Fitch Research

Fitch Research Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.
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Name Date
Fitch asigna calificacion BB+(mex) a una emision de Obligaciones Subordinadas de Afirme Fitch asigna calificacion BB+(mex) a una emision de Obligaciones Subordinadas de Afirme 2012-05-22
Fitch asigna calificacion BB+(mex) a una emision de Obligaciones Subordinadas de Afirme ## May #### #:## PM (EDT) Fitch Ratings-Monterrey-## May ####: Fitch Ratings asigno la calificacion 'BB+(mex)' en escala nacional a una emision de...
Fitch modifica a 'CCC (col)' la calificacion del Departamento del Valle del Cauca Fitch modifica a 2012-05-22
Fitch modifica a 'CCC (col)' la calificacion del Departamento del Valle del Cauca ## May #### #:## PM (EDT) Fitch Ratings-Bogota-## May ####: Fitch ha modificado, en revision extraordinaria, a "CCC (col)" de "BBB (col)" con perspectiva...
Fitch to Rate Massachusetts Educational Financing Auth (MEFA) Issue J Ed Loan Revs; Presale Issued Fitch to Rate Massachusetts Educational Financing Auth (MEFA) Issue J Ed Loan Revs; Presale Issued 2012-05-22
Fitch to Rate Massachusetts Educational Financing Auth (MEFA) Issue J Ed Loan Revs; Presale Issued ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings expects to rate Massachusetts Educational Financing Authority...
Fitch Rates Winston-Salem, NC's $17.2MM GOs 'AAA'; Outlook Stable Fitch Rates Winston-Salem, NC 2012-05-22
Fitch Rates Winston-Salem, NC's $##.#MM GOs 'AAA'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings assigns an 'AAA' rating to the general obligation bonds (GOs) of the city of Winston-Salem,...
Fitch Releases Report on Marquette Manor, IN Fitch Releases Report on Marquette Manor, IN 2012-05-22
Fitch Releases Report on Marquette Manor, IN ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has published a report on Marquette Manor, IN. The report is available at 'www.fitchratings.com'. Contact: Emily...
Fitch Rates FL Governmental Utility Auth (Consolidated Utility System), FL's Utility Revs 'A-' Fitch Rates FL Governmental Utility Auth (Consolidated Utility System), FL 2012-05-22
Fitch Rates FL Governmental Utility Auth (Consolidated Utility System), FL's Utility Revs 'A-' ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings assigns an initial 'A-' rating to the following Florida Governmental...
Fitch Affirms Tennessee Energy Acquisition Corp. Gas Project Revs Ser 2006B at 'BBB' Fitch Affirms Tennessee Energy Acquisition Corp. Gas Project Revs Ser 2006B at 2012-05-22
Fitch Affirms Tennessee Energy Acquisition Corp. Gas Project Revs Ser ####B at 'BBB' ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings affirms the rating on Tennessee Energy Acquisition Corp's (TEAC) series...
Fitch: Appointment of Deutsche Bank as Replacement Trustee Will Not Impact Taberna VI's Ratings Fitch: Appointment of Deutsche Bank as Replacement Trustee Will Not Impact Taberna VI 2012-05-22
Fitch: Appointment of Deutsche Bank as Replacement Trustee Will Not Impact Taberna VI's Ratings ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has been notified by the agents of Taberna Preferred Funding...
Fitch Downgrades Computer Science's IDR to 'BBB'; Outlook Negative Fitch Downgrades Computer Science 2012-05-22
Fitch Downgrades Computer Science's IDR to 'BBB'; Outlook Negative ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has downgraded the following ratings for Computer Sciences Corp. (NYSE: CSC): --Long-term...
Fitch Rates Duke University Health System (NC) Series 2012A Bonds 'AA'; Outlook Stable Fitch Rates Duke University Health System (NC) Series 2012A Bonds 2012-05-22
Fitch Rates Duke University Health System (NC) Series ####A Bonds 'AA'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has assigned an 'AA' rating to the following bonds expected to be issued...
Fitch baja la calificacion de Atizapan de Zaragoza, a BBB-(mex); la perspectiva es negativa Fitch baja la calificacion de Atizapan de Zaragoza, a BBB-(mex); la perspectiva es negativa 2012-05-22
Fitch baja la calificacion de Atizapan de Zaragoza, a BBB-(mex); la perspectiva es negativa ## May #### #:## PM (EDT) Fitch Ratings-Monterrey-## May ####: Fitch Ratings baja la calificacion del municipio de Atizapan de Zaragoza, Estado...
Fitch Maintains El Paso on Rating Watch Negative Fitch Maintains El Paso on Rating Watch Negative 2012-05-22
Fitch Maintains El Paso on Rating Watch Negative ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has maintained its Rating Watch Negative on El Paso Corp. (EP) ahead of the final close of its acquisition by...
Fitch Affirms Bradesco Seguros S.A.'s Ratings; Outlook Stable Fitch Affirms Bradesco Seguros S.A. 2012-05-22
Fitch Affirms Bradesco Seguros S.A.'s Ratings; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Sao Paulo/Rio de Janeiro-## May ####: Fitch Ratings has today affirmed the International and National Insurer Financial Strength (IFS)...
Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs 2012-05-22
Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has taken various conforming rating actions on enhanced municipal bonds and tender option...
Fitch Affirms El Paso, TX's Airport Revs at 'A+'; Outlook Stable Fitch Affirms El Paso, TX 2012-05-22
Fitch Affirms El Paso, TX's Airport Revs at 'A+'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the underlying rating on approximately $##.# million in outstanding city of El...
Fitch Removes United Technologies from Watch Negative & Downgrades IDR to 'A'; Outlook Stable Fitch Removes United Technologies from Watch Negative & Downgrades IDR to 2012-05-22
Fitch Removes United Technologies from Watch Negative & Downgrades IDR to 'A'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has removed United Technologies Corporation (UTC; NYSE: UTX) from...
