Fitch Research

...Fitch Argentina Calificadora de Riesgo S.A.- Registro CNV Nro. # Columbia Personales IX Septiembre #### Evaluación...

...AMEX Bank es subsidiaria de AXTRS, calificada en escala internacional en ,,A+ y ,,F# con perspectiva crediticia ,,Negativa. En adición al uso de marca, AXTRS le proporciona soporte en administración de riesgos en forma de elaboración de manuales e implementación de prácticas de supervisión y administración de cartera de créditos. El formar parte de este grupo ha redituado positivamente para el banco, tanto en el reconocimiento de marca, posicionamiento en el mercado, así como aportaciones de recursos para el fortalecimiento del capital (últimos ## meses: USD $## millones). AXTRS inició operaciones en México en #### a través de su otra subsidiaria, American Express Company (México). Las actividades de esta última son emitir y administrar tarjetas de cargo (personales y corporativas) y realizar los cobros de comisiones a establecimientos. La operación conjunta de ambas entidades en México es uno de los principales generadores de ingresos fuera del mercado estadounidense, por lo cual consideramos...

...Arka fue adquirida a través de una licitación pública en el año ####, proceso mediante el cual el Instituto para la Protección al Ahorro Bancario ("IPAB") cedió su participación mayoritaria al grupo de accionistas actual, quienes también mantienen el control del Grupo Financiero Ve por Más ("GFBX+") y sus empresas subsidiarias. En esa fecha, la casa de bolsa contaba con tres subsidiarias: Operadora Arka (operadora de sociedades de inversión transferida a GFBX+ en el año ####), Arka International Corporation (empresa tenedora de un broker domiciliado en Estados Unidos, disuelta en ####) y Darka (socio operador del Mercado Mexicano de Derivados, fusionada a la casa de bolsa en julio ####). Dada la estructura accionaria de Arka, ésta mantiene una cercana relación con empresas del GFBX+, especialmente con el banco, que se ubica como la subsidiaria más importante del grupo. Históricamente los ingresos operativos de Arka se han derivado principalmente de la intermediación por cuenta de terceros...

Fitch mantiene las calificaciones a Banco ProCredit en Nicaragua ## Sep #### #:## PM (EDT) Fitch Ratings-San Salvador/San Jose-## September ####: Fitch Ratings mantiene las calificaciones de riesgo nacional en Nicaragua a Banco ProCredit,...

Fitch asigna calificacion inicial a BBVA Panama de AAA(pan) ## Sep #### #:## PM (EDT) Fitch Ratings-San Salvador/San Jose-## September ####: Fitch Ratings asigno calificaciones iniciales de riesgo nacional en Panama a Banco Bilbao Vizcaya...

...Fitch Ratings upgraded Bally's issuer default rating (IDR) to `BB+' from `BB­' and the rating on its senior secured bank credit facilities to `BBB­' from `BB+'. The upgrade of the IDR reflects Bally's continued operational and financial improvement driven by its improving and broadening product pipeline, solid market position, and sustained debt reduction. In addition, the upgrade reflects resolution of previous accounting issues as the company's auditors no longer cited material weaknesses in internal controls over financial reporting in the recently filed annual report, which is the first time that has occurred since the company's turnaround. Despite the difficult operating conditions for casino operators, Bally has continued to drive ship share solidly above its installed base market share, which has significantly improved the company's market position over the last few years and dramatically improved its financial results. The primary credit concerns discussed below include technology...

...Apache Corporation's (Apache) ratings reflect the company's significant leverage to oil, historically solid operational performance, long track record of strong organic growth in reserves and production volumes, and geographically diversified portfolio of properties. · ...

...Caterpillar Inc. A Stable # Cummins Inc. BBB+ Stable # Harley-Davidson, Inc. BBB+ Negative ## Navistar International Corporation BB- Negative ## Source: Fitch Ratings. Analysts...

