This article presents S&P Global Ratings’ proposed criteria for rating U.S. governments. This proposal consolidates the criteria for U.S. states, counties, municipalities, school districts, and special government districts under a single framework for determining a stand-alone credit profile (SACP) (see “Related Publications” section for details of superseded criteria).
These proposed criteria would apply only to U.S. governments not in scope of other issuer credit rating (ICR) criteria.
Although the scope of activities may vary, governments share the following characteristics:
- Leadership is elected or is appointed by others who are elected;
- The entity provides public services and/or public infrastructure; and
- The entity is supported directly or indirectly by taxes and fees levied on residents or funds transferred from other levels of government.
11 Jan, 2024