Fitch Places Eaton on Rating Watch Negative on Plan to Acquire Cooper Industries Fitch Places Eaton on Rating Watch Negative on Plan to Acquire Cooper Industries 2012-05-22
Fitch Places Eaton on Rating Watch Negative on Plan to Acquire Cooper Industries ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has placed the ratings for Eaton Corporation (Eaton) on Rating Watch Negative....
Fitch Rates Stamford Health System's (CT) Revs 'A'; Outlook Stable Fitch Rates Stamford Health System 2012-05-22
Fitch Rates Stamford Health System's (CT) Revs 'A'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned an 'A' rating to State of Connecticut Health and Educational Facilities Authority...
Fitch Affirms DaVita; Acquisition of Healthcare Partners Should not Affect Ratings Fitch Affirms DaVita; Acquisition of Healthcare Partners Should not Affect Ratings 2012-05-22
Fitch Affirms DaVita; Acquisition of Healthcare Partners Should not Affect Ratings ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has affirmed the ratings of DaVita Inc. (DaVita) (NYSE: DVA), including the...
Fitch Takes Various Actions on Homeward Residential (Formerly American Home Mortgage Servicing, Inc) Fitch Takes Various Actions on Homeward Residential (Formerly American Home Mortgage Servicing, Inc) 2012-05-22
Fitch Takes Various Actions on Homeward Residential (Formerly American Home Mortgage Servicing, Inc) ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has taken the following rating actions for Homeward Residential's...
Fitch Rates EFS Volunteer No. 2, LLC Series 2012-1 Fitch Rates EFS Volunteer No. 2, LLC Series 2012-1 2012-05-22
Fitch Rates EFS Volunteer No. #, LLC Series ####-# ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned the following ratings to EFS Volunteer No. #, LLC student loan asset backed notes series ####-#...
Fitch Rates Fort Bend County, TX ULT and Sub Lien Toll Road Rev Rfng Bonds 'AA+'; Outlook Stable Fitch Rates Fort Bend County, TX ULT and Sub Lien Toll Road Rev Rfng Bonds 2012-05-22
Fitch Rates Fort Bend County, TX ULT and Sub Lien Toll Road Rev Rfng Bonds 'AA+'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Austin-## May ####: Fitch Ratings has assigned an 'AA+' rating to the following Fort Bend County,...
Fitch Affirms Goldcorp Inc. at 'BBB'; Outlook Stable Fitch Affirms Goldcorp Inc. at 2012-05-22
Fitch Affirms Goldcorp Inc. at 'BBB'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the Issuer Default Rating (IDR) at 'BBB' for Goldcorp Inc. (TSE:G, NYSE: GG), the $###.# million...
Fitch Rates Metropolitan Pier and Exposition Auth, IL Bonds 'AA-'; Outlook Stable Fitch Rates Metropolitan Pier and Exposition Auth, IL Bonds  2012-05-22
Fitch Rates Metropolitan Pier and Exposition Auth, IL Bonds 'AA-'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned an 'AA-' rating to the following Metropolitan Pier & Exposition...
Fitch Places Cooper on Rating Watch Negative on Acquisition by Eaton Fitch Places Cooper on Rating Watch Negative on Acquisition by Eaton 2012-05-22
Fitch Places Cooper on Rating Watch Negative on Acquisition by Eaton ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has placed the ratings for Cooper Industries, Ltd, Cooper U.S., Inc. and Cooper Industries...
Fitch Affirms National Aquarium (Baltimore, MD) GOs at 'BBB'; Outlook Stable Fitch Affirms National Aquarium (Baltimore, MD) GOs at 2012-05-22
Fitch Affirms National Aquarium (Baltimore, MD) GOs at 'BBB'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the 'BBB' rating on the following series of bonds issued by the Maryland...
Fitch to Downgrade S-T Rtg to 'F1'on New York City Muni Water Revs, Adj. Rate Fiscal 2000 Series C Fitch to Downgrade S-T Rtg to 2012-05-22
Fitch to Downgrade S-T Rtg to 'F#'on New York City Muni Water Revs, Adj. Rate Fiscal #### Series C ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: On the effective date of June #, ####, Fitch Ratings will downgrade the...
Fitch afirma la calificacion A+(arg) a la Provincia de Santa Fe Fitch afirma la calificacion A+(arg) a la Provincia de Santa Fe 2012-05-22
Fitch afirma la calificacion A+(arg) a la Provincia de Santa Fe ## May #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## May ####: Fitch afirma la calificacion A+(arg) correspondiente a la calidad crediticia de la Provincia de Santa Fe...
Fitch Rates AT&T's Senior Unsecured Notes Offering 'A'; Outlook Stable Fitch Rates AT&T 2012-05-22
Fitch Rates AT&T's Senior Unsecured Notes Offering 'A'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has assigned an 'A' rating to AT&T Inc.'s (AT&T) proposed offering of GBP #.## billion...
Fitch Affirms Mountaineer Gas Company; Outlook Revised to Stable Fitch Affirms Mountaineer Gas Company; Outlook Revised to Stable 2012-05-22
Fitch Affirms Mountaineer Gas Company; Outlook Revised to Stable ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) of Mountaineer Gas Company (MGC) at 'BB'...
Fitch asigna BBB+(arg) a las ONs a emitir por Ovoprot Fitch asigna BBB+(arg) a las ONs a emitir por Ovoprot 2012-05-22
Fitch asigna BBB+(arg) a las ONs a emitir por Ovoprot ## May #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## May ####: Fitch Argentina asigno BBB+(arg) a las ON Pymes Ovoprot III por hasta V/N $ ## MM a ser emitidas por Ovoprot International...
Fitch asigna calificaciones preliminares a al FF Fidebica XXIII Fitch asigna calificaciones preliminares a al FF Fidebica XXIII 2012-05-22
Fitch asigna calificaciones preliminares a al FF Fidebica XXIII ## May #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## May ####: Fitch asigno las siguientes calificaciones para los titulos a emitirse bajo el fideicomiso financiero Fidebica...
