Ratings Agencies Downgrade Fossil Fuel Cos. Over So-Called ESG

Twenty-three state attorneys general are demanding explanations from the top ratings agencies, Fitch, Moody's, and S&P, regarding "ESG-driven" downgrades of fossil-fuel companies. They allege the agencies promote a radical climate agenda, weaponizing credit ratings with flawed methodologies to push woke ideology and UN-backed net-zero goals, rather than providing objective financial analysis. The AGs contend these downgrades contradict stated methodologies, reveal conflicts of interest arising from pledges to integrate ESG, and penalize American energy while potentially favoring entities such as Chinese-owned companies.

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