Credit Risk and Ratings Initiative

The ESG in Credit Risk and Ratings Initiative aims to enhance the transparent and systematic integration of ESG factors in credit risk analysis. The PRI is facilitating a dialogue between credit ratings agencies (CRAs) and investors to cultivate a common language, discuss ESG risks to creditworthiness and bridge disconnects.

The initiative kicked off with the launch of the Statement on ESG in Credit Risk and Ratings, still open to sign and so far supported by more than 150 investors with nearly $30 trillion of AUM, and 19 CRAs. Four reports have been published as part of the initiative and over 20 forums organised around the world for credit practitioners.

See below the work we have done so far, and contact us if you have any questions.

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Takeaways from the EM forums


The emerging market forums completed the global series that gathered credit practitioners from investors and CRAs to discuss ESG topics.


ESG in Credit Risk and Ratings


Highlights of the milestones of the initiative since its start. The project is the first of its kind because of its credit focus and scale, with 21 forums held in 15 countries.

Webinar: the state of play

The PRI, BlueBay Asset Management and S&P Global Ratings discussed the state of play of integrating ESG factors in credit risk analysis. The webinar features a poll to uncover the main obstacles to integrating ESG factors in credit risk analysis as well as perceptions on how these factors feature in credit ratings.

Webinar: The Disconnects

Credit rating agency and investor representatives, including Hermes IM, Moody’s Investors Service, Neuberger Berman, Öhman and Pendal Group, discuss the challenges of ESG consideration in credit risk analysis with examples. This webinar recording merges two sessions featuring different speakers.

Webinar: Action Areas

The PRI examines action areas to consider transparently and systematically ESG factors in credit risk analysis, with active participants to the ESG in Credit Risk and Ratings Initiative, including Fitch Ratings, RAM Ratings, AXA, HSBC Global AM, Legal & General IM and Nomura AM. This webinar recording merges two sessions.

ESG in credit risk and ratings forums

To address some of the disconnects between investors and CRAs that emerged at the start of the initiative, the PRI organised roundtables across the globe aimed at credit risk analysts, fixed income portfolio managers and strategists (ESG analysts were welcome if accompanying their colleagues). CRA representatives participated to explain how they incorporate ESG factors in their credit ratings and answered questions.

  • Berlin (PRI in Person – panel session: ESG in sovereign credit risk)
  • The Hague (hosted by Aegon Asset Management)
  • Toronto (hosted by University of Toronto Asset Management)
  • Montreal (hosted by PSP Investments)
  • New York (hosted by Neuberger Berman)
  • London (hosted by Insight Investment)
  • Stockholm (hosted by Öhman)
  • Paris (hosted by AXA)
  • Frankfurt (hosted by Deutsche Börse)
  • San Francisco (panel session hosted by Wells Fargo Asset Management) - video recording
  • Sydney (hosted by the Financial Services Council)
  • Tokyo (hosted by Nikko AM)
  • Singapore (hosted by Eastspring Investments)
  • Hong Kong (hosted by HKIFA)
  • Cape Town (hosted by Investec)
  • San Francisco (PRI in Person – panel session: assessing ESG risks through credit ratings and sustainability scores - audio recording)
  • São Paulo (hosted by Itaú Asset Management)
  • Santiago (hosted by Moneda Asset Management)
  • Beijing (hosted by the Asian Infrastructure Investment Bank)
  • Mexico City (hosted by Compass Group)
  • Paris (PRI in Person – panel session: from disconnects to action – audio recording)

The ESG in Credit Risk and Ratings Initiative receives support from The Rockefeller Foundation. The views expressed in the documents, webinars and during the events listed on this page are not necessarily those of The Rockefeller Foundation, its trustees, or its staff.

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