On 15 February 2021, the International Organization of Securities Commissions (IOSCO) published a report on the observed impact of COVID-19 related government support measures (GSM) on the credit ratings of the three largest credit rating agencies. According to IOSCO's accompanying press release, the report provides a summary of the observed impact of GSMs on credit ratings and credit ratings methodologies through a review of any changes made to the methodologies, their application to rating actions taken during the timeframe of the pandemic, as well as implications of the withdrawal of GSMs on credit ratings and methodologies. IOSCO states that its report concludes that, as the after-effects of the COVID-19 health crisis continues to unfold into 2021, it remains important to continue to consider the effects of the GSMs across credit ratings and credit rating methodologies.