CreditSights Launches Risk Management Group and Hires Morgan Stanley Veteran to Head Team; CreditSights Expertise Leveraged to develop Customized Risk Management Solutions.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 24, 2003

CreditSights, the leading independent capital markets research firm, today announced that it has created a new Risk Advisory Services practice to deliver customized risk management services for clients.

Designed for use by senior risk managers, chief financial officers, and treasurers, in addition to the firm's traditional client base of credit research teams and senior portfolio managers, CreditSights' Risk Advisory Services group will provide unbiased analysis and commentary aimed at helping to resolve risk management issues at the industry, sector and company level.

"Our clients have consistently asked us to provide them with tools and services customized around their risk management objectives and we are pleased to be able to offer these proprietary services that effectively put the full weight of CreditSights expertise into understanding particular credit issues," said Paul Ciasullo, Co-Founder of CreditSights.

The new offerings are designed to provide clients with an in-depth understanding of the specific risk exposures in their portfolios. In addition to the CreditSights subscription service, the Risk Advisory Services group will offer clients a suite of customizable risk management products and the ability to request research. Products will include portfolio analysis, BondScore (the CreditSights quantitative credit scoring model), risk management reports and tailored fundamental research.

"Clients are increasingly aware they need richer information on their credit risk than is currently available, yet they often are unable to dedicate the resources necessary to develop this information. We have the resources and the expertise to help - it's a logical, demand driven extension of the CreditSights business model," said Robert Brown, Director and Head of the Risk Advisory Services Group at CreditSights.

Through the Risk Advisory Services practice, clients have personalized access to CreditSights' full depth and breadth of expertise and experience, including the resources of a large, well-respected research team at their disposal. The CreditSights research team now comprises more than 30 analysts in New York, San Francisco, London, Hong Kong, and Tokyo.

Components offered by the Risk Advisory Services practice are already used by a number of CreditSights clients who have requested that the firm assist them in analyzing the risk profile of their portfolios. The components of the CreditSights Risk Advisory Services fall into the four major groups comprising a customizable client package and described below.

-- BondScore - The CreditSights proprietary credit risk model,

including user tools to enable scenario analysis and manage

data.

-- BondScore Review - customized reports and data delivery from

the BondScore platform. Provides Signal Analysis, Scenario

Analysis with Fair Value Curves, and Relative Value Portfolio

Assessment.

-- Portfolio Review - an in depth, periodic assessment of a

client's portfolio undertaken with access to the team of

CreditSights analysts.

-- Research on Demand - CreditSights tearsheet and spreadsheet

products can be customized to address a unique set of

companies or specific analytic framework.

"We are excited that Rob Brown has joined us. Clients will greatly benefit from his risk management expertise and his management experience on Wall Street. The enhanced level of access to our team's research that he will help to deliver through the new Risk Advisory Services group highlights our unique ability to blend quantitative and fundamental research products from an independent platform", said Mr. Ciasullo.

Mr. Brown recently joined CreditSights as Director, after leaving Morgan Stanley, the global investment bank. While at Morgan Stanley, Mr. Brown's career encompassed senior level global research and risk management posts, including head of the company's firm-wide credit risk management team and Chief Credit Officer for Morgan Stanley Japan. He was most recently responsible for managing Morgan Stanley's Global Macro Research effort, comprised of Economics, Equity Strategy, Quantitative Analysis, and Currency Research.

About CreditSights

Founded in 2000, CreditSights provides high quality, decision support tools to institutional investors globally. Through their website, CreditSights offers fundamental company research, market strategy, Emerging Markets research, and BondScore, the firm's quantitative tool for scoring credit risk.

For more information go to www.creditsights.com