Observed Impact of COVID-19 Government Support Measures on Credit Ratings

The report provides a summary of the observed impact of COVID-19 government support measures (“GSMs”) on credit ratings and credit ratings methodologies. To develop this understanding, the International Organization for Securities Commissions (IOSCO), has carried out a review analysing GSMs and their impact on credit ratings and credit rating methodologies across the three largest credit rating agencies (the “CRAs”). The review is based on publicly available information gathered from the CRAs as well as other industry publications.

The final report can be found here.