1. The name given to a bond rating performed on an issuing party by a credited institution, but without any public announcement of the results. 

2. A rating given by S&P to Israel Bonds, which are not permitted to be traded on the secondary market. 

|||1. Shadow ratings are useful for companies trying to assess how much a debt issue might be worth to investors. Rather than publicly releasing the results of a credit analysis by a third party, companies might wish to first know what the results are before it is released to the public. 

2. These ratings were given to determine the credit worthiness of bonds with no secondary market. In the past, Israel Bonds were considered to be more representative of donations rather than safe investments.