Second Party Opinions & Transaction Evaluations

S&P Global Ratings provides a variety of Second Party Opinions (SPOs) and Transaction Evaluations to help companies provide investors with greater insight into how their investments will impact and align with environmental, social and sustainability goals.

In December 2022 S&P Global acquired the Shades of Green business from CICERO, further expanding the breadth and depth of our SPO offering. Shades of Green have been championing SPOs in the global green financing market since 2008 after publishing the very first SPO on the World Bank’s Green bond framework and remain the largest external reviewer by volume globally. Learn more.

SPOs - Use of Proceeds Financing

Assesses a sustainable finance framework or transaction - where the proceeds will be used exclusively to finance or refinance environmental or social projects - for alignment with third-party principles, standards and taxonomies.

SPOs - Sustainability-Linked Financing

Assesses a sustainable finance framework or transaction - where the proceeds will be used for general public finance purposes - for alignment with third-party principles and guidelines.

Transaction Evaluations

Assesses the relative environmental benefit generated by a green/resilience financing and an opinion on governance and reporting.

View all public SPOs on our website

Why S&P Global Ratings for your Second Party Opinions?

Timely and Efficient

Our Second Party Opinions are typically delivered between 10-20 business* days, allowing clear timelines to access the capital markets.

Recognized

With over 150 years of experience in providing independent opinions to the markets, we deliver the essential intelligence market participants need to make informed decisions with conviction.

Credible

By integrating Shades of Green into S&P Global Ratings’ Sustainable Finance business, we will have a global team of over 1600 Credit Ratings Analysts and 70 Sustainable Finance Analysts utilizing their climate, sector and company expertise to assess an issuer’s sustainability strategy and financing frameworks.

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The analyses, including ratings, of S&P Global Ratings are opinions and not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the suitability of any security, and should not be relied on in making any investment decision. S&P Global Ratings does not act as a fiduciary or an investment advisor except where registered as such.

S&P Global Ratings maintains a separation of commercial and analytical activities. Please note that analysts are not permitted to engage in discussions about fees.

Note: Not all products are available in all markets.

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*For Transaction Evaluations: 15 business days from receipt of all necessary documents. For use-of-proceeds SPO: 10 business days from receipt of all necessary documents (please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting.