Fitch Ratings has snapped up Eric Tutterow, group v.p. in high yield, and Phelps Hoyt, senior v.p. and cfo at KDP Investment Advisors, for its Chicago office as part of an overall expansion of its U.S. high-yield coverage.
Tutterow started this fall and Hoyt will join Fitch in December. "We're focusing on increasing our penetration of the top 100 issuers to 100%," said Tutterow, noting the rating agency currently covers only 70 of the top 100 issuers. Fitch will then focus on the second hundred-largest issuers.
"We're focusing on companies that investors are focused on," Tutterow added, noting the agency is not targeting specific sectors in its coverage expansion. "My team is going to be more of an analytical support team focused on the outlier sectors," he noted. Tutterow said Fitch will be growing its high-yield staff in its New York and Chicago offices. A call to Hoyt was returned by Premila Peters, analyst and head of the research group at KDP, who said Tutterow and Hoyt have not yet been replaced and the firm is looking for seasoned analysts to join its team.