...Investment Holdings: The criteria apply to corporate entities whose main activity consists in holding generally non-controlling stakes in other companies for the purpose of making capital gains on a long-term basis. Operational integration between the various companies is normally non-existent, with completely separate funding arrangements. Holding companies whose investments display concentrations in a specific sector (financial Institutions, for example) may be covered under the analytical framework of that sector rather than the present criteria. Industrial Conglomerates: Holding companies with mostly controlling stakes in subsidiaries with significant operational integration and a more centralised approach to funding would be analysed on the basis of Fitch Ratings' Parent and Subsidiary Rating Linkage criteria. Intermediate Cases: Issuers sharing characteristics of both investment holdings and industrial conglomerates would be analysed on the basis of the present framework when the...
