<p>@emeraldkity4 - Entities usually only receive issuer ratings from S&P and Moody’s if they pay for it.</p>
<p>The most common reason to obtain an issuer rating is that you are issuing a bond. </p>
<p>If you are issuing a bond, you then have to get rated by the rating agencies, as a lot of investing institutions (such as mutual funds, insurance companies, and pension funds) have minimum credit ratings they require and will not purchase bonds that have not been rated by either (sometimes both) Moody’s or S&P (or, sometimes Fitch).</p>
<p>Usually, S&P and Moody’s will at least meet with each issuer each year. The extent of their review both before meeting and after meeting with the issuer will vary, based upon the circumstances. They may just affirm the current rating and that would be it for another year, unless new circumstances / news warranted it.</p>