{"id":54982,"date":"2023-08-19T08:22:10","date_gmt":"2023-08-19T12:22:10","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/credit-ratings-migration\/"},"modified":"2024-09-05T06:52:26","modified_gmt":"2024-09-05T10:52:26","slug":"credit-ratings-migration","status":"publish","type":[3767],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/credit-ratings-migration\/","title":{"rendered":"Credit Ratings Migration"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c1973966f9]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c1973966f9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Credit Ratings Migration<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c19739dac8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>This white paper introduces Bloomberg\u2019s Ratings Migration Model (RMM) and analyzes its output. The RMM is a rating forecasting framework developed and used by Sam Geier and Noel Hebert of Bloomberg Intelligence\u2019s U.S. Corporate Credit Strategy team to divide U.S. corporate bonds into the categories of bonds that are more likely and least likely to be upgraded vis a vis the Bloomberg Index methodology, based on rating agencies\u2019 data. RMM further helps measure the rating action effect on the trailing and forward excess returns in different timeframes.<\/p>\n<p>The inclusion of the RMM techniques (i.e., the complete RMM demo workflow, including the source code) as part of BQuant Enterprise, can help Bloomberg clients improve time-to-market when trying to deliver similar in-house solutions. Access your free copy of our white paper today to learn how the Ratings Migration Model will help you improve the quality of quantitative credit forecasting, including portfolio construction and trading strategies.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Report highlights:<\/h3>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Building and analyzing the Ratings Migration Model<\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Ratings Migration Model use cases<\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Key challenges to analyzing and predicting ratings migration<\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Implementing Ratings Migration Model in BQuant Enterprise<\/li>\n<\/ul>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n  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data-country-name=\"Argentina\" data-calling-code=\"54\">Argentina (+54)<\/option>  <option value=\"ARM\" data-country-name=\"Armenia\" data-calling-code=\"374\">Armenia (+374)<\/option>  <option value=\"AL\" data-country-name=\"Australia\" data-calling-code=\"61\">Australia (+61)<\/option>  <option value=\"A\" data-country-name=\"Austria\" data-calling-code=\"43\">Austria (+43)<\/option>  <option value=\"AZ\" data-country-name=\"Azerbaijan\" data-calling-code=\"994\">Azerbaijan (+994)<\/option>  <option value=\"BS\" data-country-name=\"Bahamas\" data-calling-code=\"1\">Bahamas (+1)<\/option>  <option value=\"BH\" data-country-name=\"Bahrain\" data-calling-code=\"973\">Bahrain (+973)<\/option>  <option value=\"BJ\" data-country-name=\"Bangladesh\" data-calling-code=\"880\">Bangladesh (+880)<\/option>  <option value=\"WB\" data-country-name=\"Barbados\" data-calling-code=\"1\">Barbados (+1)<\/option>  <option value=\"B\" data-country-name=\"Belgium\" data-calling-code=\"32\">Belgium (+32)<\/option>  <option value=\"BZ\" data-country-name=\"Belize\" data-calling-code=\"501\">Belize (+501)<\/option>  <option value=\"BMD\" data-country-name=\"Bermuda\" data-calling-code=\"1\">Bermuda (+1)<\/option>  <option value=\"BT\" data-country-name=\"Bhutan\" data-calling-code=\"975\">Bhutan (+975)<\/option>  <option value=\"BV\" data-country-name=\"Bolivia\" data-calling-code=\"591\">Bolivia (+591)<\/option>  <option value=\"BOS\" data-country-name=\"Bosnia and Herzegovina\" data-calling-code=\"387\">Bosnia and Herzegovina (+387)<\/option>  <option value=\"BD\" data-country-name=\"Botswana\" data-calling-code=\"267\">Botswana (+267)<\/option>  <option value=\"BR\" data-country-name=\"Brazil\" data-calling-code=\"55\">Brazil (+55)<\/option>  <option value=\"BU\" data-country-name=\"Brunei\" data-calling-code=\"673\">Brunei (+673)<\/option>  <option value=\"BG\" data-country-name=\"Bulgaria\" data-calling-code=\"359\">Bulgaria (+359)<\/option>  <option value=\"BKF\" data-country-name=\"Burkina Faso\" data-calling-code=\"226\">Burkina Faso (+226)<\/option>  <option value=\"BUR\" data-country-name=\"Burundi\" data-calling-code=\"257\">Burundi (+257)<\/option>  <option value=\"CAM\" data-country-name=\"Cambodia\" data-calling-code=\"855\">Cambodia (+855)<\/option>  <option value=\"CMR\" data-country-name=\"Cameroon\" data-calling-code=\"237\">Cameroon (+237)<\/option>  <option value=\"CND\" data-country-name=\"Canada\" data-calling-code=\"1\">Canada (+1)<\/option>  <option value=\"CV\" data-country-name=\"Cape Verde\" data-calling-code=\"238\">Cape Verde (+238)<\/option>  <option value=\"CP\" data-country-name=\"Cayman Island\" data-calling-code=\"1\">Cayman Island (+1)<\/option>  <option value=\"RC\" data-country-name=\"Central African