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Fitch Comments on New National Consumer Protection Bill
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2009-10-31 |
Fitch Comments on New National Consumer Protection Bill ## Oct #### #:## PM (EDT) Fitch Ratings-Sydney/London-## October ####: Fitch Ratings has reviewed the passing of the new National Consumer Credit Protection Bill ("the Bill") to... |
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| Fitch: No Impact on Nautilus RMBS Following Downgrade of MGICA Parent
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2009-10-31 |
Fitch: No Impact on Nautilus RMBS Following Downgrade of MGICA Parent ## Oct #### #:## PM (EDT) Fitch Ratings-Sydney/Singapore-## October ####: Fitch Ratings has today said there is no rating impact on five classes of Nautilus Australian... |
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| Fitch Assigns Expected Ratings, Outlooks & LS Rtgs to FirstMac Mortgage Funding Trust Series 2-2009
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2009-10-31 |
Fitch Assigns Expected Ratings, Outlooks & LS Rtgs to FirstMac Mortgage Funding Trust Series #-#### ## Oct #### ##:## PM (EDT) Fitch Ratings-Sydney/Singapore-## October ####: Fitch Ratings has today assigned expected ratings, Outlooks... |
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| Fitch: RMBS Ratings Unaffected by Sale of Challenger's Mortgage Management Division to NAB
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2009-10-31 |
Fitch: RMBS Ratings Unaffected by Sale of Challenger's Mortgage Management Division to NAB ## Oct #### ##:## AM (EDT) Fitch Ratings-Sydney/Singapore-## October ####: Fitch Ratings has commented that today's sale of Australia's Challenger... |
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| Fitch Withdraws Rico Auto's Rating
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2009-10-31 |
Fitch Withdraws Rico Auto's Rating ## Oct #### #:## AM (EDT) Fitch Ratings-New Delhi/Singapore-## October ####: Fitch Ratings has today withdrawn India's Rico Auto Industries Limited's (Rico) National Long-term rating of 'A+(ind)'. The... |
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| Fitch Affirms MBS 2006 Series I Trust; Assigns LS Rating
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2009-10-31 |
Fitch Affirms MBS #### Series I Trust; Assigns LS Rating ## Oct #### #:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## October ####: Fitch Ratings has affirmed the rating of the pass through certificates (PTCs) issued by MBS #### Series... |
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| Fitch Affirms MBS 2006 Series II Trust; Assigns LS Ratings
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2009-10-31 |
Fitch Affirms MBS #### Series II Trust; Assigns LS Ratings ## Oct #### #:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## October ####: Fitch Ratings has affirmed the ratings of the pass through certificates (PTCs) issued by MBS #### Series... |
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| Fitch Affirms MBS 2006 Series III Trust; Assigns LS Ratings
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2009-10-31 |
Fitch Affirms MBS #### Series III Trust; Assigns LS Ratings ## Oct #### #:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## October ####: Fitch Ratings has affirmed the ratings of the pass through certificates (PTCs) issued by MBS #### Series... |
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| Fitch Affirms All Classes of Cafes 1 Trust; Off RWN
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2009-10-31 |
Fitch Affirms All Classes of Cafes # Trust; Off RWN ## Oct #### #:## AM (EDT) Fitch Ratings-Tokyo/Hong Kong-## October ####: Fitch Ratings has today affirmed all classes of Cafes # Trust's trust beneficiary interests (TBIs) due May ####,... |
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| Fitch Downgrades 4 Classes of JLOC XXXI Trust; Off RWN
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2009-10-31 |
Fitch Downgrades # Classes of JLOC XXXI Trust; Off RWN ## Oct #### #:## AM (EDT) Fitch Ratings-Tokyo/Hong Kong-## October ####: Fitch Ratings has today downgraded JLOC XXXI Trust's Classes A to D trust beneficiary interests (TBIs) due... |
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| Fitch Affirms Polish City of Gdansk at 'BBB+'; Outlook Stable
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2009-10-31 |
Fitch Affirms Polish City of Gdansk at 'BBB+'; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-London/Warsaw-## October ####: Fitch Ratings has today affirmed the Polish City of Gdansk's Long-term foreign and local currency ratings... |
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| Fitch Affirms Nine Dragons' IDR at 'B'; Off RWN with Stable Outlook
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2009-10-31 |
Fitch Affirms Nine Dragons' IDR at 'B'; Off RWN with Stable Outlook ## Oct #### #:## AM (EDT) Fitch Ratings-Hong Kong/Tokyo-## October ####: Fitch Ratings has today resolved the Rating Watch Negative and affirmed Nine Dragons Paper (Holdings)... |
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| Fitch Downgrades 7 UK Building Societies' Sub Notes/PIBS
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2009-10-31 |
Fitch Downgrades # UK Building Societies' Sub Notes/PIBS ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch has today downgraded seven UK building societies' lower tier # subordinated notes (LT# debt) and permanent... |
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| Fitch Rates Telecom Namibia LTLC IDR 'BBB-'; National LT 'A(zaf)'; Outlook Stable
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2009-10-31 |
Fitch Rates Telecom Namibia LTLC IDR 'BBB-'; National LT 'A(zaf)'; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned Namibia- based Telecom Namibia Limited (Telecom Namibia)... |
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| Fitch: No Further Rating Impact of Liquidity Facility Absence in Two Eurosail Deals
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2009-10-31 |
Fitch: No Further Rating Impact of Liquidity Facility Absence in Two Eurosail Deals ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings says there is no further rating impact on Eurosail UK ##-# NP PLC and Eurosail... |
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| Fitch Changes UK's Nationwide's Outlook to Negative; Affirms IDR
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2009-10-31 |
Fitch Changes UK's Nationwide's Outlook to Negative; Affirms IDR ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today changed Nationwide Building Society's (Nationwide) Outlook to Negative from Stable.... |
