Welcome to CreditSpectrum, an independent credit rating agency based in New York.

Spectrum Ratings supports your portfolio management strategies and goals with real-time ratings. We keep the main parameters of our assessment constant-our rating scale and model logic-while updating the analysis with current servicer data and market values.

Full disclosure of our rating methodologies and how we apply them to rating situations is provided in About.


Spectrum updates its public structured ratings at six-month intervals. Indepth reports on the driver of rating changes, credit volatility of the underlying collateral, are available by request.

CreditSpectrum (formerly R&R Consulting) produces high quality credit ratings and analytics. In the late 1990s, CSC founders Rutledge and Raynes left structured finance at Moody’s Investors Service to build a digital platform for rating and valuation that is standardized, transparent and time-sensitive.


Together, Rutledge and Raynes have 50 years of structured credit experience that overlaps micro-SME credits, derivatives and other capital-intensive markets. For (20) years they have advocated to make structured finance more transparent, with standardization and traceability.

CSC supports FIIN goals and vision: Better Investors Make Better Markets. https://www.thefiin.org/ Ann Rutledge is the Executive Director of the Fixed Income Investor Network (FIIN) Education Committee and serves on its board

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.