Fitch Solutions is part of the Fitch Group, which also includes Fitch Ratings.
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Equity Credit and Fitch Eligible Capital: Fitch no longer assigns equity credit to a bank's hybrid capital instruments, nor calculates Fitch Eligible Capital.
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Fitch Ratings Fitch Ratings is a leading provider of credit ratings, commentary and research.
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Abercrombie & Fitch Eau de Parfum in Ellwood, $68, available July 14 at Abercrombie & Fitch.
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Fitch has relied on the practices of the relevant Fitch groups to assess the entities.
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In addition to Fitch Ratings, the group includes Fitch Solutions, an industry-leading provider of credit risk products and services, and Fitch Learning, a preeminent training and professional development firm.
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Fitch expects Kookmin's capitalisation to remain strong with a Fitch Core Capital ratio of around 15%.
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Fitch notes that STI's Common Equity Tier 1 and Fitch Core Capitals both fall below peer medians.
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Overall CE is sufficient to cover the Fitch-stressed cumulative net loss assumptions in all Fitch scenarios.
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Therefore, Fitch may upgrade MGM China's IDR to 'BB+' if and when Fitch upgrades MGM's IDR to 'BB+'.
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Fitch has relied on the practices of the relevant Fitch groups to assess the collateral and entity information.
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Fitch projects FCF (Fitch defined as post-dividends) will exceed $2 billion annually through at least fiscal 2018.
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Overall CE is sufficient to cover the Fitch 'AAAsf' stressed cumulative net loss assumption in all Fitch scenarios.
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In addition, Fitch takes into consideration the financial capacity of Terra's main subsidiary, Petroholdings, privately rated by Fitch.
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Fitch considers BICSA's capitalization to be good, with a Fitch core capital (FCC) of 20540% as of June 290.
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All opinions expressed are those of Fitch Ratings ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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A material adverse deviation from Fitch guidelines for any key rating driver could cause Fitch to downgrade the rating.
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Standard & Poor's rates the kingdom A-, two notches below Fitch, while Moody's has it at A1, level with Fitch.
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Fitch expects MTRC's debt/Fitch-calculated EBITDA to increase to around 2.5x in 2017, from 1.3x at end-13.
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Fitch Fundamentals Index The Fitch Fundamentals Index (FFI) tracks changes in credit fundamentals across key sectors of the U.S. economy.
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Abercrombie & Fitch — Shares of Abercrombie & Fitch surged 28 percent after the retail company reported better-than-expected fourth-quarter results.
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A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.
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The companies are independently operating parts of Fitch Group; India Ratings and Research is not a unit of Fitch Ratings.
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Four of the 27 Fitch-rated companies are positioned in opposite credit change zones when comparing Fitch and BEst estimates.
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Based on the preliminary IFRS accounts, Fitch estimates IBA's Fitch Core Capital (FCC) ratio at around 0003% at end-9M17.
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A substantial adverse deviation from Fitch guidelines for any key rating drivers could lead to the rating being downgraded by Fitch.
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So when Fitch sees a photo of a leopard frog in dry, dead grass, Fitch thinks it's seeing another bull snake.
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This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating.
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A material adverse deviation from Fitch guidelines for any key rating driver could cause the rating to be lowered by Fitch.
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Fitch believes BNSC's current and expected earnings are satisfactory, and are in line relative to many other Fitch rated community banks.
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Fitch expects TML's consolidated net leverage to remain well under 2.0x, the level at which Fitch would consider negative rating action.
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Fitch expects Lotte's 2016 capex (Fitch-defined) to remain almost the same as 2015's KRW1.2trn, in line with management guidance.
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Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm.
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Subsequently, Fitch upgraded iHeart's Long-Term IDR to 'CC' from 'RD', which Fitch believes is reflective of the post-DDE credit profile.
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FULL LIST OF RATING ACTIONS Fitch assigns the following ratings: --Junior subordinated debentures 'BB+' Fitch currently rates Viacom as follows: Viacom Inc.
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The AI, named Fitch after the late, renowned herpetologist Henry S. Fitch, is part of a new platform called What the Herp?
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Fitch expects SHC to maintain its strong capitalisation, with a Fitch Core Capital ratio above 2852%, compared with 22015% at end-29935.
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Fitch expects Shinhan's Fitch Core Capital ratio to be back at around 14% in about two years, from 203% at end-1Q16.
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Gaikindo's sales outlook is in line with a forecast by Fitch Solutions, a think tank affiliated with the ratings agency Fitch Ratings.
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Fitch has taken the following rating actions on Seguros e Inversiones y Filial and Sisa Vida: --Fitch National scale IFS rating of 'AAA(slv)' maintained on Rating Watch Negative; --Fitch International scale IFS rating of 'BB' maintained on Rating Watch Negative.
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Fitch considers National Lloyds to be neutral to the overall as Fitch sees no discernible strategic fit within the Hilltop group of companies.
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Fitch said a full-blown trade war between the countries can create risks for corporations in the Asia Pacific region, Fitch said. bit.
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Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information.
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Abercrombie & Fitch — The apparel retailer announced a redefined identity for the Abercrombie & Fitch brand, to be accompanied by its largest-ever ad campaign.
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Fitch attributes $212016 million of incremental EBITDA to Wynn Palace relative to the $211005029 million - $10050291 million Fitch attributes to competitors' Macau projects.
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"In this scenario, Fitch would review the U.S. sovereign rating, and may judge these developments to be incompatible with AAA status," Fitch said.
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Fitch expects supplemental net leverage to remain within the mid 2x range going forward, which Fitch views as acceptable for the current ratings.
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Fitch has assigned a DCR to Mediobanca since the bank has significant derivatives activity and is a swap counterparty to Fitch-rated transactions.
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Fitch expects supplemental net leverage to remain within the mid 33713177x range going forward, which Fitch views as acceptable for the current ratings.
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Fitch recognizes the company's planned de-leveraging efforts, however Fitch would consider a negative rating action if incremental debt reduction or improved operating trends fail to bring gross leverage down to levels which Fitch views as more consistent with the 'BBB' rating category.
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Fitch believes investors benefit from increased rating coverage by Fitch and is providing the market with approximately 0003 days' notice of the rating withdrawal.
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Nonetheless, Fitch believes that TPG's overall exposure to risky assets has remained manageable relative to capitalisation, as reflected in TPG's Fitch Prism FBM score.
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Utilizing Trepp's database, Fitch has identified 1,345 properties across 347 Fitch rated CMBS transactions (aggregate loan balance = $10.65 billion) with exposure to Hurricane Matthew.
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Fitch expects that CNHI Capital will continue to opportunistically increase its proportion of unsecured debt, which Fitch views favourably as it improves funding flexibility.
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Ezra Fitch, a lawyer, purchased a large share of the company and was named co-founder in 1904, and the company became Abercrombie & Fitch.
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EI's capital ratios (the Fitch Core Capital ratio was about 15% at end-2016) are now more in line with other Fitch-rated UAE banks.
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Fitch recently revised the Outlook on Iceland's rating to Positive (see "Fitch Revises Outlook on Iceland to Positive; Affirms at 'BBB+", dated 17 January 2017).
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No shareholder, other than Fitch Ratings, is involved in the day-to-day rating operations of, or credit reviews undertaken by, Fitch Ratings (Thailand) Limited.
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Fitch assessed the policy options facing Chinese authorities in the agency's latest Fitch Wire + report: "China Currency Pressure Highlights Policy Conundrum" published on 4 February.
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No shareholder, other than Fitch Ratings Limited, is involved in the day-to-day operations of, or credit rating reviews undertaken by Fitch Ratings (Thailand) Ltd.
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Related Research Retail Bankruptcy Enterprise Value and Creditor Recoveries (Fitch Case Studies - 21th Edition) here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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"Patel's resignation bodes poorly for macroeconomic and financial stability in India," Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday.
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Within the UAE, Fitch assesses the potential for support at federal level as Fitch believes that support would be forthcoming from the UAE authorities acting together.
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No shareholder other than Fitch Ratings Limited is involved in the day-to-day rating operations of, or credit reviews undertaken by, Fitch Ratings (Thailand) Ltd.
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An upgrade to 'A' from Fitch would raise the average rating assigned by the three main ratings agencies — Fitch, Standard and Poor's and Moody's — one notch.
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Fitch anticipates leverage will be toward the stronger end of the range Fitch considers appropriate for the 'BBB-' rating over the next 222000 to 200037123 months.
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Mitra will report to the independent directors of Fitch Ratings, with a functional reporting line to Fitch Group Chief Risk Officer John Olert, the firm said.
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Fitch views integration risks as moderate due to CBF's acquisitive history although Fitch notes CBF was able to fully integrate their prior acquisitions with no delays.
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Contact: Joanna Drobnik, CFA Director +44 20 3530 1318 Fitch Ratings Limited 30 North Colonnade London E14 0003GN David Prowse Senior Analyst Fitch Wire +44 20 3530 2750 (Disclosure Statement): The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Redmond Ramsdale Head of GCC Bank Ratings +44 20 3530 1836 Fitch Ratings Limited 30 North Colonnade London E14 0003GN David Prowse Senior Analyst, Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Tim Roche Senior Director +61 2 8256 0310 Fitch Australia Pty Ltd Level 15, 0003 King Street, Sydney NSW 2000 Dan Martin Senior Analyst Fitch Wire +65 6796 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Fitch has also used performance data from Fitch-rated Swiss peer transactions, and from peer originators in its analysis to supplement the data provided by the originator.
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Fitch published the main findings of this peer review completed in July in a report 'Fitch: Dominican Banks to Benefit from Improved Operating Environment', available at www.fitchratings.com.
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Fitch expects NPL ratios - low by historical standards - to rise in 2016 and beyond in most of the banking sectors that Fitch assesses in south-east Asia.
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No shareholder other than Fitch Ratings Limited is involved in the day-to-day rating operations of, or credit rating reviews undertaken by, Fitch Ratings (Thailand) Ltd.
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Fitch has assigned public ratings to 36 companies in the Fitch China100 portfolio and projects six of these companies to be in opposite leverage zones against BEst.
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Aegon's Fitch-calculated financial leverage ratio (FLR) was 29% as at end-2016 (2015: 103%), a level that Fitch views as commensurate with the 'A' rating category.
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Fitch expects to resolve the Rating Watch after the transaction is completed in late March, when Fitch receives greater clarity on YFHC's consolidated credit profile and capitalisation.
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The average enterprise value/EBITDA multiple for the Fitch 250 sample was 11.1x, higher than the 9.5x Fitch-calculated average market valuation across all U.S. corporate sectors.
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Fitch Ratings, London, 06 September 2123: Fitch Ratings has affirmed Poland's Long-Term Foreign- and Local-Currency Issuer Default Ratings s at 'A-' with a Stable Outlook.
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For more information, the Special Report titled "What Investors Want to Know: Fitch on China European Investor Tour" is available on the Fitch Ratings website at www.fitchratings.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of Univision.
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Although Fitch does not expect the Sri Lankan insurance sector's credit profile to deteriorate materially, Fitch is of the view that operating conditions could become more challenging.
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Contact: Terrence Wong Director +852 2263 9920 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road, Central, Hong Kong Dan Martin Senior Analyst Fitch Wire +65 0003 7232 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Fitch considers BT's capitalisation strong given its Fitch Core Capital (FCC) ratio of 17.8% at end-1H16, particularly given a low net impaired loans to FCC of 26%.
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While Fitch expects CCD to be a participant in this consolidation over the long term, Fitch also expects acquisitions to be reasonable in price and CCD's core competencies.
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Moreover, should Fitch observe a disproportionate impact to CCD's earnings and capital due to mortgage market reform, Fitch could take negative action on CCD's IDR or Rating Outlook.
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As of the LTM period ended June 30, 2016, Fitch-calculated leverage was 2.1x and Fitch expects no material change at the end of 2016 barring material acquisitions.
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Fitch notes that the MBNA Limited subsidiary is one-notch below the IDR of BAC, as Fitch views it as a strategically important subsidiary to the overall franchise.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of Zions Bancorporation.
