S&P Credit Ratings Data – Terms of Use

Last Updated: December 2023

Your access to and use of S&P credit ratings data (the “S&P Services”) provided by S&P Global Market Intelligence LLC (“S&P”) via the Services is permitted only upon compliance and agreement with the following terms. 

Neither S&P nor their affiliates nor any of their suppliers shall have any liability for the accuracy or completeness of the information or software furnished through the Services, or for delays, interruptions or omissions therein nor for any lost profits, indirect, special or consequential damages.

The S&P Services are not investment advice and a reference to a particular investment or security, a credit rating or any observation concerning a security or investment provided in the S&P Services is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions.

S&P, their affiliates or their suppliers have exclusive proprietary rights in the S&P Services and any information and software received in connection therewith.

You shall not use or permit anyone to use the S&P Services or any data included therein:

• for any unlawful or unauthorized purpose;

• in connection with the creation, structuring, development, managing, trading, marketing and/or promotion of any financial instrument or other investment product that is based on, or seeks to match the performance of, all or any portion of the S&P Services or any data contained therein, such as, without limitation, a security whose capital and/or income value is calculated based on changes in value of an S&P index;     

• for databasing or creating a shared repository of the S&P Services or any data included therein that could serve as a substitute for a direct license with S&P.   

You are not authorized or permitted to distribute or otherwise furnish such information or software to any third-party other than in accordance with the agreement with Reorg applicable to Your use of the Services (the “User Agreement”) without prior written approval of S&P.

Your access to the S&P Services is subject to termination in the event that any agreement between Reorg and S&P terminates for any reason. 

To receive S&P Services via Credit Cloud, You must have a direct license with S&P. To obtain authorization to start receiving the S&P Services via Credit Cloud, contact S&P at: sprx_authorization@spglobal.com and provide Your name, location (city/state), contact information (name, email and phone number) and market segment (e.g., buy-side, sell-side, asset management, technology).

S&P may enforce its rights against You as the third-party beneficiary of the User Agreement, even though S&P is not a party to the User Agreement.