Second Party Opinions and External Reviews

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An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the Shades of Green methodology, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future.

Your options include:

  • Second Party Opinion (SPO) - Use of Proceeds Financing: Assesses types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer three types of Use of Proceeds SPOs: green, social, and sustainability. For green projects, we apply our award-winning Shades of Green assessment which is our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.
  • Second Party Opinion (SPO) - Sustainability Linked Financing: Assesses types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument.  

Our European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR.  S&P Global Ratings can provide all three types of EuGB external reviews: Pre-Issuance Review, Post-Issuance Review, and Impact Report Review.

Service Provider Information

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions.
OverviewKey Information

Overview

Key Information

Use Cases

With a Second Party Opinion, companies can:

  • Demonstrate to stakeholders that your sustainability objectives are aligned to relevant market principles (such as ICMA, LMA, EU Taxonomy, European Green Bond Regulation).
  • Navigate access to the public and private sustainable debt markets.
  • Map use of proceeds to the UN Sustainable Development Goals.

Benefits

  • Credit and Climate Analytical Excellence: Our global team of 1,600 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place.
  • Transparent, Science-based Approach: Our award-winning Shades of Green approach provides additional transparency on the use of proceeds to investors that seek to understand contribution to a low carbon climate resilient future. Our methodology is public and shading scale is clearly defined.
  • Timely and Efficient: We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20^ business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases.

^From receipt of all necessary documents. Exact timeline will vary by type of SPO. Please contact us for further detail.