...The economic slowdown in Mexico continues to impact the performance of Mexican residential mortgage-backed securities (RMBS). Delinquency levels have continued to rise across most transactions in Fitch Ratings' portfolio. Macroeconomic issues, such as unemployment, are impacting the overall portfolio, but Fitch's performance data shows that delinquent borrowers share many other common characteristics. While collateral performance has deteriorated, Fitch believes the capital structures for many of the transactions remain resilient. Thus far, downgrades remain moderate (generally between one and three notches), and Fitch has maintained its original ratings on ##% of the portfolio. During ####, Fitch has downgraded ## RMBS-related tranches and two bonds backed by RMBS, while four tranches remain on Rating Watch Negative (RWN). The negative rating actions are due to the large increase in delinquencies observed during the past ## months in the Mexican RMBS market. Fitch has assigned rating outlooks...

...A Fitch Ratings atribuiu os Ratings Nacionais Preliminares de Longo Prazo `AA(bra)' e `A(bra)', respectivamente, à primeira série de cotas seniores e à primeira emissão de cotas subordinadas de classe especial do Fundo de Investimento em Direitos Creditórios Fornecedores Petrobras BR# ­ Industrial e Serviços (FIDC BR#). Esta operação consiste na securitização de direitos creditórios de recebíveis a serem performados oriundos de contratos celebrados entre a Petróleo Brasileiro S.A. (Petrobras) e fornecedores na prestação futura de serviços, compra e venda e/ou aquisição de bens. Ao contrário de operações mais tradicionais de fluxo futuro de recebíveis, esta trata de diversos cedentes de interesses econômicos distintos e um único sacado (a Petrobras). A primeira série de cotas seniores será objeto de oferta pública de distribuição, enquanto a emissão de cotas subordinadas de classe especial será distribuída através de esforços restritos de colocação ao mercado. As cotas subordinadas juniores...

...San Francisco's economy is diverse, with a tax base that captures most of its economic activity, including property, sales, business, hotel, utility, and parking taxes. The city's economy has contracted, but is still outperforming the state and nation in terms of the unemployment rate. The city expects to end fiscal #### modestly better off than was expected in April ####, with #### revenues slightly better and expenditures modestly lower. Nonetheless, this still includes a sizable use of fund balance, and fiscal ####'s budget used fund balance and other nonrecurring revenues to balance about ##% of the deficit. Maintaining even the current financial position will require fiscal discipline, as the city's political and structural characteristics limit flexibility by earmarked revenue, mandated funding levels, and funding programs at levels beyond the state appropriations. This will continue to be challenging due to the state's own budget challenges and cuts to state-funded social programs....

Fitch confirma la calificacion del Banco de Valores S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina ha confirmado en la categoria A#(arg) el Endeudamiento de Corto Plazo del Banco de Valores...

Fitch retiro calificacion de los VDF emitidos por Fava XXIII ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch retiro la calificacion AAA(arg) de los Valores de Deuda Fiduciaria (VDF) por VN $ ##.###.### emitidos...

Fitch confirma las calificaciones de Banco Comafi S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo la categoria A+(arg) con Perspectiva Estable a la Serie # de Obligaciones Negociables a cinco...

Fitch retiro la calificacion de los VRDA de Ribeiro XXIX ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch retiro la calificacion AAA(arg) de los Valores Representativos de Deuda Clase A (VRDA) por VN $ ##.###.###,...

Fitch Upgrades New Orleans Audubon Park Commission, LA's GO Rating to 'BBB' ## Sep #### #:## PM (EDT) Fitch Ratings-Austin-## September ####: During the course of routine surveillance, Fitch Ratings upgrades its rating on the New Orleans...

Fitch confirma calificacion a los CP de Best Consumer Serie III ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina confirmo la calificacion CC(arg) a los Certificados de Participacion (CP) por VN...

Fitch confirma calificaciones de HSBC BANK Argentina ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch decidio confirmar las siguientes calificaciones de HSBC Bank Argentina S.A: - ON Simples Clase # por hasta...

Fitch retiro calificacion de los VDFA de Secubono XXXIV ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch retiro la calificacion AAA(arg) de los Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ ##.###.###,...

