Fitch Research

Fitch Affirms Campbell's IDRs at 'A/F#'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings has affirmed the credit ratings of Campbell Soup Company (Campbell's) as follows: --Long-term Issuer...

Fitch Ratifica la Clasificacion de Banchile Vida ## Nov #### #:## PM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings (Fitch) ratifico la clasificacion de riesgo asignada a las obligaciones de Banchile Seguros de Vida S.A....

Fitch Rates NY State Empire State Dev Corp $#.#B PIT Bonds 'AA-'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA-' rating to $#.# billion Empire State Development Corporation...

Fitch confirmo la calificacion del FF Municipalidad Rio Cuarto ## Nov #### #:## PM (EST) Fitch Ratings-Buenos Aires-## November ####: Fitch confirmo la calificacion "A(arg)" a los Valores Representativos de Deuda Serie I (VRD) por VN...

Fitch confirmo calificacion de bonos de la Provincia de Formosa ## Nov #### #:## PM (EST) Fitch Ratings-Buenos Aires-## November ####: Fitch confirmo la categoria BBB-(arg), Perspectiva Estable, a los Titulos de Deuda Provincia de Formosa...

Fitch Upgrades CYCL's Ratings to 'A' Following Acquisition ## Nov #### #:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings has upgraded the following ratings of Centennial Communications Corp. (CYCL) and its subsidiaries...

Fitch Rates Beverly Hills, California's $##.#MM #### Lease Revs 'AA+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-San Francisco-## November ####: Fitch Ratings assigns an 'AA+' rating to $##.# million City of Beverly Hills...

Fitch Withdraws Underlying Rtgs on Pre-refunded Minn-St. Paul Metro Airports Comm, MN Airport Revs ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has withdrawn the Minneapolis-St. Paul Metropolitan Airports...

Fitch: Additional CMBS Actions Unlikely as Peter Cooper/Stuy Town Moves to Special Servicing ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings does not expect to take any negative rating actions following...

Fitch Rates Minneapolis, Minnesota's $##.#MM GOs 'AAA'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings has assigned an 'AAA' rating to the City of Minneapolis, Minnesota's (the city) following...

Fitch Ratifica Clasificacion de las Acciones de Ventanas ## Nov #### #:## PM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings ratifico la clasificacion de los titulos accionarios de Puerto Ventanas S.A. (Ventanas) en Primera...

Fitch Upgrades Guthrie Health's (PA) Rev Bonds to 'A+' from 'A', Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has upgraded the $###,###,### outstanding Health Care Facilities Authority...

Fitch Rates Manhattan, Kansas' Special Obligations 'A+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings assigns an 'A+' rating to Manhattan, Kansas' (the city) special obligation revenue...

Fitch Affirms Malibu Loan Fund, Ltd ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed the $###,###,### class B notes issued by Malibu Loan Fund, Ltd at 'CCC'. The affirmation reflects Fitch's...

Fitch Rates Northside ISD, TX's $##.#MM ULT Bonds 'AA'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Austin-## November ####: Fitch Ratings assigns an 'AA' rating to the following series of Northside Independent School District,...

Fitch Rates California Public Works Board $#.#B Lease Revs 'BBB-' ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns a 'BBB-' rating to $#.### billion in lease revenue bonds of the State Public Works...

Fitch Corrects Bond Description on Wayne County, Michigan's $##MM Limited Tax GOs ## Nov #### #:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings corrects the bond description on recently rated Wayne County, Michigan...

Fitch Withdraws Rating on CA Enterprise Dev Auth (Community Hospice), VRDBs Series #### ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings withdraws the long-term and short-term rating assigned to the $#,###,###...

Fitch Ratifica Clasificacion de las Acciones de Fepasa ## Nov #### #:## PM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings ratifico la clasificacion de los titulos accionarios de Ferrocarril del Pacifico S.A. (Fepasa) en...

...As a wholly owned subsidiary of UBS AG (UBS), the recently assigned ratings of UBS Bank USA (UBSB) are linked to those of its parent company, and further augmented by its sound track record, significant levels of liquidity, and solid asset quality. UBSB's operations are closely allied to those of UBS's North American wealth management business, primarily encompassing securities-based lending, FDIC- insured money market deposit and transaction accounts. These are predominantly offered through UBSB's broker-dealer affiliate, UBS Financial Services Inc.(UBS FSI). Earnings are driven by deposit spreads tied to LIBOR, which have materially compressed throughout the economic environment of the past ## months. Mark-to- market impacts in the trading portfolio also affect results. Nonetheless, UBSB has remained profitable, reporting an ROA and ROE of #.##% and #.##% in #H##. Unlike many traditional banks, UBSB's loan portfolio possesses minimal real estate- related credit risk. Given its niche focus,...

