Snap Inc. has "elevated credit risk," based on a score estimated by S&P Global Market Intelligence. The Snapchat parent offered its shares to the public on March 2 and is not yet issuing corporate bonds. Still, S&P examined its credit quality relative to where a few other tech companies were at their initial public offerings, and it also considered what the score may look like in the future. "Snap's credit score denotes elevated credit risk, more specifically, it would equate to a 4.45% observed default rate over a one year period, or nearly a 1 in 20 occurrence of default," a report released Friday said. "To put that into perspective, Snap's credit score is more risky than the median level of risk in the Application Software industry, which is 'b+.'" In this sense, Snap is more like Twitter than Facebook, S&P said.