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I’ve thought about this a lot. The more I contemplate the challenges of implementing a fair and effective system of capital regulation for credit risk, the more I appreciate its impossibility. First, a fair and effective system of capital regulation for ...

First, it will cost Moody’s $864 MM plus other settlement-related expenses. The civil penalties are $437.5 MM, and $426.5 MM will go to the states that joined the Department of Justice, of which (so far) $12.7 MM goes to Indiana, $6.7 MM to Delaware, $19...

Ben Carson, in testimony for his Senate confirmation Thursday, said onerous housing rules caused inequality because “the wealthy have their pick of loans” while “those without credit are locked out.” Where have we heard this before? In ...

CreditSpectrum sells credit ratings and ratings-dependent credit analytics. We are associated with R&R Consulting, a partnership of the owners of CreditSpectrum who worked for Moody’s Investors Service until its IPO. We each have over 20 years’ experience in the structured credit markets. If you want credit for what your business does well, we want to be your rating agency. If you’re an institutional investor buying credit volatility because it’s the best proxy you can find for yield, we want to be your rating agency. If you can’t monetize the high quality capital on your balance sheet because other rating systems are unresponsive to risk, we want to be your rating agency. If your pension fund lost money buying structured securities in the Credit Crisis, tell them we want to be their rating agency!

Testimonial

CSC is the only producer of global credit information that meets the Five-Eye standard:

Integrity: CSC credit information is used by a wide spectrum of clients of different strategies, backgrounds and perspectives investing in credit instruments. They all rely on CSC to maintain high standards of consistency, accountability and accuracy. For this reason, we place our integrity above all other commercial concerns.

Insight: CSC’s mission is to shed light on value, especially in nonstandard credit market sectors where structural complexity and data scarcity are ex-ante part of the risk.

Independence: CSC is committed to keeping our information free of conflicts arising from political and commercial pressures, and to abide by the laws of arithmetic operations, which are the basis of measure theory. To safeguard our independence, CSC separates its decision-making functions, which are carried out by experts, from complex computations, which carried out by custom software based tools that CSC has built specifically to automate repeatable routines of credit analysis. Our processes are transparent. Their logic is all in the public domain.

Inter-Operability: CSC credit tools are modular. They can incorporate cash flow vectors externally generated. Can be embedded in larger risk systems for structuring and monitoring.

Inheritance: Founders Ann Rutledge and Sylvain Raynes bring an accretion of thirty years of credit experience from innovative financial institutions to CSC. They first worked in pioneer financial markets of the 1980s—exchange-traded derivatives, credit scoring and emerging markets—before joining Moody’s Investors Service’s structured finance group in 1995. In the markets of Hong Kong and New York, Rutledge and Raynes gained recognition for innovativeness and the ability to repurpose Moody’s methodology for new asset markets. They formed R&R to solve the one problem the market ignored—that led to the Global Financial Crisis.