Pros
Dynamic company which generally treats it's employees well. There is opportunity for career advancement, and some movement between departments is possible. The atmosphere doesn't feel as ruthless as a bank for instance. Because it's mainly analysts, there is a more thoughtful, laid-back atmosphere which works well for the ratings process. The company did very well between 2001 - 2005, and this has cushioned some of the blow from the credit crunch. The senior management changes about 12 months ago will hopefully result in some efficiency gains.
Cons
Very New York-centric, which can cause resentment outside of US. The company has grown extremely rapidly in the past few years, and this can create a chaotic feel in the way the corporation presents itself to the world. Projects aren't always managed effectively to completion, partly because of the rapid growth just mentioned, but also sometimes due of a lack of focus from senior management. Increasing regulatory focus on credit agencies means the company will face a very difficult couple of years ahead, as it tries to justify it's place and function in the markets.