Editing S&P Global Ratings (section)

=={{anchor|credit ratings}}Credit ratings==
As a [[credit rating agency]] (CRA), the company issues credit ratings for the debt of public and private companies, and public borrowers such as governments, governmental agencies, and cities. It is one of several CRAs that have been designated a [[nationally recognized statistical rating organization]] (NRSRO) by the [[U.S. Securities and Exchange Commission]].

===Long-term credit ratings===
[[File:BlankMap-World S&P.svg|thumb|552x552px|Countries by Standard & Poor's long-term sovereign rating. '''Legend''':
{{{!}}class="wikitable"
{{!}}-
{{!}}style="background: #006600; color: #ffffff"{{!}}AAA
{{!}}style="background: #009900; color: #ffffff"{{!}}AA+
{{!}}style="background: #00cc00; color: #ffffff"{{!}}AA
{{!}}style="background: #00ff00"{{!}}AA−
{{!}}style="background: #99ff33"{{!}}A+
{{!}}style="background: #ccff66"{{!}}A
{{!}}style="background: #e0ff00"{{!}}A−
{{!}}style="background: #ffffcc"{{!}}BBB+
{{!}}style="background: #ffff66"{{!}}BBB
{{!}}style="background: #ffff00"{{!}}BBB−
{{!}}-
{{!}}style="background: #ffcc99"{{!}}BB+
{{!}}style="background: #ffcc66"{{!}}BB
{{!}}style="background: #ffc200"{{!}}BB−
{{!}}style="background: #ff9933"{{!}}B+
{{!}}style="background: #ff6600"{{!}}B
{{!}}style="background: #ff6666"{{!}}B−
{{!}}style="background: #ff3333"{{!}}CCC+
{{!}}style="background: #e80000; color: #ffffff"{{!}}CCC
{{!}}style="background: #af0000; color: #ffffff"{{!}}CCC−
{{!}}style="background: #000000; color: #ffffff" {{!}}SD/D
{{!}}}]]

S&P rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC (such as BBB+, BBB, and BBB−). For some borrowers issuances, the company may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or stable.

'''Investment Grade'''
* '''AAA''': An obligor rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest issuer credit rating assigned by Standard & Poor's.
* '''AA''':  An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. Includes:
** '''AA+''': equivalent to [[Moody's#credit ratings|Moody's]] Aa1 (high quality, with very low credit risk, but susceptibility to long-term risks appears somewhat greater)
** '''AA''':  equivalent to Aa2
** '''AA−''': equivalent to Aa3
* '''A''':   An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.
** '''A+''': equivalent to A1
** '''A''':  equivalent to A2
* '''BBB''': An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.

'''Non-Investment Grade''' (also known as speculative-grade)
* '''BB''':  An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitments.
* '''B''':   An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.
* '''CCC''': An obligor rated 'CCC' is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
* '''CC''':  An obligor rated 'CC' is currently highly vulnerable.
* '''C''':   highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations
* '''R''':   An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.
* '''SD''':  has selectively defaulted on some obligations
* '''D''':   has defaulted on obligations and S&P believes that it will generally default on most or all obligations
* '''NR''':  not rated

===Short-term issue credit ratings===
The company rates specific issues on a scale from A-1 to D. Within the A-1 category, it can be designated with a plus sign (+). This indicates that the issuer's commitment to meet its obligation is very strong. [[Country risk]] and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating.

* '''A-1''': obligor's capacity to meet its financial commitment on the obligation is strong
* '''A-2''': is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory
* '''A-3''': adverse economic conditions are likely to weaken the obligor's capacity to meet its financial commitment on the obligation
* '''B''':   has significant speculative characteristics. The obligor currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impact its financial commitment on the obligation
* '''C''':   currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation
* '''D''':   is in payment default. Obligation not made on due date and grace period may not have expired. The rating is also used upon the filing of a bankruptcy petition.