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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.

  • 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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