www.goldmansachs.com
Open in
urlscan Pro
23.212.222.178
Public Scan
Submitted URL: http://www.goldmansachs.com/disclaimer/ratings.html
Effective URL: https://www.goldmansachs.com/disclaimer/ratings.html
Submission: On February 22 via api from US — Scanned from DE
Effective URL: https://www.goldmansachs.com/disclaimer/ratings.html
Submission: On February 22 via api from US — Scanned from DE
Form analysis
1 forms found in the DOM/search/search.gscgi
<form id="global-search-form" action="/search/search.gscgi">
<div class="ui-component ui-input search search-overlay-input empty-value init" data-type="text" data-name="ui-input" data-vid="ui-input-6579-1139">
<button class="ui-icon-btn before" title="search button"> <i class="icon-gs-search"></i> </button>
<input type="search" id="global-search" name="query" placeholder="Search here..." autocomplete="off">
<label for="global-search">Search here...</label>
<button class="ui-icon-btn after" title="search button">Go</button>
</div>
</form>
Text Content
| Client Login About Us Overview Our Purpose and Values People and Leadership Our People Leadership Awards and Recognition Culture of Innovation History Locations OVERVIEW The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. OUR PURPOSE AND VALUES We aspire to be the world’s most exceptional financial institution, united by our shared values of partnership, client service, integrity and excellence. PEOPLE AND LEADERSHIP Our people are our greatest asset – we say it often and with good reason. It is only with the determination and dedication of our people that we can serve our clients, generate long-term value for our shareholders and contribute to the broader public. Learn more about Our People, Diversity and Inclusion, and our Business Principles and Standards. CULTURE OF INNOVATION Today, nearly 40,000 Goldman Sachs colleagues work together to serve our clients and communities around the world, building upon a rich history of innovative ideas from extraordinary people. 1 of 0 What We Do Overview Discover Goldman Sachs Asset & Wealth Management Overview Asset Management Goldman Sachs Ayco Consumer Products Private Wealth Management Global Banking & Markets Overview FICC and Equities Investment Banking Marquee Platform Solutions Overview Enterprise Partnerships ETF Accelerator Merchant Point of Sale Lending Transaction Banking Research OVERVIEW We deliver a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. DISCOVER GOLDMAN SACHS Across our divisions, digital platforms, and services, our clients and customers have access to the resources and reach of a unified global firm to help them achieve their goals. ASSET & WEALTH MANAGEMENT Advice, investing, and execution for institutions and individuals across public and private markets. GLOBAL BANKING & MARKETS Financing, advisory services, risk distribution, and hedging for our institutional and corporate clients. PLATFORM SOLUTIONS Powering clients with innovative and customer-centered financial products. RESEARCH Our Global Investment Research division provides original, fundamental insights and analysis for clients in the equity, fixed income, currency and commodities markets. 1 of 0 Our Commitments Diversity & Inclusion Overview When Women Lead Making Progress Towards Racial Equity Vendor Diversity Board Diversity Community Engagement Overview 10,000 Small Businesses 10,000 Women Goldman Sachs Gives Community Development Sustainability Sustainable Finance Sustainability Report One Million Black Women Our Operational Impact DIVERSITY & INCLUSION Our people are our greatest asset – we say it often and with good reason. It is only with the determination and dedication of our people that we can serve our clients, generate long-term value for our shareholders and contribute to the broader public. COMMUNITY ENGAGEMENT Learn how we put our people and capital to work helping women build businesses, entrepreneurs create jobs, volunteers improve their communities and help solve environmental issues. SUSTAINABILITY The firm’s approach to sustainability is founded on two intersecting areas of impact: helping to accelerate the climate transition and helping to advance inclusive growth. These are the areas where we can have the most material impact. 