="/wiki/Country_risk" title="Country risk">Country risk</a> and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating. </p> <ul><li><b>A-1</b>: obligor's capacity to meet its financial commitment on the obligation is strong</li> <li><b>A-2</b>: is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory</li> <li><b>A-3</b>: adverse economic conditions are likely to weaken the obligor's capacity to meet its financial commitment on the obligation</li> <li><b>B</b>: has significant speculative characteristics. The obligor currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impact its financial commitment on the obligation</li> <li><b>C</b>: currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation</li> <li><b>D</b>: is in payment default. Obligation not made on due date and grace period may not have expired. The rating is also used upon the filing of a bankruptcy petition.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Governance_scores">Governance scores</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=5" title="Edit section: Governance scores"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>S&P has had a variety of approaches to reflecting its opinion of the relative strength of a company's <a href="/wiki/Corporate_governance" title="Corporate governance">corporate governance</a> practices. Corporate governance serves as investor protection against potential governance-related losses of value, or failure to create value. </p> <div class="mw-heading mw-heading3"><h3 id="CGS_scores">CGS scores</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=6" title="Edit section: CGS scores"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>S&P developed criteria and methodology for assessing corporate governance. It started issuing Corporate Governance Scores (CGS) in 2000. CGS assessed companies' corporate governance practices. They were assigned at the request of the company being assessed, were non-public (although companies were free to disclose them to the public and sometimes did) and were limited to public U.S. corporations. In 2005, S&P stopped issuing CGS.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="GAMMA_scores">GAMMA scores</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=7" title="Edit section: GAMMA scores"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>S&P's Governance, Accountability, Management Metrics and Analysis (GAMMA) scores were designed for equity investors in emerging markets and focused on non-financial-risk assessment, and in particular, assessment of <a href="/wiki/Corporate_governance" title="Corporate governance">corporate governance</a> risk. S&P discontinued providing stand-alone governance scores in 2011, "while continuing to incorporate governance analysis in global and local scale credit ratings".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Management_and_Governance_criteria">Management and Governance criteria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=8" title="Edit section: Management and Governance criteria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In November 2012, S&P published its criteria for evaluating insurers and non-financial enterprises' management and governance credit factors.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> These scores are not standalone, but rather a component used by S&P in assessing an enterprise's overall creditworthiness. S&P updated its management and governance scoring methodology as part of a larger effort to include <a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">enterprise risk management</a> analysis in its rating of debt issued by non-financial companies. "Scoring of management and governance is made on a scale of weak, fair, satisfactory or strong, depending on the mix of positive and negative management scores and the existence and severity of governance deficiencies."<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Downgrades_of_countries">Downgrades of countries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=9" title="Edit section: Downgrades of countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Downgrade_of_U.S._long-term_credit_rating">Downgrade of U.S. long-term credit rating</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=10" title="Edit section: Downgrade of U.S. long-term credit rating"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/United_States_federal_government_credit_rating_downgrade,_2011" class="mw-redirect" title="United States federal government credit rating downgrade, 2011">United States federal government credit rating downgrade, 2011</a></div><p> On August 5, 2011, following enactment of the <a href="/wiki/Budget_Control_Act_of_2011" title="Budget Control Act of 2011">Budget Control Act of 2011</a>, S&P lowered the US's sovereign long-term credit rating from AAA to AA+.<sup id="cite_ref-Swann_10-0" class="reference"><a href="#cite_note-Swann-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The press release sent with the decision said, in part:</p><blockquote> <ul><li>" The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.</li> <li>" More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.</li> <li>" Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."