GIA Services Permit Issuers of Debt To:

• Obtain the best credit rating possible 
• Minimize borrowing costs in the capital markets
• Understand the critical rating issues
• Anticipate the rating consequences of policy options
• Make highly effective presentations to the agencies
• Take charge of their ratings future
• Work more confidently with outside constituencies

GIA Clients Have Achieved Practical Results From: 

• Assistance in preparing both staff and documentation for rating meetings
• Rating confirmations while on Review for possible downgrade
• Strategies for achieving an upgrade 
• A structure for managing the rating process on a year-round basis
• Continuing access to GIA expertise

Differences Between GIA and the Investment Banks
There is a clear distinction between the rating agency advisory service that investment bankers provide to international issuers of debt and what GIA can provide. Our roles, credentials, agenda, and approach are strikingly different.

Roles: Bankers provide valuable advice on financing options and market conditions, and they fulfill an important cross-border dealer-broker function. GIA, by contrast, does not attempt to compete with the bankers in their strong suit. We compete with them in their weakest area—ratings advisory where GIA has the comparative advantage.

Credentials: Many bankers advising issuers have not had rating agency experience, and have not sat on rating committees. They do not really know how the agencies function, and they don’t have time to keep up to date with agency developments.

GIA, on the other hand, is comprised of former agency analysts and officers; we know how the agencies think and operate. We can advise you on the best way to prepare for a new rating and a rating meeting. We maintain regular access to the analysts at all the rating agencies. We produce a monthly newsletter on agency thinking and practice. We keep up to date on ratings.

Independence: The primary motivation of investment banks is to earn revenue through underwriting and trading activities. Their agency advisory team is designed to generate future underwriting business. GIA has no ulterior motive behind the advice we offer, and we have no potential conflict of interest. We are interested only in serving the issuer’s rating agency needs, so our agenda is clearer and simpler.

GIA’s independent status actually offers clients greater flexibility in the future over their choice of investment banks for underwriting and lead managing roles; clients can base these decisions on questions of pricing and on a bank’s distribution capabilities rather than on their agency advice.

Confidentiality: As GIA has no links to commercial banks or investment banks, clients can be assured that their proprietary and competitive information will remain confidential and will not be divulged to third parties.

Approach: GIA devotes its entire effort to rating agency advisory, and as a specialist firm with a select client base, we will spend as much time as required to provide the service you need. We are full-time specialists in rating agency activities, not part-time generalists.

Advice from the investment banks tends to follow the "benign/mechanistic" approach to dealing with the agencies, that is, follow a few simple rules and accommodate the agencies’ demands. GIA’s approach is of the "realistic/assertive" school; we believe that better ratings come from a more proactive approach, taking charge of the relationship with the agencies, and not sitting back and letting the process unfold over you.

Costs and Fees: Investment banks are high-cost, high-fee operations that usually offer agency advice as a "loss leader" to help induce other business from clients. GIA is a low-cost, low-overhead operation that specializes in one area and charges modest fees—especially compared to the potential return to the issuer. We have a variety of programs and a flexible fee structure that can be adapted to each client’s needs.

Other GIA Services
In addition to GIA's primary business of advising issuers on their credit ratings, we have helped clients in related fields:

1. Setting up Rating Agencies
   GIA has worked with officials in Poland, Hungary, Turkey, Bhutan, Bahrain and Russia to introduce local rating agencies.  Activities included initial feasibility studies, advice on the appropriate legal framework, training analysts, writing credit reports, participating in rating committees, giving speeches and seminars to local and foreign investors and clients, and introducing rating agency officials to the major rating agencies in New York City.
   
2. Working with Multilateral Financial Institutions
   GIA has worked with development banks in Africa and Europe to improve their credit ratings and regain their AAA's.  We also advised the Ministry of Finance in Namibia about the underlying needs, conditions and prospects for creating a local development bank. 
   
3. Training in Municipal Finance
   GIA has undertaken projects related to municipal finance in Poland and Russia, assessing the creditworthiness of subnational governments and training local analysts in muni finance methodology.  Projects in the pipeline involve working with municipal officials in Southeastern Europe and the CIS to improve financial transparency and achieve greater access to funding.