Credit Reports Guide
S&P Global Ratings’ most common research reports and their typical contents, all of which are available on RatingsDirect, are highlighted in this guide.
Credit Reports Guide
RatingsDirect®
S&P Global Ratings’ most common research reports and their typical sections are highlighted in this guide. All of our published articles are available on RatingsDirect, and this guide represents a selection of the research available. Reports and content may vary, as per our requirements.
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Corporates & Infrastructure
Corporates & Infrastructure
S&P Global Ratings rates over 4,600 corporates globally, providing timely insight into cross-industry credit trends
Rating Action Reports
Rating Action News
Explanation of a rating action on a debt issue, including changes to a recovery rating. In addition, rating actions on a group of issuers can be bundled and published as rating actions news, without individual research updates. The report provides the rating action rationales for the group of entities or sector, followed by entity-specific rationales, reflecting the view of a rating committee.
Research Update
Overview and rationale of a rating action taken at the issuer level, following a rating committee. These rating actions include newly assigned credit ratings, rating changes, outlook/CreditWatch revisions, as well as rating affirmations. It may include additional details, such as the description of the base-case forecast scenario, updated liquidity, as well as issue-related recovery analysis. Research updates for new issuer ratings can be more extensive and include more sections and tables, similar to a full analysis.
Non-Rating-Action Reports
Bulletin
Quick and timely report commenting on results or addressing a particular development or event that has no current impact on the credit rating of an issuer (i.e., it is not a rating action decided by a rating committee). In some cases, bulletins may also include updated financials or a forecast table.
Full Analysis
Detailed report on an individual company providing the issuer credit rating (ICR) and a breakdown of the scores that make up the rating, together with peer, financial summary, and financial reconciliation tables. These reports are typically published once per year; however, a second full analysis may be published during that timeframe with abbreviated content. Full analyses cover the issuer’s key strengths and risks, recent credit highlights, as well as outlook/CreditWatch, including rating downside and upside scenarios; followed by our base-case forecasts. Other sections include business description, peer comparison, business and financial risk profiles; and comments on liquidity, covenant analysis, and issue-level recovery or subordination analysis (for speculative-grade and investment-grade issuers, respectively). Occasionally, a dedicated full analysis report may focus solely on the recovery analysis and debt issue ratings of a speculative-grade issuer.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Financial Institutions
Monetary policy, tech disruption, and evolving regulations are forcing financial institutions to take a hard look at their business models. You will find insights into how these trends are affecting the credit profile of our broad coverage of banks, asset managers, clearing houses, and other non-bank financial institutions.
Rating Action Reports
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news, without individual research updates. The report provides the rating action rationales for the group of entities or sector, followed by individual entity specific rationales and updated outlook/CreditWatch, reflecting the view of a rating committee.
Research Update
Overview and rationale of a credit rating action taken at the issuer level, including newly assigned ratings, rating changes, outlook or CreditWatch revisions, and updated rating score snapshot.
Non-Rating-Action Reports
Bulletin
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of an issuer.
Full Analysis
Detailed reports on an individual issuer, providing the issuer credit rating (ICR) snapshot and a breakdown of the factors that make up the stand-alone credit profile (SACP). In addition, resolution counterparty ratings (RCR) are provided for certain financial institutions that are likely to be subject to an effective bail in resolution regime in the event of distress. The reports also provide other insights on the issuer, such as key strengths and weaknesses; outlook, including downside and upside scenarios; anchor, business position, capital, and earnings factors; and a view of the entity’s risk-adjusted capital; risk position, funding and liquidity analysis; as well as external support factors among other content.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Insurance
The insurance sector continues to demonstrate resilience and, in some areas, signs of strength. Our research provides insights on the challenges and opportunities the sector faces--such as disruption from new technologies, cyber security, and low interest rate levels.
Rating Action Reports
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news, without individual research updates. The report provides the rating action rationales for the group of entities or sector, followed by individual entity specific rationales and updated outlook/CreditWatch, reflecting the view of a rating committee.
Research Update
Overview and rationale of a credit rating action taken at the issuer level, including newly assigned ratings, rating changes, outlook or CreditWatch revisions, and updated rating score snapshot among other considerations
Non-Rating-Action Reports
Bulletin
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of an issuer.
Full Analysis
Detailed reports on an individual issuer, providing the financial strength rating (FSR) snapshot, the stand-alone credit profile (SACP) of the insurer, and the issuer credit rating (ICR). The reports also reveal further insights on an insurer’s key strengths, risks/weaknesses, and outlook, including downside and upside scenarios; key macroeconomic assumptions and key metrics, including S&P Global Ratings’ capital adequacy metric (if available); and a ratings detail table listing all ratings for the insurer and related entities among other data and considerations.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
International Public Finance
International Public Finance
Our research provides insights about public sector entities around the world, their challenges, and our views on where they stand in the face of current and future market developments.
