Feedback - - 2 reasons not to switch: issuer coverage and client mandate - commercial agreements are negotiated multi year fixed fees which offer no incentive for short term switching

From a Buy-side perspective constraints exist for institutional/segregated accounts where clients will state exclusions (securities not to be held in the portfolio) based on the "average credit rating of 3 providers" and in many cases clients will state "average ratings across Moodys, S&P, and Fitch". Thus enforcing asset managers to have access to all three ratings to be able to comply with client requirements.