DEFINITION of 'Standard & Poor's Underlying Rating - SPURs'
A rating for a debt issue on a stand-alone basis without credit enhancements. SPURs provide ratings for the credit worthiness of municipal bonds and are only one of the types of ratings services offered by Standard & Poor's for public sector entities.
BREAKING DOWN 'Standard & Poor's Underlying Rating - SPURs'
SPURs demonstrate the credit quality of a debt issue on its own merits, without being backed by an insurer. While it involves the same level of analytical review by Standard & Poor's as issue ratings, SPURs offer financial flexibility and potential cost savings for public sector entities such as municipalities and state governments.