...Fitch maintains loan Credit Opinions (USL-COs) for a number of entities in this sector, primarily for the purposes of their inclusion in Collateralised Loan Obligation (CLO) transactions rated by Fitch. USL-COs, as with other Credit Opinions (COs) used by Fitch, are identified in written documents with a lower-case symbol and an asterisk, e.g. `b+*', to signify that they are subject to a limited process, and to avoid confusion with ratings. COs are not ratings, and are not substitutes for ratings. COs use a published rating scale, but either omit certain analytical characteristics of a rating, or match them to a materially lower standard than in a credit rating. The limitations compared to a rating include: "point-in- time" coverage, limited information availability and review, an abbreviated review process, and reduced robustness of outlooks and watch status. These limitations are consistent with the terms of their application within a pooled asset context. For more information, please...