Fitch Coloca al Brasileno Banco GMAC S.A. en Observacion Negativa Fitch Coloca al Brasileno Banco GMAC S.A. en Observacion Negativa 2012-05-22
Fitch Coloca al Brasileno Banco GMAC S.A. en Observacion Negativa ## May #### #:## PM (EDT) Fitch Ratings-Santiago-## May ####: Fitch Ratings coloco las calificaciones del brasileno Banco GMAC S.A. (Banco GMAC) en Observacion Negativa,...
Fitch Rates Rio Grande City CISD, TX's ULT Rfdg Bonds 'AAA' PSF/'AA-' Underlying; Outlook Stable Fitch Rates Rio Grande City CISD, TX 2012-05-22
Fitch Rates Rio Grande City CISD, TX's ULT Rfdg Bonds 'AAA' PSF/'AA-' Underlying; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Austin-## May ####: Fitch Ratings has assigned an 'AAA' rating to the following Rio Grande City...
Fitch asigna A2(arg) a los VCP serie I a emitir por PLA S.A. Fitch asigna A2(arg) a los VCP serie I a emitir por PLA S.A. 2012-05-22
Fitch asigna A#(arg) a los VCP serie I a emitir por PLA S.A. ## May #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## May ####: Fitch Argentina asigno la calificacion de los valores de corto plazos clase I a emitir por PLA S.A. (PLA)...
Fitch Rates Kinder Morgan $11.8B Acquisition Facility 'BB+'; Rating Watch Negative Fitch Rates Kinder Morgan $11.8B Acquisition Facility 2012-05-22
Fitch Rates Kinder Morgan $##.#B Acquisition Facility 'BB+'; Rating Watch Negative ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned a 'BB+' rating to Kinder Morgan, Inc.'s (KMI) $##.# billion secured...
Fitch Rates FREMF 2012-K18 and Freddie Mac Structured Pass-Through Certificates, Series K-018 Fitch Rates FREMF 2012-K18 and Freddie Mac Structured Pass-Through Certificates, Series K-018 2012-05-22
Fitch Rates FREMF ####-K## and Freddie Mac Structured Pass-Through Certificates, Series K-### ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned the following ratings to Freddie Mac's FREMF ####-K##...
Fitch Affirms Aflac, Inc.'s Ratings; Outlook Stable Fitch Affirms Aflac, Inc. 2012-05-22
Fitch Affirms Aflac, Inc.'s Ratings; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has affirmed the 'A- 'ratings on Aflac, Inc.'s (Aflac) senior unsecured notes and the 'AA-' Insurance Financial...
Fitch Affirms American Express Issuance Trust Fitch Affirms American Express Issuance Trust 2012-05-22
Fitch Affirms American Express Issuance Trust ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the long-term ratings and Outlooks assigned to American Express Issuance Trust as follows: American...
Provincia de Santa Fe Provincia de Santa Fe 2012-05-22
...Importante peso económico: la Provincia de Santa Fe (PSF) es la tercera provincia argentina en términos de población e importancia económica. Su economía presenta cierta diversificación , basada en una región agrícola-ganadera e industrial. En el año ####, la provincia aportó el #,#% del PBI nacional y el ##% de las exportaciones nacionales. Bajo nivel de endeudamiento: el ratio de deuda consolidada medida en término de los ingresos corrientes es muy bueno y ha mejorado en los últimos años; en #### este indicador ascendió a #,#%, mientras que en el #### fue de ##,#%. Fitch no prevé un incremento de la deuda de largo plazo para el año ####, aunque sí se ha contemplado una posible emisión de letras del tesoro de corto plazo por hasta $ ###,# millones. Volátil desempeño presupuestario: en los últimos años la PSF registró márgenes operativos inestables, sobre la base de un gasto operativo cada vez más rígido por presiones inflacionarias y salariales. En el año #### el margen operativo fue muy...
Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs 2012-05-22
Fidebica XXIII Fidebica XXIII 2012-05-22
...BICA Cooperativa de Emprendimientos Múltiples Limitada (BICA Cooperativa) y la Asociación Mutual de Asociados de Bica Coop. E.M. Ltda (BICA Mutual), en calidad de fiduciantes, cederán a Rosario Administradora Sociedad Fiduciaria S.A., en calidad de Fiduciario, una cartera de créditos personales y de consumo por un valor fideicomitido de $##.###.###. El valor fideicomitido de los créditos fue calculado aplicando una tasa de descuento del #,#% efectiva mensual sobre flujo teórico de los mismos. En contraprestación, el fiduciario emitirá VRD con distintos grados de prelación y derechos sobre el flujo de los créditos a ceder. La estructura de pagos de los títulos será totalmente secuencial y contará con los siguientes fondos: i) de liquidez por # veces el devengamiento mensual del próximo servicio de interés de los VDF y ii) de gastos, por $##.###....
Ovoprot Internatiional S.A. Ovoprot Internatiional S.A. 2012-05-22
...Estructura de Capital fortalecida: La calificación refleja la mejora en la calidad crediticia de Ovoprot luego de la emisión de acciones, la cual le otorgó una importante flexibilidad financiera que le permitió optimizar su capital de trabajo y financiamiento, y continuar con su estrategia de expansión. Ovoprot mejoró significativamente su nivel de capitalización, a jun'## la relación deuda/capitalización ascendía al ##% y a dic'## se ubicaba en ##%, dado que se incrementó su patrimonio desde $ #.# MM a $ ##.# MM. Sólida posición competitiva: Ovoprot detenta una importante posición competitiva en la industria de ovoproductos, al adquirir alrededor de un ##% del huevo procesado en el país y constituirse en el principal exportador del sector en Latinoamérica. La compañía mantiene un adecuado mix entre mercado local y exportación; las exportaciones representan alrededor del ##-##% de sus ingresos. En un escenario conservador, Fitch espera que la relación deuda a EBITDA se mantenga por debajo...
