Second Party Opinions (SPOs) provide investors and regulators with a broader view of how their investment in an issue will affect and align with global climate and sustainability goals. Companies seek a Second Party Opinion (SPO) from Bells & Bayes Ratings Analytics® for several reasons, but some can be highlighted, for instance: demonstrating to stakeholders that the company’s sustainability objectives are aligned with best market practices; obtain an independent opinion that is increasingly demanded by investors, who are increasingly involved with the investees; tell, with factual and material bases, the story of how the company contributes to a more sustainable future; establish and increase the degree of differentiation of the commitments assumed with additional logic that goes beyond the requirements of the minimum principles; highlight the degree of alignment with the United Nations’ Sustainable Development Goals (SDGs); provide brief views to investors with concise and intuitive reports.

SPO-Use of Proceeds Financing: Evaluates a sustainable financial structure or transaction – where funds will be used exclusively to finance or refinance environmental or social projects – for alignment with third-party principles and standards: Green, Social Bond Principles or Sustainability Bond Guidelines from ICMA, ASEAN Green Bond Standards, and the LMA/APLMA/LSTA Green or Social Financing Principles.

SPO-Sustainability Linked Financing: Evaluates a sustainable financial structure or transaction, in which the funds will be used for general corporate purposes, but incorporate measurable and forward-looking sustainability key performance indicators and sustainable performance targets in the financial and/or structural characteristics of the instrument – for alignment with principles accepted by the market: the ICMA’s Sustainability-Linked Bond (SLB) Principles, and the LMA’s Sustainability-Linked Loan Principles.