lmpact of ESG Factors on AM Best's Rating Actions

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<title>lmpact of ESG Factors on AM Best's Rating Actions</title>
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<namePart>A.M. Best Company</namePart>
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<publisher>A.M. Best Company</publisher>
<dateIssued>2021</dateIssued>
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<abstract displayLabel="Summary">Recent regulatory requirements on credit rating agencies (CRAs) issued by the European Securities aud Markets Authority (ESMA) mandate that CRAs publicly disclose information relating to ESG factors that are key to the determination of a ratiug action. The Rating Disclosure Form (RDF) that accompanies all of AM Best's rating actions discloses any key ESG factors that are primary drivers of a rating action, which includes any change in an issuer credit rating, outlook, or the under review status of a rated entity. This report discusses positive rating actions, which include upgrades or positive changes in under review status, and outlook changes, such as from Stable to Positive, or Negative to Stable. It also discusses negative rating actions, which include downgrades, negative changes in under review status, and outlook changes such as from Stable to Negative, or Positive to Stable. Aftirmations with no outlook cbanges are excluded from all exhibits and are not considered rating actions in this report.</abstract>
<tableOfContents displayLabel="Contents">Recent regulatory requirements on credit rating agencies (CRAs) issued by the European Securities aud Markets Authority (ESMA) mandate that CRAs publicly disclose information relating to ESG factors that are key to the determination of a ratiug action. The Rating Disclosure Form (RDF) that accompanies all of AM Best's rating actions discloses any key ESG factors that are primary drivers of a rating action, which includes any change in an issuer credit rating, outlook, or the under review status of a rated entity. This report discusses positive rating actions, which include upgrades or positive changes in under review status, and outlook changes, such as from Stable to Positive, or Negative to Stable. It also discusses negative rating actions, which include downgrades, negative changes in under review status, and outlook changes such as from Stable to Negative, or Positive to Stable. Aftirmations with no outlook cbanges are excluded from all exhibits and are not considered rating actions in this report.</tableOfContents>
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<topic>Mercados financieros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20090037380">
<topic>Inversiones socialmente responsables</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080582180">
<topic>Ratios de gestión</topic>
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<topic>Criterios ESG</topic>
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<title>Best's special report</title>
<partNumber>July 14, 2021</partNumber>
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