<sup id="cite_ref-Swann_10-1" class="reference"><a href="#cite_note-Swann-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></li></ul></blockquote> <p>The <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a>, which had first called S&P's attention to its $2 trillion error in calculating the ten-year deficit reduction under the Budget Control Act, commented, "The magnitude of this mistake – and the haste with which S&P changed its principal rationale for action when presented with this error – raise fundamental questions about the credibility and integrity of S&P's ratings action."<sup id="cite_ref-bellows_11-0" class="reference"><a href="#cite_note-bellows-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The following day, S&P acknowledged in writing the US$2 trillion error in its calculations, saying the error "had no impact on the rating decision" and adding:<sup id="cite_ref-clarifyUS_12-0" class="reference"><a href="#cite_note-clarifyUS-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <blockquote><p>In taking a longer term horizon of 10 years, the U.S. net general government debt level with the current assumptions would be $20.1 trillion (85% of 2021 GDP). With the original assumptions, the debt level was projected to be $22.1 trillion (93% of 2021 GDP).<sup id="cite_ref-clarifyUS_12-1" class="reference"><a href="#cite_note-clarifyUS-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>In 2013, the Justice Department charged Standard & Poor's with fraud in a $5 billion lawsuit: U.S. v. McGraw-Hill Cos et al., U.S. District Court, Central District of California, No. 13-00779. Since it did not charge Fitch and Moody's and because the Department did not give access to evidence, there has been speculation whether the lawsuit may have been in retaliation for S&P's decision to downgrade. </p><p>On April 15, 2013, the Department of Justice was ordered to grant S&P access to evidence.<sup id="cite_ref-wsj_13-0" class="reference"><a href="#cite_note-wsj-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Downgrade_of_France's_long-term_credit_rating"><span id="Downgrade_of_France.27s_long-term_credit_rating"></span>Downgrade of France's long-term credit rating</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=11" title="Edit section: Downgrade of France's long-term credit rating"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On November 11, 2011, S&P erroneously announced the cut of France's triple-A rating (AAA). French leaders said that the error was inexcusable and called for even more regulation of private credit rating agencies.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> On January 13, 2012, S&P truly cut France's AAA rating, lowering it to AA+. This was the first time since 1975 that Europe's second-biggest economy, France, had been downgraded to AA+. The same day, S&P downgraded the rating of eight other European countries: <a href="/wiki/Austria" title="Austria">Austria</a>, <a href="/wiki/Spain" title="Spain">Spain</a>, <a href="/wiki/Italy" title="Italy">Italy</a>, <a href="/wiki/Portugal" title="Portugal">Portugal</a>, <a href="/wiki/Malta" title="Malta">Malta</a>, <a href="/wiki/Slovenia" title="Slovenia">Slovenia</a>, <a href="/wiki/Slovakia" title="Slovakia">Slovakia</a> and <a href="/wiki/Cyprus" title="Cyprus">Cyprus</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Publications">Publications</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=12" title="Edit section: Publications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The company publishes <i>The Outlook</i>, a weekly investment advisory newsletter for individuals and professional investors, published continuously since 1922.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> <i>Credit Week</i> is produced by Standard & Poor's Credit Market Services Group. It offers a comprehensive view of the global credit markets, providing credit rating news and analysis. Standard & Poor's offers numerous other editorials, investment commentaries and news updates for financial markets, companies, industries, stocks, bonds, funds, economic outlook and investor education. All publications are available to subscribers.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>S&P Dow Jones Indices publishes several blogs that do not require a subscription to access. These include Indexology, VIX Views and Housing Views.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticism_and_scandal">Criticism and scandal</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=13" title="Edit section: Criticism and scandal"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Credit_rating_agency#Criticism" title="Credit rating agency">Credit rating agency § Criticism</a>, and <a href="/wiki/United_States_public_debt" class="mw-redirect" title="United States public debt">United States public debt</a></div> <div class="mw-heading mw-heading3"><h3 id="Role_in_the_2007–08_financial_crisis"><span id="Role_in_the_2007.E2.80.9308_financial_crisis"></span>Role in the 2007–08 financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=14" title="Edit section: Role in the 2007–08 financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Credit rating agencies such as S&P have been cited for contributing to the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a>.