S&P Record ID

Represents an internal RatingsXpress content identifier and should only be used for reference purposes.

Secondary Market

The market on which bonds, stocks and other investments are sold after the initial offer of the securities on the public exchanges.


Sector refers to the division of the market by type of issuer, for example, Global Issuer, Structured Finance, and Public Finance.

Secured Debt

Debt obligation backed by the pledge of assets or other collateral.


Globally recognized seven-digit maturity-specific market identifier–Stock Exchange Daily Offering List number (SEDOL), is the domestic numbering system for the U.K. and the Republic of Ireland.
Rule: This field will contain the Primary SEDOL identifier if the instrument has a SEDOL assignment in addition to a CINS or ISIN identifier. Otherwise, this field will be blank.

Senior Debt

A bond or other debt security with priority of claim in the event of default.

Sequence Number

A left-justified number that indicates the sequence in which this file was generated. Column width for Sequence Number field varies from 2 and 3, with values ranging from 01 and 100, altering succeeding column positions.

Serial Bond

A bond issue with various maturities scheduled at regular intervals until the entire issue is retired.


Descriptive data used to distinguish a specific series within an instrument's maturity schedule. Generally, a program series designation is listed in the Instrument Name field.

Shelf Registration

Securities registration device that allows an issue of securities to be pre-registered and issued in whole or in pieces within a period of time after registration. This device allows an issuer to bring an issue to market with favorable conditions as quickly as possible with minimal administrative preparations.

Short-Term Creditwatch

Current short-term CreditWatch implication: POS, NEG, DEV, NM

Short-Term CreditWatch Date

Date on which an entity, instrument or maturity was placed on CreditWatch

Short-Term Debt

Any debt obligation coming due within a year.

Short-Term Outlook

Current assessment of the potential for rating change: POSITIVE, NEGATIVE, STABLE, DEVELOPING, NM

Short-Term Outlook Date

Date on which an entity's, instrument or maturities current outlook

Short-Term Rating

Current short-term rating for an issue or issuer. Generally refers to a time frame of one year or less. May result from a rating action (i.e., upgrade, downgrade) or the initial assignment of a rating.

Short-Term Rating Date

Effective date of the short-term rating.


Globally recognized nine-digit Japanese maturity-specific market identifier.
Rule: This field will contain the maturity's SICC identifier if the maturity has a SICC assignment in addition to a CINS or ISIN assignment. Otherwise, this field will be blank.


Globally recognized six-character French maturity-specific market identifier, issued by the Société Interprofessionnelle pour la COmpensation des VAleurs Mobilières-SICOVAM. (As of 1995, the name of the organization was changed to Sicovam SA.)
Rule: This field will contain the SICOVAM identifier if the maturity has a SICOVAM assignment in addition to a CINS or ISN assignment. Otherwise, this field will be blank.

Sinking Fund

Money accumulated on a schedule and held in a separate account and used to redeem securities. A bond indenture may specify that payments be made to a sinking fund, assuring investors that the issues are safer than bonds for which the issuer must make payment all at once.

Sovereign Risk

The special risks (if any), that attach to a security because the obligor's country of residence differs from that of the investors. Example: Changes in national policy.

Span (To)

Interval between when the current and previous files were produced.

Speculative Grade

Debt obligation of an issuer with a lower than investment grade rating. One whose rating is lower than 'BBB-'. Also known as high-yield or junk.

State Code

Two-letter code that identifies the issuer's state of domicile.
If there's no state code (i.e., non-U.S. issuer), then the field will be blank.

Structured Finance Category Code

Code that identifies the type of credit enhancement or specialized financial structuring that exists for the instrument, maturity, or program–such as LOC, CMO, CBO, REIT.

Subordinated Debt

The assignment of lower priority to one debt issue in comparison to another. Repayable only after other debt issues with higher priority have been satisfied.


Subsector is the subdivision of the Global Issuer and Structured Finance sectors.  Subsectors categorize the sector.  For example, included under the Structured Finance sector, are the following subsectors:  Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), and Commercial Mortgage-Backed Securities (CMBS).


Globally recognized eight-character Belgian maturity-specific market identifier.
Rule: This field will contain the maturity's SVM identifier if it exists in addition to a CINS or ISIN assignment. Otherwise, this field will be blank.