Here’s some cheerful news:

We’ve noted many times on these pages that credit rating agencies are corrupt and incompetent, and it’s one of life’s great mysteries why any investor would listen to their analysis.

It was absurd that credit ratings would ever include compliance with a political agenda. S&P will still include all the usual politically-correct nonsense in the narrative sections. But eliminating the numeric ESG rating is a major retreat from climate craziness. We’re winning.