Pros
Flat management structure. Good place for self-starters, not so good for those who need constant supervision and to be told what to do. (For example, if you write a report and want to do a video for the website, no one will tell you "no" -- but not many people take this initiative, instead complaining about no career progression -- earn it first). CFA sponsored studies. Build core credit analysis and financial analysis skills as well as sector or industry expertise. Fair pay for fair work with nice benefits and time off. Accepting of junior analysts' input and views. Not a hyper-competitive environment where other analysts sabotage your work to improve their standing. Never had to cancel a holiday. Mentors available for those with some networking and interpersonal skills. International travel for those with some intellectual curiosity (business class on long-haul flights even for junior analysts) and relocating to international offices also quite common. Not a place to make a killing and retire at 30, but a good place to become a respected professional.
Cons
Seen as small in the market compared to SP & M (eg. still a rating agency for banks). Somewhat political office environment, but nothing compared to investment banking. Bit of a quiet "library" work environment best suited for those with poor social skills but analytically inclined. Not necessarily a place where you will make close friends. Most senior people have families and go home to their kids instead of working late. Minimal interaction with clients or investors, sadly, but better access to company management than other industry analysts who only talk to IR. Salary and bonus levels are below banking / asset management industry average, but in line with other "financial information providers" such as Reuters and Bloomberg. Work can be repetitive and tedious at times. Travel can also be demanding. High turnover of junior staff is an issue.