NONPUBLIC//FDIC BUSINESS

Statement of Work Credit Ratings, Research, and Data Feed Subscriptions

1.0. GENERAL

1.1. Background.

The Federal Deposit Insurance Corporation (FDIC) maintains stability and public confidence in the nation’s financial system by (1) insuring deposits, (2) examining and supervising financial institutions, and (3) managing resolutions and receiverships.

1.2. Scope of Work.

The FDIC Library is currently seeking to procure licenses for credit ratings research databases from nationally recognized statistical rating organizations (“NRSROs”) to provide credit opinions, research and ratings on bank and financial holding companies, fixed-income securities, other credit obligations, and issuers of securities across a broad range of asset classes. The content being licensed also includes published ratings, research, and opinions on a broad range of credit obligations including various corporate and governmental obligations, structured finance securities, and commercial paper programs issued in domestic and international markets. Additionally, the content being licensed provides outlook and points of view from the top industry analysts on the economy and the banking sector. The licensed content is critical for ongoing market monitoring and the FDIC's role as a banking regulator.

This content will also be used in determining the overall risk profile of companies and industries and often serve as a starting point for more substantial research. For example, if the FDIC suspects a potential threat to the Deposit Insurance Fund in the form of a risk to banks, these ratings, research, and opinions are used to help find the topics and keywords that spur further in-depth research. If the FDIC's research yields a conclusion, these sources are cited as independent, third-party sources used in reaching a conclusion. These resources are used extensively by CISR, DIR, DRR, RMS, as well as the Library in direct support of the FDIC's mission.

The FDIC Library is also seeking data feeds from nationally recognized statistical rating organizations (“NRSROs”) to provide tabular data about bank and financial holding companies, fixed-income securities, other credit obligations, and issuers of securities as well as a broad range of credit obligations across multiple asset classes. Since each firm has their own proprietary ratings algorithms, there is no overlap in meeting this requirement and multiple sources are needed. Having multiple data feeds gives the FDIC a more complete picture of the state of the financial markets that impact U.S. banks and financial service firms. Using multiple ratings also improves the accuracy of market analysis. This analysis supports core mission functions in the areas of examinations and risk analysis research.

1.3. Deliverables.

Contracts may be divided into the following lots:

Lot 1 – Enterprise Access to Ratings, Opinions and Research Lot 2 – Licensed Data Feeds

Lot 1 - Credit Ratings and Research

The contractor shall provide an enterprise license to a proprietary web interface to proprietary research data, ratings, and analysis covering sectors that include financial institutions, corporate entities, emerging markets, and finance.

The contractor shall provide web interface navigation to research and data by including:

A unified interface with global search across all content Enhanced search capabilities using AI Advanced search by laying of criteria Entity and sector page layouts Functionality allowing users to create portfolios, watchlists, email alerts, custom views of data, and custom charts for use outside of the system

The contractor shall provide the following research content by including:

Extensive entity coverage (rated and unrated) Probability-of-default modeling Market-implied ratings Ownership-structure insights Broad sector analysis

The contractor will provide the following for Lot 1 – Credit Ratings and Research:

A description of the analytical framework, both qualitative and quantitative considerations, used to assign ratings.

Access to the analysts that author’s research provided via the web interface.

Provide end user support through web-based training and demonstrations.

Maintain status as a nationally recognized statistical rating organization (“NRSRO”) by the

Securities and Exchange Commission.

Provide end user usage statistics on demand to the Oversight Manager. These usage statistics reports shall include, at a minimum, user’s name, email address, and activity.

Provide end user training in both group and one-on-one sessions as requested by the

Oversight Manager.

Provide end user account support via email as requested by the Oversight Manager.

Lot 2 -

The contractor shall provide an enterprise license to proprietary ratings via a delivery service provided directly from the provider to the FDIC.

Delivery requirement: Contractor must be able to provide delivery via FDIC’s Bloomberg Account - BBPS #30119240. Credit rating data must be delivered via the Bloomberg data feed. Contractor must be able to work through FDIC’s Bloomberg’s data feed.

The contractor shall provide ratings and related information on corporations, financial institutions, sovereigns, and structured finance organizations and instruments.

Underlying data points will include:

Organization Organization Rating: represents counterparty risk Organization Alias Organization Attribute Organization Watchlist Organization Rating Attribute Organization Identifier Organization Market Industry classifications Domain information, allowing segmentation by geography to meet specific analysis requirements.

Hierarchy Family Tree: ownership structure, showing relationship between parent organizations and subsidiaries / affiliates.

Investment and non-investment grade classifications The license shall include ratings and related information on US municipal sales, instruments and organizations.

Underlying data points will include:

Instrument Instrument ratings Instrument watchlist Instrument rating attribute Instrument identifier (Debt ID service) Instrument organization Instrument support Instrument market Loss given and probability of default assessments: rich information on the various components of credit risk Initial rating and effective date Instrument class

Description information (providing information on support level, market of issuance, takedown, security description and coupon details).

Investment grade and non-investment grade classification

This will include market standard identifiers, four levels of market sector indexing and over 10 rating types, plus 20 years of historical data across the entire rated universe. The offeror will also provide end-user training in both group and one-on-one sessions as required as well as connectivity support.

2.0. APPLICABLE DOCUMENTS

Any Government or non-government document(s) that may become necessary under this Statement of Work will be provided via technical direction by the FDIC Oversight Manager

(OM).

3.0. REQUIREMENTS

3.1. Lot 1 – Credit Ratings and Research.

The contractor will provide access to the research database described above along with training and administration for licensed FDIC personnel.

3.2. Site and Delivery Services.

Database access and training may be delivered electronically online.

3.3 Training.

Contractors shall provide training on the use of the credit ratings research product virtually to single users and large groups as requested by the FDIC.

3.4 Helpdesk Support.

The Contractor shall provide Helpdesk Support services to assist end users with technical issues, service requests, and general inquiries. The contractor will assist FDIC users with user management and general support. The Contractor shall provide Helpdesk Support during the Government’s standard business hours, Monday through Friday, excluding federal holidays, unless otherwise specified in this SOW. FDIC would prefer if the winning contractor had a dedicated individual or team that could be contacted directly.

3.5 Place of Delivery or Performance.

All electronically delivered services will be made available to all FDIC personnel regardless of physical location.

3.6 Period of Performance.

Base Period: January 01, 2027 - December 31, 2027 Option Period 1: January 01, 2028 - December 31, 2028 Option Period 2: January 01, 2029 - December 31, 2029 Option Period 3: January 01, 2030 - December 31, 2030