Notice of Intent to Sole Source

In accordance with FAR Subpart 5.2, Synopses of Proposed Contract Actions, this is a Notice of Intent that the Pension Benefit Guaranty Corporation (PBGC) intends to make a sole source, Firm-Fixed Price award with an anticipated ultimate Period of Performance of one-year base period and four one-year option periods (for a total of 5 years if all options are exercised) to Fitch Solutions, LLC for their CreditSights web-based platform using FAR Part 12 and 13 procedures.

Under the proposed contract, Fitch Solutions will provide online subscriptions/licenses to access a credit risk analytics and legal research platform that enables its analysts to assess sponsor solvency, monitor default risk, and support pension plan termination decisions. The Contractor shall provide a total of fifteen (15) user subscriptions to its CreditSights Risk Products and support. This includes the following features: Suite of quantitative analytic credit risk models.

Measures of company-level short and medium-term credit risk. Bond-Score Models producing a one-year forward probability of default for nearly 4,800 firms. Ratings Models producing a medium-term stand-alone rating based on 5-year probability of default term structure for nearly 5,400 firms. Coverage of 120 large private corporates.

To meet CFRD's need, the service must combine (1) independent and conflict-free credit research, (2) proprietary quantitative credit scoring, (3) tailored company-level analysis, and (4) integrated ERISA and tax law resources within a single platform. Based on a comparative assessment of available providers, Fitch Solutions, Inc / CreditSights (hereafter “CreditSights”) is the only known source that meets all these functional and technical requirements in one solution.

CreditSights is distinct from peers in that it is funded solely by its subscribers—not by issuers or asset managers—and is not engaged in trading, investing, or portfolio management. This removes potential conflicts of interest that can arise when research is shaped by client exposure or market positioning. For PBGC, this independence is not just preferable—it is operationally necessary to ensure that pension termination decisions are based on unbiased risk evaluations.

In addition, CreditSights is the only provider identified through market research that integrates the following capabilities into a single platform: Proprietary Quantitative Risk Scoring Custom Quarterly Reporting Bespoke Entity-Level Analysis Integrated Legal Research Resources: No other subscription-based platform evaluated offers this combination of real-time credit analytics, integrated legal resources, and customized reporting within a single web-based service. This is not a Request for Competitive Quotation.

Rather, this is a notice of intent to make a sole source award to Fitch Solutions. However, interested parties may submit a capability statement (no later than, August 11, 2025, 12:00 PM (Eastern Time)) by email to the Contracting Officer (CO) Dennis Johnson at johnson.dennis@pbgc.gov, and the Contract Specialist (CS) Ray Lee at lee.ray@pbgc.gov. Information received will be considered solely for the purpose of determining whether to conduct a competitive procurement.

A determination to compete the proposed procurement based upon responses to this notice is solely at the discretion of the Government. ORAL COMMUNICATIONS WILL NOT BE ACCEPTED IN RESPONSE TO THIS NOTICE.