Pla S.A. Pla S.A. 2012-05-22
...Riesgo operativo moderado: PLA presenta un buen posicionamiento en el mercado de pulverizadoras autopropulsadas caracterizado por una demanda cíclica que responde a la rentabilidad del sector agrícola y a la disponibilidad de creditico para el sector. El mercado es dinámico y se encuentra amenazado por el ingreso de multinacionales. La rentabilidad del sector agrícola está afectada por volatilidad en los precios de commodities y rindes de los cultivos, condiciones climáticas inestables y fuerte intervención gubernamental. Estos factores están fuera del control de PLA que cuenta con una buena reputación de marca, innovación y diversificación de productos para hacer frente a estos riesgos. Estructura de capital conservadora: PLA muestra un bajo nivel de endeudamiento y adecuadas medidas de cobertura de intereses que ayudan a mitigar el riesgo operativo de la compañía. PLA financiará las inversiones de este año con aportes de capital. Fitch considera a los cheques de pago diferidos descontados...
Marquette, Indiana Marquette, Indiana 2012-05-22
...Sale Information: $##,###,### Indiana Finance Authority Revenue Bonds, Series #### (Marquette Project), via negotiation the week of June #. Security: A gross revenue pledge and mortgage. Purpose: To refund Marquette's series #### and ####A bonds, partially refund the series #### bonds, fund a debt service reserve, and provide approximately $#.# million of reimbursement for prior capital expenditures. Final Maturity: March #, ####....
Massachusetts Educational Financing Authority, Series 2012 (US ABS) Massachusetts Educational Financing Authority, Series 2012 (US ABS) 2012-05-22
...Fitch Ratings expects to rate the Issue J, Series #### educational loan revenue bonds (series ####) issued by the Massachusetts Educational Financing Authority (MEFA, or the authority) as listed above. This is the second issuance under the Issue J indenture. Series #### will consist of multiple serial bonds. The proceeds will be used to fund new private student loans (new originations) that will be originated by ACS Education Services Inc. (ACS-ES) on behalf of MEFA in its ordinary course of business for the academic year ########. Note certain terms of the transaction specified in the presale are preliminary and subject to change before closing (i.e. bond size, starting parity, release level, prefunding balance, capitalized interest balance, and reserve balance)....
Massachusetts Educational Financing Authority, Series 2012 -- Appendix Massachusetts Educational Financing Authority, Series 2012 -- Appendix 2012-05-22
... mechanisms (RW&Es) contained in the transaction documents that are available to investors for Massachusetts Educational Financing Authority, Series #### (the Bonds) are substantially comparable to those typically contained in U.S. private student loan ABS transactions as described in Fitch Research on "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions," dated April ##, ####. Typically, the RW&Es are made by the key parties to the transaction. Fitch considers the key parties to be the following entities: the originator or acquirer of the assets, the servicer, the collateral administrator, the collateral manager, the seller, the issuer, and the depositor. For this transaction, the key parties are Massachusetts Educational Financing Authority (MEFA) as Issuer, ACS Education Services as Servicer, and U.S. Bank National Association as indenture trustee. This transaction does not include the following...
Fitch Issues Presale on FREMF 2012-K708 & Freddie Mac SPCs, Series K-708 Fitch Issues Presale on FREMF 2012-K708 & Freddie Mac SPCs, Series K-708 2012-05-22
Fitch Issues Presale on FREMF ####-K### & Freddie Mac SPCs, Series K-### ## May #### ##:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has issued a presale report on FREMF ####-K### multifamily mortgage pass-through certificates...
Fitch Affirms Monier Group S.a.r.l's 'B' Rating; Withdraws Expected Ratings Fitch Affirms Monier Group S.a.r.l 2012-05-22
Fitch Affirms Monier Group S.a.r.l's 'B' Rating; Withdraws Expected Ratings ## May #### ##:## PM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has affirmed Monier Group S.a.r.l's (Monier) Long-term Issuer Default Rating (IDR)...
Fitch Assigns Nqaba Finance 1 Final National Ratings Fitch Assigns Nqaba Finance 1 Final National Ratings 2012-05-22
Fitch Assigns Nqaba Finance # Final National Ratings ## May #### ##:## PM (EDT) Link to Fitch Ratings' Report: Nqaba Finance # (Proprietary) Limited Fitch Ratings-London/Johannesburg-## May ####: Fitch Ratings has assigned Nqaba Finance...
Fitch Rates Chase Issuance Trust, Class A (2012-1); Outlook Stable Fitch Rates Chase Issuance Trust, Class A (2012-1); Outlook Stable 2012-05-22
Fitch Rates Chase Issuance Trust, Class A (####-#); Outlook Stable ## May #### ##:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has rated Chase Issuance Trust, class A (####-#) as follows: --$#,###,###,### 'AAAsf'; Outlook...
Fitch: Profitable Dealerships Elevating U.S. Dealer Floorplan ABS Fitch: Profitable Dealerships Elevating U.S. Dealer Floorplan ABS 2012-05-22
Fitch: Profitable Dealerships Elevating U.S. Dealer Floorplan ABS ## May #### ##:## PM (EDT) Link to Fitch Ratings' Report: US Dealer Floorplan ABS: Robust Dealers in #### (Profitable Dealership Network Supporting Solid Asset Performance)...
Fitch Affirms Central Weber SID, UT's Revs at 'AA'; Outlook Stable Fitch Affirms Central Weber SID, UT 2012-05-22
Fitch Affirms Central Weber SID, UT's Revs at 'AA'; Outlook Stable ## May #### #:## PM (EDT) Fitch Ratings-San Francisco-## May ####: Fitch Ratings affirms its 'AA' rating on the following Central Weber Sewer Improvement District, UT...
Fitch Affirms KeyCorp Student Loan Trust 2002-A Group I Notes Fitch Affirms KeyCorp Student Loan Trust 2002-A Group I Notes 2012-05-22
Fitch Affirms KeyCorp Student Loan Trust ####-A Group I Notes ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings affirms the student loan notes issued by KeyCorp Student Loan Trust ####-A Group I. The Rating...