1 of 0 Intelligence Overview Goldman Sachs Talks Goldman Sachs Exchanges The Markets Articles Videos Top of Mind Goldman Sachs Research Explore by Topic OVERVIEW Goldman Sachs economists and experts share insights on macro trends shaping the global economy. GOLDMAN SACHS TALKS Conversations with pioneering business and cultural leaders about leadership, strategy, and how business and the economy are changing. GOLDMAN SACHS EXCHANGES Leaders, investors, and analysts from across Goldman Sachs break down the key issues shaping the global economy in our weekly podcast. THE MARKETS Conversations with pioneering business and cultural leaders about leadership, strategy, and how business and the economy are changing. ARTICLES Regularly updated insights and analysis on market shifts, how new technologies are transforming industries, and the outlook for the global economy, from across Goldman Sachs. VIDEOS Commentary and analysis from across Goldman Sachs on markets, investing, and the global economy. TOP OF MIND Allison Nathan of Goldman Sachs Research dives into macro developments that are top of mind for investors, executives and policymakers. GOLDMAN SACHS RESEARCH Goldman Sachs Research features original insights on the economy, markets and industries, drawn from research teams around the world. EXPLORE BY TOPIC See all our topics that may interest you. 1 of 0 Careers Overview Possibilities Stories Our People Our Firm Overview Asset Management Conflicts Resolution Group Controllers Corporate and Workplace Solutions Corporate Planning & Management Corporate Treasury Engineering Executive Office FICC and Equities Global Compliance Global Investment Research Human Capital Management Internal Audit Investment Banking Legal Operations Platform Solutions Risk Tax Wealth Management Students Students Overview Explore Prepare Programs and Internships Apply Professionals Professionals Overview Explore Prepare Search Jobs and Apply Careers Blog OVERVIEW At Goldman Sachs, we think who you are makes you better at what you do. POSSIBILITIES STORIES See how we are making things possible for our people, clients and communities. OUR PEOPLE Meet our people and learn more about our commitment to diversity. OUR FIRM Goldman Sachs provides a range of investment banking, investment management and securities services for our clients. These services are delivered by teams working across multiple functions. STUDENTS At Goldman Sachs we turn ideas into reality for our clients and communities around the world. PROFESSIONALS We look for experienced professionals with a passion for excellence who believe in the power of the team, integrity and leadership. CAREERS BLOG Stay on top of what’s happening, get information, and learn about our people and career opportunities. 1 of 0 Investor Relations Overview Corporate Governance Overview Board and Governance Sustainability and Other Reporting Proxy Materials Proxy Materials Annual Report Integrity Hotlines Financials Presentations Creditor Information Contacts 1 of 0 Media Relations Overview Press Releases In the News 1 of 0 Worldwide Office Locations > Australia & New Zealand Brazil France Germany Greater China India Indonesia Italy Japan Korea Mexico Poland Russia Saudi Arabia Spain Switzerland Our Vendor Program 2024 OUTLOOKS Learn More 2023 FULL YEAR AND FOURTH QUARTER EARNINGS RESULTS Read Press Release Learn More About Our Use of Cookies exit menu * About Us * Overview * Our Purpose and Values * People and Leadership * Our People * Leadership * Board of Directors * Executive Officers * Management Committee * Awards and Recognition * Culture of Innovation * History * Locations * What We Do * Overview * Discover Goldman Sachs * Asset & Wealth Management * Overview * Asset Management * Goldman Sachs Ayco * Consumer Products * Private Wealth Management * Global Banking & Markets * Overview * FICC and Equities * Investment Banking * Marquee * Platform Solutions * Overview * Enterprise Partnerships * ETF Accelerator * Merchant Point of Sale Lending * Transaction Banking * Research * Our Commitments * Diversity & Inclusion * Overview * When Women Lead * Making Progress Towards Racial Equity * Vendor Diversity * Board Diversity * Community Engagement * Overview * 10,000 Small Businesses * United States * United Kingdom * France * 10,000 