Where Smart Tech Meets Deep Industry Expertise

Setting Standards in the Credit Rating Industry

At Spectrum Ratings, we're not just a part of the credit rating industry. We are the standard-bearers. Our insightful team of experts, commitment to accuracy, disciplined use of data authentication, capital-conserving digital tools, which we call Clean Fintech™, and our unwavering dedication to transparency raise the bar in the field of credit ratings.
Integrity - Independence - INSIGHT-
Inheritance - Interoperability

We Know Value

Spectrum supports every credit market participant with custom services and products, like these:
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Asset Strategy

Tailored value and risk assessments for navigating financial market complexities with confidence.

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Credit Ratings

Actionable credit risk measures across the spectrum of credit sensitive transactions/players

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Digital tools to keep environmental and social goals on track with the original investment intent.

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Expert, independent assessment of the firm's readiness for digital credit transacting.

We count all players
small & big

The Problem:

Credit rating agencies guide global capital flows based on rules without standards.

The Solution:

Spectrum, alone in the credit rating industry, backstops our credit rating methodologies with clear performance standards. Our ratings are point-in-time measures, not opinions. Commitment to continuous measurement benefits the whole market, making us a trusted credit information fiduciary, and sets us apart.

Why We Are Better

Spectrum is a standards-bearer for the credit rating industry.

Spectrum communicates ratings in the universally-recognized alphanumeric format; but our letter grades are actual measures of impairment on a public, unchanging credit rating scale. This practice is unique within our industry: the pivotal change led by Spectrum.

Clarity in complexity, a beacon of understanding in a sea of numbers.

We Have Better Technology. Our proprietary rating technology automates computationally intensive elements of the model, making the analysis transparent and traceable, and bringing mathematical credit arguments back to the level of common sense.

Our Mission

Equitable Access and Capital Efficiency

At Spectrum, we recognize that robust systems of credit allocation play a crucial role in creating wealth and economic prosperity. We are dedicated to the continuous improvement and strengthening of global credit markets with reliable indicators of performance that can be replicated by individuals who have a fundamental understanding of finance and statistics.

Accurate & Reliable

As a credit engineering information fiduciary, Spectrum builds predictive credit systems that are powerful, elegant, reusable, and promote capital efficiency across a wide range of credit rating mandates.
Our digital backbone applications for data-authentication, valuation, structuring and monitoring are called Clean Fintech™.


Spectrum serves suppliers and users of capital, by providing accurate, affordable ratings on commodity and emergent debt capital market sectors.


Spectrum ratings are actionable. They are issued and refreshed within a comprehensive, standardized framework, with a control structure fed by a data feedback loop.
Spectrum also publishes annual reports on 1-, 3-, and 10-year bond defaults and transitions on exposures we rate, in accordance with FORM NRSRO guidelines from the U.S. Securities and Exchange Commission.

A Spectrum of Expertise

Meet the Experts

Our Team

Black-and-white headshot portrait of Ann Rutledge, the founder of Spectrum
Ann Elaine Rutledge

Ann Rutledge
is a highly respected leader in the financial industry, particularly known for her expertise in Credit Rating Agencies (CRAs), valuation of complex collateral, market sustainability and microstructure, collaborative intellectual property development, and the evolution of China's financial system since the significant reform movement initiated in 1979.

As the head of strategy and business development for Spectrum, which she co-founded with Sylvain Raynes after leaving Moody's Investors Service, Rutledge has been at the forefront of addressing the pressing issue of lagging ratings. This problem was a critical factor leading up to the Global Financial Crisis (GFC) and it continues to contribute to inequitable capital market access.

Her deep knowledge and innovative thinking have been instrumental in reimagining and reshaping the approach to ratings, thereby contributing to a more resilient and transparent financial market.

Rutledge is also a key member of the Fixed Income Investor Network (FIIN), where she serves on the Board and the Executive Committee, leading Education and Certification. Her role at FIIN underscores her dedication to strengthening the competence and professional standards in the fixed income industry. Her academic credentials are equally impressive.  

Rutledge earned an MBA from the University of Chicago's Booth School of Business, one of the most prestigious business schools globally. She is also a Phi Beta Kappa graduate of Wellesley College, a testament to her academic excellence.

In addition to her role at Spectrum, Rutledge was an adjunct assistant professor of capital markets at Columbia University's School of International and Public Affairs (SIPA). She taught securitization at The Hong Kong University of Science and Technology for 13 years using materials combining theory and practice. These roles demonstrate her commitment to education and knowledge dissemination in the field of finance.

Ann Rutledge's unique blend of professional expertise, academic involvement, and industry leadership positions her as an influential figure in the world of finance. Through her work with Spectrum and other organizations, she continues to drive meaningful change and progress in the industry.

Black-and-white headshot portrait of Sylvain Raynes, the co-founder of Spectrum
Dr. Sylvain Raynes
Co-Founder/Chief Investment
Officer/ Director

Dr. Sylvain Raynes has dedicated his professional life to elevating the science of credit: transaction design, process optimization and predictive modeling under extreme conditions. He is a pioneer in developing and using numerical methods and differential game theory to model dynamic credit risk.