Fitch confirma calificacion de Banco Servicios y Transacciones ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina confirmo hoy la categoria A#(arg) al Endeudamiento de Corto Plazo de Banco Servicios...

Fitch confirma la calificacion de BBVA Banco Frances ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo las siguientes calificaciones de BBVA Banco Frances S.A. (Banco Frances): - Programa Global de...

Fitch confirma calificaciones del Nuevo Banco del Chaco S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina confirmo en A#(arg) la calificacion de endeudamiento de corto plazo y en BBB(arg) la...

Fitch confirma calificaciones de PSA Finance Arg. Cia. Fin. S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo la categoria "AA-(arg)" con perspectiva estable al endeudamiento de largo plazo y...

Fitch confirmo las calificaciones de Credilogros ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina confirmo en la categoria "BBB-(arg)" al Programa Global de Obligaciones Negociables por $ ### millones...

Fitch confirma la calificacion del Banco de Chubut S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo en la Categoria A# (arg) la calificacion del Endeudamiento de Corto Plazo del Banco de Chubut...

Fitch confirma calificacion del Banco Provincia del Neuquen S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo en la Categoria A# (arg) la calificacion del Endeudamiento de Corto Plazo del Banco...

Fitch Atribui Ratings as Cotas do FIDC Fornecedores Petrobras BR# - Industrial e Servicos ## Sep #### #:## PM (EDT) Fitch Ratings-Sao Paulo/Chicago-## September ####: A Fitch Ratings atribuiu, hoje, os Ratings Preliminares de Longo Prazo...

Fitch confirma la calificacion de Banco de San Juan S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo en la Categoria A# (arg) al Endeudamiento de Corto Plazo Banco de San Juan S.A. La calificacion...

Fitch confirmo la calificacion del Banco de Santa Cruz S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo en la Categoria A#(arg) al Endeudamiento de Corto Plazo del Banco de Santa Cruz S.A. La...

Fitch confirma la categoria A#(arg) a Banco Meridian S.A. ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo la categoria "A#(arg)" al Endeudamiento de Corto Plazo de Banco Meridian S.A. La calificacion...

Fitch Rates Crown Pointe Academy Charter School, CO Charter School Rev Bonds 'BBB+' ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has assigned a 'BBB+' rating to Colorado Educational and Cultural Facilities...

Fitch Assigns Wachovia Securities New Construction Loan Servicer Rating of 'CCLS#+' ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings assigns Wachovia Securities (Wachovia) a construction loan servicer...

Fitch Affirms KeyBank's CMBS Servicer Ratings; Assigns New Construction Servicer Rating ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings affirms KeyBank Real Estate Capital's (KBREC) CMBS servicer ratings...

Fitch Downgrades Crown NorthCorp's CMBS Servicer Ratings; Places on Watch Negative ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings has downgraded Crown NorthCorp, Inc.'s (Crown) U.S. CMBS servicer ratings...

Fitch Upgrades Green Tree's Resi Special Servicer Rating ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has taken rating actions on Green Tree's U.S. residential servicer rating(s) as follows: --Primary...

Fitch califica Agroaval VIII ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch asigno la categoria de corto plazo A#(arg) a los Valores Representativos de Deuda (VRD) por hasta VN US$ #.###.### a ser emitidos...

Fitch Rates Arcos Dorados B.V.'s Proposed Notes 'BBB-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings has assigned the following ratings to Arcos Dorados B.V. (Arcos): --Foreign currency...

Fitch Rates University System of Maryland's #### Series D Rfdg Revs 'AA'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings assigns an 'AA' rating to the approximately $##.# million of University...

Fitch Ratings Releases Mexican RMBS Performance Update Report ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago/Monterrey-## September ####: Fitch Ratings today has released an updated version of its 'Mexican RMBS Performance Update Report'....

Fitch Affirms Furman University Rev Bonds at 'AA-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings affirms the unenhanced 'AA-' rating on the Educational Facilities Authority for Private...