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| Fitch Affirms Southern Water's Bonds at 'A'/'BBB+'; Revises Outlooks to Negative
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2009-10-31 |
Fitch Affirms Southern Water's Bonds at 'A'/'BBB+'; Revises Outlooks to Negative ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed Southern Water Services (Financing) Plc's (SWSF) senior... |
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| Fitch UK Credit Card Indices Continue to Show Negative Trends in Q309
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2009-10-31 |
Fitch UK Credit Card Indices Continue to Show Negative Trends in Q### ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings says in its forthcoming quarterly Credit Card Movers & Shakers (UK) report, that the... |
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| Fitch Affirms Hungary's K&H Bank at 'A-'; Outlook Stable
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2009-10-31 |
Fitch Affirms Hungary's K&H Bank at 'A-'; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed Hungary's Kereskedelmi es Hitelbank Nyrt's (K&H) Long- and Short-term Issuer Default... |
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| Fitch Revises Sal. Oppenheim to Watch Positive on Planned Acquisition By Deutsche Bank
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2009-10-31 |
Fitch Revises Sal. Oppenheim to Watch Positive on Planned Acquisition By Deutsche Bank ## Oct #### #:## AM (EDT) Fitch Ratings-London/Frankfurt-## October ####: Fitch Ratings has today revised the Rating Watches on Sal. Oppenheim jr.... |
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| Fitch Assigns NKNK Finance Plc Loan Participation Notes Expected 'B' Rating; on RWN
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2009-10-31 |
Fitch Assigns NKNK Finance Plc Loan Participation Notes Expected 'B' Rating; on RWN ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned NKNK Finance plc's (NKNK-F) proposed issue of USD###,###,###... |
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| Fitch Changes National Bank of Greece's Outlook to Stable; Affirms IDR at 'A-'
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2009-10-31 |
Fitch Changes National Bank of Greece's Outlook to Stable; Affirms IDR at 'A-' ## Oct #### ##:## AM (EDT) Fitch Ratings-London/Barcelona-## October ####: Fitch Ratings has today changed National Bank of Greece's (NBG) Outlook to Stable... |
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| Fitch Rates Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-14R
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2009-10-31 |
Fitch Rates Credit Suisse First Boston Mortgage Securities Corp., CSMC Series ####-##R ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings rates Credit Suisse First Boston Mortgage Securities CSMC ####-##R... |
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| Fitch Rates The Himalaya Drug Company at 'A-(ind)/F1(ind)'; Outlook Stable
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2009-10-31 |
Fitch Rates The Himalaya Drug Company at 'A-(ind)/F#(ind)'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## October ####: Fitch Ratings has today assigned India's The Himalaya Drug Company (HDC) a National... |
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| Fitch Rates Natixis Asset Management 'M1' for Investment-Grade Corporate CDOs
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2009-10-31 |
Fitch Rates Natixis Asset Management 'M#' for Investment-Grade Corporate CDOs ## Oct #### ##:## AM (EDT) Fitch Ratings-Paris/London-## October ####: Fitch Ratings has today assigned Natixis Asset Management (NAM) an 'M#' rating for its... |
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| Fitch asigna calificacion 'A(mex)' a Value Casa de Bolsa
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2009-10-31 |
Fitch asigna calificacion 'A(mex)' a Value Casa de Bolsa ## Oct #### ##:## AM (EDT) Fitch Ratings-Monterrey-## October ####: Fitch asigno las calificaciones 'A(mex)' al riesgo contraparte de largo plazo y 'F#(mex)' [Uno] al riesgo contraparte... |
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| Fitch Rates Assured Guaranty Insured Issues 'AA-'; Outlook Negative
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2009-10-31 |
Fitch Rates Assured Guaranty Insured Issues 'AA-'; Outlook Negative ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned an 'AA-' rating and Negative Outlook to the following Assured Guaranty... |
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| Fitch Afirma Calificaciones de Riesgo Nacionales de La Fabril
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2009-10-31 |
Fitch Afirma Calificaciones de Riesgo Nacionales de La Fabril ## Oct #### ##:## AM (EDT) Fitch Ratings-Caracas-## October ####: Fitch Ratings mantiene la calificacion de riesgo nacional a la emision publica de bonos hasta por ### millones... |
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| Fitch Rates Montgomery County, Maryland's $387MM GOs 'AAA'; Outlook Stable
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2009-10-31 |
Fitch Rates Montgomery County, Maryland's $###MM GOs 'AAA'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns an 'AAA' rating to Montgomery County, Maryland's (the county) estimated... |
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| Fitch Affirms Compartment CIF Assets 2001-1's EUR16.49bn Senior Units at 'AAA'; 'LS-1'
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2009-10-31 |
Fitch Affirms Compartment CIF Assets ####-#'s EUR##.##bn Senior Units at 'AAA'; 'LS-#' ## Oct #### ##:## AM (EDT) Fitch Ratings-Paris/London-## October ####: Fitch Ratings has today affirmed Compartment CIF Assets ####-#'s senior units... |
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| Fitch Affirms Agricultural Bank of Greece at 'BBB'; Outlook Negative
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2009-10-31 |
Fitch Affirms Agricultural Bank of Greece at 'BBB'; Outlook Negative ## Oct #### ##:## AM (EDT) Fitch Ratings-London/Barcelona-## October ####: Fitch Ratings has today affirmed Agricultural Bank of Greece's (ATEbank) ratings at Long-term... |
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| Fitch Affirms Pacific Life's CMBS Servicer Ratings
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2009-10-31 |
Fitch Affirms Pacific Life's CMBS Servicer Ratings ## Oct #### ##:## AM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings affirms Pacific Life Insurance Company's (Pacific Life) commercial mortgage-backed securities (CMBS) servicer... |
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| Fitch ratifica Calificaciones Nacionales a AES Andres B.V.
