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Second Party Opinions
To meet growing global market demand for independent views on the alignment of labelled debt with international standards.
Second Party Opinions (SPOs)
Below is a selection of historical Second Party Opinions*
Moody’s Ratings aim to meet growing global market demand for independent views on the alignment of labelled debt with international standards and the expected contribution of financed projects and targets to long-term sustainable development.
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October 25, 2022
SPIE's Sustainability-Linked Financing Framework
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September 22, 2022
Lottus Education's Sustainability-Linked Funding Framework
View SPO in Spanish
September 12, 2022
PSP Swiss Property's Green Bond Framework
View SPO in EnglishView SPO in German
September 1, 2022
Liberty Costa Rica's Sustainability-Linked Financing Framework
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August 5, 2022
Republic of Colombia's Sovereign Green, Social and Sustainable Bond Framework
View SPO in SpanishView SPO in English
July 27, 2022
Groupe Bel's Sustainability-Linked Financing Framework
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July 26, 2022
General Motors and GM Financial's Sustainable Finance Framework
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July 13, 2022
Solar United Networks' Green Bond Framework
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July 1, 2022
District of Barranquilla's Sustainable Financing Framework
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June 24, 2022
The Kingdom of Belgium's Green OLO Framework
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June 13, 2022
Crédit Mutuel Alliance Fédérale’s Green, Social and Sustainability Bond Framework
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June 2, 2022
Grupo Herdez's Sustainability-Linked Bond Framework
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May 25, 2022
Carrefour's Sustainability-Linked Bond Framework
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May 18, 2022
Covivio's Sustainability-Linked Bond Framework
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May 18, 2022
Covivio's Sustainable Bond Framework
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May 16, 2022
France's Green OAT
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May 12, 2022
FIRA's Social Framework
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May 12, 2022
Trade and Development Bank of Mongolia's Sustainability Framework
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May 4, 2022
Toivo Group’s Green Finance Framework
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May 2, 2022
Eni's Sustainability-Linked Financing Framework
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April 26, 2022
American Express’ Sustainable Financing Framework
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April 22, 2022
Caisse des Dépôts’ Green, Social, and Sustainability Bonds Framework
View SPO in FrenchView SPO in English
March 29, 2022
Banque de Luxembourg Investment’s Social Bond Framework
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March 23, 2022
NeuConnect Interconnector’s Green Financing Framework
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February 23, 2022
Honda Motor Corporation’s Sustainable Finance Framework
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February 16, 2022
Ascott Residence Trust's Sustainability-Linked Finance Framework
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February 8, 2022
Foncière Inéa’s Sustainability-linked loan
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January 13, 2022
Terna’s Green Bond Framework
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January 3, 2022
Republic Of Philippines’s Sustainable Finance Framework And Eligible Expenditures Portfolio
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November 8, 2021
CHU de Rennes’s Social Notes
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November 4, 2021
Ford’s Sustainable Financing Framework
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November 2, 2021
NW Natural Holding and NW Natural Gas Company Sustainable Financing Framework
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October 2, 2021
Arkema’s Green Bond Framework
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September 30, 2021
Triodos Bank Green Bond Framework
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September 27, 2021
Greentown China Holdings Limited’s Green Financing Framework
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September 17, 2021
Avangrid’s Green Financing Framework
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September 16, 2021
Arab Petroleum Investments Corporation’s (APICORP) Green Bond Framework
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September 9, 2021
Europcar Mobility Group's Sustainability-Linked Financing Framework
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September 8, 2021
City Of Tampa’s Series 2021 Bond
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September 6, 2021
Foncière INEA’s Green Loan
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August 30, 2021
Aedifica’s Sustainable Bond Framework
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August 30, 2021
Crédit Agricole Next Bank’s Green Covered Bonds
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August 25, 2021
European Commission’s NextGenerationEU Green Bond Framework
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August 25, 2021
Sempra’s Sustainable Financing Framework
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August 24, 2021
Adani Green Energy Limited’s Green Financing Framework
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August 18, 2021
Eurocaja Rural’s Sustainability Bond Framework
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August 9, 2021
Terwilliger Plaza’s Green Bond
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July 28, 2021
Befimmo’s Green Finance Framework
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July 21, 2021
