AG Hilgers Leads Coalition Letter to Fitch, Moody's, S&P on ESG Policies
Summary
Attorney General Mike Hilgers co-led a coalition of 23 state attorneys general in sending a letter to Fitch Ratings, Moody's, and S&P Global Ratings questioning the lawfulness of their ESG credit policies. The letter raises concerns that the agencies artificially increase demand for their ESG consulting services while downgrading fossil-fuel companies based on speculative ESG goals, which the states argue constitutes an undisclosed material conflict of interest and may violate antitrust and state consumer-protection laws.
“"Today’s letter is our latest effort to push back against those who are unelected but want to force their unpopular policies on the public," said Attorney General Hilgers.”
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The coalition letter, co-led by attorneys general of Alaska, Florida, and Texas and joined by 15 additional states, questions whether Fitch Ratings, Moody's, and S&P Global Ratings violate antitrust law and state unfair-and-deceptive-trade-practices statutes by systematically incorporating ESG factors into credit ratings while simultaneously marketing ESG consulting services. The states argue this creates an undisclosed material conflict of interest.\n\nCredit rating agencies, fossil-fuel companies, and state governments that rely on favorable bond ratings should monitor this development. While the letter imposes no immediate legal obligations, it signals potential multi-state enforcement actions and may influence litigation strategy for companies challenging ESG-based downgrades. Companies subject to ESG-based credit assessments should review whether their methodologies and any related consulting offerings could be characterized as creating undisclosed conflicts of interest.
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Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Attorney General Hilgers Leads Letter to Top Credit Ratings Agencies Raising Concerns Over ESG Policies
Posted Wednesday, April 22, 2026 Lincoln, NE – Attorney General Mike Hilgers today co-led a coalition of 23 States in questioning the lawfulness of the environmental, social, and governance (“ESG”) policies of three top credit rating agencies. The agencies—Fitch Ratings, Moody’s, and S&P Global Ratings—have pledged to systematically incorporate ESG considerations into credit ratings. In considering highly speculative ESG predictions and goals, the agencies have downgraded the credit ratings of fossil-fuel companies, and their policies threaten to undermine the States’ bond ratings as well.
“Today’s letter is our latest effort to push back against those who are unelected but want to force their unpopular policies on the public,” said Attorney General Hilgers. “Credit worthiness should be based on market forces and sound accounting, not the political projects and unfeasible ideas of a few powerful people that are not accountable to voters.”
The letter raises a number of concerns with the ratings agencies’ policies and practices. Among them, the letter notes that while the ratings agencies’ methodology pushes companies to prioritize ESG factors, they are also artificially increasing demand for their suite of ESG-related consulting services. This, the States argue, is likely an undisclosed and unlawful material conflict of interest. The letter also questions whether the ratings agencies’ ESG policies constitute an antitrust violation or otherwise violate the States’ laws that ban unfair and deceptive trade practices.
Joining Attorney General Hilgers in co-leading today’s letter are the attorneys general of Alaska, Florida, and Texas. The letter was also joined by the attorneys general of Alabama, Arkansas, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, North Dakota, Ohio, Oklahoma, South Carolina, Utah, West Virginia, and Wyoming.
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