This report is the first in a three-part series by the Principles for Responsible Investment (PRI) on its initiative to enhance the systematic and transparent consideration of ESG issues in the assessment of the creditworthiness of borrowers in fixed income (FI) markets. It provides a snapshot of the current state of play on ESG in credit risk analysis (in terms of thinking and activities) to better understand what investors and CRAs are already doing, what they are aiming for and what their expectations are. Parts two and three will provide more in-depth coverage on existing challenges as well as future opportunities.