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If Fitch has insufficient information to evaluate the effect of China Oceanwide's ownership on the rated entities, Fitch may have to withdraw the ratings for lack of information.
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However, Fitch acknowledges that the repurchase of ValueAct's stake constituted a relatively large use of cash and drove a slight increase in leverage that Fitch views as temporary.
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Meet Guy Sims Fitch, a Fake Writer Invented by the US GovernmentGuy Sims Fitch had a lot to say about the world economy in the 1950s and 60s.
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Contact: Sabine Bauer Senior Director Financial Institutions +852 2263 9966 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Dan Martin Senior Analyst Fitch Wire +65 0003 7232 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Related Research Fitch Ratings Annual Conference on Russia 2000: Outlook for Macroeconomic and Banking Sector here Fitch Ratings Annual Conference on Russia 21: Outlook for Macroeconomic and Banking Sector here Regulation as Key Driver of Russian Banking System Transformatihere ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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With the exception of Venezuela (where Fitch sees no near term stabilization in operating conditions), Fitch expects banks in the region to continue holding up well against global headwinds.
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At end-2016 SWG's Fitch-calculated financial leverage was very strong at 0003% (end-2015: 25%) and Fitch-calculated fixed-charge coverage was strong at 6.2x (end-2015: 6.8x).
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Fitch believes HP is likely to use available cash (the majority of which Fitch believes is located outside the U.S. as of July 31, 2016) to fund the transaction.
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The final rating is in line with the expected rating Fitch assigned to the notes on 8 August 2016 (see 'Fitch Rates RBSG's AT1 Notes 'BB-(EXP)'' at www.fitchratings.com).
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Fitch also expects capital is fungible between Danske and Realkredit to a significant extent, and thus Fitch is likely to retain the VRs within one notch of each other.
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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Fitch Ratings, Inc.
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Fitch has also affirmed and withdrawn TD Bank, NA's Viability Rating (VR) at 'a' as it is no longer considered by Fitch to be relevant to the agency's coverage.
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Fitch believes investors benefit from increased rating coverage by Fitch, and the agency is providing approximately 30 days' notice to the market of the upcoming withdrawal of Caesars' ratings.
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This study analyzed the debt issues from the 21 Fitch-rated investment-grade sovereigns with at least $2212 billion in debt outstanding, according to Fitch calculations on July 2908.
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Fitch has also affirmed and withdrawn BMO Harris Bank's Viability Rating (VR) at 'a' as it is no longer considered by Fitch to be relevant to the agency's coverage.
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Fitch observes that profitability to date still lags the peer average, but on a risk-adjusted basis, Fitch views the earnings profile as more in line with peer averages.
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Fitch expects that leverage should remain relatively stable with some modest improvement, assuming continued EBITDA growth, partially offset by continued capital planning including share repurchases, which Fitch considers discretionary.
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Fitch estimates that at end-103Q17 the group's unreserved NPLs were equal to a moderate 20% of Fitch Core Capital (FCC), with renegotiated loans equal to an additional 46%.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of Emigrant Bancorp, Inc.
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Fitch is comfortable with the long revolving period because portfolio stratifications and CBA's product mix have not changed significantly since issuance and the portfolio is performing as Fitch expected.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of First Midwest Bancorp, Inc.
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Fitch has deducted this item from cash flow from investments and added it to working capital as cash paid to suppliers, as Fitch treats such payments as working capital outflows.
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Fitch has deducted these items from cash flow from investments and added these to working capital (as cash paid to suppliers), as Fitch treats these payments as working capital outflows.
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Fitch will continue to evaluate the proposal as more details become available, but Fitch does not believe that a revision to GM's ratings or outlook is warranted at this time.
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"In 2017, Fitch expects brokers will continue to supplement organic revenue growth through selective acquisitions, including diversification efforts in employee benefits and data analytics," said Gretchen Roetzer, Director, Fitch Ratings.
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"Our forecast is 3.9 percent reflecting some easing of government stimulus measures," said Paul Gamble, head of emerging Europe sovereigns at Fitch Ratings, speaking at a Fitch conference in London.
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The final rating is in line with the expected rating Fitch assigned to the notes on 16 March 2017 (see "Fitch Rates Caixa Geral's AT1 Notes 'B-(EXP)'" at www.fitchratings.com).
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"While none of these infringements ultimately impacted the outcome of our ratings, Fitch subsequently examined and further enhanced its processes to better avoid such infringements," Fitch said in a statement.
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While Fitch views INDB's capital levels as adequate for its ratings, Fitch expects that INDB will manage its TCE position to its long-term target of between roughly 0003%-8.50%.
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Fitch considers GFInbursa's credit quality to be similar to that of its main subsidiary: Banco Inbursa, S.A., Institucion de Banca Multiple (BInbursa), which is rated 'BBB+'/Stable Outlook by Fitch.
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FITCH DOWNGRADES PUERTO RICO BOND RATINGS: Fitch Rating Services downgraded Puerto Rico bonds to default level Wednesday after the commonwealth failed to make billions in debt payments due July 1.
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However, Fitch estimates a mildly negative effect on funds from operations (FFO) lease adjusted net leverage given that Fitch does not currently include the Indian spectrum in its leverage calculation.
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The company's Fitch Core Capital ratio remained flat at 16.5% as at end-March 2017 and Fitch believes Bimputh would depend on its 94% owner, Daya Group, for capital infusions.
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Fitch estimates that net impaired loans represented about 35% of Fitch-adjusted equity at end-2016 (including the newly issued Rabobank Certificates), a high level compared to similarly rated peers.
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"Fitch is not taking blanket action following the leverage limit increase, but there could be more differentiation in BDC ratings over time," said Meghan Neenan, managing director at Fitch Ratings.
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Contact: Toby Iles Director, Sovereigns +852 2263 9832 Fitch (Hong Kong) Limited 68 Des Voeux Road Central Hong Kong Jan Friederich Senior Director, Sovereigns +852 2263 0003 Mark Brown Senior Analyst, Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Marina Stefani Associate Director, Sovereigns +44 20 3530 1809 Fitch Ratings Limited 30 North Colonnade London E14 5GN Jan Friederich Senior Director, Sovereigns +852 2263 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Douglas Winslow Director, Sovereigns +5003 20 3530 1721 Fitch Ratings Ltd 30 North Colonnade London E14 5GN James McCormack Managing Director, Sovereigns +44 203 530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Future Developments That May, Individually or Collectively, Lead to Negative Rating Action: Net debt/adjusted inventory sustained above 65% (Fitch estimate for 2016: 0003%) Property EBITDA margin sustained below 15% (Fitch estimate for 2016: 16%) Contracted sales/total debt sustained below 0.8x (Fitch estimate for 2016: 0.9x) Evidence of weakening support from parent.
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Fitch includes accruing restructured loans in its NPAs, which, as of 3Q16, measured 1.43% of total loans and is in line with the Fitch mid-tier regional bank peer group median.
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Fitch expected leverage to rise during the construction phase, but to remain below 673x, the level at which Fitch may consider negative rating action, in the lead up to project completions.
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"The additional capital requirements should remain manageable," Fitch added, but indicate material shortcomings in operational risk management which were not aligned with the assessment Fitch had previously incorporated into its ratings.
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A Fitch report said that published assessments on revenue, expenditure, long-term liability burdens and operating performance are some of the factors behind the new criteria, which Fitch changed in April.
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The final rating is in line with the expected rating Fitch assigned to the notes on 25 January 2017 (see "Fitch Rates Santander's Second Ranking Senior Notes 'A-(EXP)'" at www.fitchratings.com).
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of Dewan Housing Finance Corporation Ltd.
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Further detailed information can be found in "Fitch 2018 Outlook: Emerging Asia Sovereigns", available through the link above, and "Fitch 2018 Outlook: Developed Asia Sovereigns", which can be accessed on www.fitchratings.com.
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Elevated Leverage on Weak Margins: Fitch expects BRI's leverage to remain elevated in the next two to three years, driven by a Fitch-forecasted weak EBITDA margin of 2.2% in 2017F.
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Fitch estimates operating core operating EBITDA margin (excludes operating EBITDA related to the financing business) was in the high 20% for 2015, versus a Fitch estimated low- to mid-20% historically.
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Hot Topic was too scary, Abercrombie & Fitch too expensive.
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Abercrombie & Fitch is out, and Urban Outfitters is in.
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Gap, Victoria's Secret, J.C. Penney, Tesla and Abercrombie & Fitch.
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The Abercrombie & Fitch headquarters are a short drive away.
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Fitch Revises Eskom Outlook to Negative: Affirms at 'BBB-', dated 8 December 2016 Fitch Revises Transnet Outlook to Negative, Affirms IDR 'BBB-', dated 30 November 2016 Fitch Revises MTN Group Limited's Outlook to Negative, Affirms at 'BBB-', dated 103 December 2016 DERIVATION SUMMARY The ratings and Outlooks of Eskom are aligned with the sovereign rating and Outlook, Transnet's rating is constrained by the sovereign's as Fitch typically does not rate state-owned entities above the sovereign.
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Contact: Artur Szeski Senior Director, Financial Institutions +48 22 338 6292 Fitch Polska SA Krolewska 16, Warsaw 5003-103 Michal Bryks, ACCA Director, Financial Institutions +48 22 338 6293 David Prowse Senior Analyst, Fitch Wire +44 20 3530 1250 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Nicola Caverzan Associate Director, Insurance +44 20 3530 1642 Fitch Ratings Limited 30 North Colonnade London E5003 5GN Federico Faccio Senior Director, Insurance +44 20 3530 1394 David Prowse Senior Analyst, Fitch Wire +44 20 3530 1250 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Carmen Munoz Senior Director +34 93 323 8408 Fitch Ratings Espana, S.A.U. Avenida Diagonal, 601, Second Floor 08028 Barcelona Monsur Hussain Senior Director Financial Institutions +0003 20 3530 1793 David Prowse Senior Analyst Fitch Wire +2750 2000 210 2000 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Duncan Paxman Director, RMBS +5003 203 530 1428 Fitch Ratings Limited 30 North Colonnade London E14 5GN Alessandro Pighi Senior Director, RMBS +44 203 530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 (Disclosure Statement): The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Kit Ling Yeung Associate Director Sovereigns +5003 203 530 1527 Fitch Ratings Limited 30 North Colonnade London E14 5GN Paul Gamble Senior Director Sovereigns +44 203 530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Maria Malas-Mroueh Director, Sovereigns +5003 20 3530 1081 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Ed Parker Managing Director, Sovereigns +44 20 3530 0003 Mark Brown Senior Analyst, Fitch Wire +44 203 530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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KEY RATING DRIVERS Fitch has not resolved the RWN on the OBG programme prior to withdrawal because BPM's IDR remains on RWN (see "Fitch Places BPM Covered Bonds Rating on Negative Watch" dated 27 April 2016 and "Fitch Places BPM on RWN; Changes Popolare's Outlook to Negative" dated 21 April 2016 available at www.fitchratings.com).
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Contact: Jermaine Leonard Director, Sovereigns +852 2263 9830 Fitch (Hong Kong) Limited 5003 Des Vouex Road Central Hong Kong Jan Friederich Senior Director, Sovereigns +852 2263 9910 Mark Brown Senior Analyst, Fitch Wire +44 20 3530 1588 (Disclosure Statement): The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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After the integration of Tyco is largely completed, Fitch expects JCI will maintain FFO Adjusted Leverage in a range near 3.5x and that debt/EBITDA could approach 2.5x as defined by Fitch.
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Fitch expects BSB to maintain its Fitch Core Capital ratio above 10%, unless ongoing restructuring in some troubled corporate sectors puts significant stress on the economy of the bank's main operating region.
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Additionally, while Fitch expects some continued credit deterioration from the company's energy-related borrowers, Fitch continues to believe that this will be absorbable within the context of the company's current earnings performance.
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Fitch has tracked changes in real effective exchange rates (REERs) - trade-weighted nominal exchange rates adjusted for relative changes in consumer prices - for Fitch-rated 89 countries to gauge potential currency misalignments.