Republic\" data-calling-code=\"236\">Central African Republic (+236)<\/option>  <option value=\"CK\" data-country-name=\"Chile\" data-calling-code=\"56\">Chile (+56)<\/option>  <option value=\"CN\" data-country-name=\"China\" data-calling-code=\"86\">China (+86)<\/option>  <option value=\"CO\" data-country-name=\"Colombia\" data-calling-code=\"57\">Colombia (+57)<\/option>  <option value=\"KG\" data-country-name=\"Congo\" data-calling-code=\"242\">Congo (+242)<\/option>  <option value=\"CR\" data-country-name=\"Costa Rica\" data-calling-code=\"506\">Costa Rica (+506)<\/option>  <option value=\"CI\" data-country-name=\"Cote D&#x27;ivoire\" data-calling-code=\"225\">Cote D&#x27;ivoire (+225)<\/option>  <option value=\"CRO\" data-country-name=\"Croatia\" data-calling-code=\"385\">Croatia (+385)<\/option>  <option value=\"CY\" data-country-name=\"Cyprus\" data-calling-code=\"357\">Cyprus (+357)<\/option>  <option value=\"CC\" data-country-name=\"Czech Republic\" data-calling-code=\"420\">Czech Republic (+420)<\/option>  <option value=\"DK\" data-country-name=\"Denmark\" data-calling-code=\"45\">Denmark (+45)<\/option>  <option value=\"DMC\" data-country-name=\"Dominica\" 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data-calling-code=\"298\">Faroe Islands (+298)<\/option>  <option value=\"FJ\" data-country-name=\"Fiji\" data-calling-code=\"679\">Fiji (+679)<\/option>  <option value=\"SF\" data-country-name=\"Finland\" data-calling-code=\"358\">Finland (+358)<\/option>  <option value=\"F\" data-country-name=\"France\" data-calling-code=\"33\">France (+33)<\/option>  <option value=\"FG\" data-country-name=\"French Guiana\" data-calling-code=\"594\">French Guiana (+594)<\/option>  <option value=\"FP\" data-country-name=\"French Polynesia\" data-calling-code=\"689\">French Polynesia (+689)<\/option>  <option value=\"GO\" data-country-name=\"Gabon\" data-calling-code=\"241\">Gabon (+241)<\/option>  <option value=\"GM\" data-country-name=\"Gambia\" data-calling-code=\"1\">Gambia (+1)<\/option>  <option value=\"GE\" data-country-name=\"Georgia\" data-calling-code=\"995\">Georgia (+995)<\/option>  <option value=\"D\" data-country-name=\"Germany\" data-calling-code=\"49\">Germany (+49)<\/option>  <option value=\"GH\" data-country-name=\"Ghana\" data-calling-code=\"233\">Ghana (+233)<\/option>  <option value=\"GK\" data-country-name=\"Gibraltar\" data-calling-code=\"350\">Gibraltar (+350)<\/option>  <option value=\"GR\" data-country-name=\"Greece\" data-calling-code=\"30\">Greece (+30)<\/option>  <option value=\"GD\" data-country-name=\"Greenland\" data-calling-code=\"299\">Greenland (+299)<\/option>  <option value=\"GA\" data-country-name=\"Grenada\" data-calling-code=\"1\">Grenada (+1)<\/option>  <option value=\"GM\" data-country-name=\"Guam\" data-calling-code=\"1\">Guam (+1)<\/option>  <option value=\"GU\" data-country-name=\"Guatemala\" data-calling-code=\"502\">Guatemala (+502)<\/option>  <option value=\"GN\" data-country-name=\"Guinea\" data-calling-code=\"224\">Guinea (+224)<\/option>  <option value=\"GY\" data-country-name=\"Guyana\" data-calling-code=\"592\">Guyana (+592)<\/option>  <option value=\"HI\" data-country-name=\"Haiti\" data-calling-code=\"509\">Haiti 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value=\"IS\" data-country-name=\"Israel\" data-calling-code=\"972\">Israel (+972)<\/option>  <option value=\"I\" data-country-name=\"Italy\" data-calling-code=\"39\">Italy (+39)<\/option>  <option value=\"JA\" data-country-name=\"Jamaica\" data-calling-code=\"1\">Jamaica (+1)<\/option>  <option value=\"J\" data-country-name=\"Japan\" data-calling-code=\"81\">Japan (+81)<\/option>  <option value=\"JO\" data-country-name=\"Jordan\" data-calling-code=\"962\">Jordan (+962)<\/option>  <option value=\"KAZ\" data-country-name=\"Kazakhstan\" data-calling-code=\"7\">Kazakhstan (+7)<\/option>  <option value=\"KE\" data-country-name=\"Kenya\" data-calling-code=\"254\">Kenya (+254)<\/option>  <option value=\"K\" data-country-name=\"Kuwait\" data-calling-code=\"965\">Kuwait (+965)<\/option>  <option value=\"KY\" data-country-name=\"Kyrgyzstan\" data-calling-code=\"996\">Kyrgyzstan (+996)<\/option>  <option value=\"LS\" data-country-name=\"Laos\" data-calling-code=\"856\">Laos (+856)<\/option>  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data-calling-code=\"389\">Macedonia (+389)<\/option>  <option value=\"MG\" data-country-name=\"Madagascar\" data-calling-code=\"261\">Madagascar (+261)<\/option>  <option value=\"MI\" data-country-name=\"Malawi\" data-calling-code=\"265\">Malawi (+265)<\/option>  <option value=\"MA\" data-country-name=\"Malaysia\" data-calling-code=\"60\">Malaysia (+60)<\/option>  <option value=\"MV\" data-country-name=\"Maldives\" data-calling-code=\"960\">Maldives (+960)<\/option>  <option value=\"ML\" data-country-name=\"Mali\" data-calling-code=\"223\">Mali (+223)<\/option>  <option value=\"MW\" data-country-name=\"Malta\" data-calling-code=\"356\">Malta (+356)<\/option>  <option value=\"MS\" data-country-name=\"Marshall Islands\" data-calling-code=\"1\">Marshall Islands (+1)<\/option>  <option