Form NRSRO

On September 24, 2007, the U.S. Securities and Exchange Commission granted the registration of Standard & Poor's Ratings Services** as a nationally recognized statistical rating organization ("NRSRO") under the U.S. Credit Rating Agency Reform Act of 2006 (the "Act"). The registration applies to all five of the following classes of credit ratings for which an NRSRO may be registered under the Act:

  • financial institutions, brokers, or dealers;
  • insurance companies;
  • corporate issuers;
  • issuers of asset-backed securities;
  • and issuers of government securities, municipal securities, or securities issued by a foreign government.

In accordance with the Act, we are making our current Form NRSRO and non-confidential exhibits available on this page.

Funds Credit Ratings Performance Measurement Statistics

 

**Standard & Poor’s Ratings Services changed its name to S&P Global Ratings on April 27, 2016. However, the legacy name may continue to be used for a transitional period.

Exhibit

Credit ratings performance measurement statistics. Exhibit 1 is attached and made a part of this Form NRSRO. This exhibit consists of:

  1. Performance measurement statistics and related methodology information through the most recent calendar year-end for one, three and ten-year periods, and defaults relative to initial rating, for the following:

    • Financial Institutions, Brokers, or Dealers
    • Insurance Companies
    • Corporate Issuers
    • Issuers of Asset-Backed Securities (RMBS, CMBS, CLO, CDO, ABCP, other ABS, other Structured Finance)
    • Sovereign Issuers
    • U.S. Public Finance
    • International Public Finance

  2. Credit rating definitions of the designations used to distinguish the creditworthiness of rated obligors, securities and money market instruments.

  3. History of Rating Actions

    In accordance with the rules of the Securities and Exchange Commission (the "Commission"), the NRSRO makes and keeps publicly available on its internet website in an interactive data file in XBRL format the ratings action information required pursuant to 17 CFR §240.17g-7(b), at the following URL: https://www.standardandpoors.com/en_US/web/guest/regulatory/ratingshistory

  4. Methodology

 

Policies or procedures adopted and implemented to prevent the misuse of material, nonpublic information. Exhibit 3 is attached and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Organizational structure. Exhibit 4 is attached to and made a part of this Form NRSRO.

The NRSRO, S&P Global Ratings, is comprised of the credit ratings business (i) within Standard & Poor’s Financial Services LLC, a Delaware limited liability company wholly owned by S&P Global Inc. (“SPGI”), and (ii) operated by various other subsidiaries that are wholly owned, directly or indirectly by SPGI, with the exception of Taiwan Ratings Corp., which is majority-owned, indirectly, by S&P Global Inc.

SPGI's operations consist of four segments, described below.

 

S&P Global Ratings

The businesses comprising the S&P Global Ratings segment are independent providers of credit ratings, research and analytics to investors, issuers and market participants. This includes the NRSRO and certain other ratings-related businesses.

S&P Global Market Intelligence

S&P Global Market Intelligence is a global provider of digital and traditional financial research and analytical tools for capital market participants. It delivers to customers an integrated portfolio of cross-asset analytics, desktop services, and investment information in the financial information, data and analytics market.

S&P Dow Jones Indices

S&P Dow Jones Indices is a global index provider that maintains a wide variety of indices to meet an array of investor needs. S&P Dow Jones Indices' mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products and provide investors with tools to monitor world markets.

S&P Global Platts

S&P Global Platts provides essential price data, analytics, and industry insight that enable commodities markets to perform with greater transparency and efficiency.

Attached below are:

The code of ethics in effect at the credit rating agency or a statement of the reasons why the credit rating agency does not have a code of ethics. Exhibit 5 is attached and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Identification of conflicts of interests relating to the issuance of credit ratings. Exhibit 6 is attached to and made part of this Form NRSRO.

Policies and procedures to address and manage conflicts of interest. Exhibit 7 is attached to and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Certain information regarding the credit rating agency's credit analysts and credit analyst supervisors. Exhibit 8 is attached to and made a part of this Form NRSRO.

  • The total number of credit analysts (including credit analyst supervisors).
  • The total number of credit analyst supervisors.
  • A general description of the minimum qualifications required of the credit analysts, including education level and work experience (if applicable, distinguish between junior, mid, and senior level credit analysts).
  • A general description of the minimum qualifications required of the credit analyst supervisors, including education level and work experience.

The total number of credit analysts* as of December 31, 2017: 1,582

The total number of credit analyst supervisors as of December 31, 2017: 129

* Defined for these purposes as those persons who are Analysts as defined in the Glossary of Terms included within Exhibit 2 to this Form NRSRO. The number shown includes credit analyst supervisors who are also credit analysts.

Qualifications for credit analysts are generally as follows and as to professional experience may vary by region:

  Junior Credit Analysts Mid-Level Credit Analysts Senior Level Credit Analysts
Preferred Minimum Education BA or BS in business related field. BA or BS in business related field. Advanced degree preferred. BA or BS in business related field. Advanced degree preferred.
Preferred Minimum Experience/Skills Typically 2 years or more of credit, analytical or related financial services experience preferred. For entry-level positions, in light of the nature and supervision of these positions, there is no additional minimum experience requirement. Typically 3-5 years of credit, analytical or related financial services experience preferred. Typically 7 or more years of credit, analytical or related financial services experience preferred.

Additional qualifications for credit analyst supervisors are generally as follows:

  Mid-Level Credit Analyst Supervisors Senior-Level Credit Analyst Supervisors
Preferred Minimum Education BA or BS in business related field. Advanced degree preferred. BA or BS in business related field. Advanced degree preferred.
Preferred Minimum Experience/Skills Typically 7 or more years of credit, analytical or related financial services experience. Typically 10 or more years of credit, analytical or related financial services experience, including prior experience in an Analytical Manger or equivalent role.

The following documents attached below further describes the analytical education policy with respect to credit analysts:

Note: Capitalized terms used but not defined in the documents below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

 

Certain Information Regarding the Credit Rating Agency's Designated Compliance Officer. Exhibit 9 is attached to and made a part of this Form NRSRO.

List of Material Changes Pursuant to Form NRSRO Instruction F.