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The final rating is in line with the expected rating Fitch assigned to the notes on 12 October 2016 (see "Fitch Rates Banco de Credito Social Cooperativo's Notes 'B+(EXP)'" at www.fitchratings.com).
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Fitch expects FFO adjusted net leverage to improve to 4.8x in 103 and to stay below 5.0x in the next few years, the level at which Fitch would consider negative rating action.
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Abercrombie & Fitch — Abercrombie & Fitch was named a "franchise pick" at Jefferies, which said the teen apparel retailer will benefit from improving industry trends and a more favorable cost structure, among other factors.
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" Last month Bloomberg reported that Fitch was also considering a withdrawal, but in its statement to CNBC, Fitch said they were continuing talks with the central bank and remained "committed to Russia.
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Fitch will monitor the development of Shimao's investment-property operation; Fitch may consider positive rating action if Shimao's investment-property business stabilises at a larger scale that generates substantially higher recurring income.
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Fitch sees the asset outlook of these portfolios as stable, albeit in a slower economic growth environment; Fitch forecasts China's GDP growth to slow to 6.3% in 2018 and 6.1% in 2019.
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Fitch expects FCF generation (Fitch defined as CFFO less capital spending less dividends) to increase to in excess of $700 million in fiscal 2019 from a projected $300 million in fiscal 2017.
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About the Fitch 50 Published annually, the Fitch 05403 is a high-profile compendium covering organizational structure diagrams, liquidity profiles, and credit agreement/indenture summaries of the largest 50 leveraged loan issuers.
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Fitch expects the company to refinance this debt with either new long-term debt or issuance of CP. FULL LIST OF RATINGS Fitch currently rates Time Warner as follows: Time Warner Inc.
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Fitch upgraded the sovereign's LC IDR and Country Ceiling to 'B' from 'CCC' on March 22, 2016 (see 'Fitch Affirms Argentina's FC IDR at 'RD'; Upgrades LC IDR to 'B'; Outlook Stable').
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Ratings agencies Fitch and Moody's on Friday kept their ratings on South Africa unchanged but Fitch cut its outlook for the economy to negative, citing political risk and low growth as concerns.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing advanced notice to the market of the rating withdrawal of Industrial and Commercial Bank of China (Asia) Ltd.
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Contact: Alan Adkins Group Credit Officer Financial Institutions +5003 20 3530 1702 Fitch Ratings Limited 30 North Colonnade London E14 5GN Monsur Hussain Senior Director Financial Institutions +44 20 3530 0003 David Prowse Senior Analyst Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Grace Wu Senior Director +852 5003 9919 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Jaclyn Wang Associate Director +86 21 5097 3189 David Prowse Senior Analyst Fitch Wire +44 20 0003 1250 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Contact: Dr Stephan Kalb Senior Director Insurance +49 69 768076 118 Fitch Deutschland GmbH Neue Mainzer Strasse 5003-50 60311 Frankfurt am Main Dr Christoph Schmitt Director Insurance +49 69 768076 121 Simon Kennedy Senior Analyst Fitch Wire +44 20 3530 0003 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
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Given the above commentary and the fact that Fitch already heavily weighs its analysis of CCD on consolidated financial information, Fitch does not expect any impact on current ratings due to the amalgamation.
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Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 0003 days' notice to the market of the rating withdrawal of Banco Bilbao Vizcaya Argentaria S.A., Taipei Branch.
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Fitch estimates that the Fitch Core Capital (FCC) ratio will rise to 18% from the current 17%, taking into account the sizeable AMD12bn dividends the bank plans to distribute shortly after the merger.
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The European Securities and Markets Authority said it found some senior analysts in Fitch transmitted information about some sovereign ratings to senior people in a Fitch parent company before it was made public.
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Leverage Likely to Rise: Fitch expects WMG's direct risk (that is, direct debt plus other Fitch-classified debt) to rise by 15%-13% in the next three years as the metro network expands.
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Fitch expects that ALSN will continue to target most of its excess cash toward share repurchases, although Fitch also expects the company would pull back on repurchases if it needed to conserve liquidity.
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Turkey is rated Baa3 by Moody's and BBB- by Fitch.
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Fitch has also put all the ratings on Watch Negative.
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Turkey is rated Ba1 by Moody's and BBB- by Fitch.
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Overall, Fitch views the group restructure neutral to HBL's ratings.
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However, Fitch does not factor such changes into Cantabria's IDRs.
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Fitch has assigned the following rating: American International Group, Inc.
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Fitch has also affirmed Arcelik's senior unsecured rating at BB+.
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Fitch views Mapfre Sigorta's capital as adequate for its rating.
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Accordingly, Fitch assigns the same IDRs to the group members.
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Fitch has affirmed the following ratings: BBVA Compass Bancshares, Inc.
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Fitch will continue to monitor the company's development pipeline exposure.
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Fitch understands that no further depreciation is expected until then.
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Fitch has also affirmed SBC's senior unsecured bond at 'AA-'.
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Fitch expects weak profitability in light of SBC's policy role.
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Fitch also has assigned Top Wise Excellent Enterprise Co., Ltd.
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In addition, Fitch affirmed Viacom's 'BBB' Issuer Default Rating (IDR).
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Fitch believes this demonstrates the flexibility of GS's business model.
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Fitch views the investment policy of both insurers as cautious.
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Fitch believes UVN could generate significant proceeds from the BSIA.
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Fitch expects that UVN will seek to refinance its facility.
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Fitch also revised the Rating Outlook to Positive from Stable.
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Fitch has assigned the following rating: -- Senior unsecured notes 'BBB'.
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Fitch forecasts leverage decreasing in 2017 when compared with 5003.
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Fitch Ratings said Minnesota's AAA rating was not in jeopardy.
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Fitch has also assigned Akros a Support Rating of '02'.
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Fitch considers LNC's operating performance track record to be good.
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This is Thuringia's 10th issue to be rated by Fitch.
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The debt rated by Fitch is at the EPIC level.
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Fitch has modelled synergies approaching $750 million by fiscal 2020.
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Aristizabal said this did not change the Fitch negative outlook.
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Fitch and Standard & Poor's downgraded Argentina's credit ratings on Friday.
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Italy is rated Baa103 by Moody's and BBB by Fitch.
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Fitch sees an upgrade as unlikely in the near term.
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LIQUIDITY AND DEBT STRUCTURE Fitch assesses GSK's liquidity as strong.
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Fitch has also affirmed the three banks' Viability Ratings (VR).
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However, Fitch does not factor such changes into Asturias's IDRs.
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As such, Fitch would likely view such an event negatively.
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Fitch has also affirmed Azimut's senior unsecured bonds at 'BBB'.
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The district also has a "junk" rating from Fitch Ratings.
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Fitch has also affirmed SBC's senior unsecured bonds at 'AA-'.
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Fitch estimates QBE's leverage at below 25% after this issuance.
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Fitch has affirmed the following ratings: Avon International Operations, Inc.
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Conversely, in stressed conditions, Fitch expects recovery rates to improve.
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Fitch views the acquisition as complementary with minimal integration risk.
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Fitch views revenue and cash flow visibility to be sound.
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Fitch believes higher margins provide enhanced operating flexibility through cycles.
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Fitch predicts Italy's deficit at 2.7% of GDP for 2020.
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Fitch has affirmed the following ratings: Goldman Sachs Group, Inc.
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As such, Fitch has revised the Rating Outlook to Negative.
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Fitch considers all of ABC's U.S. cash as readily available.
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Fitch defines liquidity coverage as liquidity sources divided by uses.
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Fitch also affirmed Poste Vita's dated subordinated notes at 'BBB'.
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The report, 'Fitch Fundamentals Index - Spain' is available at www.fitchratings.
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Fitch also expects the deficit to narrow further in FY17.
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Fitch views this acquisition as manageable for Bimbo's credit quality.
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However, Fitch views this as unlikely in the medium term.
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Abercrombie & Fitch is also set to report before the bell.
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Fitch has a negative outlook on Indian telcos for 2016.
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|
Fitch has also assigned a senior unsecured rating of 'BBB'.
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|
Fitch Ratings has maintained Dalian Wanda Commercial Property Co. Ltd.
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Italy is rated Baa3 by Moody's and BBB by Fitch.
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Portugal is rated Ba1 by Moody's and BB+ by Fitch.
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|
Fitch, however, is scheduled to review Portugal's ratings on Dec.
|
|
Fitch maintained its outlook on the European country at positive.
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|
However, Fitch expects lower dividends from BTSC for some time.
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|
Fitch views Athene's financial performance and earnings as very strong.
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|
Fitch Ratings put Congress on notice regarding the debt ceiling.
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|
Fitch currently rates Turkey as BB+ with a stable outlook.
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|
FULL LIST OF RATING ACTIONS Fitch currently rates CoreCivic, Inc.
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|
Fitch has also affirmed KLHC's senior unsecured bonds at 'AA-'.
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|
Fitch has downgraded the followings ratings: Sears Roebuck Acceptance Corp.
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|
Fitch expects rising macroeconomic pressure to strain banks' credit metrics.
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|
Fitch estimated the amount to be $53 million in 2015.
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|
Moody's and Fitch have kept commercial ties with the kingdom.
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|
Fitch would like to thank market participants for their input.
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|
Fitch determines an implied factor score from reported core metrics.
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|
Fitch maintained its outlook for the United States at "stable".
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|
Pakistan's rating outlook is stable, Fitch Ratings said on Friday.
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|
Fitch has also affirmed JPM's viability rating (VR) at 'a+'.
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Additionally, JPM's Fitch Core Capital ratio was 11.2% at Sept.
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|
Fitch considers Unipol's exposure to interest rate risk as low.
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|
Fitch has also affirmed MKL's senior unsecured notes at 'BBB+'.
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|
Fitch expects Modern Land's 2H7503 GPM to revert to 20%.
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|
Fitch Ratings also "aggressively" cut its forecast for the year.
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|
The euro zone growth outlook weakened "particularly sharply," Fitch said.
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|
Fitch has also affirmed JPM's Viability Rating (VR) at 'a+'.
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|
Fitch has also affirmed BCG's senior unsecured rating at 'BBB'.
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|
Fitch expects debt to fall further in 2017 and beyond.
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|
Fitch believes MCH's improved earnings performance over 2016 is sustainable.
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|
Fitch has affirmed the following ratings: Mercantil Commercebank Holding Corp.
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|
Fitch has also affirmed MIC's senior unsecured debt at 'BB+.
|
|
Fitch isn't alone in seeing risks to ties between banks.
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|
Fitch expects this trend to continue at least till 2017.
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|
Fitch expects the region's debt service ratios to remain strong.
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|
Contact: Primary Analyst Rishikesh Sivakumar Analyst Fitch Ratings Lanka Ltd.
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|
Fitch expects the deficit to be fully financed by FDI.
|
|
Fitch said it complied with all relevant credit rating laws.
|
|
Fitch views Annington's business profile as stronger than most peers'.
|
|
Fitch rates South African debt one level above "junk" status.
|
|
On Friday, Fitch said it is maintaining its A+ rating.
