Credit Ratings
Gain a forward-looking, independent opinion of credit risk with S&P Global Ratings’ Credit Ratings covering corporates, financial institutions, governments, and more.
Public, Private and Confidential Credit Ratings
Credit Ratings Are Opinions About Credit Risk.
S&P Global Ratings is a leading provider of Credit Ratings and trusted opinions on issuer creditworthiness and default risk. The world’s financial markets depend on S&P Global Ratings for our accessible insights and valued perspectives that drive clarity and growth in the market. We provide a comprehensive range of credit rating services to meet the needs of diverse market participants:
Public Ratings (issuer/issue): Distributed via our websites and various news media, these ratings provide transparent assessments for publicly rated securities or private loan transactions of any size.
Private Ratings (issuer/issue): Distributed via a secure website for distribution to up to 145 users.
Confidential Ratings (generally issuer level): Not distributed. Prepared for internal use and not distributed externally, these confidential issuer credit ratings support entities seeking an independent, confidential benchmark of their credit profile.
By the Numbers
Benefits
Why use S&P Global Ratings for your credit rating?
Increase Your Access to New Markets
We work with issuers and investors globally including Corporates, Financial Institutions, Governments, Infrastructure & Utilities, Insurance, Structured Finance and Public Finance.
Experience in Credit Markets
With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver the essential intelligence market participants need to make informed decisions with conviction.
Enhance Your Corporate Transparency
The world’s financial markets depend on us for our accessible insights and valued perspectives that drive clarity and growth in the market.
Analytical Excellence
Leveraging our expansive credit coverage, our analysts and economists provide authoritative, forward-looking insights on prevailing and potential credit risks.
Investor Preference
Market participants and investors listen to S&P. 95% of top 20 global institutional investors reference S&P Global Ratings¹ making S&P an essential source of information for global financial markets.
Uses of Credit Ratings
One Rating, Many Uses
Types of Credit Ratings
A quick guide to understanding different credit ratings.
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Issuer
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Issue
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Confidential/Non-Public
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Public
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Solicited
Issuer Credit Ratings
Issuer credit ratings express our opinion of an organization’s relative creditworthiness, including its capacity to meet its financial obligations as they come due. These ratings provide investors, lenders, and counterparties with an independent opinion of an entity’s credit risk profile.
We assign entity credit ratings across a wide range of corporates, financial institutions, and public-sector organizations. They reflect our analytical view of both the business and financial risk factors, including sector conditions, governance, and capital structure.
Issue Credit Ratings
In addition to rating the overall entity, we provide issue credit ratings: evaluations of specific debt instruments or obligations issued by a company. These ratings reflect not only the issuer’s credit profile but also specific characteristics of the instrument, such as seniority, collateral, or repayment terms. Issue ratings help investors differentiate risk between different tranches or classes of debt issued by the same entity.
Confidential/Non-Public Credit Ratings
For clients requiring discretion, we offer confidential credit ratings (also known as non-public, private, or privately issued ratings). These private issuer credit ratings are prepared using the same published methodologies applied to public ratings and are shared only with the requesting party or authorized third parties. They may be used by recipients for their own internal purposes, such as internal assessment or benchmarking.
Public Credit Ratings
Public credit ratings, or public issuer credit ratings, are published and made available to the market to promote transparency and comparability of credit opinions. They are used by a range of market participants as one of many inputs when assessing credit risk.
Solicited Credit Ratings
A solicited credit rating is produced at the request of the entity being rated and may incorporate non-public information provided by the issuer. This can enhance the analytical context available to our analysts in forming their credit opinion.
Frequently Asked Questions
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What’s the difference between an issuer rating and an issue rating?
What’s the difference between an issuer rating and an issue rating?
An issuer credit rating assesses the general creditworthiness of an entity, such as a corporation, financial institution, or government, while an issue credit rating focuses on a specific financial obligation, such as a bond, note, or loan. The issuer rating provides a broad view of an organisation’s ability to meet all its obligations, whereas the issue rating narrows in on the repayment risk, structure, and seniority of a specific debt instrument. Together, issuer and issue credit ratings market participants with analytical perspectives on credit risk at both the entity and instrument levels.