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2009-10-31 |
Fitch ratifica Calificaciones Nacionales a AES Andres B.V. ## Oct #### ##:## AM (EDT) Fitch Ratings-Caracas-## October ####: Fitch ratifica la calificacion de riesgo nacional a largo plazo a la empresa AES Andres B.V. (ANDRES) en el... |
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| Fitch ratifica la Calificacion de Riesgo Nacional a Emision de Bonos de AES Andres B.V.
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2009-10-31 |
Fitch ratifica la Calificacion de Riesgo Nacional a Emision de Bonos de AES Andres B.V. ## Oct #### ##:## AM (EDT) Fitch Ratings-Caracas-## October ####: Fitch ratifica la calificacion de riesgo nacional en el nivel BBB(dom) a la emision... |
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| Fitch afirma Calificaciones de Riesgo Nacionales a Empresa Generadora de Electricidad Haina, S.A.
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2009-10-31 |
Fitch afirma Calificaciones de Riesgo Nacionales a Empresa Generadora de Electricidad Haina, S.A. ## Oct #### ##:## AM (EDT) Fitch Ratings-Caracas-## October ####: Fitch afirma la calificacion nacional BBB(dom) a la emision de Bonos... |
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| Fitch confirma en A-(arg) la calificacion de Pampeana
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2009-10-31 |
Fitch confirma en A-(arg) la calificacion de Pampeana ## Oct #### ##:## AM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo la calificacion asignada al Programa de ONs por hasta $ ### MM de Camuzzi Gas Pampeana (Pampeana).... |
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| Fitch Rates Citigroup Mortgage Loan Trust 2009-10
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2009-10-31 |
Fitch Rates Citigroup Mortgage Loan Trust ####-## ## Oct #### ##:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch rates Citigroup Mortgage Loan Trust ####-## as follows: --$##,###,### class #A# 'AAA'; Outlook Stable; --$##,###,###... |
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| Fitch asigna calificacion 'A-(mex)' a Intercam Casa de Bolsa
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2009-10-31 |
Fitch asigna calificacion 'A-(mex)' a Intercam Casa de Bolsa ## Oct #### ##:## AM (EDT) Fitch Ratings-Monterrey-## October ####: Fitch Ratings asigno las calificaciones de riesgo contraparte de largo y corto plazo 'A-(mex)' [A menos]... |
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| Fitch asigna calificacion 'AAA(mex)' a UBS Casa de Bolsa
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2009-10-31 |
Fitch asigna calificacion 'AAA(mex)' a UBS Casa de Bolsa ## Oct #### ##:## AM (EDT) Fitch Ratings-Monterrey-## October ####: Fitch Ratings asigno calificaciones 'AAA(mex)' [Triple A] y 'F#+(mex)' [Uno Mas] de riesgo de contraparte de... |
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| Fitch afirma Calificaciones de Riesgo Nacionales a la empresa Cerveceria Nacional Dominicana
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2009-10-31 |
Fitch afirma Calificaciones de Riesgo Nacionales a la empresa Cerveceria Nacional Dominicana ## Oct #### ##:## AM (EDT) Fitch Ratings-Caracas-## October ####: Fitch mantiene la calificacion de riesgo nacional AA+(dom) a la emision de... |
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| Fitch confirma en A+(arg) la calificacion de PCR
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2009-10-31 |
Fitch confirma en A+(arg) la calificacion de PCR ## Oct #### ##:## AM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo hoy en A+(arg) el Programa de Obligaciones Negociables por hasta US$ ### MM (ex Prog. ON por US$ ##... |
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| Fitch asigna BBB(arg) a las ONs Clase I a emitir por INVAP
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2009-10-31 |
Fitch asigna BBB(arg) a las ONs Clase I a emitir por INVAP ## Oct #### ##:## AM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina asign? BBB(arg) a las ONs Clase # Serie I por hasta US$ # MM y Serie II por hasta US$##... |
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| Fitch Withdraws KBC Asset Management's 'M 2' Asset Manager Rating
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2009-10-31 |
Fitch Withdraws KBC Asset Management's 'M #' Asset Manager Rating ## Oct #### ##:## PM (EDT) Fitch Ratings-Paris/London/Frankfurt-## October ####: Fitch Ratings has today withdrawn the 'M#' asset manager rating assigned to KBC Asset... |
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| Fitch ratifica Calificaciones de Riesgo Nacionales a Multiquimica Dominicana, S.A.
