Form NRSRO | S&P Global Ratings

Download 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.

_{**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 1

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 consisting of transition and default rates for each class (and applicable subclass) for which S&P Global Ratings is registered as an NRSRO through the most recent calendar year-end for one, three and ten-year periods 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://disclosure.spglobal.com/ratings/en/regulatory/ratingshistory

4. Method of Calculating Performance Measurement Statistics

S&P Global Ratings Performance for Form NRSRO Exhibit 1

Exhibit 2

A description of the procedures and methodologies used in determining credit ratings. Exhibit 2 is attached and made a part of this Form NRSRO.

The following documents attached below describe the procedures and methodologies used in determining credit ratings.

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

Principles of Credit Ratings

Glossary

General Description of the Credit Rating Process

Assignment of Credit Ratings

Withdrawal, Discontinuance, and Suspension

Sufficient Information (Quality of Information)

Rating Committee

Issuer Notification (including Issuer Appeals)

Ratings Release

Surveillance

Error Correction

Prohibited Activities

Model Use

Methodology

Ratings Vendor Management

Analysis of Information and Application of Criteria

Exhibit 3

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.

S&P Global Code of Business Ethics for Employees

Divisional Independence and Objectivity

S&P Global Ratings Code of Conduct*

S&P Global Ratings Code of Conduct--Australia*

Securities Disclosure and Trading Policy

Ratings Addendum to Securities Disclosure and Trading Policy

Outside Activities Professional Conduct Policy

Avoiding Selective Disclosure of Material Non-Public Information

Managing Confidential Information

Ratings Release

Issuer Notification (including Issuer Appeals)

Corporate Governance

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

Exhibit 4

Organizational structure. Exhibit 4 is attached to and made a part of this Form NRSRO. SPGI's operations are described below.

Description of the Business

Attached below are:

(1) SPGI Subsidiary List - subsidiaries of S&P Global Inc.

(2) NRSRO Organization Charts

Exhibit 5

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.

S&P Global Ratings Code of Conduct*

S&P Global Ratings Code of Conduct--Australia*

S&P Global Code of Business Ethics for Employees

Securities Disclosure and Trading Policy

Ratings Addendum to Securities Disclosure and Trading Policy

Outside Activities Professional Conduct Policy

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

Exhibit 6

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

Identification of Conflicts of Interests Relating to the Issuance of Credit Ratings

Exhibit 7

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.

S&P Global Code of Business Ethics for Employees

S&P Global Ratings Code of Conduct*

S&P Global Ratings Code of Conduct--Australia*

Divisional Independence and Objectivity

Securities Disclosure and Trading Policy

Ratings Addendum to Securities Disclosure and Trading Policy

Outside Activities Professional Conduct Policy

Avoiding Selective Disclosure of Material Non-Public Information

Roles and Responsibilities

Prohibited Activities

Gifts, Entertainment, Conferences and Other Events

Analyst Rotation

Ancillary Services & Other Services

Avoiding Conflicts with Ancillary and Other Services

Potential Business Relationship

Look-Back Review

Rating Committee

Complaint

Report Illegal Conduct, No Retaliation

Secure Website--SEC Rule 17g-5

Corporate Governance

Market Interaction

US Presentation of Credit Ratings Disclosure

Recordkeeping & Retention

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

Exhibit 8

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.

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

Information on credit analysts and credit analyst supervisors

The documents attached below further describe the resourcing, training, experience, and competency policies with respect to credit analysts.

Sufficient Resources

Standards of Training, Experience and Competence

Exhibit 9

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

Certain Information Regarding the Credit Rating Agency's Designated Compliance Officer

List of Material Changes

Pursuant to Form NRSRO Instructions, Section F.

Material Changes

Funds Ratings Performance Measurement Statistics