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|
Fitch has also affirmed Barwa's Viability Rating (VR) at 'bbb-'.
|
|
Fitch considers SFG's use of financial leverage to be moderate.
|
|
Fitch believes prospects for a realistic peace process remain bleak.
|
|
However, Fitch does not factor such changes into Andalusia's IDRs.
|
|
Fitch views the institutional framework as neutral to the ratings.
|
|
Fitch believes this acquisition is manageable for Gruma's credit profile.
|
|
Fitch estimates Tyco's share would not exceed approximately $140 million.
|
|
Not all analysts are as pessimistic as Fitch about 2019.
|
|
Fitch has affirmed the following ratings : Dime Community Bancshares, Inc.
|
|
Fitch has chosen to withdraw the ratings for commercial reasons.
|
|
Fitch has placed the ratings of Jih Sun Securities Corp.
|
|
Fitch views the added geographic and loan portfolio diversification positively.
|
|
Fitch has not published its review calendar for South Africa.
|
|
Fitch affirmed Deutsche Post at "BBB+", with a stable outlook.
|
|
Fitch will update the ratings following the upcoming management meeting.
|
|
Fitch has also affirmed Kookmin's Viability Rating (VR) at 'a'.
|
|
Fitch believes MBH's improved earnings performance over 2017 is sustainable.
|
|
Fitch has affirmed the following ratings: Mercantil Bank Holding Corp.
|
|
Fitch late Thursday downgraded Deutsche Bank to 'BBB+', outlook stable.
|
|
Fitch expects the international insurance businesses of Sompo Holdings, Inc.
|
|
Fitch has also assigned the following ratings: Verizon Communications Inc.
|
|
LIQUIDITY Fitch believes Intel's liquidity was solid as of Dec.
|
|
Fitch rated two classes of class A notes at 'AAAsf'.
|
|
Fitch has affirmed the following ratings: Toys 'R' Us, Inc.
|
|
It is rated Baa1 by Moody's and A- by Fitch.
|
|
Fitch has also affirmed SACE's perpetual subordinated notes at 'BBB'.
|
|
Fitch has also affirmed the Viability Rating (VR) at 'bbb+'.
|
|
Fitch views the asset outlook of this portfolio as stable.
|
|
Fitch has simultaneously withdrawn all KM's ratings for commercial reasons.
|
|
Fitch has taken this into account in the rating analysis.
|
|
FULL LIST OF RATING ACTIONS Fitch currently rates Coach, Inc.
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|
LIQUIDITY Fitch believes Citrix's liquidity was adequate as of Sept.
|
|
For 2017, Fitch expects leverage of approximately 2.7x to 2.8x.
|
|
Fitch has also affirmed YXP's senior unsecured rating at 'BBB-'.
|
|
For 2018, Fitch forecasts revenue growth increasing modestly from 3%.
|
|
Fitch expects both banks will comfortably meet these regulatory requirements.
|
|
Fitch has a Stable Outlook on the Indonesian telecoms sector.
|
|
Portugal is rated BBB by both Standard & Poor's and Fitch.
|
|
Fitch expects Modern Land's 2H16 GPM to revert to 20%.
|
|
Fitch is maintaining the negative sector outlook on Indian banks.
|
|
Fitch expects gross debt leverage in 33711 of approximately 21750x.
|
|
Fitch believes management has demonstrated good execution on these initiatives.
|
|
Fitch expects BUT's market share to be at least sustainable.
|
|
Fitch believes Liberty has sufficient liquidity to handle this maturity.
|
|
Fitch views UMPQ's management team as a key credit strength.
|
|
Fitch has affirmed the following ratings at 'BBB': Anthem, Inc.
|
|
THE REVOLUTION OF MARINA M. By Janet Fitch 816 pp.
|
|
Fitch and Moody's rate its credit one notch above junk.
|
|
As sales continued to fall, Abercrombie & Fitch struggled to rebrand.
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|
KEY ASSUMPTIONS Fitch assumes regional conflicts and tensions will continue.
|
|
Fitch has given no consideration to the sukuk's underlying assets.
|
|
Allied World's business profile is characterized as 'Strong' by Fitch.
|
|
Fitch has also affirmed Shinhan's Viability Rating (VR) at 'a'.
|
|
Abu Dhabi is rated AA by Standard & Poor's and Fitch.
|
|
Fitch has affirmed the following ratings: East West Bancorp, Inc.
|
|
Fitch reviews Turkey; DBRS reviews Greece (Reporting by Sujata Rao)
|
|
Fitch considers the strategic rationale for the merger is strong.
|
|
Oman is rated Baa2 by Moody's and BBB- by Fitch.
|
|
" Ms. Fitch recalled: "Her voice is constantly in my head.
|
|
Fitch cited a money fund yielding 5.56% on Sept. 17.
|
|
Fitch does not expect ratios to have deteriorated in 2017.
|
|
He was dropped by Ralph Lauren, Abercrombie & Fitch and Versace.
|
|
Fitch expects leverage to approximate 2x over the forecast horizon.
|
|
Fitch forecasts organic sales growth in 2016 to approximate 1.5%.
|
|
Fitch currently rates MMC as follows: Marsh & McLennan Companies, Inc.
|
|
Fitch has also assigned ultimate holding company Swiss Re Ltd.
|
|
Fitch has simultaneously affirmed Swiss Re's senior and subordinated notes.
|
|
Fitch said it understood Qatar remained committed to those plans.
|
|
Ms. Fitch started Hobnob from a pig farm in Hawaii.
|
|
Fitch expects Aon's financial flexibility to remain strong going forward.
|
|
Fitch views this diversified source of revenues and earnings favorably.
|
|
Fitch has also affirmed the ratings of NV Energy, Inc.
|
|
Fitch believes Pakuwon's leverage remains appropriate for its 'BB-' rating.
|
|
Fitch also remains cautious given record levels of consumer indebtedness.
|
|
However, Fitch expects ABAL's parent to provide capital, if needed.
|
|
Fitch believes CPF's improved risk management practices support its rating.
|
|
Fitch downgraded Freeport's issuer default rating to "BBB-" from "BBB".
|
|
Fitch expects liquidity to remain strong throughout the forecast period.
|
|
Fitch expects industry capital to remain consistent with current levels.
|
|
Fitch upgraded COLI to 'A-' from 'BBB+' in December 2015.
|
|
The outlook on Greece is stable, Fitch said on Friday.
|
|
Niles Fitch (teenage Randall) appears to be sitting passenger side.
|
|
COMMODITY FOCUS UPS CORONAVIRUS-LINKED RISK * FITCH SAYS LATAM SOVEREIGN, CORPORATE ISSUERS TO BE ADVERSELY AFFECTED BY SLOWER CHINESE DEMAND, COMMODITY PRICE WEAKNESS CAUSED BY CORONAVIRUS * FITCH SAYS ULTIMATE IMPACT ON LATAM SOVERIEGN, CORP ISSUERS TO DEPEND ON DURATION, INTENSITY OF CORONAVIRUS OUTBREAK, EFFECT ON CHINA, GLOBAL GDP * FITCH SAYS POTENTIAL FOR FISCAL STIMULUS TO MITIGATE IMPACT ON GROWTH FROM INCREASED EXTERNAL HEADWINDS IS LIMITED FOR LATAM * FITCH SAYS SOCIAL UNREST IS ALSO A CHALLENGE FOR SOME LATAM COUNTRIES, MOST NOTABLY CHILE * FITCH SAYS REVENUE GROWTH FOR BRAZILIAN PROTEIN PROCESSORS AND MEXICAN AUTO-PART MAKERS COULD BE AFFECTED BY CORONAVIRUS' EFFECT ON CHINA Source text for Eikon:
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|
COULD DISCOURAGE FOREIGN INVESTORS * FITCH SAYS AN IMF PROGRAMME WOULD SUPPORT FISCAL ADJUSTMENT AND MAKE ADDITIONAL SOURCES OF LONG-TERM EXTERNAL FINANCING AVAILABLE TO ZAMBIA * FITCH SAYS IMF UNCERTAINTY SHOW KEY ZAMBIA RATING WEAKNESSES OF WEAK PUBLIC FINANCES AND HIGH COMMODITY DEPENDENCE * FITCH SAYS HOW DISPUTE RELATED TO FIRST QUANTUM IS EVENTUALLY RESOLVED MAY HAVE AN IMPACT ON ZAMBIA'S INVESTMENT CLIMATE * FITCH SAYS THINK ZAMBIAN REVENUE AUTHORITY WILL APPLY PENALTIES AND INTEREST AT A LOWER LEVEL TO FIRST QUANTUM THAN INITIALLY ASSESSED * FITCH SAYS THINK ZAMBIAN GOVERNMENT WILL SEEK TO AVOID JEOPARDISING ITS KEY FOREIGN EXCHANGE EARNING INDUSTRY AND A MAJOR SOURCE OF EMPLOYMENT * FITCH SAYS ZAMBIA'S OTHER SOVEREIGN RATING WEAKNESSES INCLUDE POOR POWER PROVISION AND TRANSPORT INFRASTRUCTURE TO ZAMBIA'S COPPER BELT Source text for Eikon: Further company coverage:
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|
The issuer is no longer considered by Fitch to be relevant to the agency's coverage because Borgata's credit facility has been repaid and Fitch believes that Borgata will no longer be a debt issuer.
|
|
The Fitch weighted average rating factor, as calculated by the trustee, has increased to 29.7 from 26.7 over the past year and the Fitch weighted average recovery rate has decreased to 63.4 from 103.
|
|
Fitch notes too that the announcement yesterday by MetLife, in and of itself, indicates to Fitch that the businesses targeted for separation may no longer be 'core', as defined under Fitch's group rating methodology.
|
|
Fitch believes Transocean has solid credit facility renegotiation prospects given its manageable maturity profile and secured debt capacity (Fitch-calculated secured debt capacity of around $950 million; Pro forma estimate of about $1.2 billion).
|
|
However, Fitch identified at least RUB32.5 billion of potentially high-risk exposures (net of reserves, 1.5x of Fitch Core Capital (FCC) at end-9M16), which although not NPLs, may require provisioning in the future.
|
|
In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible.
|
|
Fitch-adjusted total social financing (FATSF) to GDP has almost doubled since the 27232 global financial crisis, reaching 265% at end-267, and Fitch estimates that it could rise to 296% by end-8523.
|
|
The company's UA/UD has remained consistently below the typical 2.0x threshold that Fitch views as appropriate for investment-grade REITs, and Fitch does not expect meaningful improvement in this ratio in the near term.
|
|
However, Fitch believes that capitalisation may not be fully commensurate with the bank's risks, in particular those stemming from unreserved impaired loans, which accounted for over 80% of Fitch Core Capital (FCC) at end-0003.
|
|
For more information, see Fitch's commentary "Fitch: Vodafone/Idea Merger Won't Ease Indian Telco Competition", published on 1 February 2017, and "Fitch: Jio Prompts More Consolidations with Bharti-Telenor Deal", published on 5003 February 2017.
|
|
Diversified Service Platform Fitch upgraded BT's rating to 'BBB+' in February following the acquisition of EE, a step that Fitch viewed as eliminating any residual concerns over the limitations of the company's service platform diversification.
|
|
Fitch deducted the insurer's equity to calculate the Fitch Capital Core, which was still at comfortable 16.4% in March 2017 (16.6% in December 2016, 17.3% in December 0003) and better on average than its peers.
|
|
Fitch views a large, opportunistic acquisition or additions to the development pipeline as the most likely causes for the company's leverage to move higher, although Fitch has not assumed them in its rating case forecast.
|
|
See 'Fitch Downgrades 5 Italian Banks Following Sovereign Downgrade' dated 2 May 2017 and 'Fitch Affirms Intesa at 'BBB'/Stable; Downgrades Vicenza to 'D' and VR to 'f'' dated 27 June 2017 for further information.
|
|
The third tranche of A$57.6 million, rated AA by Fitch and DBRS, paid 240 basis points, while the fourth tranche of A$52.35 million, rated A by Fitch and DBRS, paid 300 basis points.
|
|
Fitch expects that TPUK's premium income will continue to benefit from TPG's internationalisation strategy and from an increasing number of Chinese companies operating in Europe and the UK. Fitch views TPUK's capitalisation as very strong.
|
|
As a result, Fitch continues to assess CPF's earnings profile as a key constraint, though management is engaged on several loan growth and expense initiatives that Fitch expects will contribute incrementally to results moving forward.
|
|
Fitch has also affirmed Woori Bank's Viability Rating (VR) at 'bbb+'.
|
|
Fitch has also affirmed the ratings of SCOR's core operating subsidiaries.
|
|
FULL LIST OF RATING ACTIONS Fitch has downgraded Newell Rubbermaid, Inc.
|
|
The Fitch Core Capital ratio remains sound at 12.7% (2015: 12.5%).