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2009-10-31 |
Fitch ratifica Calificaciones de Riesgo Nacionales a Multiquimica Dominicana, S.A. ## Oct #### ##:## PM (EDT) Fitch Ratings-Caracas-## October ####: Fitch ratifica la calificacion de riesgo nacional BBB(dom) a la emision de Bonos Corporativos... |
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| Fitch Affirms Dwr Cymru's Senior Secured Debt at 'A'/'BBB+'
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2009-10-31 |
Fitch Affirms Dwr Cymru's Senior Secured Debt at 'A'/'BBB+' ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed Dwr Cymru (Financing) Ltd's senior secured ratings for its wrapped class A... |
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| Fitch Assigns RBC's Covered Bonds Expected 'AAA' Rating
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2009-10-31 |
Fitch Assigns RBC's Covered Bonds Expected 'AAA' Rating ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned Royal Bank of Canada's (RBC, rated 'AA'/'F#+'/Outlook Stable) issue of CAD###mn... |
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| Fitch Rates Croatia's Eurobond 'BBB-'
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2009-10-31 |
Fitch Rates Croatia's Eurobond 'BBB-' ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned the Republic of Croatia's fixed-rate USD#.#bn eurobond, with #### maturity, a 'BBB-' rating. The... |
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| Fitch: No Widespread Concerns for U.S. Utilities, Power & Gas Due to Tight Bank Credit
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2009-10-31 |
Fitch: No Widespread Concerns for U.S. Utilities, Power & Gas Due to Tight Bank Credit ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings says the current bank liquidity situation should be manageable and... |
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| Fitch ratifica Calificacion de Riesgo Nacional a emision de Bonos de Comercial B. Inmobiliaria
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2009-10-31 |
Fitch ratifica Calificacion de Riesgo Nacional a emision de Bonos de Comercial B. Inmobiliaria ## Oct #### ##:## PM (EDT) Fitch Ratings-Caracas-## October ####: Fitch ratifica la calificacion de riesgo nacional BBB+(dom) a la emision... |
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| Fitch Affirms Central Hudson Gas & Electric's IDR at 'A-'; Outlook Stable
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2009-10-31 |
Fitch Affirms Central Hudson Gas & Electric's IDR at 'A-'; Outlook Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings affirms the outstanding ratings for Central Hudson Gas & Electric (CHG&E) as follows:... |
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| Fitch Affirms Burger King's IDR at 'BB'; Outlook Revised to Stable
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2009-10-31 |
Fitch Affirms Burger King's IDR at 'BB'; Outlook Revised to Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings has affirmed Burger King Corporation's (Burger King, NYSE:BKC) ratings as follows: --Long-term... |
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| Fitch Reduce Calificaciones de Riesgo Nacionales a Industrias Nacionales C. por A.
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2009-10-31 |
Fitch Reduce Calificaciones de Riesgo Nacionales a Industrias Nacionales C. por A. ## Oct #### ##:## PM (EDT) Fitch Ratings-Caracas-## October ####: Fitch Reduce las calificaciones nacionales de Industrias Nacionales C. por A. hasta... |
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| Fitch asigna BBB(arg) a las ONs Clase I a emitir por INVAP
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2009-10-31 |
Fitch asigna BBB(arg) a las ONs Clase I a emitir por INVAP ## Oct #### ##:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina asigno BBB(arg) a las ONs Clase # Serie I por hasta US$ # MM y Serie II por hasta US$##... |
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| Fitch confirma en A-(arg) la calificacion de Pampeana
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2009-10-31 |
Fitch confirma en A-(arg) la calificacion de Pampeana ## Oct #### ##:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo la calificacion asignada al Programa de ONs por hasta $ ### MM de Camuzzi Gas Pampeana (Pampeana).... |
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| Correction - Fitch Reduce Calificaciones de Riesgo Nacionales a Industrias Nacionales C. por A.
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2009-10-31 |
Correction - Fitch Reduce Calificaciones de Riesgo Nacionales a Industrias Nacionales C. por A. ## Oct #### #:## PM (EDT) Fitch Ratings-Caracas-## October ####: This is a correction for a previous message. It corrects (BLANK) to (BLANK).... |
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| Fitch Rates $16.635MM Alaska Industrial Development & Export Auth Rfdg Revs Ser 2009B 'AA+/F1+'
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2009-10-31 |
Fitch Rates $##.###MM Alaska Industrial Development & Export Auth Rfdg Revs Ser ####B 'AA+/F#+' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a rating of 'AA+/F#+' to the $##,###,### Alaska... |
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| Fitch Affirms Banco Santander Chile's IDR at 'A+'; Outlook Stable
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2009-10-31 |
Fitch Affirms Banco Santander Chile's IDR at 'A+'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires/Santiago-## October ####: Fitch Ratings has affirmed Banco Santander Chile's (BSC) ratings as follows: --Foreign and... |
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| Fitch Downgrades Opera (Uni-Invest) B.V.'s Notes; Places on Watch Negative
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2009-10-31 |
Fitch Downgrades Opera (Uni-Invest) B.V.'s Notes; Places on Watch Negative ## Oct #### #:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today downgraded Opera (Uni-Invest) B.V.'s commercial mortgage-backed floating... |
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| Fitch Affirms Banca Popolare di Sondrio at 'A'; Outlook Stable
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2009-10-31 |
Fitch Affirms Banca Popolare di Sondrio at 'A'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-London/Milan-## October ####: Fitch Ratings has today affirmed Italy-based Banca Popolare di Sondrio's (BPS) Long-term Issuer Default... |
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| Fitch Affirms CIB at 'A'; Revises Outlook to Negative; Downgrades Individual to 'D'
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2009-10-31 |
Fitch Affirms CIB at 'A'; Revises Outlook to Negative; Downgrades Individual to 'D' ## Oct #### #:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed Hungary-based CIB Bank Zrt's (CIB) Long- and Short-term... |
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| Fitch confirma la calificacion a BAPRO Mandatos y Negocios S.A.
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2009-10-31 |
Fitch confirma la calificacion a BAPRO Mandatos y Negocios S.A. ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo en la Categoria #FD (arg) al Fiduciario BAPRO Mandatos y Negocios S.A.. La calificacion... |
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| Barclays Bank PLC
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2009-10-31 |
...The ratings of Barclays Bank PLC, the sole subsidiary of Barclays PLC (Barclays), reflect its strong UK franchise, broad business mix, robust profitability, good liquidity and sophisticated risk management. They also factor in the earnings and risk volatility in its wholesale and investment division, Barclays Capital (Barcap)....