value=\"MAU\" data-country-name=\"Mauritania\" data-calling-code=\"222\">Mauritania (+222)<\/option>  <option value=\"IW\" data-country-name=\"Mauritius\" data-calling-code=\"230\">Mauritius (+230)<\/option>  <option value=\"MX\" data-country-name=\"Mexico\" data-calling-code=\"52\">Mexico (+52)<\/option>  <option value=\"MOL\" data-country-name=\"Moldova\" data-calling-code=\"373\">Moldova (+373)<\/option>  <option value=\"MC\" data-country-name=\"Monaco\" data-calling-code=\"377\">Monaco (+377)<\/option>  <option value=\"MH\" data-country-name=\"Mongolia\" data-calling-code=\"976\">Mongolia (+976)<\/option>  <option value=\"MON\" data-country-name=\"Montenegro\" data-calling-code=\"382\">Montenegro (+382)<\/option>  <option value=\"MZ\" data-country-name=\"Morocco\" data-calling-code=\"212\">Morocco (+212)<\/option>  <option value=\"MO\" data-country-name=\"Mozambique\" data-calling-code=\"258\">Mozambique (+258)<\/option>  <option value=\"MY\" data-country-name=\"Myanmar\" data-calling-code=\"95\">Myanmar (+95)<\/option>  <option value=\"WK\" data-country-name=\"Namibia\" data-calling-code=\"264\">Namibia (+264)<\/option>  <option value=\"NP\" data-country-name=\"Nepal\" data-calling-code=\"977\">Nepal (+977)<\/option>  <option value=\"NL\" data-country-name=\"Netherlands\" data-calling-code=\"31\">Netherlands (+31)<\/option>  <option value=\"NZ\" data-country-name=\"New Zealand\" data-calling-code=\"64\">New Zealand (+64)<\/option>  <option value=\"NU\" data-country-name=\"Nicaragua\" data-calling-code=\"505\">Nicaragua (+505)<\/option>  <option value=\"NGR\" data-country-name=\"Niger\" data-calling-code=\"227\">Niger (+227)<\/option>  <option value=\"NG\" data-country-name=\"Nigeria\" data-calling-code=\"234\">Nigeria (+234)<\/option>  <option value=\"N\" data-country-name=\"Norway\" data-calling-code=\"47\">Norway (+47)<\/option>  <option value=\"MB\" data-country-name=\"Oman\" data-calling-code=\"968\">Oman (+968)<\/option>  <option value=\"PK\" data-country-name=\"Pakistan\" data-calling-code=\"92\">Pakistan (+92)<\/option>  <option value=\"KF\" data-country-name=\"Palau\" data-calling-code=\"680\">Palau (+680)<\/option>  <option value=\"PA\" data-country-name=\"Panama\" data-calling-code=\"507\">Panama (+507)<\/option>  <option value=\"PNG\" data-country-name=\"Papua New Guinea\" data-calling-code=\"675\">Papua New Guinea (+675)<\/option>  <option value=\"PY\" data-country-name=\"Paraguay\" data-calling-code=\"595\">Paraguay (+595)<\/option>  <option value=\"PE\" data-country-name=\"Peru\" data-calling-code=\"51\">Peru (+51)<\/option>  <option value=\"PH\" data-country-name=\"Philippines\" data-calling-code=\"63\">Philippines (+63)<\/option>  <option value=\"PL\" data-country-name=\"Poland\" data-calling-code=\"48\">Poland (+48)<\/option>  <option value=\"P\" data-country-name=\"Portugal\" data-calling-code=\"351\">Portugal (+351)<\/option>  <option value=\"DH\" data-country-name=\"Qatar\" data-calling-code=\"974\">Qatar (+974)<\/option>  <option value=\"RU\" data-country-name=\"Romania\" data-calling-code=\"40\">Romania (+40)<\/option>  <option value=\"RW\" data-country-name=\"Rwanda\" data-calling-code=\"250\">Rwanda (+250)<\/option>  <option value=\"KC\" data-country-name=\"Saint Kitts and Nevis\" data-calling-code=\"1\">Saint Kitts and Nevis (+1)<\/option>  <option value=\"LC\" data-country-name=\"Saint Lucia\" data-calling-code=\"1\">Saint Lucia (+1)<\/option>  <option value=\"VQ\" data-country-name=\"Saint Vincent and the Grenadines\" data-calling-code=\"1\">Saint Vincent and the Grenadines (+1)<\/option>  <option value=\"SX\" data-country-name=\"Samoa\" data-calling-code=\"685\">Samoa (+685)<\/option>  <option value=\"SM\" data-country-name=\"San Marino\" data-calling-code=\"378\">San Marino (+378)<\/option>  <option value=\"SA\" data-country-name=\"Saudi Arabia\" data-calling-code=\"966\">Saudi Arabia (+966)<\/option>  <option value=\"SG\" data-country-name=\"Senegal\" data-calling-code=\"221\">Senegal (+221)<\/option>  <option value=\"SER\" data-country-name=\"Serbia\" data-calling-code=\"381\">Serbia (+381)<\/option>  <option value=\"SEY\" data-country-name=\"Seychelles\" data-calling-code=\"248\">Seychelles (+248)<\/option>  <option value=\"SRL\" data-country-name=\"Sierra Leone\" data-calling-code=\"232\">Sierra Leone (+232)<\/option>  <option value=\"SP\" data-country-name=\"Singapore\" data-calling-code=\"65\">Singapore (+65)<\/option>  <option value=\"SXM\" data-country-name=\"Sint Maarten\" data-calling-code=\"1\">Sint Maarten (+1)<\/option>  <option value=\"SLK\" data-country-name=\"Slovakia\" data-calling-code=\"421\">Slovakia (+421)<\/option>  <option value=\"SLN\" data-country-name=\"Slovenia\" data-calling-code=\"386\">Slovenia (+386)<\/option>  <option value=\"HQ\" data-country-name=\"Solomon Islands\" data-calling-code=\"677\">Solomon Islands (+677)<\/option>  <option value=\"SO\" data-country-name=\"Somalia\" data-calling-code=\"252\">Somalia (+252)<\/option>  <option value=\"SOA\" data-country-name=\"South Africa\" data-calling-code=\"27\">South Africa (+27)<\/option>  <option value=\"KS\" data-country-name=\"South Korea\" data-calling-code=\"82\">South Korea (+82)<\/option>  <option value=\"E\" data-country-name=\"Spain\" data-calling-code=\"34\">Spain (+34)<\/option>  <option value=\"CE\" data-country-name=\"Sri Lanka\" data-calling-code=\"94\">Sri Lanka (+94)<\/option>  <option value=\"SD\" data-country-name=\"Sudan\" data-calling-code=\"249\">Sudan (+249)<\/option>  <option value=\"SUR\" data-country-name=\"Suriname\" data-calling-code=\"597\">Suriname (+597)<\/option>  <option value=\"S\" data-country-name=\"Sweden\" data-calling-code=\"46\">Sweden (+46)<\/option>  <option value=\"CH\" data-country-name=\"Switzerland\" data-calling-code=\"41\">Switzerland (+41)<\/option>  <option value=\"TI\" data-country-name=\"Taiwan\" data-calling-code=\"886\">Taiwan (+886)<\/option>  <option value=\"TJ\" data-country-name=\"Tajikistan\" data-calling-code=\"992\">Tajikistan (+992)<\/option>  <option value=\"TA\" data-country-name=\"Tanzania\" data-calling-code=\"255\">Tanzania (+255)<\/option>  <option value=\"TH\" data-country-name=\"Thailand\" data-calling-code=\"66\">Thailand (+66)<\/option>  <option value=\"TP\" data-country-name=\"Timor-Leste\" data-calling-code=\"670\">Timor-Leste (+670)<\/option>  <option value=\"TG\" data-country-name=\"Togo\" data-calling-code=\"228\">Togo (+228)<\/option>  <option value=\"TS\" data-country-name=\"Tonga\" data-calling-code=\"676\">Tonga (+676)<\/option>  <option value=\"WG\" data-country-name=\"Trinidad and Tobago\" data-calling-code=\"1\">Trinidad and Tobago (+1)<\/option>  <option value=\"TN\" data-country-name=\"Tunisia\" data-calling-code=\"216\">Tunisia (+216)<\/option>  <option value=\"TR\" data-country-name=\"Turkey\" data-calling-code=\"90\">Turkey (+90)<\/option>  <option value=\"TM\" data-country-name=\"Turkmenistan\" data-calling-code=\"993\">Turkmenistan (+993)<\/option>  <option value=\"TCA\" data-country-name=\"Turks and Caicos\" data-calling-code=\"1\">Turks and Caicos (+1)<\/option>  <option value=\"UG\" data-country-name=\"Uganda\" data-calling-code=\"256\">Uganda (+256)<\/option>  <option value=\"UKR\" data-country-name=\"Ukraine\" data-calling-code=\"380\">Ukraine (+380)<\/option>  <option value=\"EM\" data-country-name=\"United Arab Emirates\" data-calling-code=\"971\">United Arab Emirates (+971)<\/option>  <option value=\"UY\" data-country-name=\"Uruguay\" data-calling-code=\"598\">Uruguay (+598)<\/option>  <option value=\"UZB\" data-country-name=\"Uzbekistan\" data-calling-code=\"998\">Uzbekistan (+998)<\/option>  <option value=\"VTU\" data-country-name=\"Vanuatu\" data-calling-code=\"678\">Vanuatu (+678)<\/option>  <option value=\"VC\" data-country-name=\"Venezuela\" data-calling-code=\"58\">Venezuela (+58)<\/option>  <option value=\"VT\" data-country-name=\"Vietnam\" data-calling-code=\"84\">Vietnam (+84)<\/option>  <option value=\"YE\" data-country-name=\"Yemen\" data-calling-code=\"967\">Yemen (+967)<\/option>  <option value=\"ZA\" data-country-name=\"Zambia\" data-calling-code=\"260\">Zambia (+260)<\/option>  <option value=\"ZW\" data-country-name=\"Zimbabwe\" data-calling-code=\"263\">Zimbabwe (+263)<\/option>  <\/select><input name=\"busPhone\" type=\"tel\" value=\"\" placeholder=\"\"  data-eloqua-id=\"42211\"  role=\"textbox\" aria-label=\"Phone Number\" aria-required=\"true\"><\/fieldset> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-ce42c972-22a3-4c39-8d7d-33a721236288\" class=\"error-message hide\"><\/div>                  <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">   <label  for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-04e4037e-fe5b-4217-bb05-7bec049836c0\" ><span>Company<\/span>   <\/label> <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-04e4037e-fe5b-4217-bb05-7bec049836c0\" data-type=\"single-line-text\" data-id=\"04e4037e-fe5b-4217-bb05-7bec049836c0\" name=\"company\" type=\"text\" value=\"\" placeholder=\"\" aria-required=\"true\"> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-04e4037e-fe5b-4217-bb05-7bec049836c0\" class=\"error-message hide\"><\/div>                     <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">          <label  for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-d085c00a-b6c5-46a6-90c9-abee66bf86b5\" ><span>Job role<\/span>   <\/label> <select id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-d085c00a-b6c5-46a6-90c9-abee66bf86b5\" data-id=\"d085c00a-b6c5-46a6-90c9-abee66bf86b5\" data-type=\"dropdown\" name=\"jobRole1\" aria-required=\"true\">   <option value=\"\"  >Select one<\/option>    <option value=\"RL-ACCT\"  >Accountant \/ Controller<\/option>    <option value=\"RL-AESS\"  >Administrative \/ Assistant<\/option>    <option value=\"RL-ANST\"  >Analyst<\/option>    <option value=\"RL-APPD\"  >Application Developer<\/option>    <option value=\"RL-APPO\"  >Application Owner<\/option>    <option value=\"RL-BKOF\"  >Back Office<\/option>    <option value=\"RL-BRKR\"  >Broker<\/option>    <option value=\"RL-BSDV\"  >Business Development \/ Sales<\/option>    <option value=\"RL-BSMG\"  >Business Manager<\/option>    <option value=\"RL-CPTL\"  >Capital Markets<\/option>    <option value=\"RL-CSMG\"  >Cash Manager<\/option>    <option value=\"RL-ENFC\"  >Chief Compliance