Women * Overview * Online Courses * Alumni Community * News * The Opportunity Facility * Meet the Women * Goldman Sachs Gives * Community Development * Sustainability * Sustainable Finance * Sustainability Report * One Million Black Women * Our Operational Impact * Intelligence * Overview * Goldman Sachs Talks * Goldman Sachs Exchanges * The Markets * Articles * Videos * Top of Mind * Goldman Sachs Research * Explore by Topic * Careers * Overview * Possibilities Stories * Our People * Our Firm * Overview * Asset Management * Conflicts Resolution Group * Controllers * Corporate and Workplace Solutions * Corporate Planning & Management * Corporate Treasury * Engineering * Executive Office * FICC and Equities * Global Compliance * Global Investment Research * Human Capital Management * Internal Audit * Investment Banking * Legal * Operations * Platform Solutions * Risk * Tax * Wealth Management * Students * Students Overview * Explore * Prepare * Programs and Internships * Apply * Professionals * Professionals Overview * Explore * Prepare * Search Jobs and Apply * Careers Blog * Investor Relations * Overview * Corporate Governance * Overview * Board and Governance * Sustainability and Other Reporting * Proxy Materials * Proxy Materials * Annual Report * Integrity Hotlines * Financials * Presentations * Creditor Information * Contacts * Media Relations * Overview * Press Releases * In the News * Worldwide * Office Locations > * Australia & New Zealand * Brazil * France * Germany * Karriere * Greater China * 概观 * 高盛中国简介 * 我们的业务 * 招贤纳士 * 履行公民义务 * 我们的观点 * India * Overview * About Goldman Sachs * Careers in India * Citizenship in India * Indonesia * Italy * Japan * Korea * Mexico * Poland * Russia * Saudi Arabia * Spain * Switzerland * Our Vendor Program Search here... Go exit search SELECT YOUR SITE Advisor Solutions Goldman Sachs Ayco Goldman.com (Private Wealth Management) GSAM.com Goldman Sachs Developer GS Research Portal Liquidity Investing Marcus Marquee Private Bank Select Transaction Banking Back 無登録格付に関する説明書 / EXPLANATION REGARDING UNREGISTERED CREDIT RATINGS 本書またはその添付資料に信用格付が記載されている場合、日本格付研究所(JCR)及び格付投資情報センター(R&I)による格付は、登録信用格付業者による格付(登録格付)です。その他の格付は登録格付である旨の記載がない場合は、無登録格付です。無登録格付を投資判断に利用する前に、別途お送りしている又はお送りする「無登録格付に関する説明書」を十分にお読みください。上記説明書の内容は、本ウェブサイトに記載の通りです。 If any credit ratings are contained in this material or any attachments, those that have been issued by Japan Credit Rating Agency, Ltd. (JCR) or Rating and Investment Information, Inc. (R&I) are credit ratings that have been issued by a credit rating agency registered in Japan (registered credit ratings). Other credit ratings are unregistered unless denoted as being registered. Before using unregistered credit ratings to make investment decisions, please carefully read “Explanation Regarding Unregistered Credit Ratings” which has been or will be sent to you separately. The contents of the above-mentioned document are available on this website. (*“Explanation Regarding Unregistered Credit Ratings” in English follows the Japanese explanation below.) 無登録格付に関する説明書 格付会社に対しては、市場の公正性・透明性の確保の観点から、金融商品取引法に基づく信用格付業者の登録制が導入されております。 これに伴い、金融商品取引業者等は、無登録格付業者が付与した格付を利用して勧誘を行う場合には、金融商品取引法により、無登録格付である旨及び登録の意義等を顧客に告げなければならないこととされております。 登録の意義について(共通事項) 登録を受けた信用格付業者は、①誠実義務、②利益相反防止・格付プロセスの公正性確保等の業務管理体制の整備義務、③格付対象の証券を保有している場合の格付付与の禁止、④格付方針等の作成及び公表・説明書類の公衆縦覧等の情報開示義務等の規制を受けるとともに、報告徴求・立入検査、業務改善命令等の金融庁の監督を受けることとなりますが、無登録格付業者は、これらの規制・監督を受けておりません。 格付会社グループの呼称等または格付会社の呼称について ① 格付会社グループの呼称:S&Pグローバル・レーティング(以下「S&P」と称します。) グループ内の信用格付業者の名称及び登録番号:S&Pグローバル・レーティング・ジャパン株式会社 (金融庁長官(格付)第5号) ② 格付会社グループの呼称:ムーディーズ・インベスターズ・サービス(以下「ムーディーズ」と称します。) グループ内の信用格付業者の名称及び登録番号: ムーディーズ・ジャパン株式会社(金融庁長官(格付)第2号) ③ 格付会社グループの呼称:フィッチ・レーティングス(以下「フィッチ」と称します。) グループ内の信用格付業者の名称及び登録番号: フィッチ・レーティングス・ジャパン株式会社(金融庁長官(格付)第7号) 信用格付を付与するために用いる方針及び方法の概要に関する情報の入手方法について ①S&Pグローバル・レーティング・ジャパン株式会社のホームページ(http://www.spglobal.co.jp/ratings)の「ライブラリ・規制関連」の「無登録格付け情報」(http://www.spglobal.co.jp/unregistered)に掲載されております。 ② ムーディーズ・ジャパン株式会社のウェブサイト(https://ratings.moodys.com/japan/ratings-news)の「規制関連」のタブの下にある「開示」をクリックした後に表示されるページの「無登録格付説明関連」の欄に掲載されております。 ③ フィッチ・レーティングス・ジャパン株式会社のホームページ(https://www.fitchratings.com/ja)の「規制関連」セクションにある「格付方針等の概要」に掲載されております。 信用格付の前提、意義及び限界について ① S&Pの信用格付に関して S&Pの信用格付は、発行体または特定の債務の将来の信用力に関する現時点における意見であり、発行体または特定の債務が債務不履行に陥る確率を示した指標ではなく、信用力を保証するものでもありません。