Fitch ratifica calificaciones de Maxi Prenda en 'BBB+(mex)' y 'F2(mex)' Fitch ratifica calificaciones de Maxi Prenda en 2012-05-22
Fitch ratifica calificaciones de Maxi Prenda en 'BBB+(mex)' y 'F#(mex)' ## May #### #:## PM (EDT) Fitch Ratings-Monterrey-## May ####: Fitch ratifico las calificaciones corporativas de largo plazo en 'BBB+(mex)' y de corto plazo en 'F#(mex)'...
Fitch Affirms SBA Tower Trust, Secured Tower Revenue Securities, Series 2010-1 and 2010-1 Fitch Affirms SBA Tower Trust, Secured Tower Revenue Securities, Series 2010-1 and 2010-1 2012-05-22
Fitch Affirms SBA Tower Trust, Secured Tower Revenue Securities, Series ####-# and ####-# ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has affirmed the SBA Tower Trust commercial mortgage pass-through certificates,...
Fitch Releases Report on Greenville Hospital System Board of Trustees, SC Fitch Releases Report on Greenville Hospital System Board of Trustees, SC 2012-05-22
Fitch Releases Report on Greenville Hospital System Board of Trustees, SC ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has published a report on Greenville Hospital System Board of Trustees, SC. The report...
Fitch Affirms 1345 Ave. of the Americas and Park Ave. Plaza Trust, Series FB 2005-1 Fitch Affirms 1345 Ave. of the Americas and Park Ave. Plaza Trust, Series FB 2005-1 2012-05-22
Fitch Affirms #### Ave. of the Americas and Park Ave. Plaza Trust, Series FB ####-# ## May #### #:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the ratings and Rating Outlooks on #### Avenue of the Americas...
Fitch Affirms GTP Towers Issuer, LLC Secured Tower Revenue Notes, Global Tower Series 2010-1 Fitch Affirms GTP Towers Issuer, LLC Secured Tower Revenue Notes, Global Tower Series 2010-1 2012-05-22
Fitch Affirms GTP Towers Issuer, LLC Secured Tower Revenue Notes, Global Tower Series ####-# ## May #### #:## PM (EDT) Fitch Ratings-Chicago-## May ####: Fitch Ratings has affirmed the GTP commercial mortgage pass-through certificates,...
Fitch Rates Gulf Power Senior Notes 'A'; Outlook Stable Fitch Rates Gulf Power Senior Notes 2012-05-22
Fitch Rates Gulf Power Senior Notes 'A'; Outlook Stable ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned an 'A' rating to Gulf Power Company's (Gulf Power) issuance of $### million series ####A...
Fitch: Top Questions and Credit Concerns for U.S. Pipeline, Midstream and MLP Investors Fitch: Top Questions and Credit Concerns for U.S. Pipeline, Midstream and MLP Investors 2012-05-22
Fitch: Top Questions and Credit Concerns for U.S. Pipeline, Midstream and MLP Investors ## May #### ##:## AM (EDT) Link to Fitch Ratings' Report: Top Ten Questions Asked by Pipeline, Midstream and MLP Investors Fitch Ratings-New York-##...
Fitch: Pullback in High-Yield Expected to be Temporary Fitch: Pullback in High-Yield Expected to be Temporary 2012-05-22
Fitch: Pullback in High-Yield Expected to be Temporary ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings believes a confluence of events in the high-yield space could signal a pullback in the asset class, albeit...
Fitch Affirms GAT FTGENCAT 2006, FTA Fitch Affirms GAT FTGENCAT 2006, FTA 2012-05-22
Fitch Affirms GAT FTGENCAT ####, FTA ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has affirmed GAT FTGENCAT ####, FTA's notes and revised the Outlooks on the series A#(G) and B notes, as follows: Series...
Fitch Maintains AyT CGE Serie Banco Gallego I on RWN Fitch Maintains AyT CGE Serie Banco Gallego I on RWN 2012-05-22
Fitch Maintains AyT CGE Serie Banco Gallego I on RWN ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has maintained AyT Colaterales Global Empresas (CGE) Serie Banco Gallego I's class A, B and C on Rating Watch...
Fitch: U.S. Residential Nearing Bottom, Attracting Investment Fitch: U.S. Residential Nearing Bottom, Attracting Investment 2012-05-22
Fitch: U.S. Residential Nearing Bottom, Attracting Investment ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings expects real U.S. residential real estate prices to decline by #.#%, down from last quarter's...
Fitch Rates NJEDA 2003B Special Facility Revs (Port Newark Container Terminal LLC Project) 'A-/F1' Fitch Rates NJEDA 2003B Special Facility Revs (Port Newark Container Terminal LLC Project) 2012-05-22
Fitch Rates NJEDA ####B Special Facility Revs (Port Newark Container Terminal LLC Project) 'A-/F#' ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings assigns a rating of 'A-/F#', Negative Outlook to the $##,###,###...
Fitch Downgrades Veolia to 'BBB+'; Outlook Stable Fitch Downgrades Veolia to 2012-05-22
Fitch Downgrades Veolia to 'BBB+'; Outlook Stable ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has downgraded Veolia Environnement's (Veolia) Long-term Issuer Default Rating (IDR) and senior unsecured rating...
Fitch Affirms Volksbanken Verbund's IDR at 'A'; Maintains VR on RWN Fitch Affirms Volksbanken Verbund 2012-05-22
Fitch Affirms Volksbanken Verbund's IDR at 'A'; Maintains VR on RWN ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has affirmed Volksbanken Verbund's (VB-Verbund) Long-term Issuer Default Rating (IDR) at 'A',...
Fitch: CDS Moves Since Greek Elections Understate Utilities Risk Fitch: CDS Moves Since Greek Elections Understate Utilities Risk 2012-05-22
Fitch: CDS Moves Since Greek Elections Understate Utilities Risk ## May #### ##:## AM (EDT) Fitch Ratings-London/ Madrid-## May ####: The movement of CDS in the European utilities sector since the inconclusive Greek elections on # May...
