SMITH's 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.  For example, when PriceLine.com was selling at $110 a share, we graded it with lenders only getting 10 cents on the dollar.  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 Healthcare Conference.

Prior to starting SMITH’s Research & Ratings Review, 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.