Adani Electricity Mumbai Limited's Sustainability-Linked Bond
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July 20, 2021
Kingdom of Spain’s Sovereign Green Bond Framework
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July 9, 2021
Republic of Benin’s SDG Bond Framework
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July 7, 2021
KfW IPEX-Bank’s Green Lending Framework
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July 2, 2021
Banque Centrale Populaire’s Social Bond Framework
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July 2, 2021
Mexico’s SDG Sovereign Bond Framework
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June 30, 2021
Denso’s Sustainability Bond Framework
View SPO in JapaneseView SPO in English
June 29, 2021
Government of the United Kingdom’s Green Financing Framework
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June 29, 2021
Republic of Colombia’s Sovereign Green Bonds Framework
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June 25, 2021
Carrefour’s Sustainability-Linked Bond Framework
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June 24, 2021
DaFa Properties Group Limited’s Green Financing Framework
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June 23, 2021
Terna’s Green Bond Framework
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June 14, 2021
Capitron Bank’s Sustainable Bond Framework
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June 2, 2021
Edison International’s Sustainable Financing Framework
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May 25, 2021
Desjardins’ Sustainable Bond Framework
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May 12, 2021
Bank of Communications Financial Leasing’s Sustainable Financing Framework
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May 6, 2021
Polski Koncern Naftowy (PKN) Orlen’s Green Finance Framework
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May 4, 2021
A2A’s Sustainable Finance Framework
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May 3, 2021
Ramsay Santé's Sustainability-Linked Financing Framework
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April 21, 2021
Housing Development Corporation Ltd’s Sustainability Bond Framework
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April 21, 2021
Rexel's Sustainability-Linked Bond Framework
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April 20, 2021
Verallia’s Sustainability-Linked Financing Framework
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April 19, 2021
Andorra’s Green, Social and Sustainability Bond Framework
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April 19, 2021
Natura Cosméticos' Sustainability-Linked Bond Framework
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April 16, 2021
Bancamía’s Social Bond Framework
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April 14, 2021
National Environment Agency’s Green Bond Framework
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March 31, 2021
THFC’s Social Bonds Framework
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March 19, 2021
Région Île-de-France’s Green, Social and Sustainable Bond Framework
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March 18, 2021
ITOCHU Corporation’s SDGs Bonds Framework
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March 15, 2021
Nomura Research Institute's Sustainability-Linked Bond Framework
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March 9, 2021
Finance of America Reverse LLC’s Social Bond Framework
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March 4, 2021
PT Japfa Comfeed Indonesia Tbk's Sustainability-Linked Bonds
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February 25, 2021
Italy’s First Sovereign Green Bond Framework And Issuance
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February 24, 2021
Toyota Motor Corporation’s Woven Planet Bond Framework
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February 16, 2021
Iberdrola’s Green Bond
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February 16, 2021
Sociedad Concesionaria Vial Montes de María S.A.S.’ Social Bond
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February 12, 2021
Merck & Co., Inc.’s Sustainability Financing Framework
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February 8, 2021
Assistance Publique - Hopitaux de Paris’ Social Bonds Framework
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January 29, 2021
Enel's Sustainability-Linked Financing Framework
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January 18, 2021
Nomura Real Estate Group Sustainability Bond Framework
View SPO in JapaneseView SPO in English
January 5, 2021
SK hynix’s Green Financing Framework
View SPO in KoreanView SPO in English
January 4, 2021
LISC’s Social Bond Framework
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December 18, 2020
BOAD’s Sustainability Framework
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November 26, 2020
Crédit Agricole’s Social Bond Framework
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November 25, 2020
Albioma’s Sustainability-linked Financing Framework
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November 23, 2020
The Arab Republic of Egypt's Sovereign Green Financing Framework
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November 20, 2020
Aviva Investors Real Assets (AIRA) Sustainable Transition Loan Framework
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November 17, 2020
Schneider Electric’s Sustainability-Linked Financing Framework
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November 12, 2020
NRG's Sustainability-Linked Bond Framework
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November 6, 2020
VINCI's Green Bond Framework
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November 3, 2020
Republic of Chile’s Sustainable Bond Framework
View SPO in EnglishView SPO in Spanish
October 20, 2020
Etihad Airways’ Sustainability-Linked Financing Framework
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*Some SPOs were originally conducted by V.E, which was acquired by Moody’s Corporation