Fitch Affirms Memorial Health System, Indiana's Revs at 'AA-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings affirms its 'AA-' rating on approximately $###.# million of St. Joseph County...

Fitch Rates Sarasota Cnty Public Hosp District (Florida) $##.#MM Hosp Rev Rfdg Bnds ####B 'AA+/F#+' ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings assigns a rating of 'AA+/F#+' to the $##,###,### Sarasota...

Fitch Downgrades Milwaukee Redev Auth, Wisconsin's Pension Bonds to 'AA-'; Assigns Negative Outlook ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: During the course of routine surveillance, Fitch Ratings downgrades...

Fitch Asigna Calificacion AAA(cri) al Instituto Costarricense de Electricidad ## Sep #### #:## PM (EDT) Fitch Ratings-San Salvador/San Jose-## September ####: Fitch asigna calificacion en escala nacional en Costa Rica 'AAA(cri)' al Instituto...

...High debt and leverage. Life Technologies Corp.'s (LIFE) debt and leverage levels remain high after the acquisition of Applied Biosystems Inc. (ABI) in November ####, with leverage (total debt/EBITDA) of #.##x for the LTM period ended June ##, ####. Going forward, Fitch expects leverage to decline as the ABI acquisition annualizes and as the company reduces outstanding debt, reaching approximately #.#x or lower by ####. In the long term, Fitch expects LIFE to maintain leverage near this level, although periodic increases to fund strategic investments are possible. · ...

...The ratings of Clearstream Banking, Luxembourg (CBL), the principal operating subsidiary of Clearstream International (CI), reflect CI's very low risk profile and sophisticated risk management. CBL and CI are key subsidiaries of the Deutsche Börse Group (DBG; not rated). Measures have been taken to ringfence CI and CBL from DBG's credit profile, but it is unlikely that CBL's ratings could differ materially from Fitch's assessment of Deutsche Börse AG's (DBAG) credit risk. · ...

...The ratings of Clearstream Banking, Luxembourg (CBL), the principal operating subsidiary of Clearstream International (CI), reflect CI's very low risk profile and sophisticated risk management. CBL and CI are key subsidiaries of the Deutsche Börse Group (DBG; not rated). Measures have been taken to ringfence CI and CBL from DBG's credit profile, but it is unlikely that CBL's ratings could differ materially from Fitch's assessment of Deutsche Börse AG's (DBAG) credit risk. · ...

...The `AAA' rating of National Bank of Greece's (NBG, rated `A'/Negative/`F#') covered bonds is based on (i) the issuer's LongTerm Issuer Default Rating (IDR) of `A'; (ii) a discontinuity factor of ##.#% assigned to NBG's covered bonds; and (iii) the overcollateralisation (OC) between the cover assets and the covered bonds. These factors support a `AA+' rating on a probability of default (PD) basis and a `AAA' rating after taking into account recoveries. · ...

...Os ratings da Companhia Paranaense de Energia (Copel) se baseiam no seu sólido perfil financeiro, obtido a partir de reduzida alavancagem; significativa geração operacional de caixa; e robusta posição de liquidez. Mesmo que haja crescimento moderado nos investimentos e nos dividendos a distribuir, além de um fluxo de caixa das operações moderadamente inferior nos próximos anos, a Fitch acredita que a Copel deve preservar seu forte perfil creditício. · ...

...Xuthus (European Loan Conduit No. ##) is a securitisation of a single commercial mortgage loan, which closed in February ####. The loan is secured by ## properties located throughout Europe with ##.#% by market value (MV) located in the Netherlands, ##.#% in Belgium, ##.#% in Germany and ##.#% in Switzerland. On ## September, Fitch Ratings downgraded the class A, B and C notes as shown above. The following developments in the transaction, all as of the August #### interest payment date (IPD), contributed to the rating action: · ...

...The LongTerm and ShortTerm Issuer Default Ratings (IDRs) of Santander Totta SGPS (Santander Totta) are aligned with those of its parent, Banco Santander, as its activities in Portugal are of strategic importance and closely integrated within the group. Santander Totta's Individual Rating reflects its strong national franchise, track record of solid profitability, sound capital adequacy and healthy asset quality. They also consider singlename concentration in its loan book, high LTV mortgages and a certain reliance on shortterm funds. · ...

