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Essential Intelligence: General Purpose

Underlying Ratings (SPURs)

An opinion of an issuer’s credit quality on a stand-alone basis-apart from any credit enhancement

A SPUR rating is an opinion about the stand-alone capacity of an obligor to pay debt service on a credit-enhanced debt issue, without giving effect to the enhancement that applies to it.

These ratings are published only at the request of the debt issuer/obligor with the designation SPUR to distinguish them from the credit-enhanced rating that applies to the debt issue. S&P Global Ratings Services maintains surveillance of an issue with a published SPUR.

Benefits of a SPUR
Many investors today prefer bonds that carry underlying ratings that provide an additional level of credit information. Specifically, S&P Global Ratings’ Underlying Ratings (SPURs) provide our opinion of an issuer's credit quality on a stand-alone basis-apart from any credit enhancement. We believe this enables municipal bond investors to make knowledgeable choices based on their objectives, while also helping issuers expand their pool of potential investors.

Deliverables
  • Identified by the 'SPUR' designation and expressed on our globally recognized rating scales.
  • Ratings are distributed to public market at the issuer's request.

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