The dual-agency scrutiny marks a departure from standard industry practices, providing institutional investors with standardized credit-rating scales to evaluate risk. Moody’s assessment highlights the protocol’s Sky Reserves as a critical factor in its credit profile. In response, Sky Governance has transitioned to a Stage 2 buyback framework, which redirects a portion of Net Protocol Revenue toward building these reserves to meet a governance-set minimum target.

Greg Feibus, Global Head of Capital Markets at Sky Frontier Foundation, noted that these independent reviews allow investors to apply familiar global market frameworks to the protocol. Both Moody’s and S&P Global have outlined specific criteria for potential upgrades, and the Foundation is currently aligning its roadmap to address these requirements. The long-term objective for Sky Governance remains achieving an investment-grade rating through the strengthening of its capital ratios.