Standard & Poors (S&P) meaning

In legal practice, Standard & Poor’s (S&P) means S&P Global Ratings, a major credit rating agency whose ratings (AAA to D) are routinely referenced in loan, bond and securitisation documents to set investment grade thresholds, rating triggers and step-ups, counterparty eligibility and collateral criteria. The term is descriptive: S&P itself is not defined in statute or case law. However, “credit rating agency” is defined and regulated under the UK Credit Rating Agencies Regulation (onshored from the EU CRA Regulation) and, in Ireland, under the EU CRA Regulation. S&P group entities are registered accordingly (UK: FCA supervision; EU/Ireland: ESMA supervision). Usage is broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland: S&P is typically included within the contract definition of “Rating Agency” alongside Moody’s and Fitch, and its scale is used to distinguish investment grade from speculative grade. For regulatory capital and risk‑weighting, S&P is recognised as an External Credit Assessment Institution (ECAI) under UK/EU prudential rules. Where a prospectus or offering cites an S&P rating, practitioners should ensure the required CRA/Prospectus disclosures are made, including whether the rating is issued by a registered or endorsed entity. Also known as: Standard & Poors; S&P Global Ratings.