Credit for the Elderly or the Disabled For use in preparing 2012 Returns

However, it is important to note that while the major credit rating agencies are a major source of creditworthiness for bond investors, they are far from the only potential source. A few smaller rating fifi rms—notably KMV, Egan-Jones, and Lace Financial, all of which had “investor pays” business models—were able to survive, despite the absence of NRSRO designations (although KMV was absorbed by Moody’s in 2002). Some bond mutual funds do their own research, as do some hedge funds. “Fixed income analysts” at many fifi nancial services fifi rms offer recommendations to those fifi rms’ clients with respect to bond investments...