MI Glossary

Available to investment banks and corporates, reports from sell-side research analysts become available after a brief embargo period from publication. Our Aftermarket research collection – which features more than 32 million analyst research reports from 1,900+ global investment research providers – including top-ranked investment banks such as Citi, Credit Suisse, Barclays, UBS, J.P. Morgan, HSBC, and Deutsche Bank – provides unique insights, forecasts, and opinions, from sought-after industry experts to gain the essential insights you need.

Alternative data sets are information about an individual company that is published by external sources. It can provide unique insights into investment opportunities.

Percentage of all outstanding loans that a lender has written off as unpaid after a prolonged period of missed payments.

Anti-money laundering (AML) refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.

A software intermediary that allows two applications to talk to each other. The S&P Global Market Intelligence API Solutions, using Restful APIs, provides on-demand enterprise data access more securely and with fewer resources than traditional data feeds. Access a comprehensive list of financial and non-financial data sets allowing you to pick and choose the data you need without hosting a database. Developers can leverage secure web services to dynamically access S&P Global datasets, and curated third-party datasets, or can interact directly with the web services via REST/JSON.

Bonds or notes backed by pools of financial assets, typically with predictable income flows, originated by banks and other credit providers. Examples of such assets include credit card receivables, trade receivables, and auto loans.

A debt obligation issued by a corporation, or other Issuer, promising to pay periodic interest and to repay the principle upon maturity. Maturities begin five or more years from the date of issue.

The S&P Global Market Intelligence Business Entity Cross Reference Service provides you immediate cross-reference capabilities for millions of public and private entities using standardized and proprietary identifiers. You can utilize Business Entity Cross Reference Service for timely and accurate data mapping to systematically update and maintain the multifaceted relationships with in a corporate hierarchy, avoiding the time consuming and costly endeavor of manually maintaining your own linkages for mapping entities to issuers.

The amount of carbon dioxide released into the atmosphere as a result of the activities of a particular individual, organization, or community. For most business activities, the largest proportion of the carbon footprint is concealed in supply chains or in the product use and disposal phase. Companies need to quantify carbon emissions across their value chains - including business operations, supply chains, product use and disposal. Financial institutions need to quantify carbon emissions linked to their capital allocation - it could be across companies in equity and debt portfolios or bank loan books, or investments in other asset classes such as infrastructure and real estate.

Climate Credit Analytics is a climate scenario analysis and credit analytics model suite. These tools combine S&P Global Market Intelligence’s data resources and credit analytics capabilities with Oliver Wyman’s climate scenario and stress-testing expertise.

A collateralized loan obligation (CLO) is a single security backed by a pool of debt. The process of pooling assets into a marketable security is called securitization. Collateralized loan obligations (CLO) are often backed by corporate loans with low credit ratings or loans taken out by private equity firms to conduct leveraged buyouts.

Securities that are backed by one or more pools of mortgage loans. CMBS are backed by one or more loans secured by commercial properties, which may include multifamily housing complexes, shopping centers, industrial parks, office buildings, and hotels.

Common Equity Tier 1 (CET1) is a capital measure introduced in 2014 as a precautionary means to protect the economy from a financial crisis. It is a component of Tier 1 capital that is mostly common stock held by a bank or other financial institution.

Credit analysis is a type of financial analysis performed to measure the issuer's ability to meet its debt obligations.

The opinion of a Ratings agency, such as S&P Global Ratings, of the overall creditworthiness of an obligor (Issuer credit rating) or an Issuer's creditworthiness with respect to a specific debt Issue (Issue credit rating).

Credit risk is the risk of default on a debt that would arise from a borrower's failure to make required loan payments or meet contractual obligations.

CreditModel™ is a powerful suite of over 100 statistical models, trained on credit ratings from S&P Global Ratings, help you evaluate the long-term creditworthiness of public and private, rated and unrated companies. Pre-scores available for over 182,000* companies worldwide.

CreditPro provides a comprehensive picture of your credit risk exposures with access to authoritative default, transition and recovery data, and powerful database and analytic tools. Evaluate probabilities of default based on S&P Global Ratings default and ratings migration data. Integrate rating transition matrices, and default and recovery rates that are tailored to your portfolio in your credit risk assessments. Access credit loss information on 5,000+ defaulted bank loans and high yield bonds on 1,000+ public and private U.S. companies.

Digital transformation is the adoption of digital technology by a company to improve efficiency, value, innovation, or fundamentally transform existing business processes and customer experience.