また、信用格付は、証券の購入、売却または保有を推奨するものでなく、債務の市場流動性や流通市場での価格を示すものでもありません。 信用格付は、業績や外部環境の変化、裏付け資産のパフォーマンスやカウンターパーティの信用力変化など、さまざまな要因により変動する可能性があります。 S&Pは、信頼しうると判断した情報源から提供された情報を利用して格付分析を行っており、格付意見に達することができるだけの十分な品質および量の情報が備わっていると考えられる場合にのみ信用格付を付与します。しかしながら、レーティングズ・サービシズは、発行体やその他の第三者から提供された情報について、監査、デューデリジェンスまたは独自の検証を行っておらず、また、格付付与に利用した情報や、かかる情報の利用により得られた結果の正確性、完全性、適時性を保証するものではありません。さらに、信用格付によっては、利用可能なヒストリカルデータが限定的であることに起因する潜在的なリスクが存在する場合もあることに留意する必要があります。 ② ムーディーズの信用格付に関して ムーディーズの信用格付は、事業体、与信契約、債務又は債務類似証券の将来の相対的信用リスクについての、現時点の意見です。ムーディーズは、信用リスクを、事業体が契約上・財務上の義務を期日に履行できないリスク及びデフォルト事由が発生した場合に見込まれるあらゆる種類の財産的損失と定義しています。信用格付は、流動性リスク、市場リスク、価格変動性及びその他のリスクについて言及するものではありません。また、信用格付は、投資又は財務に関する助言を構成するものではなく、特定の証券の購入、売却、又は保有を推奨するものではありません。ムーディーズは、いかなる形式又は方法によっても、これらの格付若しくはその他の意見又は情報の正確性、適時性、完全性、商品性及び特定の目的への適合性について、明示的、黙示的を問わず、いかなる保証も行っていません。 ムーディーズは、信用格付に関する信用評価を、発行体から取得した情報、公表情報を基礎として行っております。ムーディーズは、これらの情報が十分な品質を有し、またその情報源がムーディーズにとって信頼できると考えられるものであることを確保するため、全ての必要な措置を講じています。しかし、ムーディーズは監査を行う者ではなく、格付の過程で受領した情報の正確性及び有効性について常に独自の検証を行うことはできません。 ③ フィッチの信用格付に関して フィッチの格付は、所定の格付基準・手法に基づく意見です。格付はそれ自体が事実を表すものではなく、正確又は不正確であると表現し得ません。信用格付は、信用リスク以外のリスクを直接の対象とはせず、格付対象証券の市場価格の妥当性又は市場流動性について意見を述べるものではありません。格付はリスクの相対的評価であるため、同一カテゴリーの格付が付与されたとしても、リスクの微妙な差異は必ずしも十分に反映されない場合もあります。信用格付はデフォルトする蓋然性の相対的序列に関する意見であり、特定のデフォルト確率を予測する指標ではありません。 フィッチは、格付の付与・維持において、発行体等信頼に足ると判断する情報源から入手する事実情報に依拠しており、所定の格付方法に則り、かかる情報に関する調査及び当該証券について又は当該法域において利用できる場合は独立した情報源による検証を、合理的な範囲で行いますが、格付に関して依拠する全情報又はその使用結果に対する正確性、完全性、適時性が保証されるものではありません。ある情報が虚偽又は不当表示を含むことが判明した場合、当該情報に関連した格付は適切でない場合があります。また、格付は、現時点の事実の検証にもかかわらず、格付付与又は据置時に予想されない将来の事象や状況に影響されることがあります。 上記の情報は、令和4年12月9日に信頼できると考えられる情報源から作成しておりますが、その正確性・完全性を当社が保証するものではありません。詳しくは上記各社のホームページをご覧ください。 以 上 Explanation Regarding Unregistered Credit Ratings In order to ensure fairness and transparency in the market, a registration system for credit rating agencies has been introduced in Japan under the amended Financial Instruments and Exchange Law (“FIEL”). Accordingly, when soliciting their customers using credit ratings issued by unregistered rating agencies, financial instruments firms are required by the FIEL to inform their customers of the fact that such credit ratings are the unregistered credit ratings and to provide other related information. Significance of the Registration (common items) Registered credit rating agencies are subject to the following regulations: ① duty of integrity, ② duty to develop the business management system for the prevention of conflict of interests / securing of the fairness of the rating process, ③ prohibition of assignment of rating in cases where the agency holds the securities to be rated, ④ duty to disclose information such as preparation and release of the rating policy and to make explanatory documents available to the public. Such rating agencies are also subject to supervision by the Financial Services Agency such as requirement of reports, on-site inspection, or business improvement orders. Unregistered rating agencies, however, are not subject to the above-mentioned restrictions or supervision. Names of the rating agency groups or rating agencies ① Name of a rating agency group: S&P Global Ratings (“S&P”) Name of the credit rating agency in the group and the registration No.: S&P Global Ratings Japan Inc. (Financial Services Agency Commissioner (Rating) No. 5) ② Name of a rating agency group: Moody’s Investors Service (“Moody’s”) Name of the credit rating agency in the group and the registration No.: Moody’s Japan K.K. (Financial Services Agency Commissioner (Rating) No. 2) ③ Name of a rating agency group: Fitch Ratings (“Fitch”) Name of the credit rating agency in the group and the registration No.: Fitch Ratings Japan Ltd. (Financial Services Agency Commissioner (Rating) No. 7) How to obtain information regarding the outline of the policy and methods used to assign credit ratings ①Posted on the “Unregistered Rating Information” (無登録格付け情報) (http://www.spglobal.co.jp/unregistered) in the “Libraries/Regulations ” (ライブラリ・規制関連) section on Japanese homepage of S&P Global Ratings Japan Inc. (http://www.spglobal.co.jp/ratings) ② Posted under “Explanation on Unregistered Ratings (無登録格付説明関連)” section in the page displayed after clicking “Disclosure (開示)” under