logo
  • Arabic
  • Chinese
  • Hebrew
  • Spanish
  • Portuguese
  • Russian
  • Japan
  • India-CRISIL
  • Taiwan Ratings
  • *S&P National Ratings Brazil
  • *S&P National Ratings Mexico
  • *S&P National Ratings Argentina
  • *S&P National Ratings Uruguay
  • *S&P National Ratings Colombia
  • *S&P National Ratings Panama
  • Login
  • Reset Password
  • Register
  • Logout
  • Personal Info
  • Interests
  • Newsletters
  • Reset Password

  • Product Login

  • S&P Capital IQ Pro
  • Ratings360®





S&P Global Offerings

  • market-intelligence
    Market Intelligence

  • ratings
    Ratings

  • energy
    Energy

  • dow-jones-indices
    S&P Dow Jones Indices

Featured Topics

  • Sustainability

  • Private Markets

  • Energy Transition

  • Credit & Risk

  • Fixed Income

  • Supply Chain

  • Data & Artificial Intelligence

Featured Products

  • capital-iq-pro
    S&P Capital IQ Pro

  • energy-core
    S&P Global Energy Core

  • esg-scores
    S&P Global ESG Scores

  • ratings360
    Ratings360

  • spice
    SPICE: The Index Source for ESG Data

Events

  • Featured S&P Global Events

  • Webinar Replays

  • CERAWeek

  • S&P Global Market Intelligence

  • S&P Global Ratings

  • S&P Dow Jones Indices

  • S&P Global Mobility

  • S&P Global Energy

Careers

  • Overview

  • Our Culture

  • Our Commitment

  • Our Work

  • Search for a Job

  • S&P Global Home
  • Market Intelligence
  • Ratings
  • Energy
  • S&P Dow Jones Indices

S&P Global Offerings

  • market-intelligence
    Market Intelligence

  • ratings
    Ratings

  • energy
    Energy

  • dow-jones-indices
    S&P Dow Jones Indices

Featured Topics

  • Sustainability

  • Private Markets

  • Energy Transition

  • Credit & Risk

  • Fixed Income

  • Supply Chain

  • Data & Artificial Intelligence

Featured Products

  • capital-iq-pro
    S&P Capital IQ Pro

  • energy-core
    S&P Global Energy Core

  • esg-scores
    S&P Global ESG Scores

  • ratings360
    Ratings360

  • spice
    SPICE: The Index Source for ESG Data

Events

  • Featured S&P Global Events

  • Webinar Replays

  • CERAWeek

  • S&P Global Market Intelligence

  • S&P Global Ratings

  • S&P Dow Jones Indices

  • S&P Global Mobility

  • S&P Global Energy

Careers

  • Overview

  • Our Culture

  • Our Commitment

  • Our Work

  • Search for a Job

logo
Contact Us Login





    S&P Global Offerings

    • market-intelligence
      Market Intelligence

    • ratings
      Ratings

    • energy
      Energy

    • dow-jones-indices
      S&P Dow Jones Indices

    Featured Topics

    • Sustainability

    • Private Markets

    • Energy Transition

    • Credit & Risk

    • Fixed Income

    • Supply Chain

    • Data & Artificial Intelligence

    Featured Products

    • capital-iq-pro
      S&P Capital IQ Pro

    • energy-core
      S&P Global Energy Core

    • esg-scores
      S&P Global ESG Scores

    • ratings360
      Ratings360

    • spice
      SPICE: The Index Source for ESG Data

    Events

    • Featured S&P Global Events

    • Webinar Replays

    • CERAWeek

    • S&P Global Market Intelligence

    • S&P Global Ratings

    • S&P Dow Jones Indices

    • S&P Global Mobility

    • S&P Global Energy

    Careers

    • Overview

    • Our Culture

    • Our Commitment

    • Our Work

    • Search for a Job

    • S&P Global Home
    • Market Intelligence
    • Ratings
    • Energy
    • S&P Dow Jones Indices