A rating change in a negative direction, indicating a decrease in creditworthiness.

Energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption — including oil, natural gas and coal — to renewable energy sources like wind and solar, as well as lithium-ion batteries.

ESG Scores are built on a rules-based and quantitative assessment of companies’ tangible performance on key sustainability risks and opportunities (including controversies), the quality and completeness of their public disclosures, and their understanding of emerging, underreported ESG issues.

Islamic finance refers to financial activities that are Shari'ah compliant. It aligns with the moral principles of Islam and encourages partnership.

S&P Global Marketplace sources, structures, links, and delivers best-in-class data for our clients. It provides premium fundamental and alternative datasets available seamlessly via Cloud, Data Feed and API Solutions, along with expert analysis.

Our Mine Economics Model provides a powerful, transparent perspectives on mine cost analysis. Elevate your understanding of mine production cost drivers. Benchmark against global cost curves and conduct sensitivity analysis with our models to gain strategic insights.

Access the essential Microsoft Office add-in for heavy data lifting and customization. Create refreshable models, access pre-built templates, discover Excel screening, and more: all with one-click refreshing. That's the power of the S&P Capital IQ Pro Office Add-In.

The specific date on which accountants present a financial statement. It can be the end of a specific period, such as a month, quarter or fiscal year. In contrast, some accounting reports span a time frame.

Gain greater insight into your investment process and communicate the strengths behind your strategy. Streamline your investment process with S&P Global Market Intelligence and fuel your funds.

Any data that a non-listed company considers private to its business and includes business sensitive information, such as financial information or business operation data.

During the given time horizon, the probability the instrument would default.

Project finance is the long term funding of public infrastructure, services, industrial, or other projects based upon anticipated cash flows rather than existing balance sheets. Finances can consist of a mix of debt and equity.

A powerful workflow solution for automatically extracting and spreading data from financial statements using natural language processing combined with optical character recognition.

An automated municipal credit scoring and data solution. PFAST provides a granular, transparent, and consistent framework for the measurement and assessment of credit risk.

As the official source for S&P Global Ratings credit ratings and research, RatingsDirect® combines this essential intelligence with comprehensive market data, credit risk indicators and dynamic visualization tools, all on a single platform.

Enhance your analysis with RatingsXpress®, one of the industry’s largest databases of current and historical credit ratings.

Data used to classify or categorize other data. Typically, they are static or slowly changing over time.

Regulatory Research Associates (RRA) is a S&P Global Market Intelligence group providing the leading authority on utility securities and regulation

RiskGauge Reports can streamline your counterparty credit risk assessment with comprehensive business credit reports for over 50 million companies, worldwide.

Corporate scores, such as business risk profile and financial risk profile evaluations, and modifiers, such as capital structure and governance have long been constitution components of corporate criteria framework.

SNL Financial merged with S&P Capital IQ to create S&P Global Market Intelligence in 2015.

A research arm of S&P Global Market Intelligence, providing expert coverage in the media and communications sector, including the broadcasting, cable, entertainment, motion picture, telecom, wireless, satellite, publishing, and new media industries.

Thousands of customers deploy Snowflake Cloud Data Platform to derive all the insights from all their data by all their business users. Snowflake equips organizations with a single, integrated platform that offers the only data warehouse built for any cloud; instant, secure, and governed access to their entire network of data; and a core architecture to enable many other types of data workloads, such as developing modern data applications.

Closely monitoring the credit quality with S&P Global Market Intelligence Social Housing Provider and Association Scorecard provides a valuable framework for assessing credit risk, using measures that can affect the likelihood of default.

A special purpose acquisition company (SPAC) has no commercial operations and is formed to raise capital through an initial public offering (IPO) to acquire or merge with an existing company.

Standard Industrial Classification (SIC) codes are four-digit numerical codes that classify and analyze economic activity across various industries and government agencies, and promote uniformity in the presentation of statistical data.

A loan offered by a group of lenders, referred to as a syndicate, who provide funds to a single borrower.  The “retail” market for a syndicated loan consists of banks and, in the case of leveraged transactions, finance companies and institutional investors such as mutual funds, structured finance vehicles and hedge funds.

The expected return a bondholder receives if a bond is called before the maturity date.

The rate of discount that will make the present value of the expected cash inflows (both interest and principle) from the security exactly equal to the market price of the security.

A measure of the lowest possible yield an investor can receive when investing in a callable bond.