Officer<\/option>    <option value=\"RL-CDO\"  >Chief Data Officer<\/option>    <option value=\"RL-CDVO\"  >Chief Diversity Officer<\/option>    <option value=\"RL-CEO\"  >Chief Executive Officer<\/option>    <option value=\"RL-CFO\"  >Chief Financial Officer<\/option>    <option value=\"RL-CINF\"  >Chief Information Officer<\/option>    <option value=\"RL-CINV\"  >Chief Investment Officer<\/option>    <option value=\"RL-CHST\"  >Chief of Staff<\/option>    <option value=\"RL-COO\"  >Chief Operating Officer<\/option>    <option value=\"RL-CRO\"  >Chief Risk Officer<\/option>    <option value=\"RL-CSO\"  >Chief Sustainability Officer<\/option>    <option value=\"RL-CTO\"  >Chief Technology Officer<\/option>    <option value=\"RL-CLSR\"  >Client Services<\/option>    <option value=\"RL-COLL\"  >Collateral Management<\/option>    <option value=\"RL-COMP\"  >Compliance<\/option>    <option value=\"RL-CONS\"  >Consultant<\/option>    <option value=\"RL-CTOW\"  >Control Owner<\/option>    <option value=\"RL-CACC\"  >Corporate Access<\/option>    <option value=\"RL-CRPC\"  >Corporate Communications<\/option>    <option value=\"RL-CDEV\"  >Corporate Development<\/option>    <option value=\"RL-CFMA\"  >Corporate Finance<\/option>    <option value=\"RL-DSHD\"  >Desk Head<\/option>    <option value=\"RL-DVFR\"  >Development \/ Fundraiser<\/option>    <option value=\"RL-ECMS\"  >Economist<\/option>    <option value=\"RL-ENGR\"  >Engineer<\/option>    <option value=\"RL-ENTA\"  >Enterprise Architect<\/option>    <option value=\"RL-EXEC\"  >Executive Officer<\/option>    <option value=\"RL-FACU\"  >Faculty<\/option>    <option value=\"RL-FIAD\"  >Financial Advisor<\/option>    <option value=\"RL-GBHD\"  >Global Head<\/option>    <option value=\"RL-GOVF\"  >Government Affairs<\/option>    <option value=\"RL-GOVC\"  >Government Contracting<\/option>    <option value=\"RL-LAPL\"  >Government Official<\/option>    <option value=\"RL-HODG\"  >Head of Digital<\/option>    <option value=\"RL-UNDE\"  >Insurance Underwriter<\/option>    <option value=\"RL-INT\"  >Intern<\/option>    <option value=\"RL-INVB\"  >Investment Banker<\/option>    <option value=\"RL-INVR\"  >Investor Relations<\/option>    <option value=\"RL-LAW\"  >Lawyer<\/option>    <option value=\"RL-LOAN\"  >Loan Officer<\/option>    <option value=\"RL-MDC\"  >Market Data \/ Technology<\/option>    <option value=\"RL-MRMK\"  >Market Maker<\/option>    <option value=\"RL-MMRK\"  >Marketing<\/option>    <option value=\"RL-MEDI\"  >Media<\/option>    <option value=\"RL-MDOF\"  >Middle Office<\/option>    <option value=\"RL-NWSE\"  >News Editor<\/option>    <option value=\"RL-ORIN\"  >Originator<\/option>    <option value=\"RL-PORT\"  >Portfolio Manager<\/option>    <option value=\"RL-PRIM\"  >Prime Broker<\/option>    <option value=\"RL-PRIB\"  >Private Banker<\/option>    <option value=\"RL-PRVE\"  >Private Equity<\/option>    <option value=\"RL-PMGR\"  >Procurement<\/option>    <option value=\"RL-PRDC\"  >Product Control<\/option>    <option value=\"RL-PRMR\"  >Product Manager<\/option>    <option value=\"RL-PROF\"  >Professor<\/option>    <option value=\"RL-PM\"  >Project Manager<\/option>    <option value=\"RL-PPTR\"  >Proprietary Trader<\/option>    <option value=\"RL-QUAN\"  >Quant<\/option>    <option value=\"RL-RECR\"  >Recruiter<\/option>    <option value=\"RL-RGHD\"  >Regional Head<\/option>    <option value=\"RL-RINA\"  >Registered Investment Advisor<\/option>    <option value=\"RL-REGR\"  >Regulatory Reporting<\/option>    <option value=\"RL-RADM\"  >Research Admin<\/option>    <option value=\"RL-RSAL\"  >Research Sales<\/option>    <option value=\"RL-RISK\"  >Risk Manager<\/option>    <option value=\"RL-SATA\"  >Sales Assistant \/ Trading Assistant<\/option>    <option value=\"RL-SLSP\"  >Sales Support<\/option>    <option value=\"RL-SATR\"  >Sales Trader<\/option>    <option value=\"RL-SALE\"  >Salesperson<\/option>    <option value=\"RL-SECL\"  >Securities Lending<\/option>    <option value=\"RL-SETL\"  >Settlements<\/option>    <option value=\"RL-STRG\"  >Strategist<\/option>    <option value=\"RL-STRR\"  >Structurer<\/option>    <option value=\"RL-STIN\"  >Student<\/option>    <option value=\"RL-ORIG\"  >Syndicator<\/option>    <option value=\"RL-SYSA\"  >System Administrator<\/option>    <option value=\"RL-TESP\"  >Technical Support<\/option>    <option value=\"RL-TECH\"  >Technology<\/option>    <option value=\"RL-TRSP\"  >Trade Support<\/option>    <option value=\"RL-TRDR\"  >Trader<\/option>    <option value=\"RL-TRSY\"  >Treasurer<\/option>    <option value=\"RL-VENC\"  >Venture Capitalist<\/option>    <option value=\"RL-OTHR\"  >Not Applicable<\/option>   <\/select> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-d085c00a-b6c5-46a6-90c9-abee66bf86b5\" class=\"error-message hide\"><\/div>              <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">   <label  for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-377fc0c9-3558-4465-8eb5-753b60231bae\" ><span>City<\/span>   <\/label> <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-377fc0c9-3558-4465-8eb5-753b60231bae\" data-type=\"single-line-text\" data-id=\"377fc0c9-3558-4465-8eb5-753b60231bae\" name=\"city\" type=\"text\" value=\"\" placeholder=\"\" aria-required=\"true\"> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-377fc0c9-3558-4465-8eb5-753b60231bae\" class=\"error-message hide\"><\/div>                     <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">          <label  for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-9fc98c02-300f-46f4-b365-096d808c296f\" ><span>Country or Region<\/span>   <\/label> <select id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-9fc98c02-300f-46f4-b365-096d808c296f\" data-id=\"9fc98c02-300f-46f4-b365-096d808c296f\" data-type=\"dropdown\" name=\"country\" aria-required=\"true\">   <option value=\"\"  selected  >Select one<\/option>    <option value=\"US\"  >United States<\/option>    <option value=\"ENG\"  >United Kingdom<\/option>    <option value=\"AF\"  >Afghanistan<\/option>    <option value=\"ALB\"  >Albania<\/option>    <option value=\"DZ\"  >Algeria<\/option>    <option value=\"AND\"  >Andorra<\/option>    <option value=\"AN\"  >Angola<\/option>    <option value=\"AGU\"  >Anguilla<\/option>    <option value=\"AK\"  >Antigua and Barbuda<\/option>    <option value=\"AR\"  >Argentina<\/option>    <option value=\"ARM\"  >Armenia<\/option>    <option value=\"AL\"  >Australia<\/option>    <option value=\"A\"  >Austria<\/option>    <option value=\"AZ\"  >Azerbaijan<\/option>    <option value=\"BS\"  >Bahamas<\/option>    <option value=\"BH\"  >Bahrain<\/option>    <option value=\"BJ\"  >Bangladesh<\/option>    <option value=\"WB\"  >Barbados<\/option>    <option value=\"B\"  >Belgium<\/option>    <option value=\"BZ\"  >Belize<\/option>    <option value=\"BMD\"  >Bermuda<\/option>    <option value=\"BT\"  >Bhutan<\/option>    <option value=\"BV\"  >Bolivia<\/option>    <option value=\"BOS\"  >Bosnia and Herzegovina<\/option>    <option value=\"BD\"  >Botswana<\/option>    <option value=\"BR\"  >Brazil<\/option>    <option value=\"BU\"  >Brunei<\/option>    <option value=\"BG\"  >Bulgaria<\/option>    <option value=\"BKF\"  >Burkina Faso<\/option>    <option value=\"BUR\"  >Burundi<\/option>    <option value=\"CAM\"  >Cambodia<\/option>    <option value=\"CMR\"  >Cameroon<\/option>    <option value=\"CND\"  >Canada<\/option>    <option value=\"CV\"  >Cape Verde<\/option>    <option value=\"CP\"  >Cayman Island<\/option>    <option value=\"RC\"  >Central African Republic<\/option>    <option value=\"CK\"  >Chile<\/option>    <option value=\"CN\"  >China<\/option>    <option value=\"CO\"  >Colombia<\/option>    <option value=\"KG\"  >Congo<\/option>    <option value=\"CR\"  >Costa Rica<\/option>    <option value=\"CI\"  >Cote D&#x27;ivoire<\/option>    <option value=\"CRO\"  >Croatia<\/option>    <option value=\"CY\"  >Cyprus<\/option>    <option value=\"CC\"  >Czech Republic<\/option>    <option value=\"DK\"  >Denmark<\/option>    <option value=\"DMC\"  >Dominica<\/option>    <option value=\"DR\"  >Dominican Republic<\/option>    <option value=\"ED\"  >Ecuador<\/option>    <option value=\"UN\"  >Egypt<\/option>    <option value=\"SR\"  >El Salvador<\/option>    <option value=\"GQ\"  >Equatorial Guinea<\/option>    <option value=\"EST\"  >Estonia<\/option>    <option value=\"SWZ\"  >Eswatini<\/option>    <option value=\"ET\"  >Ethiopia<\/option>    <option value=\"FO\"  >Faroe Islands<\/option>    <option value=\"FJ\"  >Fiji<\/option>    <option value=\"SF\"  >Finland<\/option>    <option value=\"F\"  >France<\/option>    <option value=\"FG\"  >French Guiana<\/option>    <option value=\"FP\"  >French Polynesia<\/option>    <option value=\"GO\"  >Gabon<\/option>    <option value=\"GM\"  >Gambia<\/option>    <option value=\"GE\"  >Georgia<\/option>    <option value=\"D\"  >Germany<\/option>    <option value=\"GH\"  >Ghana<\/option>    <option value=\"GK\"  >Gibraltar<\/option>    <option value=\"GR\"  >Greece<\/option>    <option value=\"GD\"  >Greenland<\/option>    <option value=\"GA\"  >Grenada<\/option>    <option value=\"GM\"  >Guam<\/option>    <option value=\"GU\"  >Guatemala<\/option>    <option value=\"GN\"  >Guinea<\/option>    <option value=\"GY\"  >Guyana<\/option>    <option value=\"HI\"  >Haiti<\/option>    <option value=\"VA\"  >Holy See (Vatican City State)<\/option>    <option value=\"HO\"  >Honduras<\/option>    <option value=\"HK\"  >Hong Kong<\/option>    <option value=\"HY\"  >Hungary<\/option>    <option value=\"IC\"  >Iceland<\/option>    <option value=\"IN\"  >India<\/option>    <option value=\"IA\"  >Indonesia<\/option>    <option value=\"IQ\"  >Iraq<\/option>    <option value=\"IRL\"  >Ireland<\/option>    <option value=\"IS\"  >Israel<\/option>    <option value=\"I\"  >Italy<\/option>    <option value=\"JA\"  >Jamaica<\/option>    <option value=\"J\"  >Japan<\/option>    <option value=\"JO\"  >Jordan<\/option>    <option value=\"KAZ\"  >Kazakhstan<\/option>    <option value=\"KE\"  >Kenya<\/option>    <option value=\"K\"  >Kuwait<\/option>    <option value=\"KY\"  >Kyrgyzstan<\/option>    <option value=\"LS\"  >Laos<\/option>    <option value=\"LAT\"  >Latvia<\/option>    <option value=\"LE\"  >Lebanon<\/option>    <option value=\"LST\"  >Lesotho<\/option>    <option value=\"LI\"  >Liberia<\/option>    <option value=\"LY\"  >Libya<\/option>    <option value=\"LIE\"  >Liechtenstein<\/option>    <option value=\"LIT\"  >Lithuania<\/option>    <option value=\"L\"  >Luxembourg<\/option>    <option value=\"OM\"  >Macau<\/option>    <option value=\"MAC\"  >Macedonia<\/option>    <option value=\"MG\"  >Madagascar<\/option>    <option value=\"MI\"  >Malawi<\/option>    <option value=\"MA\"  >Malaysia<\/option>    <option value=\"MV\"  >Maldives<\/option>    <option value=\"ML\"  >Mali<\/option>    <option value=\"MW\"  >Malta<\/option>    <option value=\"MS\"  >Marshall Islands<\/option>    <option value=\"MAU\"  >Mauritania<\/option>    <option value=\"IW\"  >Mauritius<\/option>    <option value=\"MX\"  >Mexico<\/option>    <option value=\"MOL\"  >Moldova<\/option>    <option value=\"MC\"  >Monaco<\/option>    <option value=\"MH\"  >Mongolia<\/option>    <option value=\"MON\"  >Montenegro<\/option>    <option value=\"MZ\"  >Morocco<\/option>    <option value=\"MO\"  >Mozambique<\/option>    <option value=\"MY\"  >Myanmar<\/option>    <option value=\"WK\"  >Namibia<\/option>    <option value=\"NP\"  >Nepal<\/option>    <option value=\"NL\"  >Netherlands<\/option>    <option value=\"NZ\"  >New Zealand<\/option>    <option value=\"NU\"  >Nicaragua<\/option>    <option value=\"NGR\"  >Niger<\/option>    <option value=\"NG\"  >Nigeria<\/option>    <option value=\"N\"  >Norway<\/option>    <option value=\"MB\"  >Oman<\/option>    <option value=\"PK\"  >Pakistan<\/option>    <option value=\"KF\"  >Palau<\/option>    <option value=\"PA\"  >Panama<\/option>    <option value=\"PNG\"  >Papua New Guinea<\/option>    <option value=\"PY\"  >Paraguay<\/option>    <option value=\"PE\"  >Peru<\/option>    <option value=\"PH\"  >Philippines<\/option>    <option value=\"PL\"  >Poland<\/option>    <option value=\"P\"  >Portugal<\/option>    <option value=\"DH\"  >Qatar<\/option>    <option value=\"RU\"  >Romania<\/option>    <option value=\"RW\"  >Rwanda<\/option>    <option value=\"KC\"  >Saint Kitts and Nevis<\/option>    <option value=\"LC\"  >Saint Lucia<\/option>    <option value=\"VQ\"  >Saint Vincent and the Grenadines<\/option>    <option value=\"SX\"  >Samoa<\/option>    <option value=\"SM\"  >San Marino<\/option>    <option value=\"SA\"  >Saudi Arabia<\/option>    <option value=\"SG\"  >Senegal<\/option>    <option value=\"SER\"  >Serbia<\/option>    <option value=\"SEY\"  >Seychelles<\/option>    <option value=\"SRL\"  >Sierra Leone<\/option>    <option value=\"SP\"  >Singapore<\/option>    <option value=\"SXM\"  >Sint Maarten<\/option>    <option value=\"SLK\"  >Slovakia<\/option>    <option value=\"SLN\"  >Slovenia<\/option>    <option value=\"HQ\"  >Solomon Islands<\/option>    <option value=\"SO\"  >Somalia<\/option>    <option value=\"SOA\"  >South Africa<\/option>    <option value=\"KS\"  >South Korea<\/option>    <option value=\"E\"  >Spain<\/option>    <option value=\"CE\"  >Sri Lanka<\/option>    <option value=\"SD\"  >Sudan<\/option>    <option value=\"SUR\"  >Suriname<\/option>    <option value=\"S\"  >Sweden<\/option>    <option value=\"CH\"  >Switzerland<\/option>    <option value=\"TI\"  >Taiwan<\/option>    <option value=\"TJ\"  >Tajikistan<\/option>    <option value=\"TA\"  >Tanzania<\/option>    <option value=\"TH\"  >Thailand<\/option>    <option value=\"TP\"  >Timor-Leste<\/option>    <option value=\"TG\"  >Togo<\/option>    <option value=\"TS\"  >Tonga<\/option>    <option value=\"WG\"  >Trinidad and Tobago<\/option>    <option value=\"TN\"  >Tunisia<\/option>    <option value=\"TR\"  >Turkey<\/option>    <option value=\"TM\"  >Turkmenistan<\/option>    <option value=\"TCA\"  >Turks and Caicos<\/option>    <option value=\"UG\"  >Uganda<\/option>    <option value=\"UKR\"  >Ukraine<\/option>    <option value=\"EM\"  >United Arab Emirates<\/option>    <option value=\"UY\"  >Uruguay<\/option>    <option value=\"UZB\"  >Uzbekistan<\/option>    <option value=\"VTU\"  >Vanuatu<\/option>    <option value=\"VC\"  >Venezuela<\/option>    <option value=\"VT\"  >Vietnam<\/option>    <option value=\"YE\"  >Yemen<\/option>    <option value=\"ZA\"  >Zambia<\/option>    <option value=\"ZW\"  >Zimbabwe<\/option>   <\/select> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-9fc98c02-300f-46f4-b365-096d808c296f\" class=\"error-message hide\"><\/div>              <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">          <label  for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-b9dc916e-fb37-4a88-8aa4-b6e2f24d9873\" ><span>State or Province<\/span>   <\/label> <select id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-b9dc916e-fb37-4a88-8aa4-b6e2f24d9873\" data-id=\"b9dc916e-fb37-4a88-8aa4-b6e2f24d9873\" data-type=\"dropdown\" name=\"dropdown-2a9a53c1-38d0-426a-a2d6-884c3f749398\" aria-required=\"true\">   <option value=\"1\"  selected  >Option 1<\/option>    <option value=\"2\"  >Option 2<\/option>    <option value=\"3\"  >Option 3<\/option>   <\/select> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-b9dc916e-fb37-4a88-8aa4-b6e2f24d9873\" class=\"error-message