    S&P Global Offerings

    • market-intelligence
      Market Intelligence

    • ratings
      Ratings

    • energy
      Energy

    • dow-jones-indices
      S&P Dow Jones Indices

    Featured Topics

    • Sustainability

    • Private Markets

    • Energy Transition

    • Credit & Risk

    • Fixed Income

    • Supply Chain

    • Data & Artificial Intelligence

    Featured Products

    • capital-iq-pro
      S&P Capital IQ Pro

    • energy-core
      S&P Global Energy Core

    • esg-scores
      S&P Global ESG Scores

    • ratings360
      Ratings360

    • spice
      SPICE: The Index Source for ESG Data

    Events

    • Featured S&P Global Events

    • Webinar Replays

    • CERAWeek

    • S&P Global Market Intelligence

    • S&P Global Ratings

    • S&P Dow Jones Indices

    • S&P Global Mobility

    • S&P Global Energy

    Careers

    • Overview

    • Our Culture

    • Our Commitment

    • Our Work

    • Search for a Job

    Language

    • Arabic
    • Chinese
    • Hebrew
    • Spanish
    • Portuguese
    • Russian
    • Japan
    • India-CRISIL
    • Taiwan Ratings
    • *S&P National Ratings Brazil
    • *S&P National Ratings Mexico
    • *S&P National Ratings Argentina
    • *S&P National Ratings Uruguay
    • *S&P National Ratings Colombia
    • *S&P National Ratings Panama

    • Login
    • Reset Password
    • Register
    • Logout
    • Personal Info
    • Interests
    • Newsletters
    • Reset Password

    • Product Login

    • S&P Capital IQ Pro
    • Ratings360®
    • Ratings
    Need a Rating?


    • All Products
    I Need A Solution For
    See All Products
    See All Products

    • Ratings

    • Assessments

    • Sustainable Finance

    • Fund Ratings

    • Digital Assets

    • Private Markets

    Product Login

    • S&P Capital IQ Pro

    • Ratings360®


    • All Products

    I Need A Solution For

    See All Products
    See All Products
    • Ratings

    • Assessments

    • Sustainable Finance

    • Fund Ratings

    • Digital Assets

    • Private Markets

    Product Login

    • S&P Capital IQ Pro

    • Ratings360®


    • Latest Research



    • Podcasts & Videos
    • Newsletters
    • Blog
    Featured

    • Geopolitical Risk

    • Digital Infrastructure


    Topics
    See All Topics
    See All Topics

    • AI

    • Cyber Risk in a New Era

    • Digital Assets

    • Energy & Climate Resilience

    • Geopolitical Risk

    • Islamic Finance

    • Leveraged Finance & CLOs Uncovered

    • Outlooks

    • The Future of Banking

    Emerging and Established Risks
    See All Credit Research & Insights
    See All Credit Research & Insights

    • Credit Market Research

    • Credit Conditions

    • Global Credit Outlook 2026

    • Economic Research

    • Emerging Markets

    • Sustainability Insights

    • Private Markets

    • Climate Finance in Lower-Income Countries

    Sectors

    • Corporates

    • Financial Institutions

    • Fund Ratings

    • Governments

    • Infrastructure

    • Insurance

    • Project Finance

    • Structured Finance

    • U.S. Public Finance




    • Latest Research
    • Podcasts & Videos
    • Newsletters
    • Blog

    Featured

    • Geopolitical Risk

    • Digital Infrastructure

    Topics

    See All Topics
    See All Topics
    • AI

    • Cyber Risk in a New Era

    • Digital Assets

    • Energy & Climate Resilience

    • Geopolitical Risk

    • Islamic Finance

    • Leveraged Finance & CLOs Uncovered

    • Outlooks

    • The Future of Banking

    Emerging and Established Risks

    See All Credit Research & Insights
    See All Credit Research & Insights
    • Credit Market Research

