As demand continues to grow for independent analysis of sustainable financing frameworks, Moody’s is here to support you. Our market-innovating Second Party Opinions (SPOs) of green, social, sustainability and sustainability-linked bonds and loans bring clarity to the sustainability impact of financing frameworks and instruments and their alignment to market standards. SPOs help issuers communicate their sustainability objectives with key stakeholders, and may facilitate customers’ access to capital.

Click here to access all publicly available SPOs published since October 2022

Click here to a view a selection of SPOs published prior to October 2022


Private Monitored Rating

Enables engagement with Moody’s on a private and monitored basis
Support your finance strategy
May attract and access funding from responsible investors
Diversify and extend your investor base
May result in attractive funding costs, improved deal execution and increased subscription levels
Provides customers with rating rationale and research beneficial for customers' own internal management considerations including credit risk assessment, comparison, governance, strategic and financial planning
Communicate your sustainability development and initiatives
Strengthen corporate sustainability initiatives
Demonstrate your project's contribution to sustainability, your commitment to innovation and sustainable development
Assess how proceeds of bonds and loans contribute and align to sustainability principles
Provides customers with flexibility to commence a rating relationship at any point during their financing calendar
Increase transparency with market participants
Allows you to clearly demonstrate a transaction’s sustainability value among investors, regulators and peers 
Provide visibility to investors and lenders on reporting of your instrument and financing framework
Definitive private credit rating
Rating is subject to ongoing monitoring
Full detailed analysis undertaken by Moody’s lead analyst and rating outcome is concluded via rating committee
Rating assignment at the institutional / corporate level
Delivery of full analysis via confidential credit opinion through a secure virtual dataroom
The PMR is not assigned to debt instruments or utilized for placing debt
Typical uses

An unrated issuer that plans to raise debt in the future, needs a private corporate/entity level rating, or is seeking to build a relationship, analytical track record and credit profile with MIS

A rated issuer repaying debt obligations currently rated by MIS that wishes to maintain a relationship with MIS

Analytical Coverage
For rated organizations, typically the lead analyst will conduct the RAS analysis
For unrated organizations, a lead analyst will be determined based on sector experience and analytical availability
RAS outcomes are determined by a RAS committee

Note: Private credit ratings are credit ratings produced pursuant to an individual order and provided exclusively to the person who placed the order, are not intended for public disclosure or distribution by subscription and are subject to a duty of confidentiality and limitations on distribution. Private credit ratings may not be used for regulatory purposes in certain jurisdictions, including in the European Union.