<sup id="cite_ref-Klein_20-0" class="reference"><a href="#cite_note-Klein-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Credit ratings of AAA (the highest rating available) were given to large portions of even the riskiest pools of loans in the <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligation</a> (CDO) market. When the <a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">real estate bubble</a> burst in 2007, many loans went bad due to falling housing prices and the inability of bad creditors to refinance. Investors who had trusted the AAA rating to mean that CDO were low-risk had purchased large amounts that later experienced staggering drops in value or <a href="/wiki/Toxic_assets" class="mw-redirect" title="Toxic assets">could not be sold at any price</a>. For example, institutional investors lost $125 million on $340.7 million worth of CDOs issued by <a href="/wiki/Credit_Suisse_Group" class="mw-redirect" title="Credit Suisse Group">Credit Suisse Group</a>, despite being rated AAA by S&P.<sup id="cite_ref-cdo_21-0" class="reference"><a href="#cite_note-cdo-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Klein_20-1" class="reference"><a href="#cite_note-Klein-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Companies pay S&P, Moody's, and <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch</a> to rate their debt issues. As a result, some critics have contended that the credit ratings agencies are beholden to these issuers in a <a href="/wiki/Conflict_of_interests" class="mw-redirect" title="Conflict of interests">conflict of interests</a> and that their ratings are not as objective as they ought to be, due to this "pay to play" model.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>In 2015, Standard and Poor's paid $1.5 billion to the U.S. Justice Department, various state governments, and the <a href="/wiki/California_Public_Employees%27_Retirement_System" class="mw-redirect" title="California Public Employees' Retirement System">California Public Employees' Retirement System</a> to settle lawsuits asserting its inaccurate ratings defrauded investors.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criticism_of_sovereign_debt_ratings">Criticism of sovereign debt ratings</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=15" title="Edit section: Criticism of sovereign debt ratings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In April 2009, the company called for "new faces" in the <a href="/wiki/Government_of_Ireland" title="Government of Ireland">Irish government</a>, which was seen as interfering in the democratic process. In a subsequent statement they said they were "misunderstood".<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>S&P acknowledged making a US$2 trillion error in its justification for downgrading the credit rating of the United States in 2011,<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> but stated that it "had no impact on the rating decision".<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Australian_Federal_Court_decision">Australian Federal Court decision</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=16" title="Edit section: Australian Federal Court decision"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In November 2012, Judge <a href="/wiki/Jayne_Jagot" title="Jayne Jagot">Jayne Jagot</a> of the <a href="/wiki/Federal_Court_of_Australia" title="Federal Court of Australia">Federal Court of Australia</a> found that: "A reasonably competent ratings agency could not have rated the Rembrandt 2006-3 <a href="/wiki/Constant_proportion_debt_obligation" title="Constant proportion debt obligation">CPDO</a> <a href="/wiki/Bond_credit_rating" title="Bond credit rating">AAA</a> in these circumstances";<sup id="cite_ref-jagot_27-0" class="reference"><a href="#cite_note-jagot-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> and "S&P’s rating of AAA of the Rembrandt 2006-2 and 2006-3 CPDO notes was misleading and deceptive and involved the publication of information or statements false in material particulars and otherwise involved negligent misrepresentations to the class of potential investors in Australia, which included Local Government Financial Services Pty Ltd and the councils, because by the AAA rating there was conveyed a representation that in S&P’s opinion the capacity of the notes to meet all financial obligations was “extremely strong” and a representation that S&P had reached this opinion based on reasonable grounds and as the result of an exercise of reasonable care when neither was true and S&P also knew not to be true at the time made."<sup id="cite_ref-jagot_27-1" class="reference"><a href="#cite_note-jagot-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>In conclusion, Jagot found Standard & Poor's to be jointly liable along with <a href="/wiki/ABN_Amro" class="mw-redirect" title="ABN Amro">ABN Amro</a> and Local Government Financial Services Pty Ltd.