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| Barclays Bank PLC
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2009-10-31 |
...The ratings of Barclays Bank PLC, the sole subsidiary of Barclays PLC (Barclays), reflect its strong UK franchise, broad business mix, robust profitability, good liquidity and sophisticated risk management. They also factor in the earnings and risk volatility in its wholesale and investment division, Barclays Capital (Barcap)....
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| FirstMac Mortgage Funding Trust Series 2-2009 (Australia RMBS)
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2009-10-31 |
...Fitch Ratings has assigned expected ratings to the FirstMac Mortgage Funding Trust Series ##### mortgagebacked floatingrate notes and subordinated floatingrate notes, as indicated above. This is FirstMac Limited's (FirstMac) fifteenth issuance of notes backed by a pool of standard residential mortgages. These loans have been originated by thirdparty originators in the name of FirstMac Assets Pty Ltd, HSBC Bank Australia Limited and other nominee originator subsidiaries (nominees) and sold to the trust by various warehouses (the sellers). The notes will be issued by FirstMac Fiduciary Services Pty Ltd (the trustee and issuer) in its capacity as trustee of FirstMac Mortgage Funding Trust Series #####. The trust is a legal trust established pursuant to a master trust deed between the issuer, security trustee, standby trustee and custodian. The expected LongTerm `AAA' Rating with Stable Outlook assigned to the class A#, A#, and AB notes is based on: the quality of the collateral; the #.#% credit...
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| AyT ICO-FTVPO I, Fondo de Titulizacion de Activos (Spain RMBS)
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2009-10-31 |
...This EUR###.#m transaction is a securitisation of Spanish mortgage loans backed by subsidised housing and open marketoriginated loans by four Spanish Saving Banks: Caja de Ahorros y Monte de Piedad de Navarra (Caja Navarra, rated `A'/Outlook Stable/`F#'); Caja General de Ahorros de Granada (Caja Granada, rated `BBB+'/Outlook Stable/`F#'); Caixa de Aforros de Vigo, Orense y Pontevedra (Caixanova, rated `A'/ Outlook Negative/`F#'); and Caja de Ahorros y Monte de Piedad de Ontinyent (Caixa Ontinyent, shadow rated), otherwise known as the sellers. Fitch Ratings assigned ratings to the notes issued by AyT ICOFTVPO #, Fondo de Titulización de Activos (AyT VPO #, or the fund) as indicated above. The ratings are based on the quality of the collateral, the underwriting and servicing capabilities of the sellers, the available credit enhancement (CE), the integrity of the legal and financial structure and the sociedad gestora's administrative capabilities. The ratings address payment of interest on...
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| GlaxoSmithKline PLC
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2009-10-31 |
...GlaxoSmithKline PLC's (GSK) ratings are supported by its position as a leading player in the global pharmaceutical industry; its strong product portfolio and pipeline; good diversification in terms of product and geography, and high profitability (operating profit margin in #M##: ##.#%). The latter is expected to be further underpinned by the group's restructuring programme which was initiated in October #### and expanded in February ####, and which is planned to deliver GBP#.#bn of savings by #### -- of which GBP#bn has already been achieved at end#M##....
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| TDA Sa Nostra Empresas 2, F.T.A. (Spain CDO)
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2009-10-31 |
...Fitch Ratings has assigned ratings to the notes issued by TDA Sa Nostra Empresas #, F.T.A. (the issuer) as indicated above. This transaction is a cash flow securitisation of a static EUR###m pool of secured and unsecured loans (the collateral) granted by Caja de Ahorros y Monte de Piedad de Las Baleares (Sa Nostra or the originator, rated `BBB+'/Negative/`F#') to small and mediumsized enterprises (SMEs) and selfemployed individuals (SEIs) in Spain. The issuer is legally represented and managed by Titulizacion de Activos S.G.F.T., S.A. (TDA or the gestora), a limited liability company incorporated under Spanish law, the activities of which are limited to the management of securitisation funds....
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| Credit Municipal de Paris (CMP) (French version)
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2009-10-31 |
...Les notes du CMP reflètent le contrôle étroit exercé par la ville de Paris (`AAA'/'F#+'/Stable) et le fort soutien de celleci du fait de son statut d'établissement public administratif (EPA) local et de sa mission sociale. Elles tiennent également compte de la prudence des politiques de gestion financière et des risques, de ratios de solvabilité confortables ainsi que du niveau, pour l'instant modéré, des risques induits par sa filiale commerciale CMPBanque....
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| P.T. Telekomunikasi Selular (Telkomsel)
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2009-10-31 |
... reflect its leading position in the Indonesian cellular market and its sound financial profile, including high operating margins and credit metrics that are strong for its ratings. Despite intense price competition in ####, Telkomsel has managed to maintain a dominant share of GSM revenue (##% at H###) and sustain exceptionally strong EBITDA margins at over ##% of revenue....
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| Qatar Real Estate Investment Co. Q.S.C. (QREIC / Alaqaria)
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2009-10-31 |
...The rating affirmation reflects Alaqaria's strong business model driven by a robust lessor profile, and aboveaverage lease duration for the region. Finance leases provide stable, longterm rental income which are underpinned by off take arrangements with Qatar Petroleum (QP) and governmentrelated entities (typically between ## to ## years' duration), and operational lease agreements with QPrelated companies that are between five and ## years. However, despite these benefits, Fitch Ratings notes that with most of its contracts relating to QP, Alaqaria does suffer from a high level of customer concentration....
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| Caja de Ahorros de la Inmaculada de Aragon
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2009-10-31 |
...The Long and ShortTerm IDRs and Individual Rating of Caja de Ahorros de la Inmaculada de Aragón (CAI) reflect its strong retail franchise, sound liquidity and capital. They also address singlename/sectoral concentrations, weakening asset quality and operating profitability partly due to conservative provisioning....