Fitch Affirms Gainesville, FL's Non-ad Valorem Bonds at 'AA-'; Outlook Stable Fitch Affirms Gainesville, FL 2012-05-22
Fitch Affirms Gainesville, FL's Non-ad Valorem Bonds at 'AA-'; Outlook Stable ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings affirms its 'AA-' rating on the following Gainesville, Florida (the city) bonds:...
Fitch Takes Rating Action on Covered Bonds Issued by Cypriot Banks Fitch Takes Rating Action on Covered Bonds Issued by Cypriot Banks 2012-05-22
Fitch Takes Rating Action on Covered Bonds Issued by Cypriot Banks ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has downgraded and placed on Rating Watch Negative (RWN) Cyprus Popular Bank's (CPB, 'BB+'/RWN/'B')...
Fitch Affirms AMC's IDR at 'B'; Outlook Remains Negative Fitch Affirms AMC 2012-05-22
Fitch Affirms AMC's IDR at 'B'; Outlook Remains Negative ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has affirmed the Issuer Default Rating (IDR) of AMC Entertainment, Inc. (AMC) at 'B'. The Outlook remains...
Fitch asigna calificacion 'AAA'(mex) a emisiones de Holcim Capital Mexico Fitch asigna calificacion 2012-05-22
Fitch asigna calificacion 'AAA'(mex) a emisiones de Holcim Capital Mexico ## May #### ##:## AM (EDT) Fitch Ratings-Monterrey-## May ####: Fitch Ratings ha asignado las siguientes calificaciones a las emisiones propuestas de certificados...
Fitch Rates Covidien's Proposed Notes 'A'; Ratings Remain on Negative Watch Fitch Rates Covidien 2012-05-22
Fitch Rates Covidien's Proposed Notes 'A'; Ratings Remain on Negative Watch ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has assigned an 'A' rating to Covidien International Finance S.A.'s (CIFSA) proposed...
Fitch: Stimulus Lapse Adds to Growth Uncertainty Fitch: Stimulus Lapse Adds to Growth Uncertainty 2012-05-22
Fitch: Stimulus Lapse Adds to Growth Uncertainty ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings believes the winding down of fiscal stimulus adds uncertainty to the direction of growth for U.S. gross domestic...
Fitch Rates InterLink Roads' Bank Facilities 'A-(exp)'; Outlook Stable Fitch Rates InterLink Roads 2012-05-22
Fitch Rates InterLink Roads' Bank Facilities 'A-(exp)'; Outlook Stable ## May #### ##:## AM (EDT) Fitch Ratings-Sydney-## May ####: Fitch Ratings has assigned Interlink Road Pty Limited's (Interlink) proposed new senior secured bank...
Fitch Withdraws Ratings on Certain State of Ohio Bonds Fitch Withdraws Ratings on Certain State of Ohio Bonds 2012-05-22
Fitch Withdraws Ratings on Certain State of Ohio Bonds ## May #### ##:## AM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings has withdrawn its ratings on the following State of Ohio maturities due to prerefunding activity: --Parks...
Fitch Affirms BBVA Leasing 1 FTA Fitch Affirms BBVA Leasing 1 FTA 2012-05-22
Fitch Affirms BBVA Leasing # FTA ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has affirmed BBVA Leasing # FTA's ratings, as follows: EUR###.#m class A# notes: affirmed at 'BBsf'; Outlook Stable EUR#.###.#m...
Fitch: Latin American Growth Slowing, External Risks Still Key Fitch: Latin American Growth Slowing, External Risks Still Key 2012-05-22
Fitch: Latin American Growth Slowing, External Risks Still Key ## May #### ##:## AM (EDT) Fitch Ratings-Chicago-## May ####: Most major economies in Latin America are expected to grow at a more moderate pace in ####, highlighting the...
Fitch Coloca Ratings da Elog em Observacao Negativa Fitch Coloca Ratings da Elog em Observacao Negativa 2012-05-22
Fitch Coloca Ratings da Elog em Observacao Negativa ## May #### ##:## AM (EDT) Fitch Ratings-Rio de Janeiro-## May ####: A Fitch Ratings colocou, hoje, em Observacao Negativa os seguintes ratings da Elog S.A. (Elog): -- Rating Nacional...
Fitch Releases Report on Arlington, TX Fitch Releases Report on Arlington, TX 2012-05-22
Fitch Releases Report on Arlington, TX ## May #### ##:## AM (EDT) Fitch Ratings-Beijing/Hong Kong/Singapore-## May ####: Fitch Ratings has published a report on Arlington, TX. The report is available at 'www.fitchratings.com'. Contact:...
Fitch Downgrades Banco Popular Portugal's Covered Bonds Fitch Downgrades Banco Popular Portugal 2012-05-22
Fitch Downgrades Banco Popular Portugal's Covered Bonds ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has downgraded Banco Popular Portugal's (BPP; 'BBB-'/Negative/'F#') Obrigacoes Hipotecarias (OH, mortgage...
Fitch: Potential for Third LTRO Increasing Fitch: Potential for Third LTRO Increasing 2012-05-22
Fitch: Potential for Third LTRO Increasing ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: The likelihood that a third longer-term refinancing operation (LTRO) will be needed by certain banks in 'peripheral' eurozone countries...
Fitch Affirms GreenHouse Funding Pty Ltd - Series 1 Fitch Affirms GreenHouse Funding Pty Ltd - Series 1 2012-05-22
Fitch Affirms GreenHouse Funding Pty Ltd - Series # ## May #### ##:## AM (EDT) Fitch Ratings-London-## May ####: Fitch Ratings has affirmed GreenHouse Funding Pty Ltd - Series #'s (GreenHouse #) notes and withdrawn the rating on the...
Fitch Rates Hampton, VA's GOs 'AA+'; Outlook Stable Fitch Rates Hampton, VA 2012-05-22
Fitch Rates Hampton, VA's GOs 'AA+'; Outlook Stable ## May #### ##:## PM (EDT) Fitch Ratings-New York-## May ####: Fitch Ratings assigns an 'AA+' rating to the following City of Hampton, Virginia (the city) general obligation (GO) bonds:...
