Louisiana Attorney General Liz Murrill joined a coalition of 23 states on Apr. 23 in sending a letter to three major credit rating agencies—Fitch Ratings, Moody’s, and S&P Global Ratings—raising concerns about the lawfulness of their environmental, social, and governance (ESG) policies.
The issue is significant because the agencies’ adoption of ESG considerations into their credit ratings could impact not only fossil-fuel companies but also state bond ratings. The coalition argues that such practices may distort financial markets and undermine accountability to the public.
In the letter, Murrill said, “Louisiana families expect decisions that are grounded in reality, not driven by political agendas or outside pressure. Financial institutions should focus on responsible risk assessment, transparency, and delivering value, not advancing ideological priorities that distort the market and sideline accountability to the public.”
The attorneys general allege that these agencies’ methodologies encourage companies to prioritize ESG factors while also increasing demand for their own consulting services related to ESG. The letter suggests this could be an undisclosed and unlawful material conflict of interest. It also questions whether these practices might violate antitrust laws or state laws against unfair trade practices.
Joining Louisiana were attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, Texas, Utah , West Virginia and Wyoming.
According to the official website, the Louisiana Supreme Court advances access to justice initiatives across communities in Louisiana. The court maintains judicial integrity and oversees all courts within Louisiana’s unified judicial system through its Chief Justice among seven elected justices according to its official site. Established in 1813 for its first session as reported by its official website, it continues efforts like supporting collaborative responses to societal issues such as truancy.
