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Sean D. Reyes
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AG Statement: Utah Letter Blasts S&P on ESG Ratings

On April 21st 2022, Utah leaders wrote to S&P about their credit ratings for Utah. See the following news release:

SALT LAKE CITY — Today, Utah Attorney General Sean D. Reyes, along with other state and federal leaders, unified in a letter to Standard and Poor’s (S&P), demanding the global credit rating agency stop publishing Environmental, Social, and Governance (ESG) credit indicators as part of its credit ratings for states and state subdivisions. The state asserts that the ESG indicators are subjective and likely to be inappropriately influenced by political bias and trends.

Governor Spencer J. Cox, Lieutenant Governor Deidre M. Henderson, Attorney General Reyes, State Treasurer Marlo M. Oaks, State Auditor John Dougall, Senator Mike Lee, Senator Mitt Romney, Representatives Blake Moore, Chris Stewart, John Curtis, and Burgess Owens, Utah Senate President J. Stuart Adams and House Speaker Brad R. Wilson asked for detailed responses from S & P Global President and CEO Douglas L. Peterson and S & P Global Ratings President Martina L Cheung.

The office released this statement from Attorney General Reyes: 

“S&P is out of bounds publishing ESG indicators for state and local governments,” said Attorney General Reyes. “Utah has an unparalleled record, maintaining the highest ratings from all rating agencies since each began rating the state. Credit rating agencies should be focused on an entity’s record of fiscal responsibility, the likelihood of repaying a loan, and other bellwether factors of creditworthiness when it comes to credit ratings—not relying on subjective criteria that play to political policy whims.”

To read the letter, click here.