...The LongTerm and ShortTerm Issuer Default Ratings (IDRs) of Santander Totta SGPS (Santander Totta) are aligned with those of its parent, Banco Santander, as its activities in Portugal are of strategic importance and closely integrated within the group. Santander Totta's Individual Rating reflects its strong national franchise, track record of solid profitability, sound capital adequacy and healthy asset quality. They also consider singlename concentration in its loan book, high LTV mortgages and a certain reliance on shortterm funds. · ...

...Bank Muscat's (BM) IDRs and Support Rating reflect expected support from the Omani authorities. The Individual Rating reflects its leading domestic franchise, satisfactory, albeit decreasing profitability, tolerable market risk and adequate capitalisation; it also reflects asset quality deterioration, tight liquidity and concentrations on both sides of the balance sheet. · ...

...Bank Muscat's (BM) IDRs and Support Rating reflect expected support from the Omani authorities. The Individual Rating reflects its leading domestic franchise, satisfactory, albeit decreasing profitability, tolerable market risk and adequate capitalisation; it also reflects asset quality deterioration, tight liquidity and concentrations on both sides of the balance sheet. · ...

...Even with two consecutive years of sales tax revenue declines, the Riverside County Transportation Commission's (the commission, or RCTC) relatively low leverage results in very high debt service coverage by historical and projected revenues. Pledged revenues consist of sales tax on a very broad geographic area with a diverse economy. However, led by the housing slump, Riverside County has been in a severe downturn since ####, resulting in very high foreclosure and unemployment rates. Limited exposure to transportation operating risk reduces the commission's fixed costs (such as labor and other overhead), resulting in enhanced financial flexibility. Leverage is limited by a #.#x MADS additional bonds test (ABT) and a $### million debt limit. However, pending near-term revenue performance and results of environmental planning through ####, RCTC may request an increase to the current debt limit, which would dilute coverage. Pledged revenue, sales tax receipts, are economically sensitive and...

...La calificación otorgada a Banco Macro S.A. (Macro) refleja su buen posicionamiento, su sólido desempeño y su amplia liquidez y capitalización. · ...

...FCC Proudreed Properties #### is a securitisation of two commercial mortgage loans originated by Société Générale (rated `A+'/Stable/`F#+') and HSBC France (rated `AA'/Negative/`F#+'), which closed in September ####. The loans are currently secured by ### predominantly warehouse/industrial assets (##.#% by market value MV), mainly located within the greater Paris area (##.#%). Since closing, disposals of ## properties, and the subsequent repayments of allocated loan amounts and release premiums (allocated on a sequential basis to the note classes), have resulted in a reduction in the loan pool to EUR###.#m from EUR###.#m. Both loans are interestonly and are scheduled to mature in August ####. The final legal maturity is in August ####. On ## September, Fitch Ratings affirmed the class A and B notes and downgraded the class C, D and E notes, as shown above. The class A notes remain on Stable Outlook, while the remaining note classes are on Negative Outlook. The following developments, all...

...La calificación del Banco de la Nación Argentina (BNA) se fundamenta en las características de propiedad, en la garantía que la Nación Argentina le otorga a sus operaciones, su rol de agente financiero del Gobierno y en su posicionamiento como primera entidad financiera con una participación de mercado del ##% de los depósitos totales. Asimismo, contemplan los riesgos políticos a los que el banco está expuesto como entidad pública y su extensa estructura administrativa. Calificaciones...

...The IDRs of Bank Dhofar (BD) reflect the high probability of support available to the bank from the Omani authorities, if needed. BD's Individual Rating considers its strong local franchise, limited market risks and adequate profitability and capitalisation. It also reflects its fairly basic risk management framework, tight liquidity and concentrations on both sides of the balance sheet. · ...

