Drummond raises concerns over ESG policies at top credit rating agencies

OKLAHOMA CITY (April 28, 2026) – Attorney General Gentner Drummond is questioning the lawfulness of the three top credit rating agencies’ environmental, social and governance (ESG) policies.

Drummond and 22 other state attorneys general sent a letter last week to Fitch Ratings, Moody’s, S&P Global Ratings and the Securities and Exchange Commission outlining their concerns about the agencies’ pledge to systematically incorporate ESG considerations into credit ratings. In considering highly speculative ESG predictions and goals, the agencies have downgraded fossil-fuel companies, and their policies threaten to undermine states’ bond ratings as well.

“These downgrades were based on speculative ESG assumptions that never materialized,” Drummond said. “These agencies strayed from their own methodologies in downgrading, or threatening to downgrade, states and municipalities with fossil fuel production revenues, which is why I am stepping in to demand answers.”

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.

In the letter, Drummond and the coalition of attorneys general asked each agency to:

• Explain ESG-driven downgrades;
• Withdraw from or disclose ESG commitments;
• Revise sector-specific methodologies;
• Eliminate or disclose ESG consulting conflicts; and
• Certify an internal controls review.

Joining Drummond in the coalition are the attorneys general of Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, South Carolina, Texas, Utah, West Virginia and Wyoming.