Ratings agencies are paid by the issuer. New issues are rated in...

Ratings agencies are paid by the issuer. New issues are rated in advance of the issue so that investors know what they are buying. (Just like equity research).

S&P will follow Linc because that is the implied commitment they make to investors.

B- is junk. No surprise as Linc is not a blue chip. Just means they will pay in terms of rates.

I think it is positive that as a development company Linc has got to a position where is can issue debt in the capital markets, albeit with a very low rating.