Recently, I noticed another discussion on this site about how companies manage their credit ratings with Dun & Bradstreet (D&B). The link is as follows:https://www.proformative.com/questions/managing-credit-ratingThat discussion focuses more on credit management practices for small businesses.

However, for the mid-sized publicly listed company where I work, the core challenge lies in managing our rating relationships with S&P and Moody's. Currently, both agencies rate our bonds lower than our internal reasonable expectations. We have relatively predictable cash flows and a solid balance sheet, but as a mid-sized public company, we seem to be at a disadvantage in rating communications.

Here, I would like to ask my peers: Have you had practical experience successfully communicating with rating agencies and getting ratings upgraded? If so, which practices proved effective, and which ones backfired? Any suggestions or case examples would be greatly appreciated.