About Smith's

Research & Gradings

Smith's Research & Gradings, founded by Terence Smith in 1992, has become a bellwether research company, often predicting significant trends and spotlighting controversial subjects months before they come to light elsewhere. From its inception, Smith’s Research & Gradings has championed independent, third-party credit analytics. In 1994, Smith’s Research & Gradings launched the world’s first comprehensive credit scale for the global fixed income markets.  Smith's analysis is an indispensable part of Wall Street and the world's capital markets.  

Our Programs & Publications

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Smith's analysis is an indispensable part of Wall Street

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 Research & Gradings bi-weekly publication provides independent, third-party research and analysis for institutional investors.

Smith's Conference series provide unique forums for investors & issuers.

To discuss matters of mutual interest. Smith's sector-oriented approach immerses participants in the subject and provides meaningful content. They include, Smith's Affordable Housing Finance Conference, State and Local Government Finance Conference, High Yield Municipal Bond Conference and Smith's All Star Municipal Analysts Program.

Smith's Affordable Housing Conference program is the oldest, most established conference on investing in Multifamily Housing Bonds and Single Family Mortgage Revenue Bonds. Smith's has been consistently out in front when approaching topics such as Not-for-Profit Health Care and Post-Employment Benefits.

The centerpiece of Smith's Conference programs is the Municipal All-Star Program. Municipal bond professionals from rating agencies, bond insurance companies, sellside firms and buyside institutions are eligible for recognition in Smith's All-Star program. The All-Star Team is selected by thousands of votes from institutional investors.

REsearch Team

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Smith's Research & Gradings focuses on the people, sectors and news that matter the most to you. Smith's analysis is an indispensable part of Wall Street and the world's capital markets. Our approach was inspired by the need for a consistent analytical approach across all asset classes. Smith's Gradings are a time-tested, performance proven, and principles-based approach to risk. We go beyond the numbers to connect the dots for the world's decision makers. We can enhance the performance of investments in assets around the globe, while helping to ensure the safety of portfolios here at home.

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