On September 24, 2007, the U.S. Securities and Exchange Commission granted the registration of Standard & Poor's Ratings Services** as a nationally recognized statistical rating organization ("NRSRO") under the U.S. Credit Rating Agency Reform Act of 2006 (the "Act"). The registration applies to all five of the following classes of credit ratings for which an NRSRO may be registered under the Act:

  • financial institutions, brokers, or dealers;
  • insurance companies;
  • corporate issuers;
  • issuers of asset-backed securities;
  • and issuers of government securities, municipal securities, or securities issued by a foreign government.

In accordance with the Act, we are making our current Form NRSRO and non-confidential exhibits available on this page.

Funds Credit Ratings Performance Measurement Statistics

 

**Standard & Poor’s Ratings Services changed its name to S&P Global Ratings on April 27, 2016. However, the legacy name may continue to be used for a transitional period.

Credit ratings performance measurement statistics. Exhibit 1 is attached and made a part of this Form NRSRO. This Exhibit consists of:

  1. Performance measurement statistics consisting of transition and default rates for each class (and applicable subclass) for which S&P Global Ratings is registered as an NRSRO through the most recent calendar year-end for one, three and ten-year periods for the following:

    • Financial Institutions, Brokers, or Dealers
    • Insurance Companies
    • Corporate Issuers
    • Issuers of Asset-Backed Securities (RMBS, CMBS, CLO, CDO, ABCP, other ABS, other Structured Finance)
    • Sovereign Issuers
    • U.S. Public Finance
    • International Public Finance
  2. Credit rating definitions of the designations used to distinguish the creditworthiness of rated obligors, securities and money market instruments.

  3. History of Rating Actions

    In accordance with the rules of the Securities and Exchange Commission (the "Commission"), the NRSRO makes and keeps publicly available on its internet website in an interactive data file in XBRL format the ratings action information required pursuant to 17 CFR §240.17g-7(b), at the following URL: https://www.standardandpoors.com/en_US/web/guest/regulatory/ratingshistory

  4. Method of Calculating Performance Measurement Statistics

 

A description of the procedures and methodologies used in determining credit ratings. Exhibit 2 is attached and made a part of this Form NRSRO.

The following documents attached below describe the procedures and methodologies used in determining credit ratings.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within this Exhibit.

Policies or procedures adopted and implemented to prevent the misuse of material, nonpublic information. Exhibit 3 is attached and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Organizational structure. Exhibit 4 is attached to and made a part of this Form NRSRO.

SPGI's operations are described below.

Attached below are:

The code of ethics in effect at the credit rating agency or a statement of the reasons why the credit rating agency does not have a code of ethics. Exhibit 5 is attached and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Identification of conflicts of interests relating to the issuance of credit ratings. Exhibit 6 is attached to and made part of this Form NRSRO.

Certain information regarding the credit rating agency's credit analysts and credit analyst supervisors. Exhibit 8 is attached to and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the document below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

The following documents attached below further describe the analytical education policy with respect to credit analysts:

Certain Information Regarding the Credit Rating Agency's Designated Compliance Officer. Exhibit 9 is attached to and made a part of this Form NRSRO.

List of Material Changes Pursuant to Form NRSRO Instruction F.