Citizens’ investment policies specify that securities must be rated by one or more of the following Nationally Recognized Statistical Rating Organizations (NRSROs): S&P, Moody’s, and/or Fitch and are explicitly named within the policy. Among these, S&P offers unparalleled market reach and influence. Its credit ratings are often required, or strongly preferred, by investors as a condition for bond market participation, making them effectively non-substitutable in many transactions. Leveraging proprietary methodologies, forward-looking analytics, and sector-specific expertise, S&P delivers credit evaluations with consistency and transparency that other agencies cannot fully replicate. As a result, S&P Global Ratings stands alone in its ability to provide the essential combination of market credibility, benchmark-standard ratings, and comprehensive investment-grade bond analysis needed by government and multinational issuers. Please note: This is a Sole Source Notification.