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| CIF Assets 2001-1 - October 2009 Replenishment (France RMBS)
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2009-10-31 |
...This EUR##.##bn transaction is a securitisation of a portfolio of residential loans originated by ## (originally ##) regional subsidiaries of Crédit Immobilier de France Développement (CIFD, rated `A+'/Outlook Negative/`F#' by Fitch Ratings). CIF Assets ##### (the issuer) is a compartment of the Fonds Commun de Créances CIF Assets created in April #### on the joint initiative of Paris Titrisation, as management company, and Caisse Centrale du Crédit Immobilier de France (#CIF) (Group CIFD) (rated `A+'/Outlook Negative/`F#') as custodian. As of ## October ####, the issuer was transformed into a Fonds Commun de Titrisation (FCT, the French securitisation vehicle). It is used to refinance part of the regional banks' loan production through the issuance of senior obligations A and class B subordinated units (parts). New loans are purchased on a semiannual basis by the issuer, such purchases being refinanced by tap issuances. Fitch analyses for each tap issuance the new and existing portfolios...
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| PT Indika Energy Tbk
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2009-10-31 |
...Fitch Ratings' upgrade on ## October #### of PT Indika Energy Tbk's (Indika) LongTerm IDRs to `B+' from `B' reflects the fact that dividend flows from minorityowned subsidiary PT Kideco Jaya Agung (Kideco) rose significantly -- to USD###m in #### from USD##m in ####. The agency expects the flow to remain strong and steady, due to the high prevailing coal prices and Kideco's plans for raising production from ## million metric tonnes (mt) in #### to ## million mt by end####....
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| Airports Company South Africa Limited
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2009-10-31 |
...Despite leverage peaking at #.#x at YE##, Fitch Ratings has affirmed the ratings of Airports Company South Africa Limited (ACSA). The agency expects financial parameters to revert to levels consistent with a `AA(zaf)' rating once the independent economic regulator resets tariffs from # April ####. Existing debt levels are inflated by significant levels of capex on assets that are not yet operational. Reset tariffs will be based upon a contemporary weightedaverage cost of capital (WACC), operating costs, and new traffic forecasts, and should enable ACSA to revert to template leverage of around #x#x, with positive free cash flow, due to the lower capex. Given the sizeable stepchange in the requested tariff increase, Fitch anticipates that uplifts will be smoothed over a few years, rather than significantly increased in year one of the new regulatory period. This smoothing may delay the resultant template financial profile and put pressure on the rating....
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| Caja de Ahorros de la Inmaculada de Aragon
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2009-10-31 |
...The Long and ShortTerm IDRs and Individual Rating of Caja de Ahorros de la Inmaculada de Aragón (CAI) reflect its strong retail franchise, sound liquidity and capital. They also address singlename/sectoral concentrations, weakening asset quality and operating profitability partly due to conservative provisioning....
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| Gasco S.A.
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2009-10-31 |
...Las clasificaciones se fundamentan en la posición competitiva de la compañÃa dentro del mercado de distribución de gas licuado y gas natural en Chile, la diversificación de sus operaciones, su gran experiencia en el negocio, y en su apropiada estructura de deuda. A su vez la clasificación se beneficia de la estabilidad y madurez del negocio del gas licuado en Chile, de las barreras de entrada que imponen los altos requerimientos de inversión para operar en este negocio y de la ya iniciada operación comercial del terminal de regasificación de gas natural licuado GNL Quintero....
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| Caja de Ahorros y Monte de Piedad de Navarra
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2009-10-31 |
...Caja de Ahorros y Monte de Piedad de Navarra's (Caja Navarra) ratings reflect its strong regional franchise, healthy and betterthanpeers asset quality, and good capital. They also consider its large equity investment portfolio (##% of Fitch Ratings core capital at endH###) and weak operating profitability....
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| Caja de Ahorros y Monte de Piedad de Navarra
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2009-10-31 |
...Caja de Ahorros y Monte de Piedad de Navarra's (Caja Navarra) ratings reflect its strong regional franchise, healthy and betterthanpeers asset quality, and good capital. They also consider its large equity investment portfolio (##% of Fitch Ratings core capital at endH###) and weak operating profitability....
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| Anaheim Public Financing Authority (Anaheim Public Utilities Department -- Electric System)
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2009-10-31 |
...The rating reflects a net revenue pledge of the Anaheim Public Utilities (APU) electric system. Fitch Ratings does not make a rating distinction between the second qualified (subordinate) obligation bonds and the qualified (senior lien) obligation bonds....
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| Roosevelt University, Illinois (Illinois Finance Authority) - rev rfdg bonds ser 2009
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2009-10-31 |
...Roosevelt University (Roosevelt, or the university) has a long track record of positive to break-even operating performance. The university has experienced significant enrollment growth of full-time students at its core Chicago campus; its relatively affordable tuition provides a level of financial flexibility and an incremental competitive advantage. The primary risks for the university include its high pro forma debt burden; dependence upon student-generated revenues, which is amplified by a concentrated student draw; strong competition for both students and fundraising that exists in the Chicago area; and construction and operating risks associated with a project the size of which Roosevelt is undertaking....
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| Australian Senior Credit Investor Survey, August 2009
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2009-10-31 |
...The August #### edition of Fitch Ratings' Australian investor survey reveals that Australian fixedincome investors have adopted an improved outlook -- with the overwhelming view that markets, across all asset classes, are past the worst of their disruption. Reflecting this brighter perception, ##% of respondents are acquiring fixedincome assets, #% of which are doing so most aggressively. This is higher than in Fitch's December #### survey, when only half were selectively buying fixedincome. Furthermore, respondents no longer feel they need to remain cashedup to meet redemptions; however, there was a consistent view amongst investors that assets were not underpriced relative to credit and perceived market risk. A clear majority of investors now view the global recession to be the greatest barrier to ending the financial crisis, which represents a considerable easing of uncertainty over the financial markets. With ##% of respondents feeling that the banking sector is over the worst (compared...