Dr. Raynes is a renowned figure in the financial industry with an impressive track record. He repurposed his doctoral studies in aircraft wing design and turbulence into a career spanning four decades and has consistently demonstrated an ability to innovate and lead in the face of complex challenges.

In the 1980s, while leading the team at Citibank's US Card Products Group, Dr. Raynes was instrumental in constructing and refining the consumer credit scoring model.

In the early 1990s, Dr. Raynes was at the forefront of financial innovation at Goldman Sachs. Working alongside the legendary Fischer Black, he developed the pricing and credit risk model for derivative products of companies. This work revolutionized the way financial institutions approach derivative trading, pricing, and risk management. He went on to develop eight commercial Asset-Backed Securities (ABS) methodologies, help shaping the ABS market and ensuring robustness, transparency, and fair valuation.

Following these significant achievements, Dr. Raynes co-founded Spectrum (initially R&R Consulting). His vast experience and knowledge continue to drive innovation and growth at Spectrum, providing a solid foundation for the firm's success.

His work continues to influence the methods and models used by financial institutions worldwide.

After the 2008 collapse, he served as a testifying/consulting expert in high-profile securities litigations, in both Europe and the United States.

Dr. Raynes has a PhD in Aerospace Engineering from Princeton University, an MS in Numerical Analysis from the Von Karman Institute in Belgium; and a BS in Chemical Engineering from the Royal Military College of Canada, in Ontario.

Black-and-white headshot portrait of Larry Hueth, the Head of Bank Ratings at Spectrum
Larry Hueth
Head/Bank Ratings

Larry Hueth is a seasoned leader in the financial services industry, boasting a diverse and impressive background. With more than a decade of executive-level experience, including roles as President, CEO, EVP/COO, CFO, Senior Vice President, Treasurer, and CRO, Hueth brings to Spectrum a wealth of expertise and a broad skill set.

His technical acumen ranges from designing effective operational strategies to managing complex financial systems and people. Hueth's proficiency in human resources also showcases his well-rounded leadership capabilities, underpinning his ability to foster productive workplace environments.

Hueth has a commendable history of coaching and mentoring new executives, demonstrating his commitment to leadership development and the continuous growth of his teams. His successful efforts in rebuilding and fostering collaborative cultures have been crucial in building cohesive teams.

Another key aspect of Hueth's leadership is his expertise in implementing Enterprise Risk Management functions. His ability to evaluate and manage risks has been pivotal in safeguarding organizational interests and sustaining business growth amidst fluctuating market conditions.

Hueth's positive relationships with shareholders and regulatory agencies have further solidified his status as a trustworthy and reliable leader. His successful guidance of a capital raise and conversion to a stockholder organization highlights his strategic aptitude and his ability to steer organizations through critical financial transitions.

Hueth holds a BS in Business Administration and Accounting from Cal State Long Beach. Furthermore, his certification from the Pacific Coast Banking School stands as a testament to his ongoing commitment to professional development and industry excellence.

Black-and-white headshot portrait of Byron Cormany, the head of IT at Spectrum
Byron Cormany
Head IT

Byron Cormany's transformation of complex data into actionable insights makes him a key resource for digital ratings IT management at Spectrum. His clean approach to data management and processing has enabled Spectrum to simplify key internal processes, improve efficiency, and drive growth.

Cormany's work in refactoring Java-based cash-flow routines into Python-based deal objects for financial modeling reflects his expertise in software development and ability to leverage different programming languages to optimize performance. His understanding of hardware will support Spectrum's next-level of innovation: turning software into hardware.

With a B.S. in computer engineering and a specialization in hardware from Christopher Newport University, Cormany's technical knowledge goes beyond software. He has leveraged this unique blend of hardware and software expertise to ensure that Credit Spectrum's technology infrastructure is not only robust and reliable, but also adaptable and scalable.

His unique blend of deep technical knowledge, innovative thinking, and meticulous attention to detail has helped the company overcome complex data and technology challenges, driving operational efficiency, and positioning Credit Spectrum for future success.

Jingjing Wang
Finance Analyst

Jingjing, is a Quantitative Finance Analyst at Credit Spectrum Corp. With a keen eye for analyzing complex financial data and a knack for creating powerful quantitative models, she's a driving force behind our strategic and creative operations.

Before lending her expertise to us, Jingjing earned a Master's degree in Engineering Management from the prestigious Duke University, where she honed her skills in data analytics and machine learning. She doesn't just crunch numbers – she leverages them to spot hidden trends and potential risks in the capital markets, translating her findings into valuable insights for our stakeholders. But she's not all finance and figures.

In her leisure time, Jingjing transforms from a spreadsheet expert to a winter skier and passionate global traveler, always ready to explore diverse cultures and locations.

At Credit Spectrum Corp., Jingjing is more than an analyst – she's an essential part of our vibrant, dynamic spectrum.

