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| Rating agencies Standard & Poor's | |
|---|---|
| Name | Standard & Poor's |
| Type | Subsidiary |
| Industry | Financial services |
| Founded | 1860s (Mercantile Agency roots) |
| Headquarters | New York City |
| Products | Credit ratings, indices, research |
| Parent | S&P Global |
Rating agencies Standard & Poor's
Standard & Poor's is a credit rating and financial research firm notable for sovereign ratings on United States Department of the Treasury, corporate ratings for ExxonMobil, indices such as the S&P 500, and analytical work used by International Monetary Fund, World Bank, European Central Bank. The firm provides ratings, market intelligence, and indices employed by investors including BlackRock, Vanguard Group, State Street Corporation as well as by financial institutions like JPMorgan Chase, Goldman Sachs, Morgan Stanley. Its ratings influence debt issuance for countries such as United Kingdom, France, Japan and corporations including Apple Inc., Microsoft.
The company's antecedents date from the 1860s when Henry Varnum Poor published guides that informed investors alongside contemporaries such as Moody's Investors Service and Fitch Ratings. In 1941 the firms that became Standard Statistics and Poor's merged with entities linked to Standard Statistics Company and the legacy of Poor's Publishing, creating the modern brand that later joined McGraw-Hill and subsequently the corporate group now known as S&P Global. Over decades the firm expanded through acquisitions and products tied to events like the Latin American debt crisis, the Asian financial crisis, and the 2008 financial crisis when actions by Federal Reserve System, U.S. Department of the Treasury, and regulators prompted scrutiny.
Standard & Poor's methodology blends quantitative models, qualitative analysis, and sovereign and corporate frameworks used in assessments for issuers such as Brazil, Greece, Argentina and corporations like General Electric. Analysts consider financial statements audited under standards such as International Financial Reporting Standards and United States Generally Accepted Accounting Principles, using benchmarking against peers including Berkshire Hathaway, Toyota Motor Corporation, Volkswagen Group. Ratings incorporate macro factors monitored by entities like Organisation for Economic Co-operation and Development, International Monetary Fund, and indicators used by Bank for International Settlements while applying committees and surveillance processes similar to those at European Banking Authority.
Core offerings include long-term and short-term credit ratings for sovereigns, municipalities, and corporates comparable to products from Moody's Investors Service and Fitch Ratings, as well as indices such as the S&P 500, S&P Global 1200, and sector indices linked to MSCI. Additional services include research reports, risk analytics, and credit default swap reference obligations used by counterparties such as CME Group and custodians like The Depository Trust & Clearing Corporation. The company also publishes ratings on structured finance instruments involved in episodes tied to residential mortgage-backed securities and transactions connected to issuers such as Lehman Brothers.
S&P's downgrades and upgrades have triggered market moves involving actors like New York Stock Exchange, NASDAQ, and central banks including Bank of England and Federal Reserve Bank of New York. Criticisms have come from governments such as United States Department of the Treasury and supranational organizations including European Commission for perceived conflicts evident during events like the 2008 financial crisis and the Greek debt crisis. Academic work from scholars at Harvard University, London School of Economics, Columbia University has examined procyclicality and model risk, while investigative reporting by outlets like The Wall Street Journal, The New York Times, Financial Times has highlighted cases related to structured products and alleged rating shopping involving firms such as Bear Stearns.
S&P has been subject to enforcement actions by regulators including the U.S. Securities and Exchange Commission, litigation in courts such as the United States District Court for the Southern District of New York, and settlements with agencies like California Attorney General and institutions including MBIA. Regulatory reforms in the aftermath of crises involved legislation and oversight by bodies like Dodd–Frank Wall Street Reform and Consumer Protection Act, European Securities and Markets Authority, and discussions at G20 summits about governance, disclosures, and competition among rating agencies.
The firm operates as a division of S&P Global, which also owns business lines in market intelligence, commodities via entities tied to Platts, and analytics akin to businesses at IHS Markit prior to its merger discussions. Executive leadership has included figures with careers spanning firms such as McGraw-Hill, BlackRock, and oversight from boards linked to directors who have served at institutions like Citigroup, Procter & Gamble, HSBC. Headquarters in New York City coordinate regional operations across offices in London, Tokyo, Singapore, reflecting global coverage comparable to peers with footprints in Hong Kong, Frankfurt am Main, Sydney.
Category:Credit rating agencies Category:Financial services companies of the United States