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| Deutsche Postbank AG
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2009-10-31 |
...The LongTerm Issuer Default Rating of Deutsche Postbank AG (DPB) is on its Support Rating Floor of `A+'. This reflects Fitch Ratings' view on the extremely high likelihood of external support from the German government, if needed, given the bank's systemic importance....
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| Deutsche Postbank AG
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2009-10-31 |
...The LongTerm Issuer Default Rating of Deutsche Postbank AG (DPB) is on its Support Rating Floor of `A+'. This reflects Fitch Ratings' view on the extremely high likelihood of external support from the German government, if needed, given the bank's systemic importance....
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| ProCredit Holding AG
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2009-10-31 |
...The Issuer Default Rating and Support Ratings of ProCredit Holding AG (PCH Group), reflect Fitch Ratings' view of the strong potential support available from its owners, given the group's important developmental role in providing financing and other banking services to very small (micro) businesses and small and mediumsized enterprises (SME) in developing markets....
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| ProCredit Holding AG
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2009-10-31 |
...The Issuer Default Rating and Support Ratings of ProCredit Holding AG (PCH Group), reflect Fitch Ratings' view of the strong potential support available from its owners, given the group's important developmental role in providing financing and other banking services to very small (micro) businesses and small and mediumsized enterprises (SME) in developing markets....
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| Opera Finance (CMH) p.l.c. - A Performance Update (Ireland CMBS)
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2009-10-31 |
...Opera Finance (CMH) p.l.c. is a singleborrower securitisation that closed in February ####. The EUR###m interestonly loan is secured over ## properties located in Ireland, with an aggregate market value (MV) of EUR###m. The expected loan maturity is in January ####, while legal final maturity of the notes is in January ####. On # October ####, Fitch Ratings downgraded the notes as shown above while placing all classes of notes on Negative Outlook. The following developments, all as of the July #### interest payment date (IPD), contributed to the rating action:...
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| National Bank of Egypt (UK) Limited
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2009-10-31 |
...The Longand ShortTerm IDRs of National Bank of Egypt (UK) Limited (NBE UK) reflect Fitch Ratings' view of the moderate probability of support that would flow to the bank, ultimately from the Egyptian authorities, via its ###% owner, National Bank of Egypt (NBE, LongTerm IDR `BB+'/Outlook Stable), and are aligned with those of NBE and the Egyptian sovereign (`BB+'/Outlook Stable). NBE UK's Individual Rating reflects its good balance sheet liquidity and adequate capitalisation. However, it also recognises the bank's exposure to impaired assets, deterioration in profitability and concentrations on both sides of the balance sheet....
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| National Bank of Egypt (UK) Limited
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2009-10-31 |
...The Longand ShortTerm IDRs of National Bank of Egypt (UK) Limited (NBE UK) reflect Fitch Ratings' view of the moderate probability of support that would flow to the bank, ultimately from the Egyptian authorities, via its ###% owner, National Bank of Egypt (NBE, LongTerm IDR `BB+'/Outlook Stable), and are aligned with those of NBE and the Egyptian sovereign (`BB+'/Outlook Stable). NBE UK's Individual Rating reflects its good balance sheet liquidity and adequate capitalisation. However, it also recognises the bank's exposure to impaired assets, deterioration in profitability and concentrations on both sides of the balance sheet....
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| CM-CIC Covered Bonds - Mortgage Covered Bonds
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2009-10-31 |
...Fitch Ratings has affirmed CMCIC Covered Bonds' (CMCIC CB) covered bonds at `AAA' based on (i) the Issuer Default Rating (IDR) of Banque Fédérative du Crédit Mutuel (BFCM, rated `AA'/Stable/`F#+'), acting as the main debtor of recourse; (ii) a discontinuity factor (DFactor) of ##.#% assigned to the bank's covered bonds programme; and (iii) the overcollateralisation (OC), which compensates for identified credit and market risks in a `AAA' scenario....
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| Southern California Public Power Authority (Canyon Power Project)
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2009-10-31 |
...The Canyon Power Project notes are secured by a power supply agreement with the city of Anaheim, a member of Southern California Public Power Authority (SCPPA). The power supply agreement unconditionally obligates Anaheim to pay the costs of the Canyon Power Project from its electric system, Anaheim Public Utilities (APU). APU takes construction risk of the project and operational risk, once complete....
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| National Bank of Greece S.A.
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2009-10-31 |
...The National Bank of Greece S.A.'s (NBG) ratings reflect its leading domestic franchise, its resilient and relatively welldiversified revenue base, its solid funding position and sound capitalisation. The ratings also take into account the group's deteriorating -- albeit still acceptable -- asset quality, its largely unseasoned loan book, an increasing share of more volatile emerging market assets and revenues, notably through Turkeybased Finansbank (rated `BB'), and additional market risk from its unhedged capital exposure to the TRY....
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| National Bank of Greece S.A.
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2009-10-31 |
...The National Bank of Greece S.A.'s (NBG) ratings reflect its leading domestic franchise, its resilient and relatively welldiversified revenue base, its solid funding position and sound capitalisation. The ratings also take into account the group's deteriorating -- albeit still acceptable -- asset quality, its largely unseasoned loan book, an increasing share of more volatile emerging market assets and revenues, notably through Turkeybased Finansbank (rated `BB'), and additional market risk from its unhedged capital exposure to the TRY....
