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. SPOs help issuers communicate their sustainability objectives with key stakeholders, and may facilitate customers’ access to capital.


Second Party Opinion

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
Communicate your sustainability development and initiatives
Strengthen corporate sustainability initiatives
Demonstrate your project's contribution to sustainability, your commitment to innovation and sustainable development
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
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)
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.


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.”

Second Party Opinion