Research & Gradings, founded by Terence Smith in 1992, has
become a bellwether research company, often predicting significant
trends and spotlighting controversial subjects sometimes months
before they come to light elsewhere. SMITH’s provides
independent research and third-party analysis for institutional
investors. SMITH's analysis is an indispensable part of Wall
Street and the world's capital markets.
SMITH's Gradings is a
comprehensive credit analysis of sovereign, sub-sovereign (including
US Municipal Bonds), and corporate credit risks. Each grading
consists of three components: default probability, recovery gradings
(loss expectation), and event risk (seismic, volcanism, systemic,
bankruptcy, et al). Our track record remains unblemished since its
launch in 1994.
SMITH's Gradings correctly
predicted the default of dot.coms. SMITH's Gradings correctly assessed
the credit quality of WorldCom, Enron, and the bankruptcy filing by
United Air Lines. In 2002, our proprietary research found
the financial guaranty insurance industry had failed in 1924 and
SMITH's Research and Gradings predicted it would fail for
exactly the same reason again.
SMITH's Conference series provide unique
forums for investors and issuers to discuss matters of mutual interest.
They include, SMITH's Affordable Housing Finance Conference,
State and Local Government Finance Conference, and Community-Based
About Terry Smith
Prior to starting SMITH’s Research &
Gradings Terence Smith was the president of Global Guaranty, which he
founded in 1987 to provide publishing and conference products for the
emerging financial guaranty industry. In late 1989, Global Guaranty was
sold to Thomson International. While at Thomson, as the head of a
business unit, Mr. Smith was a member of the executive management team
which oversaw Sheshunoff, Muller Data, Thomson BankWatch, American
Banker Newspaper, The Bond Buyer Newspaper, and 40 newsletters. Mr.
Smith was responsible for the creation and launching of the American
Banker and Bond Buyer Conference Division.
In 1990, Mr. Smith founded Global Guaranty's
All-American Municipal Analysts Team to provide greater recognition for
the contributions of municipal analysts to the industry. Mr. Smith has
worked in marketing positions at both Ambac Assurance Co. and E.F.
Hutton. He has also worked as the managing editor of Investment
Dealers' Digest and as a reporter for Institutional Investor's
newsletters. Mr. Smith is a member of the Municipal Analysts Group of
New York and the National Federation of Municipal Analysts.
He has written articles that have appeared in The
American Banker Newspaper, The Bond Buyer, Asset Sales Report, IPO
Reporter, California Public Finance, Mortgage Commentary, Corporate
Finance Week, Bank Report, Bond Week, The Philadelphia Inquirer,
Harcourt Brace Publications and has made appearances on National
Public Radio and CNBC.