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SECOND PARTY OPINION

An independent assessment of how debt instruments or financing frameworks align to sustainability principles and the extent to which they are expected to contribute to long-term sustainable development

As demand continues to grow for independent analysis of sustainable financing frameworks, Moody's Ratings 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.

Access all publicly available SPOs published since October 2022

View a selection of SPOs published prior to October 2022

Learn more about how ESG considerations shape credit strength

EXPLORE THE BENEFITS OF A

Second Party Opinion

Support your finance strategy
May attract funding from sustainability-focused investors
Diversify and extend your investor base
Communicate your sustainability development and initiatives
Assess how proceeds of bonds and loans contribute and align to sustainability principles
Increase transparency with market participants
Demonstrate your project’s contribution to sustainability, and increase transparency with market participants
Enable investors and lenders to access an independent third-party assessment of your financial instrument and sustainability financing framework
FEATURES
Point-in-time assessment offered on a public or private basis
Post-issuance updates available upon request
Includes a Sustainability Quality Score (SQS) which speaks to the sustainability quality credentials of the framework or instrument and is expressed on a 5-point scale from SQ1 (best) to SQ5 (worst)
Delivered through a confidential data room with a click-through NDA and may be shared with up to 150 third parties at the institutional level
Globally available across all sectors subject to local regulations
Evaluation of issuance or framework follows either a use-of-proceeds or sustainability-linked (KPI) approach
Public SPOs will be published to the issuer landing page on MDC and will be available on the ESG Credit and Sustainable Finance topic page
Deliverable can be translated in English, French, German, Portuguese, Spanish, Korean, Chinese and Japanese
Typical uses

Clarify your proceeds’ sustainability impact and alignment to frameworks and sustainability principles

Share detailed assessment of the sustainability credentials of your bond and loan issuance

Assessable instrument types: Unlabeled and conventional bonds, Climate Bonds, Blue Bonds, Sustainable Development Goal Bonds, Transition Bonds, etc.

Disclaimer(s):

Second Party Opinions are not subject to regulation by the Monetary Authority of Singapore.

Please note that a Second Party Opinion (SPO) is not a “credit rating”. Development and provision of SPOs fall under the category of “related business”, not “credit rating business”, and are not subject to regulations applicable to “credit rating business” under the Financial Instruments and Exchange Act of Japan and its related regulations.”

Notes:

Moody’s Japan K.K. (“MJKK”) endorses JFSA’s Code of Conduct for ESG Evaluation and Data Providers

Moody’s Ratings Adherence Statement in respect of the UK Code of Conduct for ESG Ratings and Data Products

Second Party Opinion