PARIS (S&P Global Ratings) March 31, 2021--S&P Global Ratings today published its environmental, social, and governance (ESG) industry report cards for structured finance on RatingsDirect:
- ESG Industry Report Card: Auto Asset-Backed Securities
- ESG Industry Report Card: Collateralized Loan Obligations
- ESG Industry Report Card: Commercial Mortgage-Backed Securities
- ESG Industry Report Card: Credit Card Asset-Backed Securities
- ESG Industry Report Card: Residential Mortgage-Backed Securities
- ESG Industry Report Card: Student Loan Asset-Backed Securities
These reports explore how ESG credit factors can affect an obligor's capacity to meet its financial commitments in many ways.
Our credit ratings on structured finance transactions incorporate ESG credit factors when, in our opinion, they could affect the likelihood of timely payment of interest or ultimate repayment of principal by the legal final maturity date of the securities.
Our ESG industry report cards qualitatively explore the relative exposures (average, below average, above average) of different sectors to ESG credit factors over the short-, medium-, and long-term. This sector comparison is not an input to our credit ratings or a component of our credit rating methodologies; it is based on our current qualitative, forward-looking opinion of potential credit risks across sectors. In addition, the structured finance ESG industry report cards list examples of ESG credit factors for the sector that may have a more positive or negative influence on a transaction's credit quality compared to sector peers or the broader sector.
|ESG Exposure In Structure Finance By Sector|
|Auto asset-backed securities||Above average||Average||Below average|
|Credit card asset-backed securities||Below average||Above average||Average|
|Student loans asset backed securities||Below average||Average||Below average|
|Residential mortgage-backed securities||Average||Above average||Below average|
|Commercial mortgage-backed securities||Above average||Average||Average|
|Collateralized loan obligations||Below average||Below average||Average|
This report does not constitute a rating action.
The reports are available to subscribers of RatingsDirect at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase copies of these reports by calling (1) 212-438-7280 or sending an e-mail to email@example.com. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box located in the left column at www.standardandpoors.com. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4009.
|Primary Credit Analysts:||Matthew S Mitchell, CFA, Paris +33 (0)6 17 23 72 88;|
|Kate R Scanlin, New York + 1 (212) 438 2002;|
|Erin Kitson, Melbourne + 61 3 9631 2166;|
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