CMA maintains close and frequent ties with each of the three major rating agencies: Moody’s Investors Service, S&P Global and Fitch Ratings. Over the past year alone, the CMA Team acted as advisor for over 120 long-term issues, most of which were rated. We also worked on well over 150 short-term financings, some of which were rated by one or more of the agencies. This large volume of financings gives us the necessary insight to help our clients present the best and most complete information for the agencies’ consideration. Members of the CMA team are thoroughly familiar with the rating agencies, their relative perspective and their personnel. We are able to anticipate rating agency questions and concerns and we prepare our clients to address those issues, if and when they arise. In a typical year, professionals from CMA have made formal presentations to representatives of each credit rating agency at their offices, our offices, the offices of our clients, or over videoconference over two dozen times. CMA Vice President Diana Castañeda was a credit analyst at Moody’s Investors Service for 6 years prior to joining CMA.
Our approach with the rating agencies is simple: it is straightforward and proactive and will help our clients to maintain a healthy relationship with each of the analysts. We encourage our clients to initiate a dialogue with the rating agencies, outside of a bond or note sale process. We make certain that our clients keep the rating agencies aware of new developments. We provide financial updates on a regular basis and make it a point to present, in person, at least once every few years. We believe strongly in the use of rating agency presentations to provide statistical information–including economic and demographic data–to illustrate trends in financial performance, debt levels, and assessed valuations.