For a list of recently completed financial advisory engagements, click here.

As the capital and credit markets have become more complex, and the number of financial products has multiplied, management teams and Board members have become more cautious. Many, in fact, have engaged Shattuck Hammond as financial advisor when they have never before utilized advisory services. In addition, the trend toward competitive bidding of bonds and other financial products has altered the scope of services offered by, and increased the utilization of, financial advisors. Because of Shattuck Hammond's independence and knowledge base, the majority of our financial advisory clients utilize the Firm in a "quarterback" role, i.e. managing the entire financing process: selection of issuer; creation of the finance plan and credit strategy; assistance with legal and underwriting document preparation; evaluation of marketing strategies and assistance with all pre-marketing activities; determination of the optimal time to price the issue; reinvestment of bond proceeds; and coordination of closing activities.

The benefits of Shattuck Hammond's structure and approach differentiate our Firm from other financial advisors, as the following points indicate:

• Our clients are assured of receiving senior level attention throughout the entire process, since this is the way our Firm is structured.
• In developing credit strategies, our clients benefit from our experience dealing with credit analysts and our willingness to work hard for our clients - to commit the time to understand and develop the most favorable presentation of the organization's credit strengths.
• Our independent status and ongoing participation in the capital markets ensure that the transaction is designed to take advantage of the structures and products that optimize our clients' cost of capital and support the organization's strategic and financial objectives.
• Similarly, because Shattuck Hammond acts as agent, and not as principal, on interest rate swaps and other synthetic products, we provide our clients access to the entire "Street" portfolio of products, ensuring the most favorable pricing/terms obtainable through a competitive bidding process.
• Our role as underwriter, in addition to financial advisor, enables us to have first-hand knowledge of capital markets pricing trends, as well as direct access to the institutional buyers of bonds and knowledge of their buying preferences.
• Our significant, hands-on role in the process enables other members of the financing team - underwriter, counsel, etc. - to focus their efforts where they have the most expertise and our client to manage their costs of issuance.
• Consistent with our underwriting services, as financial advisor Shattuck Hammond coordinates all aspects of the financing in order to minimize the disruption to the organization and the utilization of management resources, and to ensure a timely closing and transfer of funds.

Credit Rating Solicitation and Maintenance
A credit rating is one of the most important determinants of the cost of borrowing, and Shattuck Hammond is eminently qualified to help not-for-profit clients achieve and maintain the strongest possible credit rating. Because we specialize in 501(c)(3) credits, we are in constant touch with bond rating agency, bond insurance and bank credit enhancement analysts. Whether a first-time borrower or a well seasoned participant in the capital markets, clients benefit from our expertise in crafting optimal credit strategies and our commitment to understand and develop the most favorable presentation of a borrower's credit strengths. Three of Shattuck Hammond's principals previously served as senior rating analysts at Standard & Poor's and Moody's Investors Service, and Shattuck Hammond professionals are recognized for having achieved a number of "Credit Firsts" in the marketplace. The firm's work in developing credit strategies for non-traditional borrowers such as a not-for-profit labor union and highly endowed foundations has formed the groundwork for rating criteria for the specialty not-for-profit sector.

SHATTUCK HAMMOND'S CREDIT FIRSTS

First Rating for Non-Hospital, Non-University/College not-for-profit (AAMC, "AA-" in 1989). First "AAA/Aaa" Rating for Health or Medical Care Organization (Howard Hughes Medical Institute in 1990). First Rating for a Not-For-Profit Federally Funded Research and Development Corporation (FFRDC) (Institute for Defense Analysis, "A-" in 2000). Highest Hospital Rating (Mayo Foundation, "AA+" in 1987). First Rating for Social Services/Mental Hygiene Agency (Jewish Board of Family and Children Services, "BBB" in 1992). First Insurance Company Guarantee for Private Secondary School Financing (Milton Academy in 1990). First Insurance Company Guarantee for Not-for-Profit Association (ACOG in 1991). First Public Rating for not-for-profit Labor Union ("A2") for Service Employees International