    • Credit Conditions

    • Global Credit Outlook 2026

    • Economic Research

    • Emerging Markets

    • Sustainability Insights

    • Private Markets

    • Climate Finance in Lower-Income Countries

    Sectors

    • Corporates

    • Financial Institutions

    • Fund Ratings

    • Governments

    • Infrastructure

    • Insurance

    • Project Finance

    • Structured Finance

    • U.S. Public Finance




    • Request for Comment
    • Find A Rating
    • Sovereign Risk Indicators
    Published Reports

    • Ratings Actions

    • Presale Reports

    • Press Releases

    • Annual Reviews

    About Credit Ratings

    • Understanding Credit Ratings

    • How We Rate Emerging & Frontier Markets

    • Credit Rating History

    • Ratings Definitions

    • Understanding National Scale Ratings

    Criteria & Models

    • Ratings Criteria & Models

    • Significant Criteria & Model Errors




    • Request for Comment
    • Find A Rating
    • Sovereign Risk Indicators

    Published Reports

    • Ratings Actions

    • Presale Reports

    • Press Releases

    • Annual Reviews

    About Credit Ratings

    • Understanding Credit Ratings

    • How We Rate Emerging & Frontier Markets

    • Credit Rating History

    • Ratings Definitions

    • Understanding National Scale Ratings

    Criteria & Models

    • Ratings Criteria & Models

    • Significant Criteria & Model Errors


    • See All Events
    Featured Events

    • European Structured Finance Conference 2026
      European Structured Finance Conference 2026

    • Americas Structured Finance Conference 2026
      Americas Structured Finance Conference 2026

    Featured

    • alt
      New Event*

    • alt
      New Event*

    • See All Events

    Featured Events

    • European Structured Finance Conference 2026
      European Structured Finance Conference 2026

    • Americas Structured Finance Conference 2026
      Americas Structured Finance Conference 2026

    Featured

    • alt
      New Event*

    • alt
      New Event*


    Regulatory

    • Disclosures

    • Form NRSRO

    • Policies & Code of Conduct

    • Significant Criteria & Model Errors

    • Credit Rating History

    • SEC Rule 17g-7 Reports

    • Ratings Definitions

    • Ratings Criteria & Models

    Regulatory

    • Disclosures

    • Form NRSRO

    • Policies & Code of Conduct

    • Significant Criteria & Model Errors

    • Credit Rating History

    • SEC Rule 17g-7 Reports

    • Ratings Definitions

    • Ratings Criteria & Models

    S&P Global / Ratings


    • All Products
    I Need A Solution For
    See All Products
    See All Products

    • Ratings

    • Assessments

    • Sustainable Finance

    • Fund Ratings

    • Digital Assets

    • Private Markets

    Product Login

    • S&P Capital IQ Pro

    • Ratings360®


    • All Products

    I Need A Solution For

    See All Products
    See All Products
    • Ratings

    • Assessments

    • Sustainable Finance

    • Fund Ratings

    • Digital Assets

    • Private Markets

    Product Login

    • S&P Capital IQ Pro

    • Ratings360®


    • Latest Research



    • Podcasts & Videos
    • Newsletters
    • Blog
    Featured

    • Geopolitical Risk

    • Digital Infrastructure


    Topics
    See All Topics
    See All Topics

    • AI

    • Cyber Risk in a New Era

    • Digital Assets

    • Energy & Climate Resilience

    • Geopolitical Risk

    • Islamic Finance

    • Leveraged Finance & CLOs Uncovered

    • Outlooks

    • The Future of Banking

    Emerging and Established Risks
    See All Credit Research & Insights
    See All Credit Research & Insights