...La calificación de Standard Bank Argentina S.A. (SBA) se sustenta en el soporte del accionista, la participación de la entidad en el sistema financiero argentino, su baja exposición en activos del sector público y su muy buena calidad de activos. Calificaciones...

...The IDRs of Bank Dhofar (BD) reflect the high probability of support available to the bank from the Omani authorities, if needed. BD's Individual Rating considers its strong local franchise, limited market risks and adequate profitability and capitalisation. It also reflects its fairly basic risk management framework, tight liquidity and concentrations on both sides of the balance sheet. · ...

...AA-(mex). Very high credit quality. Implies very sound credit quality compared to other Mexican states, issuers or issues. The credit risk inherent in these financial obligations differs slightly from that of Mexicos highest rated issuers or issues. Rating Rationale...

...Fitch confirma la calificación CC a los Certificados de participación (CP) emitidos bajo el Fideicomiso Best Consumer Finance Serie III. Los Valores Representativos de Deuda (VRD) se encuentran completamente amortizados. · ...

Fitch Affirms ECM's Asset Manager Rating 'M#+'; Removes RWE ## Sep #### ##:## AM (EDT) Fitch Ratings-Paris/London-## September ####: Fitch Ratings has today affirmed the 'M#+' Asset Manager rating on European Credit Management Ltd's...

Fitch Downgrades Xuthus (European Loan Conduit No. ##) SA Note Classes A to C ## Sep #### ##:## AM (EDT) Fitch Ratings-London-## September ####: Fitch Ratings has today downgraded Xuthus (European Loan Conduit No.##) SA note classes...

Fitch mantiene calificacion de HSBC Seguros (Salvadoreno) en AA(slv) ## Sep #### ##:## AM (EDT) Fitch Ratings-San Salvador/San Jose-## September ####: Fitch mantiene la calificacion local de largo plazo de HSBC Seguros (HSBC) en AA(slv)....

Fitch Affirms Pollution Control Financing Auth of Camden County, New Jersey Solid Waste Revs at 'C' ## Sep #### ##:## AM (EDT) Fitch Ratings-New York-## September ####: During the course of routine surveillance, Fitch Ratings affirms...

Fitch ratifica calificacion 'AAA(mex)' de PACCAR Mexico ## Sep #### ##:## AM (EDT) Fitch Ratings-Monterrey-## September ####: Fitch Ratings ratifico las siguientes calificaciones de Paccar Mexico, S.A. de C.V. (PACCAR): -- Calificacion...

Fitch Assigns Nedbank's Unsubordinated Notes Expected 'BBB' Rating ## Sep #### ##:## AM (EDT) Fitch Ratings-London/Johannesburg-## September ####: Fitch Ratings has today assigned Nedbank Limited's (Nedbank, rated 'BBB'/Outlook Stable)...

Fitch Revises Kodak's Outlook to Stable; Affirms Ratings ## Sep #### ##:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has revised Eastman Kodak Company's (Kodak) Rating Outlook to Stable from Negative and affirmed...

Fitch Rates Austria's VBAG Support '#'; Support Rating Floor 'A' ## Sep #### ##:## AM (EDT) Fitch Ratings-London-## September ####: Fitch Ratings has today assigned Austria-based Oesterreichische Volksbanken Aktiengesellschaft (VBAG)...

Fitch Affirms # Irish Banks IDRs, Downgrades EBS ## Sep #### ##:## AM (EDT) Fitch Ratings-London-## September ####: Fitch Ratings has today affirmed the Long-term Issuer Default Ratings (IDR) of Allied Irish Banks (AIB), Anglo Irish...

Fitch Withdraws Cairn's 'CAM#-' Structured Finance CDO Asset Manager Rating ## Sep #### ##:## PM (EDT) Fitch Ratings-London-## September ####: Fitch Ratings has today withdrawn Cairn Financial Products Limited's (Cairn) 'CAM#-' Structured...

Fitch Affirms Fort Walton Beach, Florida's Utility System Revs at 'AA-'; Outlook Stable ## Sep #### ##:## PM (EDT) Fitch Ratings-New York-## September ####: In the course of routine surveillance, Fitch Ratings affirms the 'AA-' rating...