Rating Action Reports
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news, without individual research updates. The report provides the rating action rationales for the group of entities or sector, followed by entity-specific rationales, reflecting the view of a rating committee.
Research Update
Overview and rationale of a credit rating action taken at the issuer level, including comments on newly assigned ratings, rating changes, outlook or CreditWatch revisions, as well as a rating score snapshot with added explanations. In addition, a table with selected economic indicators and forecast may be provided.
Non-Rating-Action Reports
Bulletin
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of an issuer.
Full Analysis
Detailed reports on individual public finance entities, providing the issuer credit rating (ICR) and insights into key rating factors, outlook and rationale of the rating, among other considerations.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Sovereigns
Our research provides insights about governments and public sector entities around the world, their challenges, and our views on where they stand in the face of current and future market developments.
Rating Action Reports
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news, without individual research updates. The report provides the rating action rationales for the group of entities or sector, followed by entity specific rationales and updated outlook/CreditWatch, reflecting the view of a rating committee.
Research Update
Overview and rationale of a credit rating action taken on an individual sovereign, including comments on newly assigned ratings, rating changes, outlook or CreditWatch revisions, as well as a rating score snapshot with further indicators and explanations.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Non-Rating-Action Reports
Bulletin
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of an issuer.
Full Analysis
Detailed reports on an individual sovereign, providing the issuer credit rating (ICR) and insights into key rating factors, outlook, and rationale for the rating. In addition, a rating score snapshot with comments and tables with selected economic indicators and projections are also provided, among other considerations.
Structured Finance
S&P Global Ratings’ global structured finance research provides the latest credit insights, including all asset-class presales, industry news, and sector trends.
Rating Action Reports
New Issue
Detailed full analysis issued when the new deal is closed, providing the final assigned credit rating, along with the rating participants and transaction structure.
Frequently available for ABS, CMBS, Covered Bonds, RMBS, and Structured Credit.
Presale
Analysis providing preliminary credit ratings, rationale, and profile of the deal, including expected closing date. Other insights, such as transaction overview, structure, and participants; collateral, pool or loan characteristics; assumptions and scenario analyses; payment structures, and sensitivity analysis among other considerations will be provided accordingly.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Frequently available for ABS, Covered Bonds, CLOs, CMBS, and RMBS.
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news. The report provides the rating action rationales for the group of entities or sector, reflecting the view of a rating committee.
Frequently Available for ABCP, ABS, Covered Bonds, CMBS, RMBS, and Structured Credit.
Non-Rating-Action Reports
Bulletin
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of issuers, deal, or issues.
Frequently Available for ABCP, ABS, Covered Bonds, CMBS, RMBS, and Structured Credit.
Portfolio Data
Comprehensive analysis showing ABCP performance data in tables and charts, including conduit profile and overview, collateral concentration, portfolio concentration trends and composition, among other data.
Frequently available for ABCP.
Transaction Update
Full analysis showing recent surveillance analysis on a deal’s performance.
Frequently available for ABS, ABCP, and Covered Bonds.
U.S. Public Finance
Today’s municipal market is increasingly complex and challenging. Whether you are an issuer, intermediary, or investor, our research provides in-depth market knowledge and forward-looking analyses.
Rating Action Reports
Full/Summary Analyses
Detailed reports on individual public finance entities, providing the issuer credit rating (ICR) or municipal related ratings, as well as insights into key rating factors, outlook, and rationale of the rating among other considerations.
To provide additional disclosure and transparency to the market, from mid-November 2021, S&P Global Ratings started publishing ESG credit indicators for individual companies in the corporate and infrastructure, and insurance sectors; other asset classes will be covered during 2022. These indicators will initially be released through the ESG credit indicator report cards for the relevant sector. Subsequently, they will be incorporated and updated in S&P Global Ratings’ issuer- and issue-specific publications to complement the existing credit rating analysis and surveillance.
Rating Action News
Explanation of a credit rating action on a debt issue. In addition, rating actions on a group of issuers can be bundled and published as rating actions news. The report provides the rating action rationales for the group of entities or sector, followed by entity-specific rationales and updated outlook/ CreditWatch, reflecting the view of a rating committee.
Non-Rating-Action Reports
Bulletins
Quick and timely report addressing a particular development or event that has no current impact on the credit rating of an issuer.