SALT LAKE CITY, UTAH – Last week, in a victory for the State of Utah and its local communities, S&P Global Ratings announced that it would no longer publish new or update outstanding ESG credit indicators. Attorney General Sean D. Reyes, a national leader in the fight to bring the ESG movement into conformity with the rule of law, issued the following statement:
“This is a very significant move with global implications. I applaud S&P for reversing course and returning to focus on real creditworthiness, not subjective and coercive ESG scores that serve only to politicize credit ratings.
“Companies around America – and even the world – are starting to realize that prioritizing ESG factors over their core duties is a losing proposition that hurts them, consumers, and the marketplace.
“Without the diligence these past years of watchful attorneys general and other state and community leaders challenging the excesses of the ESG movement, I doubt S&P or other companies would feel the need to course correct.
“I am proud Utah has played a lead role in this endeavor. We will continue to be vigilant and hold companies and organizations accountable to the rule of law and common sense.”
Last year, Utah leaders wrote to S&P about their credit ratings for Utah, demanding the global credit rating agency stop publishing ESG credit indicators as part of its credit ratings for states and state subdivisions. The state asserted that the ESG indicators were subjective and likely to be inappropriately influenced by political bias and trends.
Read the letter here.
Read the S&P Global Ratings press release.
