State AGs are pushing ESG backlash into ratings, antitrust and methodology governance
Simpson Thacher’s May update reports that 23 state attorneys general sent letters to three rating agencies over ESG-related downgrades of fossil-fuel companies, raising antitrust concerns and demanding explanations, withdrawal or disclosure of ESG commitments, methodology changes and conflict disclosures.
BY ESG DESK · MAY 15, 2026 · 1 MIN READ
Simpson Thacher’s May update reports that 23 state attorneys general sent letters to three rating agencies over ESG-related downgrades of fossil-fuel companies, raising antitrust concerns and demanding explanations, withdrawal or disclosure of ESG commitments, methodology changes and conflict disclosures. The issue for counsel is that ESG backlash is now targeting the infrastructure of capital markets judgment, not only corporate sustainability statements.