Bolsa de Valores de El Salvador, S.A. de C.V. Bolsa de Valores de El Salvador, S.A. de C.V. 2012-05-22
...Importancia de la Entidad en el Mercado: BVES es la única entidad del país que facilita a los agentes el acceso al mercado de emisiones de deuda privada doméstica, emisiones de acciones y operaciones de reporto, y es dueña de la única central de depósito de valores del país. Sólida Posición de Mercado: BVES posee una posición ventajosa en un mercado con altas barreras de entrada que hacen poco atractiva la entrada de otra bolsa de valores a operar en El Salvador. La competencia que enfrenta la BVES resulta de las alternativas de inversión y financiamiento disponibles en el sistema financiero así como de otras fuentes, tanto en el mercado local como en el internacional. Inexistencia de Deuda Financiera: El perfil financiero de BVES ha sido tradicionalmente conservador, basado en un sólido patrimonio respecto a su operatividad, y el fondeo de actividades de inversión por medio de flujo operativo sin utilización de deuda. Continuidad del Negocio: El volumen transado durante el #### totalizó...
Top Ten Questions Asked by Pipeline, Midstream and MLP Investors Top Ten Questions Asked by Pipeline, Midstream and MLP Investors 2012-05-22
...We are often asked the same questions by our base of investors. In an attempt to summarize our thinking and share it with the investment community, we have compiled the questions we hear most frequently and addressed them in this report. Three of the questions focus on issuers that are currently at the bottom rung of the investment-grade ratings scale with issuer default ratings (IDRs) of `BBB­' and Negative Outlooks. Those issuers are NuStar Logistics LP and NuStar Pipe Line Operating Partnership LP (collectively referred to as NuStar), Western Gas Partners LP, and Rockies Express Pipeline LLC. The remainder of the questions deals with Fitch Ratings' view of how different market and business model factors impact credit quality in the pipeline, midstream, and master limited partnership (MLP) sector....
Unum Group (And Affiliates) Unum Group (And Affiliates) 2012-05-22
...Core Earnings Remain Solid: Unum Group's (UNM) premiums have been essentially flat. However, operating margins in core U.S. disability business have held up better than Fitch Ratings' expectations, and they have been better than those of peers. Unum U.K.'s results have shown deterioration over the past two years, but the company has taken steps to improve future results. Macroeconomic Headwinds: High unemployment, lower salary growth, reduced discretionary income, and lower corporate earnings and investment negatively affect demand for UNM's products. Prolonged low interest rates also pose a challenge to UNM. Management of Runoff Business: Reserves related to its closed block business represent over half of UNM's total net reserves. Fitch does not expect further reserve strengthening charges in the near term. Any further charges would reflect poorly on the company's reserving methodology and risk management practices. Conservative Investment Portfolio: UNM's investment portfolio is well...
US Dealer Floorplan ABS: Robust Dealers in 2012 (Profitable Dealership Network Supporting Solid Asset Performance) US Dealer Floorplan ABS: Robust Dealers in 2012 (Profitable Dealership Network Supporting Solid Asset Performance) 2012-05-22
...Strong Asset Performance and Stable Ratings: An improving U.S. economy in #### is supporting higher auto sales and, to a lesser extent, diversified equipment, bolstering asset performance of dealer floorplan (DFP) asset-backed securities (ABS) transactions, with elevated monthly payment rates (MPR), low agings and delinquencies, and record low losses across all Fitch-rated DFP ABS trusts. Record Profits Bolstering Auto Dealer Profitability: DFP ABS performance metrics have benefited from lower dealership costs, including dealer floorplanning costs/interest, and rising new and used vehicle sales with solid profit margins, particularly from used vehicle sales. Business Models of Manufacturers Better Aligned with Dealer Interests: Manufacturer sales and overall health is improved and profits robust. Furthermore, manufacturers are focused on vehicle production and supply matching ongoing consumer demand, resulting in low dealer inventories and costs in #### and supporting dealer financial metrics....
Arlington, Texas Arlington, Texas 2012-05-22
... and Wastewater System Revenue Bonds, Series ####, via competitive bid on June #. Security: The bonds are special obligations of Arlington, payable from and secured by a pledge of and first lien on the net revenues of the water and wastewater system. Purpose: To improve and extend the system and pay issuance costs. Final Maturity: June #, ####....
GEA Group Aktiengesellschaft GEA Group Aktiengesellschaft 2012-05-22
...Diversified Business Profile: GEA Group Aktiengesellschafts (GEA) business profile is supported by strong positions in niche mechanical engineering markets, good product and geographical diversification, along with exposure to high-growth, low-cost emerging markets. However, the ratings are constrained by the inherent competitiveness of its fragmented end- markets. Fitch Ratings continues to believe that GEA is well positioned to benefit from long- term global growth in food and energy consumption. Stability from After-Market Service: GEAs sizeable revenue from after-sales services (##% of revenue in ####) provides a relatively stable source of income. During the downturn, GEAs revenue fell in line with European capital goods peers (##% in ####), but the group contained margin erosion and achieved above-average margin stability. Fitch expects the acquisition of Convenience Food Systems (CFS, now Food Solutions) in ####, which has a high share of service revenue (##% in ####), to increase...
Greenville Hospital System Board of Trustees, South Carolina Greenville Hospital System Board of Trustees, South Carolina 2012-05-22
...Gary Sokolow +# ### ###-#### gary.sokolow@fitchratings.com Dana Sodikoff +# ### ###-#### dana.sodikoff@fitchratings.com...
