...Ratings Sometimes Capped: Fitch Ratings may view certain characteristics of proposed structured finance (SF) transaction to be incompatible with certain rating categories. As a result, Fitch's ratings may be subject to a rating cap. Limitations may be such that the notes may not be ratable at all. Criteria Not Prescriptive: These criteria discuss factors that influence application of caps and limitations that may result in a cap. It does not define highly prescriptive and granular rules that apply in all circumstances due to the variations in SF asset classes. Specific rating caps in an asset class or market sector will be specified in the related sector-specific criteria reports where applied. Framework of Principles: This report provides a high level framework of principles Fitch's SF analysts will apply to assess transaction proposals. In certain cases, transaction proposals will not achieve high investment-grade categories (ratings at `AA' or higher) on principle, regardless of the...
