Major credit ratings firm dumps woke 'ESG ratings,' instantly sees stock price surge
(BECKER NEWS) – S&P Global, one of the largest independent credit ratings firms in the world, has discontinued its practice of providing ‘Woke’ ESG ratings for corporate borrowers. Since 2021, this debt rating agency had rated companies on a scale of one to five based on their environmental, social, and governance risks. As reported by…
The post Major credit ratings firm dumps woke 'ESG ratings,' instantly sees stock price surge appeared first on WND.
(BECKER NEWS) – S&P Global, one of the largest independent credit ratings firms in the world, has discontinued its practice of providing ‘Woke’ ESG ratings for corporate borrowers.
Since 2021, this debt rating agency had rated companies on a scale of one to five based on their environmental, social, and governance risks. As reported by the Financial Times, S&P had given Visa a two for both “E” and “S”, and three for “G”. In contrast, FirstEnergy, an Ohio-based utility company implicated in corruption, got a four for “G”, which is the second-lowest score in S&P’s system.
Recently, S&P shifted its stance, deciding that textual descriptions, rather than scores, would represent their evaluation of a company’s ESG considerations.
The post Major credit ratings firm dumps woke 'ESG ratings,' instantly sees stock price surge appeared first on WND.