About us

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.

From its inception, Smith’s Research & Gradings has championed independent, third-party credit analytics. As stated in its manifesto, SMITH’s Research & Gradings believes the rating agencies have an inherent conflict of interest because issuers and underwriters pay for the credit analysis. 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.

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

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. 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.