ENGLEWOOD (S&P Global Ratings) May 21, 2025--S&P Global Ratings today took various actions on its fund credit quality ratings (FCQRs) and fund volatility ratings (FVRs) on 80 iShares fixed-income exchange-traded funds (ETFs). We also assigned ratings to two iShares fixed-income ETFs (see the Ratings List.) We raised three FCQRs, lowered one, and affirmed 70. We also placed our ratings on two ETFs on CreditWatch with negative implications, and we maintained our ratings on four ETFs on CreditWatch with negative implications. In general, changes in FCQRs stemmed from changes in the constituents of the underlying indices and, consequently, gradual changes in the weighted average credit risk of the ETFs' portfolios of investments. The components of the underlying indices typically change over
