Issuer Gateway Knowledge Hub


ESG Risk Rating Score Change Log

Tracks Overall Score Changes and Triggers

December 2023

Morningstar Sustainalytics' Score Change Log will help companies understand when their ESG Risk Rating overall score has changed and what research process triggered it.

The log tracks changes to the following, dated from January 1, 2023:

  • Overall Risk Rating Score
  • Overall Risk Rating Category
  • Subindustry
  • Risk Rating Framework: Comprehensive or Core

 The log’s key features include the following: 

  • Publication Date
  • Value after Change
  • Value before Change
  • Change in Score
  • Change Trigger: For details, see definitions below. 

Change Trigger and Definition Details

Full Update

Typically, the annual research process triggers a full research update process. However, changes to subindustry, framework or M&A activity can also trigger a full update.  

A Full Update includes:  
  • An assessment of each management indicator.  
  • Any update of data due to a change in subindustry. 
  • A review and update of each Event:

    • Updates to Subindustry exposure scores
    • Updates to Exposure Beta scores 

Event Update


Changes at the Event category level will impact the overall ESG Risk Rating score.


The Event Update includes:  
  • A new Event or an update of an existing Event.  

Partial Update


The partial update involves a limited number of data points.


The Partial Update may include:  
  • An update of single datapoints and assessments based on Issuer feedback. 
  • An update of one set of data. For example, carbon metrics.  
  • An update of a set of data based on estimation models.  
  • An update of data due to a corporate M&A activity.

Methodology Update

An internal process whereby Morningstar Sustainalytics updates the ESG Risk Ratings methodological architecture, leading to changes in the rating/assessment of a company.

A Methodology Update may include:  
  • Structural changes to the ratings model, such as changes in calculations, or the addition/removal of structural model components.
  • Changes in the set-up of structural model components 


Sample Score Change Log

Note: the chart will only display if the company has at least two score changes within the past 12 months. 



Frequently Asked Questions