Fitch Affirms IDA of Dinwiddie County, Virginia's Lease Revs at 'A' ## Sep #### ##:## PM (EDT) Fitch Ratings-New York-## September ####: In the course of routine surveillance, Fitch Ratings affirms the 'A' rating on approximately $##...

Fitch Confirms MO-IL Metro Dist Bi-State Devel Agency (Metrolink Proj), Ser ####A at 'AA-/F#+' ## Sep #### ##:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings confirms the rating of 'AA-/F#+' to the $###,###,### Bi-State...

Fitch: U.S. EMS Sector Credit Quality Improves with Strong Cash Flow & Debt Reduction ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: In a special report issued today, Fitch Ratings says the credit quality of rated...

...The LongTerm IDRs, Local Currency ShortTerm IDR, National and Support Ratings of BankPozitif Kredi ve Kalkinma Bankasi A.S. (BankPozitif) reflect the support it can expect to receive form its controlling shareholder Bank Hapoalim B.M. (Hapoalim, rated `A'/Outlook Stable). The Individual Rating reflects the bank's strategic focus, strong liquidity, sound capitalisation and limited market risk, as well as deteriorating asset quality, its small size and lack of franchise and the difficult economic and operating environment. · ...

...The Armenian banking system has to date been relatively resilient amid the global financial crisis due to its low integration into international capital markets, substantial capital and liquidity buffers and increasing foreign ownership. However, the sharp economic downturn, the devaluation of the Armenian dram in Q### and declining remittance volumes have negatively affected asset quality and performance, and banks' very small size and limited risk/revenue diversification remain an underlying credit weakness. · ...

...The upgrade of PT Bank Central Asia Tbk's (BCA) National LongTerm Rating reflects the bank's track record of consistently strong financial performance, despite the more challenging economic environment. BCA's capitalisation remained strong and Fitch Ratings expects impairment risk to be low, while its profitability is underpinned by an established franchise in transaction banking and deposittaking in Indonesia. Although nonperforming loans (NPLs) have increased due to the weaker economic conditions, they remain well reserved. · ...

...The upgrade of PT Bank Central Asia Tbk's (BCA) National LongTerm Rating reflects the bank's track record of consistently strong financial performance, despite the more challenging economic environment. BCA's capitalisation remained strong and Fitch Ratings expects impairment risk to be low, while its profitability is underpinned by an established franchise in transaction banking and deposittaking in Indonesia. Although nonperforming loans (NPLs) have increased due to the weaker economic conditions, they remain well reserved. · ...

...The ratings of Mega International Commercial Bank Company Limited (Mega ICBC) reflect its strong franchise, resilient profitability and adequate asset quality and capitalisation. Its leading position in Taiwan's wholesale banking segment, particularly in foreign exchange and trade finance markets, helps sustain its profitability in the economic downturn. · ...

...The rating takes into account KCC Corporation's (KCC) leading market position in the South Korean paint, building materials and glass market, as well as a longstanding and stable relationship with its major customers in various industries such as construction, automobile and shipbuilding. · ...

...The rating of National Savings Bank (NSB) factors in its state ownership, systemic importance, the low credit risk nature of a majority of its asset base and the explicit government of Sri Lanka guarantee on NSB's deposits (##% of borrowings at H###). · ...

...The rating of National Savings Bank (NSB) factors in its state ownership, systemic importance, the low credit risk nature of a majority of its asset base and the explicit government of Sri Lanka guarantee on NSB's deposits (##% of borrowings at H###). · ...

...The upgrade of the ratings on the City of BielskoBiala on ## September #### reflects its very good operating performance, healthy debt coverage ratio, prudent financial management and diversified and relatively wealthy local economy. The ratings also reflect a projected increase in the city's direct and indirect debt, and economic turmoil and cuts in personal income tax (PIT) rates implemented by the state from ####, which may negatively affect the city's revenue in the next two years. The Stable Outlook reflects Fitch Ratings' expectation that the city will maintain its good operating performance in the coming years through strict control of operating expenditure. · ...

