DALLAS -- Moody's Investors Service is increasing its staff in Dallas to increase its presence in Texas, one of the rating agency's largest markets, an executive said yesterday.
This summer, the New York City-based firm is transferring two analysts to the Dallas office, doubling the two-person staff that has worked at the location for about one year. Moody's also may add another analyst to the staff in the near future.
"We are the dominant rating agency in Texas, and we want to increase our market profile in the state," said Mark Campa, vice president and supervisor of the Dallas office. "We believe Texas will be a growing market."
Campa said Moody's rates about 3,000 credits in Texas, which is the fourth largest bond issuer in the nation and the second most populous state, behind California.
The office, which is part of the Southwest regional ratings group, is now focusing on Texas credits, but eventually could work on credits in Arizona, New Mexico,, and Oklahoma.
"We found that issuers like us being closer to them," Campa said. "Our primary focus will be credit analysis.
To achieve that goal, Moody's has relocated Roxanne Booth to Dallas as vice president of credit supported finance to handle analysis of letters of credit and derivative products. Booth held a similar position at Moody's headquarters in New York City, where she worked for more than five years.
Booth came to Moody's from E.F. Hutton in New York City, where she was in institutional equity sales for the corporate capital markets group.
In about a month, Moody's will relocate Dennis Porcaro to Dallas, where he will be an assistant vice president and will work on regional credits. Porcaro, who now works in the Northeast Regional Rating Group, has been with Moody's for four years. Before that, he worked at MBIA as an analyst of secondary market unit insured trusts.
The Dallas office, at 2200 Ross Ave., was opened in May 1993 when Campa moved from Moody's office in San Francisco.
Campa.has been with Moody's for eight years and has worked on credits in several regions, including the Midwest and Southwest.