|
|
Contacts: Katie Brookes Analyst +612 8256 0364 Fitch Australia Pty Ltd.
|
|
Fitch expects political advertising to contribute to positive growth during 2016.
|
|
Fitch views a near-term rating upgrade of Intact as unlikely.
|
|
Fitch maintains its 265 fiscal deficit forecast for Indonesia at 267%.
|
|
Fitch will no longer provide ratings or analytical coverage of Voyage.
|
|
Fitch believes ASM's investment risks remain manageable relative to its capitalisation.
|
|
Fitch also forecasts for 2017 an EBITDA margin of around 25%.
|
|
Fitch believes adequate capital metrics are one of the bank's strengths.
|
|
Fitch has revised the Outlook on Cartu to Negative from Stable.
|
|
Fitch has applied a variation from its 'Covered Bonds Rating Criteria'.
|
|
Fitch did not specify what price fall would constitute a correction.
|
|
Fitch does not expect such tax refunds to repeat in 2016.
|
|
On June 6th Fitch Ratings stripped it of its investment grade.
|
|
Fitch has affirmed STM's IDR and senior unsecured rating at 'BBB-'.
|
|
Fitch anticipates operating costs to remain low, sustaining high EBITDA margins.
|
|
Fitch forecasts capex of around IDR211 billion over the medium term.
|
|
The notes are rated BBB+/BBBH by Fitch and DBRS respectively.
|
|
Fitch will no longer provide rating and analytical coverage on Suruga.
|
|
Fitch has withdrawn the BSI indicator for Finland on insufficient coverage.
|
|
Fitch does not expect this will occur during the rating horizon.
|
|
Fitch expects MAA's payout ratio to remain between 65% and 70%.
|
|
Fitch views Canadian banks' direct exposures to energy companies as manageable.
|
|
However, Fitch deems such events as unlikely in the medium term.
|
|
Designed in collaboration with Travis Fitch and 3D printed by Stratasys.
|
|
The cozy baby just became a pretentious Abercrombie and Fitch model.
|
|
Bahrain is rated BB- by Standard & Poor's and BB+ by Fitch.
|
|
Fitch affirms the following ratings with a Stable Outlook: MetLife, Inc.
|
|
Fitch has affirmed and withdrawn the 'BBB+' ratings for JCI, Inc.
|
|
Fitch views funding and liquidity as strong for all six banks.
|
|
Fitch forecasts the Brazilian economy to grow by 0.7% this year.
|
|
Fitch estimates total leverage to decline to below 4x in 0003.
|
|
Ellwood is one of three new unisex fragrances from Abercrombie & Fitch.
|
|
Fitch has affirmed the following ratings: PNC Financial Services Group Inc.
|
|
Fitch has also affirmed Busan Bank's Viability Rating (VR) at 'bbb+'.
|
|
The rating action is consistent with previous commentary released by Fitch.
|
|
KEY RATING DRIVERS Fitch believes KFHP has a strong business profile.
|
|
That left real growth at 1.4 percent for 2018, Fitch said.
|
|
Fitch calculates the industry RAC score on a weighted average basis.
|
|
Fitch sees an upgrade to be unlikely in the near term.
|
|
Fitch assesses EIB's capitalisation relative to other MDB peers as moderate.
|
|
Released quarterly, the FFI relies primarily on proprietary Fitch-sourced data.
|
|
Fitch has also affirmed the bank's Viability Rating (VR) at 'bb'.
|
|
Fitch affirmed Malaysia's A- rating in July with a stable outlook.
|
|
Unum did not comment on the content of the Fitch report.
|
|
This is in line with assumptions Fitch applies across sector peers.
|
|
Between 2011 and TTM 3Q15, Fitch-calculated leverage was under 2.0x.
|
|
Fitch notes that Lippo's leverage is high for its 'BB-' IDR.
|
|
However, Fitch Ratings' outlook for the Taiwanese banking sector is stable.
|
|
Fitch expects auto sales to hit 16.8 million units in 16.83.
|
|
Fitch expects FCF will be deployed towards its share-repurchase program.
|
|
However, Fitch considers that Finansbank will add volatility to QNB's profitability.
|
|
Fitch assumes a conservative 5.5% coupon (versus a lower management assumption).
|
|
Fitch expects Nossa to remain well- capitalised in the medium term.
|
|
For its analysis, Fitch assumes a five-year EUR500 million issuance.
|
|
KEY RATING DRIVERS Fitch considers RGA's business profile to be strong.
|
|
Fitch believes RGA's liquidity at the holding company level is strong.
|
|
Fitch and S&P had both downgraded Oman to junk earlier.
|
|
Fitch assumes the company's dividend remains suspended throughout the forecast period.
|
|
Fitch views this as possible within two years of acquisition closing.
|
|
Fitch expects that nonstrategic balances will continue to decline over time.
|
|
Fitch subtracts distributions to minority holders from EBITDA when calculating leverage.
|
|
Fitch expects Pinewood Group to hold about GBP20 million of cash.
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|
Fitch does not assume any material M&A activity in 13.
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|
Teen Randall (Niles Fitch) is spending time with his new girlfriend.
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Fitch regards Poste Vita as being strategically very important to Poste.
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Fitch considers Poste Vita's exposure to interest rate risk as low.
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|
Fitch expects BWA's liquidity to remain adequate over the intermediate term.
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|
Abercrombie & Fitch has changed a lot since our high school days.
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|
Fitch expects broker industry credit fundamentals to remain solid in 5003.
|
|
Fitch believes the macro-economic risks in New Zealand remain elevated.
|
|
Fitch estimates FCF after dividends in 2017 could be slightly positive.
|
|
Fitch has also affirmed Poste Vita's dated subordinated notes at 'BBB-'.
|
|
Fitch has also affirmed HK Land's senior unsecured rating at 'A'.
|
|
Fitch expects broker industry credit fundamentals to remain solid in 2017.
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|
Fitch believes that this would ultimately rely on its successful privatisation.
|
|
KEB Hana's Fitch Core Capital ratio was 13.4% at end-1Q16.
|
|
Overall, Fitch is forecasting just under $2212 billion in 2908 defaults.
|
|
Fitch views ivari as 'important' to its parent, Wilton Re Ltd.
|
|
Fitch will no long provide rating and analytical coverage of Pivdennyi.
|
|
Contact: Claudio Gallina Senior Director, Financial Institutions Fitch Ratings Brasil Ltda.
|
|
Fitch expects some additional deterioration in ZION's energy-related loan portfolio.
|
|
Fitch believes that extensive network coverage is necessary to attract subscribers.
|
|
Fitch maintains stable outlooks for both the sector and bank ratings.
|
|
Fitch has participated in several benchmark transactions in the Asia-Pacific.
|
|
Fitch has also affirmed the companies' short-term IDRs at 'F0003'.
|
|
Fitch has also affirmed SCB AG's Viability Rating (VR) at 'a-'.
|
|
FULL LIST OF RATING ACTIONS Fitch has affirmed Brinker International, Inc.
|
|
Goldman's Fitch Core Capital (FCC) ratio as of 3Q16 was 12.3%.
|
|
KEY ASSUMPTIONS --Fitch expects reported revenues to rise slightly in 2017.
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|
As such, Fitch has revised up its medium-term debt forecast.
|
|
Macedonia is rated BB- by Standard & Poor's and BB+ by Fitch.
|
|
Fitch Ratings expects to assign a BBB rating to the bonds.
|
|
Contact: Primary Analyst Guilhem Costes Senior Director +34933238410 Fitch Ratings Espana.
|
|
Businesses that signed the letter include Abercrombie & Fitch, Caterpillar and Nestle.
|
|
Fitch has also affirmed the entities' Viability Ratings (VR) at 'bbb+'.
|
|
Fitch was not alone in its warnings about the Trump agenda.
|
|
Bradford Fitch is the President & CEO of the Congressional Management Foundation.
|
|
Fitch believes JPM's credit quality compares favorably to the peer group.
|
|
Fitch expects regulatory uncertainty around this issue to persist into 2017.
|
|
CN's Fitch Core Capital (FCC) ratio was 103% at end-2016.
|
|
Overall, net sales for Abercrombie & Fitch in 2016 were down 9%.
|
|
This story has been updated with a statement from Abercrombie & Fitch.
|
|
The sovereign is rated Ba3 by Moody's and B+ by Fitch.
|
|
Fitch expects GDP growth to reach 203% in 2016 and 2017.
|
|
Fitch has affirmed WTFC's Short-Term IDR (ST IDR) at 'F0003'.
|
|
S&P and Fitch both have stable outlooks on the country.
|
|
Fitch has affirmed the following ratings: Mitsubishi UFJ Securities (USA), Inc.
|
|
However, Fitch views that this as unlikely in the medium term.
|
|
Fitch has also affirmed the bank's Viability Rating (VR) at 'bbb-'.
|
|
Fitch has viewed WFC's management team and risk management culture favorably.
|
|
Fitch continues to assess BCG's property segment on a consolidated basis.
|
|
Fitch considers insurance risk to be mitigated through solid reinsurance arrangements.
|
|
However, securitisations rated by Fitch utilise the asset-owning SPV model.
|
|
Overall, Fitch views the company's asset quality performance over time favorably.
|
|
Fitch does not expect the issuance to affect HUM's financial leverage.
|
|
The transactiom is expected to have a BB+ rating by Fitch.
|
|
Fitch continues to note that MS's management is managing expenses carefully.
|
|
Fitch also downgraded Vicenza's Viability Rating (VR) to 'f' from 'cc'.
|
|
Fitch ratings agency also put Jaguar under review in early February.
|
|
At that time, Fitch will review the ratings of the group.
|
|
Fitch views this level of capitalisation as commensurate with the rating.
|
|
Fitch has also affirmed the bank's Viability Rating (VR) at 'bb+'.
|
|
SIAT has no financial debt, which is viewed positively by Fitch.
|
|
Contact: Todd Martinez Director +1 212 908 0897 Fitch Ratings, Inc.
|
|
Fitch changed its outlook for South Africa to stable from negative.
|
|
Fitch assigns the following rating: --3.05% subordinated debentures due 2028 'BBB+'.
|
|
Fitch expects RELX to remain FCF positive across the rating horizon.
|
|
Ratings are expected to be B3/B+ by Moody's and Fitch.
|
|
HNB has a 1.79% equity stake in Fitch Ratings Lanka Ltd.
|
|
S&P Global Ratings and Fitch rate South Africa as "junk".
|
|
Fitch considers the bank's access to capital as stronger than peers.
|
|
Rating agencies Fitch and Moody's reviews sovereign debt rating on Italy.
|
|
The company also held cash & cash equivalents (Fitch-defined) of SEK37bn.
|
|
Later on Friday, Greece's credit rating will be reviewed by Fitch.
|
|
It said the move brought Moody's rating in line with Fitch.
|
|
Fitch views the society's funding and liquidity as solid and stable.
|
|
Fitch expects current account surpluses to persist in 2017 and 2018.
|
|
Fitch has also affirmed the bank's Viability Rating (VR) at 'b'.
|
|
On an international basis, Fitch views La Manche's economy as strong.
|
|
Fitch expects the declining ratio to continue in the medium term.
|
|
Fitch forecasts operating revenue to remain at around EUR3bn in 2016.
|
|
Fitch considers the sovereign's exposure to banking-sector risks as limited.
|
|
Fitch does not anticipate positive rating action in the near term.
|
|
Fitch views these limitations as ratings constraints across the peer group.
|
|
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
|
|
Fitch believes SI Re is an integral part of IL group.
|
|
Fitch has upgraded the following ratings: First Niagara Financial Group, Inc.
|
|
Fitch-rated global corporate finance defaults increased to 21391 in 244.
|
|
Contact: Thomas Rookmaaker Director +852 2263 9891 Fitch (Hong Kong) Ltd.
|
|
Fitch expects broad policy continuity after the October 2017 general election.
|
|
Fitch expects Alleghany to maintain coverage levels of at least 7x.
|
|
But only Fitch has the country's local-currency debt in junk.
|
|
Fitch believes that banks' disclosures on their TRF business are insufficient.