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| City of Bialystok
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2009-10-31 |
...The City of Bialystok's operating balance is sound, totalling PLN###m (##% of operating revenue) in ####. Strong operating revenue growth and good cost control have supported the improvement of operating results since ####. In #### the economic crisis and lower personal income tax (PIT) rates introduced by the state government will constrain operating revenue growth, which may negatively affect the operating balance. Fitch Ratings expects Bialystok's operating performance to stay satisfactory, at least ##% of operating revenue....
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| UTE Fideicomiso Financiero
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2009-10-31 |
...El principal riesgo de los instrumentos emitidos bajo el presente fideicomiso está centrado en el riesgo inherente al activo subyacente, esto es el pagaré con garantÃa firmado por UTE, lo cual implica el riesgo de incumplimiento de la compañÃa. El contrato de cesión establece que UTE se encontrará obligado durante toda la vigencia del fideicomiso a mantener cedidos al mismo, créditos por al menos cinco veces el saldo del capital adeudado bajo el pagaré. Asimismo, se establece también que cualquier causa que implique la desvinculación del agente recaudador, la compañÃa se encuentra obligada a ceder en forma previa a la desvinculación y en sustitución de los créditos cedidos, nuevos créditos al fideicomiso en forma equivalente a los cedidos por el contrato de cesión de créditos. Por estas razones, en caso de que exista un incumplimiento por parte de UTE, la garantÃa cubrirÃa en un plazo razonable dichos incumplimientos salvaguardando los intereses de los titulares de los TRD. Para el análisis...
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| Banca Comerciala Romana S.A.
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2009-10-31 |
...The Issuer Default Ratings (IDRs) and Support Rating of Banca Comerciala Romana S.A. (BCR) are based on the potential support by its ##.#% shareholder, Erste Group Bank AG (Erste Bank, `A'/Stable), in case of need. The Individual Rating reflects the impact of significantly increased credit impairment charges on its operating profitability and capitalisation and continued pressures on profitability. This is balanced by its strong domestic franchise, good efficiency and comfortable liquidity....
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| Leveraged Finance Weekly
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2009-10-30 |
...Fitch placed the following ratings of Allied on Rating Watch Positive following the announcement of its merger agreement with Ares Capital Corporation (Ares): Long-term issuer default rating (IDR) `B+'; senior secured debt `BB/RR#'; and senior unsecured debt `B+/RR#'. Approximately $#.# billion of debt is affected by these actions. Ares has agreed to purchase Allied in an all-stock transaction for $### million, which represents a ##.#% premium to its closing stock price on Oct. ##, ####, but a ##.#% discount to its June ##, #### book value. The transaction is expected to close by the end of the first quarter of ####, subject to shareholder approval and certain lender consent. The Rating Watch Positive reflects Fitch's belief that Allied's debtholders will benefit from Ares' superior credit profile, improved funding flexibility, and the enhanced liquidity of the combined entity. The additional investment capital will provide an opportunity to better support Allied's legacy portfolio investments...
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| Credit Update: Yum! Brands, Inc.
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2009-10-30 |
...Same-store sales growth figures for the period ended Sept. #, #### are presented on a year-to-date basis. N.A. ...
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| Sitronics JSC
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2009-10-30 |
...The Negative Outlook reflects Sitronics JSC's (Sitronics) nearterm liquidity constraints combined with Fitch Ratings' expectations that Sitronics will continue to be subject to revenue pressures, deteriorating credit protection measures and a poor competitive position. Sitronics' standalone credit profile has deteriorated significantly and is no longer commensurate with a `B' rating. In Fitch's opinion, ongoing financial and implied support from the parent group Sistema Joint Stock Financial Corp. (Sistema; `BB-'/Stable) is critical for Sitronics's operating sustainability given its weak financial flexibility and constrained liquidity position....
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| Fondo de Financiamiento del Transporte Colectivo Urbano de Montevideo
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2009-10-30 |
...Riesgo crediticio: Se han observados los siguientes riesgos para los TD.: Riesgo del mercado de transporte urbano de Montevideo (Venta de boletos): este riesgo se encuentra asociado a la posibilidad de reducciones significativas en el nivel de uso de este medio de transporte en el mediano plazo. En primer lugar, cabe considerar que no se preveen medios alternativos de transporte que reemplacen de manera contundente al transporte urbano de colectivo en el mediano plazo. Si bien el uso de automóviles ha crecido, existe una demanda natural que utiliza el colectivo en forma diaria. Diversos factores son los que inciden sobre la evolución de los ingresos del sector, como la cantidad de población, el nivel de actividad, nivel de ingreso per capita, el nivel de empleo, el precio real del boleto y el de los medios de transporte sustitutos, la tasa de motorización, la movilidad y la calidad del servicio. Algunos de los factores mencionados incidieron en forma significativa en el pasado presionando...
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| Fideicomiso Financiero Fondo Lechero FFAL II
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2009-10-30 |
...La calificación asignada a los TRD es consistente con los distintos riesgos y escenarios analizados y las mejoras crediticias existentes. La calificación de los TRD aplica a la devolución de capital e interés en el plazo máximo estipulado en el Contrato del Fideicomiso (## años). Dado que se trata de una calificación en escala nacional y que el activo cedido al fideicomiso surge de una Ley Parlamentaria y Decretos Nacionales, la calificación esta sujeta al riesgo soberano, y por ende susceptible de ser afectada por acciones que tome el Estado. El principal riesgo crediticio reside en la evolución del activo fideicomitido, cuyo flujo de fondos futuros está directamente relacionado con la evolución del sector lácteo en Uruguay. Por ello, se analizó el comportamiento de las principales variables del mercado en los últimos ## años y los distintos riesgos involucrados en la transacción. Se han observados los siguientes riesgos para los TRD: Riesgo del sector lácteo y en la remisión de leche:...
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