    • Credit Market Research

    • Credit Conditions

    • Global Credit Outlook 2026

    • Economic Research

    • Emerging Markets

    • Sustainability Insights

    • Private Markets

    • Climate Finance in Lower-Income Countries

    Sectors

    • Corporates

    • Financial Institutions

    • Fund Ratings

    • Governments

    • Infrastructure

    • Insurance

    • Project Finance

    • Structured Finance

    • U.S. Public Finance




    • Latest Research
    • Podcasts & Videos
    • Newsletters
    • Blog

    Featured

    • Geopolitical Risk

    • Digital Infrastructure

    Topics

    See All Topics
    See All Topics
    • AI

    • Cyber Risk in a New Era

    • Digital Assets

    • Energy & Climate Resilience

    • Geopolitical Risk

    • Islamic Finance

    • Leveraged Finance & CLOs Uncovered

    • Outlooks

    • The Future of Banking

    Emerging and Established Risks

    See All Credit Research & Insights
    See All Credit Research & Insights
    • Credit Market Research

    • Credit Conditions

    • Global Credit Outlook 2026

    • Economic Research

    • Emerging Markets

    • Sustainability Insights

    • Private Markets

    • Climate Finance in Lower-Income Countries

    Sectors

    • Corporates

    • Financial Institutions

    • Fund Ratings

    • Governments

    • Infrastructure

    • Insurance

    • Project Finance

    • Structured Finance

    • U.S. Public Finance




    • Request for Comment
    • Find A Rating
    • Sovereign Risk Indicators
    Published Reports

    • Ratings Actions

    • Presale Reports

    • Press Releases

    • Annual Reviews

    About Credit Ratings

    • Understanding Credit Ratings

    • How We Rate Emerging & Frontier Markets

    • Credit Rating History

    • Ratings Definitions

    • Understanding National Scale Ratings

    Criteria & Models

    • Ratings Criteria & Models

    • Significant Criteria & Model Errors




    • Request for Comment
    • Find A Rating
    • Sovereign Risk Indicators

    Published Reports

    • Ratings Actions

    • Presale Reports

    • Press Releases

    • Annual Reviews

    About Credit Ratings

    • Understanding Credit Ratings

    • How We Rate Emerging & Frontier Markets

    • Credit Rating History

    • Ratings Definitions

    • Understanding National Scale Ratings

    Criteria & Models

    • Ratings Criteria & Models

    • Significant Criteria & Model Errors


    • See All Events
    Featured Events

    • European Structured Finance Conference 2026
      European Structured Finance Conference 2026

    • Americas Structured Finance Conference 2026
      Americas Structured Finance Conference 2026

    Featured

    • alt
      New Event*

    • alt
      New Event*

    • See All Events

    Featured Events

    • European Structured Finance Conference 2026
      European Structured Finance Conference 2026

    • Americas Structured Finance Conference 2026
      Americas Structured Finance Conference 2026

    Featured

    • alt
      New Event*

    • alt
      New Event*


    Regulatory

    • Disclosures

    • Form NRSRO

    • Policies & Code of Conduct

    • Significant Criteria & Model Errors

    • Credit Rating History

    • SEC Rule 17g-7 Reports

    • Ratings Definitions

    • Ratings Criteria & Models

    Regulatory

    • Disclosures

    • Form NRSRO

    • Policies & Code of Conduct

    • Significant Criteria & Model Errors

    • Credit Rating History

    • SEC Rule 17g-7 Reports

    • Ratings Definitions

    • Ratings Criteria & Models

    Ratings
    Need a Rating?
    Need a Rating?

    • Follow Us


    • About S&P Global Ratings
    • Media Center
    • CRISIL
    • Contact Us

    • Our Values
    • Our History
    • Ventures
    • Press Center
    • Investor Relations
    • News Releases
    • Quarterly Earnings
    • SEC Filings & Reports
    • Contact Customer Care & Sales
    • Support by Division
    • Report an Ethics Concern
    • Office Locations
    • Careers
    • Corporate Responsibility
    • Leadership
    • IOSCO ESG Rating & Data Product Statements

    • Legal Disclaimers
    • Terms of Use
    • Cookie Notice
    • Privacy Policy
    • Client Privacy Portal
    • Do Not Sell or Share My Personal Information
    • © {year} S&P Global