...DTF Data: Fitch Ratings has revised its methodology for determining country-specific caps for Recovery Ratings (RR). The criteria will retain the primacy of existing jurisdictional caps. Instead of using the World Bank's governance indicators to determine a given country's grouping, Fitch will reference the "Distance to Frontier Score for Resolving Insolvency" (DTF) data published in the World Bank's annual Doing Business report with pre-determined cut off levels. A number of countries have new groupings as a result of this approach (see Figure 1). Fitch will need to review a limited number of ratings in some of these territories. As a result of moving to DTF scores, this criteria report will no longer be referenced by Fitch's Evaluating Corporate Governance Criteria. Revised Caps: The revised approach has resulted in a limited number of countries for which Fitch has ratings moving from one cap grouping to another. Fitch estimates that it will need to review issue ratings of no more than...
