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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 signatories and so far supported by more than 180 investors with over $40 trillion of AUM, and 28 CRAs. Four reports have been published as part of the initiative and over 20 forums organised around the world for credit practitioners.
Read about how investors and credit rating agencies use the information provided by companies following the recommendations of the Taskforce on Climate-related Financial Disclosures in their credit risk analysis.
Investment consultants are critical stakeholders in the investment chain, advising institutional asset owners on a range of issues, including the selection, appointment and monitoring of external managers.
Read the conclusions of our discussion with 20 ESG information providers on how useful their data and product offerings are for fixed income investors and where they need to improve.
To see the progress CRAs are making to enhance the integration of ESG factors in credit risk analysis, in keeping with their commitment to the above Statement, check the PRI’s quarterly updates.
Issuers’ crisis preparations and responses, and bondholder engagement, are two key areas of focus when considering the credit implications of the COVID-19 pandemic through an environmental, social and governance (ESG) lens.
As well as continuing to engage with CRAs, the results from this survey will inform future discussions with ESG information providers, to help fixed income investors to best use available tools and analysis for ESG integration in their investment decisions.
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.
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.