Building Capacity

Lifecycle dynamics are modeled based on proven, robust techniques commonly used in predictive consumer scoring.
Photo of Spectrum's co-founder, Sylvain Raynes, at a whiteboard, illustrating mathematical concepts related to finance. He is engaged in explaining the importance of financial lifecycles to a reporter, pointing at the whiteboard with a marker in hand
Spectrum builds funding capacity and economic resilience. We repurposed methods of numerical analysis and physical engineering into a suite of tools, Clean Fintech™, to finely model value and risk, in enterprise software, from an API or on the blockchain.

Spectrum authentically models the credit lifecycle--of loan origination, maturity and expiration—like any biological cycle, a logistic (“S”) curve, fine-tuned for population (collateral) characteristics. 

For more than two decades, Spectrum products and services have enabled credit market buyers, sellers and regulators to better utilize financial and human capital. The range, prestige and footprint of Spectrum’s clients is formidable.


Spectrum Ratings has a rich history and a reputation as a forward-thinking credit rating agency (CRA). For more than two decades, Spectrum has distinguished itself as a standards setter, transforming the traditional way credit ratings are produced.

Originally founded as R&R Consulting in 2000 by Ann Rutledge and Sylvain Raynes, the firm later evolved into CreditSpectrum Corp., becoming a New York State S-Corp in 2015. The current corporate entity, CreditSpectrum Corp. (Spectrum) is based in Delaware.

Spectrum Ratings replaces the traditional method of creating static ratings through committees with a more dynamic, risk-responsive ratings system. The approach is bionic—combining human expertise with advanced machine learning and AI capabilities--and revolutionary, allowing for more responsive and accurate ratings, leading to better risk assessments and decision-making for financial institutions and investors. Expanding its reach and influence, in 2023, Spectrum established CleanFintech, S.L. (doing business as Spectrum Ratings), a new credit consultancy based in the marveous innovative city of Bilbao, in Bizkaia, Spain.

Serving the European Union, this strategic move has further extended Spectrum's global footprint and marked its dedication to providing its innovative credit rating services to a broader market.

Today, Spectrum Ratings continues to be at the forefront of the credit rating industry, offering a unique blend of human expertise and advanced technology to produce highly responsive and accurate credit ratings. The company's growth and evolution reflect its commitment to innovation, excellence, and customer-centric services in the financial industry.

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Why we are better

Spectrum is a trailblazer in the credit ratings industry, offering an unparalleled digital solution that fuses affordability and modernity. With a rating approach that's transparent, traceable, and suited for blockchain technology, Spectrum offers consistent risk assessments for a diverse array of collateral-backed securities and their derivatives.

Standing tall amid the Big Three CRAs (Moody’s, Fitch and S&P), Spectrum's reliability record is unmatched, even preceding the Financial Crisis. Unlike the varying services of traditional CRAs, Spectrum guarantees uniformity in pricing, coverage, methodology, and reliability. Founded in 2000 by renowned former Moody’s analysts Ann Rutledge and Sylvain Raynes, Spectrum aimed to revolutionize static ratings in structured finance.

Their leadership navigated the company through the 2008 financial crisis, gaining valuable insights and securing high-profile mandates.

Spectrum’s mission is to effect necessary change in the credit rating industry. Years of commitment and innovation have established Spectrum as a leader, setting a new industry standard for credit rating methodologies.

Setting Standards

As an agency committed to ensuring the quality, reliability, and transparency of credit ratings, we have established a set of standards for credit rating methodologies that are designed to promote consistency and accuracy across the industry.

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Engineering the Future

Fintech, short for "financial technology," indeed signifies a significant shift in the financial industry's landscape, transforming traditional operations and business models in response to increased interconnectivity and rapid technological advancements.

The application of data science has unquestionably revolutionized the financial sector.

The ability to collect, analyze, and leverage vast amounts of data has given rise to improved predictive models, risk management tools, personalized financial services, and much more. This shift has reshaped financial institutions, from customer service to investment strategies and regulatory compliance. However, as you rightly point out, it's not just data science making waves.

The Internet of Things (IoT) and Deep Learning are also significant factors in the ongoing transformation of finance. IoT enables real-time data collection and analysis, leading to enhanced decision-making and operational efficiency.

Deep Learning, a subset of artificial intelligence, is increasingly being used to create sophisticated predictive models, analyze unstructured data, and detect fraud or anomalies.

These technologies' integration into financial systems is still a growing field, and the full potential of their impact is yet to be fully realized. As they become more prevalent, they will undoubtedly redefine the finance industry's boundaries and bring about unprecedented change.

The analogy to the revolution in chemical engineering 60 years ago, known as Transport Phenomena, is an intriguing one. Just as Transport Phenomena brought about a unifying approach to previously separate areas of momentum, heat, and mass transfer, the application of emerging technologies like IoT and Deep Learning could bring about a similar unification in financial engineering.

This could result in more cohesive, integrated, and efficient financial systems, with the potential for innovative new services and products. Thus, as we navigate the ongoing fintech revolution, it's critical to stay aware of these emerging technologies and the potential they hold.

Only by embracing and adapting to these changes can the financial industry hope to unlock the full potential of the fintech revolution and shape a prosperous future.

Frequently Asked Questions