FREMF 2012-K708 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-708 (US CMBS) FREMF 2012-K708 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-708 (US CMBS) 2012-05-22
...The FREMF ####-K### Multifamily Mortgage Pass-Through Certificates (FREMF ####-K###) represent the beneficial interests in a pool of ## commercial mortgages secured by ## properties. The Freddie Mac Structured Pass-Through Certificates, Series K-### (Freddie Mac SPC K-###) represent a pass-through interest in the corresponding class of securities issued by FREMF ####-K###. Each Freddie Mac SPC K-### security has the same designation as its underlying FREMF ####-K### class. All loans were originated by various seller/servicers according to the guidelines of Freddie Mac's Capital Markets Execution (CME) product. The certificates follow a sequential-pay structure....
Celulosa Arauco y Constitucion S.A. Celulosa Arauco y Constitucion S.A. 2012-05-22
...Strong Business Position: Celulosa Arauco y Constitución S.A.'s (Arauco) ratings are supported by its strong business position. The company is the second largest market pulp company in the world and has one of the lowest cost structures in the industry. Arauco's cash cost of producing one ton of bleached softwood kraft pulp (BSKP) was estimated to be about USD### per ton. This figure compares with between USD### and USD### per ton for most of its competitors in the Northern Hemisphere. Sustainable Competitive Advantage: The company's competitive cost advantage, vis-à-vis large companies in the U.S., Canada, or Europe, is viewed to be sustainable due to its productive forestry plantations. The company's forestry advantages are further enhanced by modern production equipment, energy self-sufficiency, and low transportation costs due to the close proximity of its mills, plantations, and ports. Low Leverage through Cycle: Arauco's historically strong capital structure through the pulp cycle...
Compagnia Valdostana delle Acque Spa (CVA Spa) Compagnia Valdostana delle Acque Spa (CVA Spa) 2012-05-22
...Rating Reflects Shareholder Support: Compagnia Valdostana delle Acque Spa (CVA Spa)s rating benefits from a one-notch uplift for the financial and strategic ties with the Autonomous Region of Valle DAosta (VdA, Long-Term Rating ,,AA-/Negative), which owns ###% of CVAs shares through Finaosta, a financial holding company wholly owned by VdA. CVAs standalone rating is ,,A. The notching uplift was reduced from two notches to one in light of CVAs established contribution of dividends to its shareholder. Fitch downgraded VdA as a result of the downgrade of the Italian sovereigns Long-Term Foreign-Currency IDR to ,,A-/Negative in January ####. Purely Domestic EBITDA: CVAs performance is fully exposed to Italian electricity volume and price volatility. While this feature has enabled CVA to generate generous earnings margins in the past thanks to a highly profitable asset portfolio of hydropower plants, the gloomy outlook for the Italian electricity market and economic environment suggests that...
Banco Panameno de la Vivienda, S.A. Banco Panameno de la Vivienda, S.A. 2012-05-22
...Baja Eficiencia Limita Utilidades: A pesar de que presenta mejoras graduales en los últimos períodos, la eficiencia operativa de Banvivienda es la principal limitante de sus resultados. La Administración de Banvivienda ha hecho un esfuerzo significativo para mejorar su rentabilidad al optimizar su carga operativa; sin embargo, su eficiencia aún compara negativamente con sus principales competidores. A Mar##, los gastos del banco absorben ##.#% de sus ingresos operativos netos, lo que significa una mejora respecto al ##.#% de Dic## y ##.#% de Dic##. Fortalecimiento Patrimonial: La posición patrimonial de Banvivienda se ha fortalecido en el transcurso de los últimos años, después de considerarse muy presionada al cierre de ####. Los constantes aportes de capital de sus accionistas, utilidades por venta de subsidiarias y crecimiento conservador de activos han llevado los indicadores patrimoniales de Banvivienda a competir con los de sus pares. Estabilidad de Calidad Crediticia: Desde la incorporación...
FREMF 2012-K708 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K708 -- Appendix FREMF 2012-K708 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K708 -- Appendix 2012-05-22
...Analysts Michael Lisa Tara Sweeney +# ### ###-#### +# ### ###-#### michael.lisa@fitchratings.com tara.sweeney@fitchratings.com...
Central de Deposito de Valores, S.A. de C.V. Central de Deposito de Valores, S.A. de C.V. 2012-05-22
...Importancia de la Entidad en el Mercado: Entidad requerida en el mercado para el depósito, registro y custodio de los títulos autorizados para negociación en la bolsa de valores en la industria bursátil salvadoreña. Sólida Posición de Mercado: La calificación refleja la posición de CEDEVAL en el mercado como depositario del mercado de valores en El Salvador. Además, la estructura y tamaño del mercado salvadoreño hace poco factible la existencia de otra entidad privada que preste los mismos servicios en el país, lo cual beneficia la posición competitiva local de CEDEVAL. Inexistencia de Deuda Financiera: El perfil financiero de CEDEVAL ha sido tradicionalmente conservador, basado en un sólido patrimonio respecto a su operatividad, y el fondeo de actividades de inversión por medio de flujo operativo sin utilización de deuda. Continuidad del Negocio: La custodia a valor nominal de los valores ascendió a US$#,### millones al ## de diciembre ####, de los cuales un ##% (US$#,### millones) corresponde...
Nqaba Finance 1 (Proprietary) Limited Nqaba Finance 1 (Proprietary) Limited 2012-05-22
...This transaction is a refinance of a portion of a securitisation of residential mortgage loans advanced by Eskom Finance Company SOC Limited (EFC, unrated) to employees of Eskom Holdings SOC Limited (Eskom) and its subsidiaries. Fitch Ratings has assigned final ratings to the securities issued under the ZAR#bn asset- backed note programme Nqaba Finance # (Proprietary) Limited (Nqaba or issuer), following the initial issuance in June ####. The notes are issued to refinance the now redeemed classes A#, A##, B## and C## notes, which all had a scheduled maturity of ## May ####. Inside This Report...
Fitch Affirms Hatton National Bank at 'AA-(lka)' Fitch Affirms Hatton National Bank at 2012-05-22
Fitch Affirms Hatton National Bank at 'AA-(lka)' ## May #### #:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## May ####: Fitch Ratings Lanka has affirmed Hatton National Bank PLC's (HNB) National Long-Term rating at 'AA-(lka)'. The Outlook...
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