SS22-2002_Bond Rating Services_15 Day Posting.pdf

CITIZENS PROPERTY INSURANCE CORPORATION

DESCRIPTION OF INTENDED SINGLE SOURCE PURCHASE

SS22-2002

DATE POSTED: 09/14/2022

LAST DAY FOR RECEIPT OF INFORMATION: 10/05/2022 at 5 PM ET

Vendors are requested to provide information regarding their ability to provide the commodities or contractual services described herein, in writing, to purchasing@citizensfla.com, or Purchasing Department, 2101 Maryland Circle, Tallahassee, Florida 32303, no later than the last day for receipt of information provided above.

This description of commodities or contractual services, intended for purchase from a single source, is posted in accordance with section 287.057(3)(c), F.S., and will remain posted for a period of at least 7 business days. Interested vendors are requested to provide information regarding their ability to supply the commodities or contractual services described.

I. TITLE: Bond Rating Service

II. INTENDED SOURCE (Vendor): S&P Global Market Intelligence

III. COMMODITY OR SERVICE REQUIRED (product or service description, relevant specification(s), manufacturer, model, as appropriate):

A. Quantity (as appropriate): 36 months

IV. Performance and/or Design Requirements: S&P Global Market Intelligence can research the domestic and international bond market in order to provide Citizens with the best investment and yield date available.

S&P currently has the largest market share for bond ratings focusing on those bonds that Citizens invests in. S&P has the greatest depth and breadth of the bond market research. S&P Global is the standard by which governments and multi-national corporations compare the bond ratings and overall risks of the market. Both the Florida Department of Financial Services and the Florida State Board of Administration use S&P Global Market Intelligence exclusively for their bond rating research.

Internet based research reinforced that S&P Global is the leader in bond ratings and provides historical data and market access that is not available through other vendors. Citizens intends to contract with two other service providers to supplement the use of S&P Global ratings, but Citizens bond rating data needs cannot be met without the use of S&P Global.

V. Justification for Single Source Acquisition: This service was previously available to Citizens through third-party resellers. S&P Global has recently moved away from this model and now exclusively offers their ratings services directly to consumers. No other vendor can provide the level of detail and market exposure that S&P provides. Dun & Bradstreet created a report that listed Standard & Poor’s potential competitors, which also included Dun & Bradstreet. After a review, none of the listed competitors offered the extensive bond rating access that Citizens requires. Even Dun & Bradstreet stated they were not able to provide the historical ratings data that Citizens seeks.

mailto:purchasing@citizensfla.com

VI. CONTRACT TERM: October 2022 – October 2025

VII. CONTRACT VALUE: $206,800 estimate

VIII. REQUESTING BUSINESS UNIT: 610 – Finance & Accounting

If it is determined in writing by Citizens, after reviewing any information received from prospective vendors, that the commodities or contractual services are available only from a single source, Citizens will provide notice of its intended decision to enter a single-source purchase contract in the manner specified in section 627.351(6), F.S.