Weiss Ratings, which offers ratings on financial institutions and fixed-income mutual funds, is expanding its Northeastern presence and plans to add an unspecified number of researchers. The Jupiter, Fla.,-based rating agency has recently set up New York and Boston sales offices to seek greater coverage among institutional investors, said Bruce Fador, president and ceo.
The rating agency is not seeking the nationally recognized statistical rating organization (NRSRO) designation because it is currently focusing on safety ratings of insurance companies, banks and thrifts. However, Fador said the agency may pursue the designation should the approval process be more open to smaller companies that have a more specific ratings focus, which he said is growing more likely after a Senate hearing this month scrutinized the rating agency industry. After getting the designation, Fador said Weiss would consider rating individual bonds, though its current participation in the bond market is limited to offering ratings on bond funds.