...The LongTerm IDRs, Local Currency ShortTerm IDR, National and Support Ratings of BankPozitif Kredi ve Kalkinma Bankasi A.S. (BankPozitif) reflect the support it can expect to receive form its controlling shareholder Bank Hapoalim B.M. (Hapoalim, rated `A'/Outlook Stable). The Individual Rating reflects the bank's strategic focus, strong liquidity, sound capitalisation and limited market risk, as well as deteriorating asset quality, its small size and lack of franchise and the difficult economic and operating environment. · ...

...The National Ratings assigned to The South African Bank of Athens (SABA) are based solely on the high level of support it would receive from its majority shareholder, National Bank of Greece S.A. (NBG; rated `A'/Outlook Negative) if required. This support can be inferred from NBG's ##.#% ownership, NBG management representation on SABA's board, committed liquidity facilities and previous capital injections (notably during FY##). · ...

...The National Ratings assigned to The South African Bank of Athens (SABA) are based solely on the high level of support it would receive from its majority shareholder, National Bank of Greece S.A. (NBG; rated `A'/Outlook Negative) if required. This support can be inferred from NBG's ##.#% ownership, NBG management representation on SABA's board, committed liquidity facilities and previous capital injections (notably during FY##). · ...

...The Negative Outlook on Commercial Bank of Africa's (CBA) LongTerm Issuer Default Rating (IDR) reflects Fitch Ratings' concern regarding CBA's growth strategy and the current levels of capital to support this. The ratings also consider the bank's wellestablished domestic franchise and track record of consistent earnings in a challenging environment. · ...

...Fitch Ratings' Outlook for the electronics manufacturing services (EMS) industry is now Stable versus a Negative Outlook at the beginning of the year. Fitch believes that despite significant revenue declines across the sector and continued softness in end- market demand, the industry's successful harvesting of cash from reduced working capital requirements and use of cash to reduce debt has improved expectations for fundamental credit metrics. Results for the sector through the first half of #### were predictably dour due to the overall economic environment but exhibited signs of stability that the sector has been missing over the past several years. Specifically, it appears competitors have maintained rational behavior in regard to pricing, which when combined with reduced overall capacity in the sector has enabled EMS vendors to maintain margins at or above levels of early #### despite declines of more than ##% in revenue. Returns on invested capital (ROIC), an important measure for this...

...The ratings of Euroclear Bank (EB) reflect its strong position in the international settlement industry, its sound capitalisation and its position as a core part of the Euroclear group, headed by Euroclear plc (EPLC), which has a very low risk profile and is a leading panEuropean settlement and custody service provider. · ...

...The ratings of Euroclear Bank (EB) reflect its strong position in the international settlement industry, its sound capitalisation and its position as a core part of the Euroclear group, headed by Euroclear plc (EPLC), which has a very low risk profile and is a leading panEuropean settlement and custody service provider. · ...

...The ratings of the Autonomous Community of Cantabria reflect a supportive financial system, a good track record on budgetary performance that has enabled Cantabria to maintain moderate financial debt, and good quality of financial reporting. · ...

Fitch publica informe semestral del Sector Seguros de Guatemala ## Sep #### #:## PM (EDT) Fitch Ratings-San Salvador/San Jose-## September ####: Fitch Centroamerica pone a disposicion en su sitio web, www.fitchcentroamerica.com, el Informe...

Fitch Teleconference: Indian Telecom Sector, Today at #:##PM India ## Sep #### #:## AM (EDT) Fitch Ratings-Mumbai-## September ####: Fitch Ratings will host a teleconference later today at #:## PM India to present its views on the Indian...

Fitch: Kumarapalayam Tollways & Salem Tollways' Bank Loans Ratings Remain on RWN ## Sep #### #:## AM (EDT) Fitch Ratings-Mumbai/Chennai/Singapore-## September ####: Fitch has today said that the Rating Watch Negative (RWN) has been maintained...