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Who can request a credit rating?
Who can request a credit rating?
A wide range of organizations may request a credit rating, including corporates, financial institutions, sovereigns, and public-sector entities. Some entities seek public issuer credit ratings for transparency with market participants, while others choose private or confidential credit ratings for internal use without public disclosure. Our team engages in dialogue with issuers while maintaining analytical independence throughout the rating process, applying consistent methodologies across all engagements.
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What is the difference between public and private credit ratings?
What is the difference between public and private credit ratings?
Public credit ratings are published on S&P Global Ratings’ website and shared through media channels, providing transparent insights into an issuer’s or instrument’s credit risk for investors and market participants. These ratings, covering both issuer and issue credit ratings, support openness and comparability across global markets.
In contrast, private credit ratings (also referred to as non-public, private issuer, or privately issued ratings) are distributed confidentially to a limited group of authorised recipients, typically for internal assessment or non-public transactions. Private ratings use the same analytical framework as public ratings but are not disclosed publicly, offering flexibility to organizations that prefer to evaluate creditworthiness discreetly. Both options allow issuers to engage with our credit rating service according to their transparency and disclosure preferences.
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What are confidential credit ratings used for?
What are confidential credit ratings used for?
Confidential credit ratings (also known as non-public or internal credit ratings) are designed for entities seeking an independent credit opinion without public disclosure. These credit ratings are not published or distributed externally and are typically shared only with the requesting entity or authorized recipients. They may be used internally for benchmarking or internal assessment purposes.
Many corporates, financial institutions, and private equity sponsors request confidential ratings to gauge their credit profile before entering markets or negotiating lending terms. This private approach allows organizations to better understand their issuer creditworthiness, while maintaining full confidentiality.
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What is a solicited credit rating?
What is a solicited credit rating?
A solicited credit rating is one that the entity being rated formally requests. In this type of engagement, the issuer works directly with our analysts, sharing public and, where appropriate, non-public information for consideration under S&P Global Ratings’ published methodologies.
Solicited ratings may be public, private, or confidential, depending on the issuer’s disclosure preferences and applicable requirements. Issuers may choose to request a solicited credit rating in order to determine whether a public or non-public rating is appropriate for their circumstances.
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Can an entity have both public and private credit ratings?
Can an entity have both public and private credit ratings?
Yes, an organization can hold both public and private credit ratings, depending on its objectives. A public issuer credit rating is published and visible to investors. At the same time, a private credit rating (sometimes known as a non-public or privately issued rating) is shared confidentially with a limited audience, often for internal planning purposes.
Some entities choose this combination to meet different stakeholder needs. Both rating types rely on the same published methodologies, ensuring consistency and comparability while meeting diverse disclosure preferences.
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How can I engage S&P Global Ratings for a new credit rating?
How can I engage S&P Global Ratings for a new credit rating?
Organizations can request a credit rating by contacting S&P Global Ratings through our online portal or client service representatives. The process begins with an initial discussion to determine the appropriate scope and whether it will be solicited or non-public. Once initiated, our analysts gather relevant financial data and engage directly with the issuer to conduct a transparent, independent assessment.
Upon completion, the rating and supporting rationale are communicated in accordance with the agreed publication or confidentiality parameters. Engaging our credit rating services gives companies, financial institutions, and governments an independent, forward-looking opinion of their credit risk profile, supporting informed decision-making.
Contact Us
Learn more about or request Credit Ratings
Whether seeking a public rating to access capital markets or a private credit rating for internal use, our credit rating services deliver clear, actionable insights to support confident financial decision-making.
Please fill out the form so we can connect you to the right person.
¹ References sourced from internal research conducted on global top 20 asset manager websites, fund prospectuses, fund annual reports and/or other related public documents & sourced from IPE data as of 2023. Other data points sourced from internal data from S&P Global Ratings in 2022.