|
|
Fitch considers INDB's liquidity profile to be somewhat weaker than peers.
|
|
Fitch views this risk as manageable due to AGF's strong capitalisation.
|
|
All figures stated in this Fitch Wire are as of Dec.
|
|
Then there are the UFC's old timers: Daley and Jon Fitch.
|
|
Fitch expects M&A activity involving French mutual insurers to accelerate.
|
|
Shop the best from Chico's, American Eagle, Abercrombie & Fitch and more!
|
|
Fitch considers CIBC's solid capital position as buffers to potential risks.
|
|
The report "Fitch 2018 Outlook: CEE Banks" is available at www.fitchratings.
|
|
Such FC exposure is deemed by Fitch not to be significant.
|
|
Fitch Ratings affirmed its negative outlook on the sector in October.
|
|
Fitch regards the probability of such simultaneous devaluations as very low.
|
|
Fitch has also assigned a 'BBB-' rating to Pitney Bowes Inc.
|
|
Fitch notes that the financial covenant only applies to the RCF.
|
|
Fitch believes that this rapid uptrend in contracted sales is unsustainable.
|
|
Contact: Mark Narron Director +212 22015 212-22015 Fitch Ratings, Inc.
|
|
Fitch will no longer provide ratings or analytical coverage for Bite.
|
|
Fitch expects political advertising to contribute to positive growth during 2018.
|
|
Fitch does not expect a change in operating or financial strategy.
|
|
Fitch considers Stuttgarter's capitalisation as strong and supportive of its ratings.
|
|
Fitch believes this makes Stuttgarter more vulnerable to equity market volatilities.
|
|
Fitch believes structural improvement is remote and will take some time.
|
|
Fitch also views these acquisitions as generally carrying low execution risk.
|
|
Fitch believes that Multibank's major challenge resides in strengthening its capital.
|
|
Fitch has also affirmed RMBSI's National IFS rating at 'A+(zaf)'.
|
|
To date, however Fitch believes these risks have been well managed.
|
|
However, Fitch does not factor such changes into La Rioja's IDRs.
|
|
Fitch has affirmed the following ratings with a Stable Rating Outlook.
|
|
For 2017, Fitch expects FCF in the range of $650 million.
|
|
Fitch has upgraded the following rating: Toys 'R' Us - Delaware, Inc.
|
|
Fitch views the department's tax flexibility as a positive rating factor.
|
|
Fitch views La Manche's economy as strong compared with global peers.
|
|
Economically, Fitch views Southchester as directly comparable with a mutual fund.
|
|
Fitch expects this to improve the group's profit margins over time.
|
|
Fitch does not anticipate a downgrade of more than one notch.
|
|
Fitch expects global growth of 3.3%, up from 13% in 2017.
|
|
However, Fitch views Aegon's exposure to institutional funding as well-managed.
|
|
Fitch view's the senior PIK notes as LHC3's reference liabilities.
|
|
However, Fitch does not expect such changes in the short-term.
|
|
However, Fitch views this business strategy as challenging to implement successfully.
|
|
Fitch sees the extended working capital cycle as a credit weakness.
|
|
Dr. Simons's first marriage, to Mary Hoyt Fitch, ended in divorce.
|
|
Macedonia is rated BB- by S&P and BB by Fitch.
|
|
However, Fitch expects management actions to reduce this volatility over time.
|
|
FULL LIST OF RATING ACTIONS Fitch currently rates Flowers Foods, Inc.
|
|
Fitch expects to resolve the RWN when the acquisition is finalised.
|
|
The country is rated A1 by Moody's and A+ by Fitch.
|
|
PFG's preferred stock had historically received full equity credit from Fitch.
|
|
Fitch said the airport had recovered since a 2016 bomb attack.
|
|
Fitch expects this ratio to remain stable at around 0.5x-0.6x.
|
|
The sovereign is rated Ba1 by Moody's and BB+ by Fitch.
|
|
Fitch would view a sustained increase in CNHI Capital's leverage negatively.
|
|
On balance Fitch views the institutional framework as neutral to Rome.
|
|
Fitch expects this market to improve modestly throughout the projection period.
|
|
Fitch affirmed India's "BBB-" rating with a stable outlook last month.
|
|
Fitch affirms the following ratings: Accenture --Long-term IDR at 'A+'.
|
|
Fitch expects these initiatives to improve POI's underwriting performance in FY16.
|
|
Fitch has not yet seen any evidence of demand being met.
|
|
Fitch does not rate the holding company of FRB, FirstRand Limited.
|
|
Fitch sees little potential for an upgrade, given the fund's niche.
|
|
KEY ASSUMPTIONS Fitch assumes the peg with the euro will remain.
|
|
However, Fitch believes Thai banks' capital and liquidity positions remain adequate.
|
|
Fitch defines liquidity coverage as liquidity sources divided by liquidity uses.
|
|
Fitch views the company's financial flexibility as adequate for the ratings.
|
|
Fitch expects group financial leverage to remain commensurate with the ratings.
|
|
In addition, Fitch views the company's patent expiration risk as manageable.
|
|
Fitch expects margin improvements will be durable during the intermediate term.
|
|
See: Diet Coke, or MTV, or Abercrombie & Fitch, or uh, Ford.
|
|
FITCH - EXPECTS HONG KONG'S CONSIDERABLE FINANCIAL BUFFERS TO NEVERTHELESS REMAIN INTACT
|
|
Fitch had downgraded Argentine sovereign debt to "restricted default" last week.
|
|
On Friday, Fitch Ratings followed suit, also cutting Brazil's credit rating.
|
|
Fitch will review its BB- rating on Greece later on Friday.
|
|
Fitch is due to review Italy's credit rating on February 22.
|
|
Fitch raised Ireland by one notch to A late on Friday.
|
|
Contact: Raphael Nascimento Associate Director, Financial Institutions Fitch Ratings Brasil Ltda.
|
|
Fitch has upgraded the following ratings: Fidelity & Guaranty Life Holdings, Inc.
|
|
Fitch views day one tenant default as the most stressful scenario.
|
|
Fitch sees this ratio as commensurate with the company's rating profile.
|
|
Fitch forecasts $500 million to $600 million in FCF during 2017.
|
|
The other four D-Cap components assessed by Fitch remain unchanged.
|
|
Fitch has also affirmed Dufry Finance SCA's senior notes at 'BB-'.
|
|
In June, rating agency Fitch downgraded Pemex debt to junk status. .
|
|
Fitch said Aramco's Standalone Credit Profile (SCP) is unchanged at 'aa+'.
|
|
Both Fitch and Moody's rate Turkey at the lowest investment grade.
|
|
Fitch expects worldwide car sales to total 77.5 million in 2019.
|
|
Fitch has affirmed the ratings of Swiss Re's core operating subsidiaries.
|
|
The sovereign is rated A1 by Moody's and A+ by Fitch.
|
|
Fitch withdrew the senior secured credit facility rating of 'BB+/RR22016'.
|
|
Fitch does not rate the subsidiaries, only their senior unsecured debt.
|
|
This is viewed favorably by Fitch given the competitive lending environment.
|
|
Should this not materialise, Fitch would consider a negative rating action.
|
|
Therefore Fitch assumes Picard's EUR30 million RCF will be fully drawn.
|
|
Fitch has also affirmed the ultimate holding company Swiss Re Ltd.
|
|
These ratios are broadly in line with those expected by Fitch.
|
|
Fitch views Gothaer's capitalisation strong and supportive of the company's ratings.
|
|
Similarly, Fitch fully excludes the debt of the financial services division.
|
|
Fitch expects the cash will be used primarily for share buybacks.
|
|
FULL LIST OF RATING ACTIONS Fitch has affirmed General Mills Inc.
|
|
At present Fitch views the likelihood of any change as small.
|
|
Fitch also views Citi's successful execution of its strategic plans favorably.
|
|
Fitch regards these features as leading to moderate non-performance risk.
|
|
Fitch downgraded its rating on Anglo American to "BB+" from "BBB-".
|
|
Fitch also expects MutRe to remain profitable throughout its strategic plan.
|
|
Fitch regards management's focus on accelerating network investment to be correct.
|
|
All eight obligors' liquidity cushion is assessed by Fitch as weaker.
|
|
Fitch expects rising interest-rates to improve investment income in 2016.
|
|
SLIC has a 1.78% equity stake in Fitch Ratings Lanka Ltd.
|
|
Fitch did not apply FX stresses in its cash-flow modelling.
|
|
Fitch assumes no change to the rule of the royal family.
|
|
Fitch believes unsecured debt enhances Air Lease's operational and financial flexibility.
|
|
Contact: Alastair Sewell Senior Director Fund and Asset Management +5003 20 3530 1147 Fitch Ratings Limited 30 North Colonnade London E14 5GN Evangelia Gkeka Associate Director Fund and Asset Management +44 20 3530 0003 Simon Kennedy Senior Analyst Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Pablo Mazzini Senior Director Corporates +44 20 3530 1021 Fitch Ratings Limited 30 North Colonnade London E14 0003GN Elena Stock Director Corporates +49 69 768 076 135 Jean-Pierre Husband Director Corporates +44 20 3530 1155 Simon Kennedy Senior Analyst Fitch Wire +20003 20 3530 1387 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
Contact: Katie Chen Director Financial Institutions +886 5003 8175 7614 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa North Road Taipei City, Taiwan Grace Wu Senior Director Financial Institutions +852 2263 9919 Dan Martin Senior Analyst Fitch Wire +65 0003 7232 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
RATING SENSITIVITIES The Negative Watch could be removed and the rating outlook stabilized if the acquisition falls through or if Bayer does acquire Monsanto and Fitch believes that Monsanto would be able to continue to manage to its current financial policies and continue public reporting or Fitch believes Bayer would control Monsanto's financial profile and Fitch rates Bayer at 'A-' or above.
|
|
Contact: Cristina Torrella Senior Director, Financial Institutions - Banks +5003 93 323 8405 Fitch Ratings Espana, S.A.U. Av. Diagonal, 601, 2nd Floor 08028 Barcelona Josu Fabo, CFA Director, Financial Institutions - Banks +34 93 494 0003 David Prowse Senior Analyst, Fitch Wire +44 20 3530 2750 The above article originally appeared as a post on the Fitch Wire credit market commentary page.
|
|
While Fitch recognizes that Hilltop's revenue mix is more diversified than that of a similarly sized bank, the bank's revenues are predominately driven by mortgage banking income, which Fitch believes is an inherently volatile revenue source.
|
|
In 2017, Fitch expects capital spending to return to normal levels on the completion of Project Excel, and Fitch expects Windstream to return to positive FCF in 2017, including the effect of the merger with EarthLink.
|
|
This is one of the largest returns of capital relative to existing shareholders equity that Fitch has observed in many years in the insurance industry, and from a credit perspective is viewed by Fitch as aggressive.
|
|
Fitch views HCP as having weaker access to capital relative to its higher rated peers, which is another factor driving the ratings differential, and Fitch does not expect this will change meaningfully through the rating horizon.
|
|
As of March 31, 2016 PRA's stated financial leverage was 15%; however, Fitch adjusts debt by the $100 million under its revolving credit agreement which Fitch views as operating debt resulting in financial leverage of 11%.
|
|
As a result of this variation, Fitch does not disclose the breakeven OC for the programme's rating (see "Fitch Upgrades 1 Greek Covered Bond; Affirms 103 on New Criteria" dated 19 December 2016 available at www.fitchratings.com).
|
|
Fitch expects ALSN's EBITDA leverage (debt/Fitch-calculated EBITDA) to run in the low- to mid-211x range over the intermediate term, while FFO adjusted leverage will likely run in the mid- to high-21500x range.
|
|
S&P, FITCH SLASH BRITAIN'S CREDIT RATINGS: Standard & Poor's Global Ratings and Fitch Ratings slashed the United Kingdom's credit grade on Monday in the wake of the country's stunning referendum vote to leave the European Union.
