Understanding Our Credit Approach To SKY, A Decentralized Lending Protocol

On August 7, 2025, we published an issuer credit rating for Sky Protocol (SKY), previously known as Maker Protocol, marking the first time a credit rating agency has issued a credit rating for a Decentralized Finance (DeFi) protocol.

Please join S&P Global Ratings analysts for a live interactive webinar to discuss the fundamentals of our ratings approach.

Discussion topics will include:  

• Building blocks of our ratings approach
• Governance and regulatory factors
• ​​​​Key risks including legal and operational considerations

Speakers Include:

Andrew O'Neill, Managing Director, Digital Assets Analytical Lead
Prateek Nanda, Associate Director, Financial Institutions 
Michal Selbka, Associate Director, Financial Institutions

Moderator:
Devi Aurora, Managing Director, Head of Financial Institutions and Alternative Funds