Past performance does not guarantee future results.
Data compares the net change in ratings from the first to the last day of each year. All intermediate ratings are disregarded. Downgrade data excludes downgrades to 'D', which is captured separately in the default data. All data is based on nonhousing rating changes.
Through December 31, 2021
Source: S&P Global Ratings Research, S&P Global Market Intelligence's CreditPro® and AllianceBernstein (AB)
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Mirette Kouchouk is a Vice President and High Yield Research Analyst in the Municipal Credit Group, primarily covering the private higher education and charter school sectors. Prior to joining AB in 2021, Kouchouk spent nearly 10 years as a credit analyst at PIMCO in both corporate and municipal research roles. She holds an MBA from the Leonard N. Stern School of Business at New York University and a BS in economics from Tufts University. Location: New York
Natalie Laven is a Vice President and High Yield Research Analyst in the Municipal Credit Group. Before joining AB in 2021, she was a municipal research analyst at Belle Haven Investments and the Hartford Investment Management Company. Laven holds a BA in political science and economics from Southern Connecticut State University’s Honors College and an MPA with a focus in public finance from the University of Connecticut. She is a CFA charterholder. Location: New York
Bryan Laing is a Vice President and High Yield Research Analyst for the Municipal Credit Group. Before joining AB in 2021, he was a senior municipal credit analyst and portfolio manager for Fiera Capital. Prior to that, Laing served as an analyst and manager for the Municipal Credit Data team at Bloomberg. He holds a BS in management from Binghamton University and is a CFA charterholder. Location: New York
Richard Schwam is a Vice President and High Yield Research Analyst for the Municipal Credit Group, with a focus on real estate and project finance. He also covers high-profile general governments and service providers in New York. Previously, Schwam was a vice president and product manager for Fixed Income Business Development, specializing in the firm’s municipal business. He joined AB in 2006 as an associate in the Client Group. Schwam’s experience spans research and investment management, marketing, product development, and business development. He holds a BA in economics from Hamilton College and is a CFA charterholder. Schwam is a Program Committee member of the Municipal Analysts Group of New York and a member of both the National Federation of Municipal Analysts and the CFA Society New York. Location: New York