#DeFiGetsGraded S&P Global has issued its first-ever issuer credit rating to a decentralized finance (DeFi) protocol: Sky Protocol (formerly Maker Protocol), giving it a “B-” grade. This move marks a milestone in traditional finance entering DeFi. The rating reflects concerns over governance centralization, regulatory uncertainty, and weak capitalization, with Sky’s risk-adjusted capital ratio standing at just 0.4%. Its USDS stablecoin received a stability score of 4 (“constrained”). Founder Rune Christensen controls about 9% of governance tokens, and voter turnout remains low—amplifying centralization risks. Improving decentralization and capital buffers will be vital for future upgrades.