<sup id="cite_ref-jagot_27-2" class="reference"><a href="#cite_note-jagot-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Antitrust_review">Antitrust review</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=17" title="Edit section: Antitrust review"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In November 2009, ten months after launching an investigation, the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> (EC) formally charged S&P with abusing its position as the sole provider of international securities identification codes for <a href="/wiki/United_States" title="United States">United States of America</a> <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a> by requiring European <a href="/wiki/Financial_institution" title="Financial institution">financial firms</a> and data vendors to pay licensing fees for their use. "This behavior amounts to unfair pricing," the EC said in its statement of objections which lays the groundwork for an adverse finding against S&P. "The (numbers) are indispensable for a number of operations that financial institutions carry out – for instance, reporting to authorities or clearing and settlement – and cannot be substituted.”<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>S&P has run the <a href="/wiki/CUSIP" title="CUSIP">CUSIP Service Bureau</a>, the only <a href="/wiki/International_Securities_Identification_Number" title="International Securities Identification Number">International Securities Identification Number</a> (ISIN) issuer in the US, on behalf of the <a href="/wiki/American_Bankers_Association" title="American Bankers Association">American Bankers Association</a>. In its formal statement of objections, the EC alleged "that S&P is abusing this monopoly position by enforcing the payment of licence fees for the use of US ISINs by (a) banks and other financial services providers in the EEA and (b) information service providers in the EEA." It claims that comparable agencies elsewhere in the world either do not charge fees at all, or do so on the basis of distribution cost, rather than usage.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=18" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output 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Standard</a></li> <li><a href="/wiki/List_of_countries_by_credit_rating" title="List of countries by credit rating">List of countries by credit rating</a></li> <li><a href="/wiki/NRSRO" class="mw-redirect" title="NRSRO">NRSRO</a></li> <li><a href="/wiki/Moody%27s_Ratings" title="Moody's Ratings">Moody's Ratings</a></li> <li><a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch Ratings</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=S%26P_Global_Ratings&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px 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Retrieved <span class="nowrap">August 5,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=S%26P+Downgrades+U.S.+Credit+Rating+for+First+Time&rft.date=2011-08-05&rft.au=Goldfarb%2C+Zachary+A.&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fbusiness%2Feconomy%2Fsandp-considering-first-downgrade-of-us-credit-rating%2F2011%2F08%2F05%2FgIQAqKeIxI_story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AS%26P+Global+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-jagot-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-jagot_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-jagot_27-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-jagot_27-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><i>Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5)</i> <a rel="nofollow" class="external text" href="https://www.austlii.edu.au/au/cases/cth/FCA/2012/1200.html">[2012] FCA 1200</a> (5 November 2012), <a href="/wiki/Federal_Court_of_Australia" title="Federal Court of Australia">Federal Court</a> (Australia).</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSecurities_Technology_Monitor2009" class="citation web cs1">Securities Technology Monitor, ed. (2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110716033737/http://www.securitiestechnologymonitor.com/news/-24275-1.html">"EC Charges S&P With Monopoly Abuse"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.securitiestechnologymonitor.com/news/-24275-1.html">the original</a> on July 16, 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=EC+Charges+S%26P+With+Monopoly+Abuse&rft.date=2009&rft_id=http%3A%2F%2Fwww.securitiestechnologymonitor.com%2Fnews%2F-24275-1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AS%26P+Global+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFinextra2009" class="citation web cs1">Finextra, ed. (2009). <a rel="nofollow" class="external text" href="http://www.finextra.com/news/fullstory.aspx?newsitemid=20768">"European Commission Accuses S&P of Monopoly Abuse over Isin Fees"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110312100847/http://www.finextra.com/news/fullstory.aspx?newsitemid=20768">Archived</a> from the original on March 12, 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=European+Commission+Accuses+S%26P+of+Monopoly+Abuse+over+Isin+Fees&rft.date=2009&rft_id=http%3A%2F%2Fwww.finextra.com%2Fnews%2Ffullstory.aspx%3Fnewsitemid%3D20768&rfr_id=info%3Asid%2Fen.wikipedia.org%3AS%26P+Global+Ratings" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a 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