hide\"><\/div>              <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-8bab366c-e56b-4068-9401-79ac5b59e4b7\" name=\"prospectNumber1\" type=\"hidden\" value=\"\" data-id=\"8bab366c-e56b-4068-9401-79ac5b59e4b7\"  data-eloqua-id=\"42218\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-e7870abb-ea8d-4eb9-bf2d-935663916a4e\" name=\"contactNumber1\" type=\"hidden\" value=\"\" data-id=\"e7870abb-ea8d-4eb9-bf2d-935663916a4e\"  data-eloqua-id=\"42217\"   >  <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">          <div class=\"cb-cont\"><input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-6380cacc-3ff6-4f2e-b50e-e8ac61db7416\" type=\"checkbox\" name=\"contact\" data-type=\"single-line-checkbox\" data-id=\"6380cacc-3ff6-4f2e-b50e-e8ac61db7416\" aria-required=\"false\"   data-eloqua-id=\"42219\"  ><label for=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-6380cacc-3ff6-4f2e-b50e-e8ac61db7416\">Yes, I would like to be contacted by a representative to learn more about Bloomberg&#x27;s solutions and services.<\/label><\/div> <div id=\"message-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-6380cacc-3ff6-4f2e-b50e-e8ac61db7416\" class=\"error-message hide\"><\/div>               <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-14ae0046-367b-4a0a-ae79-77d605225c24\" name=\"learnMoreAbout\" type=\"hidden\" value=\"\" data-id=\"14ae0046-367b-4a0a-ae79-77d605225c24\"  data-eloqua-id=\"49788\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-f9b26207-17be-4ac6-9756-6cf6556c5320\" name=\"ElqCampaignId\" type=\"hidden\" value=\"\" data-id=\"f9b26207-17be-4ac6-9756-6cf6556c5320\"  data-eloqua-id=\"42222\"   >  <\/div>   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id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-09c6416d-34dd-4eeb-9875-8e43ce445d5c\" name=\"newsletterSubscriber\" type=\"hidden\" value=\"\" data-id=\"09c6416d-34dd-4eeb-9875-8e43ce445d5c\"  data-eloqua-id=\"51250\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-ce3fdc64-cc50-44b3-8dfc-8732f6227e37\" name=\"business_unit\" type=\"hidden\" value=\"\" data-id=\"ce3fdc64-cc50-44b3-8dfc-8732f6227e37\"  data-eloqua-id=\"42223\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-a3844bc6-f836-4441-ad8a-d4215561d627\" name=\"mpam\" type=\"hidden\" value=\"\" data-id=\"a3844bc6-f836-4441-ad8a-d4215561d627\"  data-eloqua-id=\"42220\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-52897f56-94a7-4886-bf8d-6267aea7dfba\" name=\"bbgsum\" type=\"hidden\" value=\"\" data-id=\"52897f56-94a7-4886-bf8d-6267aea7dfba\"  data-eloqua-id=\"42230\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-98eba745-b2e7-4d72-b144-36e119365526\" name=\"redirectURL\" type=\"hidden\" value=\"\" data-id=\"98eba745-b2e7-4d72-b144-36e119365526\"  data-eloqua-id=\"51429\"   >  <\/div>   <\/div>   <div  class=\"hide\"  style=\"--fba-mc: 1\">    <div class=\"vh hide\">  <input id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-7e819e6f-3181-447e-a1e7-b5d8498061d5\" name=\"gauid\" type=\"hidden\" value=\"\" data-id=\"7e819e6f-3181-447e-a1e7-b5d8498061d5\"  data-eloqua-id=\"52596\"   >  <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">               <p id=\"e-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b-bf5aa1fe-1f5f-43a3-982f-d7f342cba5ed\" data-type=\"disclaimer\" data-id=\"bf5aa1fe-1f5f-43a3-982f-d7f342cba5ed\" class=\"disc\">By submitting this information, I agree to the <a data-targettype=\"webpage\" href=\"https:\/\/www.bloomberg.com\/notices\/privacy\/\" target=\"_blank\">privacy policy<\/a> and to learn more about products and services from Bloomberg.<\/p>         <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">                <div data-id=\"9c833db7-6907-4a93-85ea-fa202071a1e7\"><p class=\"disc\">This site is protected by reCAPTCHA and the Google <a href=\"https:\/\/policies.google.com\/privacy?hl=en\" target=\"_blank\" rel=\"noopener noreferrer\">Privacy Policy<\/a> and <a href=\"https:\/\/policies.google.com\/terms?hl=en\" target=\"_blank\" rel=\"noopener noreferrer\">Terms of Service<\/a> apply.<\/p><div id=\"recaptcha-form-d5e35a48-2662-4a8d-a9e1-c02b1a07ea3b\" class=\"hide\"><\/div><\/div>        <\/div>   <\/div>   <div  style=\"--fba-mc: 1\">    <div class=\"vh\">                    <div class=\"submit-container\"><div><button id=\"submit-200435a0-bd77-474b-9e69-3422a687fd42\" data-id=\"200435a0-bd77-474b-9e69-3422a687fd42\"  type=\"submit\"><span class=\"t\">SUBMIT<\/span><span id=\"spinner\"><div class=\"spinner-container\"><div class=\"spinner\"><div class=\"rotation\"><div class=\"oscillation\"><svg height=\"22\" width=\"22\" viewBox=\"0 0 22 22\"><circle class=\"arc\" cx=\"11\" cy=\"11\" r=\"9.9\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\"><\/circle><\/svg><\/div><\/div><\/div><\/div><\/span><\/button><\/div><\/div>    <\/div>   <\/div>  <div class=\"submission-error-message\" tabindex=\"-1\"><\/div><\/form>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This white paper introduces Bloomberg\u2019s Ratings Migration Model (RMM) and analyzes its 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