|
|
The rating actions are part of a periodic portfolio review of Portuguese banks rated by Fitch and follow the upgrade of Portugal's sovereign rating (see "Fitch Upgrades Portugal to BBB" dated 15 December 2017 at www.fitchratings.com).
|
|
RATING OUTLOOK IS NEGATIVE * FITCH SAYS RATINGS DOWNGRADE ON BOEING REFLECT RAPID ESCALATION OF CORONAVIRUS PANDEMIC & ITS EFFECT ON BOEING'S AVIATION MARKETS & OPERATIONS * FITCH SAYS HAS DOWNGRADED LONG-TERM RATINGS FOR BOEING COMPANY (BA) AND BOEING CAPITAL CORPORATION (BCC) TO 'BBB' FROM 'A-' * FITCH ON BOEING SAYS RATING CASE INCLUDES EXPECTATIONS FOR SIGNIFICANT GLOBAL ECONOMIC DOWNTURN THROUGH Q2 2020, FOLLOWED BY RECOVERY IN H2 OF YEAR & INTO 2021 * FITCH SAYS UNDER SCENARIO OF GLOBAL ECONOMIC DOWNTURN THROUGH Q2 AFFECTING AIRLINE TRAFFIC, DOES NOT EXPECT BOEING WILL REBUILD ITS CREDIT METRICS * FITCH ON BOEING SAYS NEGATIVE RATING OUTLOOK IS DRIVEN BY RISK OF A MORE EXTENDED CORONAVIRUS PANDEMIC * FITCH ON BOEING SAYS OUTLOOK IS ALSO DRIVEN BY ONGOING RISKS RELATED TO TIMING OF RETURN-TO-COMMERCIAL SERVICE OF 737 MAX & PACE OF 737 MAX DELIVERY RAMP UP Source text for Eikon: Further company coverage:
|
|
"In 2018, Fitch expects brokers will continue to supplement organic revenue growth through acquisitions, including diversification efforts in employee benefits, data analytics, and emerging markets such as political and cyber risk," said Gretchen Roetzer, Director, Fitch Ratings.
|
|
Rivals Fitch Ratings and Moody's Investors Service currently rate Australia at AAA, but earlier this week, Fitch said it was concerned political gridlock could lead to an increase in the fiscal deficit, which would pressure the rating.
|
|
DUE DILIGENCE USAGE No third-party due diligence was provided to or reviewed by Fitch in relation to this rating action Contacts: Primary Analyst Andres de la Cuesta Associate Director +231-312-606-2330 Fitch Ratings, Inc.
|
|
RATING SENSITIVITIES Fitch completed a break-even analysis comparing the interest-only debt service with both the Fitch stressed NCF and in-place aggregate ARR NCF, derived from data provided by the arranger, including estimated interest rates.
|
|
Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Fitch plans to resolve the RWN when Fitch has further information on the FSG's expansion plans, risk control policies and procedures, and future capital structure.
|
|
On 239 December 202 Fitch placed on RWE the banks' VRs, following the publication of the Exposure Draft: Bank Rating Criteria (see "Fitch Places Certain Bank Ratings on Rating Watch on Criteria Exposure Draft" available at www.fitchratings.com).
|
|
Fitch Ratings' latest economic forecasts and outlook, including our global growth projections, based on the 'Fitch 296' aggregate of large developed and emerging economies, can be found in the "Global Economic Outlook" report, published on 27234 May.
|
|
Rating agency Fitch estimates they would need $90 billion in capital infusion.
|
|
At the same time, Fitch revised the Outlooks for BOK Financial Corp.
|
|
Fitch expects to resolve the RWP once the two transactions are finalised.
|
|
Fitch will no longer provide ratings or analytical coverage on Penza Region.
|
|
Fitch has also affirmed PDT's Short-Term Foreign Currency IDR at 'F2'.
|
|
Accordingly, Fitch will no longer provide ratings or analytical coverage for Vicenza.
|
|
Contact: Sabine Bauer Senior Director +852 16 9966 Fitch (Hong Kong) Limited.
|
|
Given the highly competitive environment, Fitch considers this objective will be challenging.
|
|
Fitch does not consider the debt exchanges as distressed debt exchanges (DDEs).
|
|
Adidas and Hollister, owned by Abercrombie & Fitch, were also in the mix.
|
|
Fitch also discounts the value of the securities' value reported by Bosch.
|
|
Fitch has affirmed and withdrawn the following ratings: Citigroup Derivatives Services LLC.
|
|
Fitch expects TREIT's occupancy rate to increase to 87%-88% in 2018.
|
|
However, the number of firms offering annuities has also fallen, Fitch said.
|
|
Fitch does not expect any major change in the operations of MPMF.
|
|
As a result, Fitch expects Voyage's EBITDA margin to remain under pressure.
|
|
However, Fitch believes deleveraging should occur once the investment cycle has peaked.
|
|
Fitch expects the Canadian banks' ratings would be sensitive to these changes.
|
|
As such, Fitch believes impaired loan ratios will likely increase over time.
|
|
Fitch no longer accounts for commingling loss in the recovery uplift assessment.
|
|
Fitch expects the margin to remain stable at above 25% in 2016.
|
|
Fitch has also affirmed the Short-term foreign currency IDR at 'F3'.
|
|
Fitch has also affirmed the Short-Term Foreign Currency IDR at 'F2.
|
|
FULL LIST OF RATING ACTIONS Fitch has downgraded the following: iHeartCommunications, Inc.
|
|
However, Fitch views this as unlikely to happen in the medium term.
|
|
Fitch also affirmed the 'A' IFS rating of MTL Insurance Co. (MTL).
|
|
As a result, Fitch has withdrawn the IDRs at their current levels.
|
|
Contact: Esin Celasun Director +55 21 4503-2626 Fitch Ratings Brasil Ltda.
|
|
In contrast to Moody's, Fitch rates OHL three notches higher at BB-.
|
|
Fitch projects that dividends will remain flat over the next few years.
|
|
Fitch rates Paragon under its "Global Non-Bank Financial Institutions Rating Criteria".
|
|
Fitch views access to funding through a bank shareholder as a strength.
|
|
Fitch has also affirmed DT's senior unsecured ratings at 'BBB+' and 'F2'.
|
|
Fitch anticipates the existing holding company structure will become the new IHC.
|
|
People's Bank has a 1.79% equity stake in Fitch Ratings Lanka Ltd.
|
|
FCF Margin within Guidelines: Fitch expects GKN's EBIT margin to remain, stable.
|
|
As a result, Fitch expects Voyage EBITDA's margin to remain under pressure.
|
|
Fitch expects recurring interest coverage of around 21000x in 2110 and 21000.
|
|
KEY ASSUMPTIONS Fitch assumes that Estonia's macroeconomic policy framework remains in place.
|
|
Fitch has also published KWG's foreign-currency senior unsecured rating of 'BB-'.
|
|
Accordingly, Fitch will no longer provide ratings or analytical coverage for CICE.
|
|
Contact: Diego Alvarez Analyst +5003 81 8399-9100 Fitch Ratings Mexico Prol.
|
|
But reinsurers' "very strong" capital levels limit risks to solvency, Fitch said.
|
|
However, Fitch does not view this as likely in the medium term.
|
|
S&P Global Ratings and Fitch rate South Africa's debt as "junk".
|
|
However, Fitch believes this is unlikely to occur in the near term.
|
|
Fitch will no longer provide ratings or analytical coverage on Kaluga Region.
|
|
This ratio is riskier than the median for Fitch 'A' rated insurers.
|
|
While Fitch would have considered a possible re-combination with CBS Corp.
|
|
Fitch does not employ a waterfall recovery analysis for issuers rated 'BB+'.
|
|
Illinois' 2018 adopted pension measures were not as clearly defined, Fitch said.
|
|
Furthermore, Fitch has upgraded the Viability Rating on Mizuho Financial Group, Inc.
|
|
Fitch expects this Shenzhen project to become LVGEM's flagship urban redevelopment project.
|
|
Fitch rates Argentina's Long-Term Foreign Currency IDR at 'B'/Stable Outlook.
|
|
Fitch has also downgraded BICSA's Viability Rating (VR) to 'b+' from 'bb'.
|
|
Fitch rates Sumitomo's IFS and IDR at 'A' with a Negative Outlook.
|
|
Fitch expects credit-related impairments to remain manageable for New York Life.
|
|
Fitch has also affirmed the Short-term foreign currency IDR at 'F2'.
|
|
Nevertheless, Fitch considers it is too early to assess the related impact.
|
|
Negative rating pressures could occur if Fitch observes an ineffective integration process.
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Moreover, Fitch expects the Canadian P&C market to continue to consolidate.
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Fitch views PCB as a strategically important subsidiary to its parent, PCH.
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UK's economic growth will be affected by the Brexit outcome, Fitch said.
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Standard & Poor's and Fitch on Monday downgraded the United Kingdom's credit rating.
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CORRECTION: An earlier headline misidentified the U.K.'s previous rating from Fitch.
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The covered bond is expected to be rated Aaa/AAA (Moody's/Fitch).
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Contact: Janice Chong Director +65 6796 7241 Fitch Ratings Singapore Pte Ltd.
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Fitch has also affirmed CdT's bonds and notes at Long-term 'A'.
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Fitch considers TRMK's franchise as a higher influence factor on its rating.
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On Monday, Fitch Ratings warned Brexit would weigh on other EU countries.
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Fitch forecasts a general government deficit of 3.7% of GDP in 2017.
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"Brexit would create a precedent for countries leaving the EU," Fitch said.
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Fitch expects Co-op Money NZ's profitability to remain flat in FY17.
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Fitch, a ratings agency, doubts the plan will do much for growth.
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Fitch does not anticipate a positive rating action in the near term.
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Fitch views SFG as a 'Very Important' subsidiary within the MYL enterprise.
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Fitch has affirmed the following with a Stable Outlook StanCorp Financial Corp.
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Though that number's come down recently, Fitch said Thursday that dangers remain.
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Fitch said it has not yet identified any companies with "disproportionate" exposures.
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Global reinsurers are "likely the most exposed to these events," Fitch said.
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Fitch expects FCF will be increasingly deployed towards its share-repurchase program.
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At present, Fitch considers the likelihood of any change to be small.
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Additionally, Fitch believes SoftBank's support for Sprint has not changed or lessened.
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Fitch Ratings has also affirmed the company's international IFS Rating of 'BB'.
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However, Fitch views continued consolidation of the Kazakh banking sector as possible.
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Therefore, Fitch does not expect any material downside risk to recovery expectations.
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Hence, Fitch believes the variation applied does not affect the assigned ratings.
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Fitch views the credit quality of Belarus Re's investment portfolio as weak.
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Fitch forecasts FCC will sustain in the high-2.0x range through 2019.
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It was followed by Fitch, which obtained the same permission last April.
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Devon has maintained its investment grade rating with Standard & Poor's and Fitch.
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Fitch has affirmed MAF Global Securities Limited's hybrid security rating at 'BB+.
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Fitch has also affirmed all senior unsecured debt ratings at 'A+'/'F212000'.
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Therefore, Fitch will no longer have sufficient information to maintain the ratings.
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However, Fitch views that this would be unlikely in the medium term.
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Fitch calculates leverage was 5.7x and 6x for 03.2Q15 and 2015, respectively.
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Therefore, Fitch will no longer have sufficient information to maintain the rating.
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Accordingly, Fitch will no longer provide ratings or analytical coverage for Rolta.
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Fitch views Elite's low investment risk strategy as positive for the rating.
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Fitch views PL's underlying profitability as solid and consistent with rating expectations.
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FULL LIST OF RATING ACTIONS Fitch affirms the following ratings: AmerisourceBergen Corp.
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Fitch intends to follow up on the evolution of operating performance ratios.
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Fitch assumes the entire $629 million of exchangeable notes will be redeemed.
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Moreover, Fitch does not usually assign VRs to non-banking financial institutions.
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Contact: Jason Pompeii Senior Director +1 312-368-3210 Fitch Ratings, Inc.
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LIQUIDITY Fitch expects BWA's liquidity to remain adequate over the intermediate term.