the “Regulatory Affairs (規制関連)” tab on the website of Moody’s Japan K.K. (https://ratings.moodys.com/japan/ratings-news) ③ Posted in “Outline of the Rating Policy” (格付方針等の概要) in the “Regulations-Related (規制関連)” section on homepage of Fitch Ratings Japan Ltd. (https://www.fitchratings.com/ja). Premises, Significance and Limitations of Credit Ratings Credit Ratings by S&P Credit ratings assigned by S&P are opinions of the future credit quality of specific issuers or issues as of the date they are expressed and it is not an index which shows the probability of the occurrence of the failure to pay by the issuer or a particular debt and do not guarantee creditworthiness. Credit ratings are not a recommendation to purchase, sell or hold any securities, or a statement of market liquidity or prices in the secondary market of any issues. Credit ratings may change depending on various factors, including issuers’ performance, changes in external environment, performance of underlying assets, creditworthiness of counterparties and others. S&P conducts rating analysis based on information it believes to be provided by the reliable source in terms of quality and quantity. However, S&P does not perform an audit, due diligence or independent verification of any information it receives from the issuer or a third party, or guarantees its accuracy, completeness or timeliness of the results gained from the information. Moreover it needs to be noted that it may incur a potential risk due to the limitation of the historical data that are available for use depending on the rating. Credit Ratings by Moody’s Credit ratings are Moody’s Investors Service (“MIS”) current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by MIS in any form or manner whatsoever. Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MIS considers to be reliable. However, MIS is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Credit Ratings by Fitch Ratings assigned by Fitch are opinions based on established criteria and methodologies. Ratings are not facts, and therefore cannot be described as being “accurate” or “inaccurate”. Credit ratings do not directly address any risk other than credit risk. Credit ratings do not comment on the adequacy of market price or market liquidity for rated instruments. Ratings are relative measures of risk; as a result, the assignment of ratings in the same category to entities and obligations may not fully reflect small differences in the degrees of risk. Credit ratings, as opinions on relative ranking of vulnerability to default, do not imply or convey a specific statistical probability of default. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The assignment of a rating to any issuer or any security should not be viewed as a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating or the results obtained from the use of such information. If any such information should turn out to contain misrepresentations or to be otherwise misleading, the rating associated with that information may not be appropriate. Despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. Although the above-mentioned information was prepared from information sources which we believe to be reliable as of December 9th, 2022, we do not guarantee its accuracy or completeness. Please see the above-mentioned homepages of each company for details. * Privacy and Cookies * Ad Choices * Terms & Conditions * Security & Fraud Awareness * Regulatory Disclosures * Site Map * Client Logins * Employee Login * Alumni Network * Mobile View * * @Goldman Sachs * @Goldman Sachs Transaction Banking * @GS Select * @Goldman Sachs Private Wealth Management * @Goldman Sachs Asset Management * @Goldman Sachs Ayco * @Goldman Sachs Investment Banking * * * @GoldmanSachs * @GoldmanSachsPrivateWealth * * @GoldmanSachs * @GSCareers * @GS10KWomen * @GS10KSmallBiz * @GSDeveloper © 2024 Goldman Sachs Cookie Consent We use essential cookies to make sure our website works properly, to comply with obligations that apply to us and for security purposes. We'd also like your consent to use optional cookies for advertising purposes. For more information about the cookies we use and to change your mind at any time, see our cookie preference tool. Accept All Cookies Only Accept Essential