Richard J. Raphael, Nancy E. Stroker, and Alan Spen have been named managing directors at Fitch Investors Service.
Mr. Raphael, a former vice president and manager of the municipal lease group at Standard & Poor's Corp., will take over the public finance group.
Ms. Stroker, also formerly of Standard & Poor's, was head of Fitch's financial institutions group before this appointment to managing director of financial institutions.
And Mr. Spen becomes managing director of revenue bonds. Mr. Spen's previous positions include senior analyst at Merrill Lynch Capital Markets and director of research at the now-defunct Drexel Burnham Lambert.
Also at Fitch, Ricardo J. Kleinbaum has been promoted to vice president in financial institutions, and David Litvack, formerly a senior analyst at Moody's Investors Service, has joined Fitch as an assistant vice president in the financial guarantee group.
While with Moody's, Mr. Litvack was the lead analyst covering AMBAC Indemnity Corp. and helped develop bond insurer capital adequacy models.