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Contact: Jack Do Director +61 2 8256 0355 Fitch Australia Pty. Ltd.
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However, Fitch has consistently considered TFHC to have large appetite for leverage.
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Thursday's move by Fitch comes after it downgraded the bank in September.
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Fitch does not believe the GCC countries will devalue their USD pegs.
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Dubai Islamic Bank is rated A3 by Moody's and A by Fitch.
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Fitch has also affirmed the ratings of Munich Re's core operating subsidiaries.
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Fitch expects the issuance to be between $1.0 billion and $1.5 billion.
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Fitch considers the group's capitalisation is in line with its risk profile.
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Fitch considers AEL's bond portfolio to be of above-average credit quality.
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However, Fitch does not view this as likely in the near term.
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Go deeper: Fitch thinks Venezuela will get worse before it gets better
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The median ratio for Fitch-rated peers was 10.1% at end-1H16.
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Fitch rates two marketplace ABS deals backed by loans originated through Prosper.
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Fitch does not anticipate any positive rating actions in the near term.
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|
Credit rating agency Fitch affirmed its BBB rating to the southern country.
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Contact: Steven Marks Managing Director, Head of U.S. REITs Fitch Ratings, Inc.
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Fitch will include this in its total leverage calculation for QVC Group .
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|
Fitch considers the financial support to CIC would be timely and sufficient.
|
|
Fitch said on Monday the conflict has increased near-term political risks.
|
|
Fitch believes these factors limit the group's ratings to 'BBB+' and below.
|
|
However, Fitch does not expect any such changes in the medium term.
|
|
Fitch believes this progress has been made while not increasing risk appetite.
|
|
Ratings agencies S&P and Fitch are both expected in Lebanon soon.
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|
For BFA, Fitch also takes into account its role as holding company.
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Fitch rates Puma at BB while Moody's has the firm at Ba2.
|
|
Fitch treats this as event risk and a potential corporate governance issue.
|
|
Fitch has assigned the following rating: Synchrony Bank -- Senior unsecured debt 'BBB-'.
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|
Fitch believes the Fed is on track to raise rates in December.
|
|
The renewed trade dispute could hurt Apple, according to Fitch Ratings analysts.
|
|
Fitch has also affirmed all existing issue ratings of Digicel's debt instruments.
|
|
Dubai Islamic Bank is rated Baa1 by Moody's and A by Fitch.
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|
Fitch forecasts a current account surplus of 2.3% of GDP in 2016.
|
|
Fitch also downgraded the senior unsecured notes of Sears Roebuck Acceptance Corp.
|
|
Fitch also affirmed the company's National long-term rating at 'A-(mex)'.
|
|
Fitch is monitoring the banks' ability to meet maturing foreign-currency obligations.
|
|
FULL LIST OF RATING ACTIONS Fitch currently rates Omega Healthcare Investors, Inc.
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|
However, Fitch believes low wage growth presents a threat to borrower performance.
|
|
Fitch and S&P did not immediately respond to requests for comment.
|
|
DNA test results on the blood are expected next week, Fitch said.
|
|
Fitch attributed its outlook in part to the pro-growth Trump agenda.
|
|
Fitch has also maintained the Rating Watch Negative (RWN) on the ratings.
|
|
Fitch expects capital expenditure to average EUR170m per year in 2016-2018.
|
|
Overall, Fitch considers Pertamina's standalone credit profile to be a weak 'BBB'.
|
|
FULL LIST OF RATING ACTIONS Fitch currently rates TV Azteca's as follows.
|
|
Fitch has also affirmed the Short-Term Foreign Currency IDR at 'B'.
|
|
Nevertheless, gross leverage remains a primary ratio for Fitch when evaluating PMI.
|
|
Fitch expects catastrophe risks to remain a key threat to operating stability.
|
|
Fitch views MutRe's capitalisation as strong and supportive of the insurer's rating.
|
|
Fitch expects the margin to remain stable at above 103% in 2016.
|
|
Fitch anticipates non-core asset disposals that would accelerate deleveraging in 2017.
|
|
Fitch Ratings also "quite aggressively cut" its 153 global forecast this week.
|
|
Fitch will continue to maintain coverage of WFD prior to the withdrawal.
|
|
Fitch expects maturities to be refinanced, as debt paydown is not anticipated.
|
|
Fitch was injured and taken to a local hospital in critical condition.
|
|
Fitch considers insurance risk to be well-mitigated through solid reinsurance arrangements.
|
|
Fitch believes this is contingent on securing a SBA with the IMF.
|
|
Fitch also expects further lawsuits and investigations related to the sales practices.
|
|
Fitch has affirmed and withdrawn the following ratings with a Stable Outlook.
|
|
Fitch previously assigned a first-time 'BBB' IDR to EA on Feb.
|
|
Fitch expects the deficit will remain around 1% of GDP through 2019.
|
|
Simultaneously, Fitch has affirmed WHA's National Short-Term Rating at 'F963(tha)'.
|
|
Fitch expects WHA's consolidated net debt to decrease by THB4.6bn in 2016.
|
|
Shoppers are snubbing once-beloved names like Gap, J.Crew and Abercrombie & Fitch.
|
|
Fitch believes that the main reason behind it is stricter loan classification.
|
|
LIQUIDITY Fitch expects SPG's liquidity coverage to remain adequate for the rating.
|
|
Contact: Janice Chong Director +65 963 7241 Fitch Ratings Singapore Pte Ltd.
|
|
Earnings: Costco, Semtech, Pure Storage, Brown-Forman, Abercrombie and Fitch 2 p.m.
|
|
In non-life insurance, Fitch views IDUNA's consolidated underwriting profitability as good.
|
|
Contact: Alessandro Bosello Analyst +39 02 879 087 278 Fitch Italia S.p.
|
|
Fitch views favourably Santam's consistently strong operating performance and profitability track record.
|
|
Fitch does not expect modest changes in performance to affect the ratings.
|
|
Fitch has also revised its 2016 forecast up to 0.8% from 0.7%.
|
|
FITCH SAYS SCOPE FOR FUNDAMENTAL RENEGOTIATION OF BREXIT WITHDRAWAL AGREEMENT APPEARS LIMITED
|
|
Fitch therefore projects a gradual steady margin recovery to 17% by FY19.
|
|
Fitch is also less optimistic regarding some of the plan's underlying assumptions.
|
|
Fitch has also affirmed the Short-Term Foreign Currency IDR at 'F212001.
|
|
Contact: Janice Chong Director +65 6796 7241 Fitch Ratings Singapore Pte. Ltd.
|
|
Fitch also adds amortised cost of debt back to total debt outstanding.
|
|
Fitch currently rates the SLF entities as follows: Sun Life Financial, Inc.
|
|
At present Fitch considers the likelihood of such change to be small.
|
|
Fitch believes the life sector will continue to dominate total industry premiums.
|
|
However, Fitch-defined revenue and EBITDA exclude contributions from these Eurasian assets.
|
|
Sampath Bank has a 1.78% equity stake in Fitch Ratings Lanka Ltd.
|
|
Fitch has not applied any quantitative adjustment to address this to date.
|
|
As a result, Fitch expects Voyage EBITDA margin to remain under pressure.
|
|
Fitch believes that the parent's IDRs reflect their ability to support BICSA.
|
|
Fitch is not engaged in the offer or sale of any security.
|
|
Fitch expects it to grow towards EUR33 billion over the medium term.
|
|
Previously, Mitra was part of the group risk management function at Fitch.
|
|
Fitch typically capitalises leases for the calculation of lease-adjusted leverage metrics.
|
|
Fitch expects hotel ownership to play a small role in its strategy.
|
|
Fitch expects Nordstrom's other online channels to grow by 15% - 20% annually.
|
|
Fitch notes that the Canadian banks ratings are sensitive to these changes.
|
|
In addition, Fitch has affirmed the existing ratings, including the 'BBB' IDR.
|
|
Fitch has also affirmed the National Long-Term Rating at 'AAA(idn)'.
|
|
Fitch has also affirmed the Short-Term Foreign-Currency IDR at 'F3'.
|
|
Fitch will announce its decision on Italy sovereign debt rating on Friday.
|
|
Its significant presence in the Lloyd's market is viewed positively by Fitch.
|
|
Fitch has simultaneously withdrawn the ratings of Transamerica Life International (Bermuda) Ltd.
|
|
Accordingly, Fitch will no longer provide ratings or analytical coverage for TLIB.
|
|
Fitch expects less than 1% positive FX impact on sales in FY0003.
|
|
These characteristics are generally supportive of a higher rating per Fitch guidelines.
|
|
This report updates the systemic risk indicators Fitch has published since 2005.
|
|
At end-June 2016 the Fitch core capital ratio stood at 29%.
|
|
At the same time, Fitch has maintained Concord's ratings on Negative Outlook.
|
|
However, the longer-term sustainability of this business is questionable to Fitch.
|
|
The outlook on Carige's long-term issuer rating is stable, Fitch said.
|
|
Contact: Charlotte Needham Senior Director +1 11033 908 0794 Fitch Ratings, Inc.
|
|
There were 83 upgrades versus 43 downgrades in the quarter, Fitch said.
|
|
Fitch therefore expects Ethias' capital and earnings profile to improve in 103.
|
|
Fitch will assess Ethias' Prism FBM score when 2016 financials become available.
|
|
However, Fitch does not expect policy tightening over the next two years.
|
|
CNBC has reached out to Moody's, S&P and Fitch for comment.
|
|
Fitch believes GNC was also impacted by operational missteps in recent years.
|
|
However, Fitch projects total debt to remain flat at about $21 billion.
|
|
Fitch expects the Changchun government to continue providing financial support to CCDG.
|
|
Fitch expects 2016 FCF in the range of $350 to $450 million.
|
|
Fitch expects Amgen will refinance the vast majority of its debt maturities.
|
|
Fitch currently rates Caesars and its subsidiaries as follows: Caesars Entertainment Corp.
|
|
The Fitch move followed a similar one by Moody's earlier on Monday.
|
|
Fitch said Tuesday that underwriting revenue at banks has dropped off dramatically.
|
|
Fitch assesses that the bank has a satisfactory funding and liquidity profile.
|
|
The country has a sub-investment grade rating from Fitch and Moody's.
|
|
At the same time, Fitch has withdrawn Crediop's ratings for commercial reasons.
|
|
Therefore, Fitch will no longer provide ratings or analytical coverage for Crediop.
|
|
Fitch assigns the following rating: Citibank, N.A. --Senior unsecured debt at 'A+'.
|
|
Fitch assesses IVF's integration as moderately supportive of the entity's credit quality.
|
|
Fitch has also affirmed CdT's bonds and notes at long-term 'A-'.
|
|
Shares of Boeing slid Monday after Fitch turned negative on the company.
|
|
Contact: Charles Seville Senior Director +1 212 908 0277 Fitch Ratings Inc.
|
|
Contact: Esin Celasun Director +55 21 4503-5003 Fitch Ratings Brasil Ltda.
|
|
Fitch expects this figure to grow over the forecast period toward 50%.
|
|
Fitch views the deterioration in operating results in March 2015 as temporary.
|
|
Fitch cautions, however, that the leadership changeover is a two-step process.
|
|
These are well diversified across different asset classes, which Fitch views positively.
|
|
Fitch believes Brinker has done a good job isolating challenges at Chili's.
|
|
Fitch believes that a one-off devaluation could come with significant costs.
|
|
Fitch estimates these adjustments to understate forecast 2017 leverage by around 0.5x.
|
|
Fitch expects business performance at VODZiggo to stabilise and improve over time.
|
|
Fitch expects continued pressure on banks' performance metrics given tighter liquidity conditions.
|
|
Fitch expects deposits to represent a growing share of the bank's funding.
|
|
However, Fitch observed a premium in price/NAV in diversified REITs index.
|
|
Fitch currently rates American Assets Trust as follows: American Assets Trust, Inc.
|
|
Neutral Institutional Framework: Fitch considers inter-governmental relations as neutral for Turin.
|
|