... which convened Nov. #­#, #### in Hollywood, FL, featured an industry slowly recovering from the capital market maelstrom of #### while contending with declining sales and an uncertain economic outlook. Absent from this year's proceedings was the palpable sense of doom so evident at last year's conference. Nonetheless, daunting challenges remain. First and foremost, global climate change and greenhouse gas (GHG) legislation, which could be enacted in ####, is likely to present enormous challenges to the industry, as more costly technologies will likely be required to comply with anticipated reductions in emissions. Investment in renewable generation and related transmission and non-intermittent generating capacity, smart grid, and clean coal technologies are likely to keep capital budgets high for the foreseeable future. Thus, industry executives are focused on effective execution of strategies designed to engage climate change solutions, while...

...Northside Independent School District benefits from its location in the larger San Antonio metro area. The district's service area is characterized by a large and diverse employment base. Although more recently slowed in fiscal ####, high levels of residential and commercial development have historically fueled strong taxable assessed valuation (TAV) growth. Prospects for continued rapid tax base growth are positive, helping to minimize the tax rate impact of the district's record-size bond authorization and further authorizations. The district continues to exhibit consistently strong financial management and performance within a rapid enrollment growth environment. Very large growth-related capital needs have resulted in high debt levels, although voters have consistently approved the district's large bond authorizations. Over time, state support for outstanding debt has declined notably due to rapid TAV growth, further increasing residents' debt burden. Only one-half built-out, the district's...

...Fitch Ratings affirmed Burger King's ratings as follows: long-term issuer default rating (IDR) at `BB'; secured bank credit facility at `BB+'. The Rating Outlook has been revised to Stable from Positive. At Sept. ##, ####, Burger King had approximately $### million of debt, most of which is secured. Burger King's ratings reflect its positive free cash flow (FCF) generation, competitive position in the quick service restaurant (QSR) sector, and improving system-wide operating infrastructure. The company is making noticeable progress with guest satisfaction and is implementing longer competitive hours of operation. The ongoing rollout of its flexible batch broiler will foster the continued launch of additional products in order to help drive traffic. Burger King is also reinvesting in company-operated restaurants by remodeling units. The company has generated annual average FCF (defined as cash flow from operations less capital expenditures and dividends) of approximately $## million since...

Fitch Takes Rating Actions on Five BBVA SME CDOs; Off RWN ## Nov #### ##:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today taken various rating actions on five collateralised debt obligations (CDOs) of small-...

Fitch Rates Poland's Samurai Bond Issues 'A-' ## Nov #### ##:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today assigned the Republic of Poland's upcoming #-year JPY##.#bn and #-year JPY##.#bn sovereign bond issues...

Fitch Rates Virginia Beach, Virginia's GOs 'AA+'; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA+' rating to Virginia Beach, Virginia's (the city) approximately $##.# million...

Fitch Rates Memphis, Tennessee's $##MM #### Sanitary Sewer Revs 'AA-'; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA-' rating to the city of Memphis, Tennessee's $## million...

Fitch Rates Entergy Texas Restoration Funding, LLC ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: : Fitch rates the senior secured transition bonds issued by Entergy Texas Restoration Funding, LLC as listed below:...

Fitch Rates Higher Education Loan Authority of the State of Missouri, Series ####-# ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has assigned ratings to the Higher Education Loan Authority of the...

Fitch Rates Telmex US$###MM Notes Due #### 'A-' ## Nov #### ##:## PM (EST) Fitch Ratings-Monterrey-## November ####: Fitch Ratings has assigned Telefonos de Mexico, S.A.B. de C.V.'s (Telmex) US$### million #.#% senior notes due ####...

Fitch Rates Morgan Stanley Re-Remic Trust ####-IO ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch rates Morgan Stanley Re-Remic Trust ####-IO, commercial mortgage pass-through certificates as follows: --$###,###,###...

Fitch modifica la perspectiva crediticia a "estable" del Municipio de Solidaridad, QR ## Nov #### ##:## PM (EST) Fitch Ratings-Monterrey-## November ####: Fitch Ratings ratifico la calificacion de A(mex) 'A en la escala nacional' correspondiente...

Fitch Assigns 'A+' to Anchorage Muni Light & Power (AK) Electric Revs; Outlook Stable ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'A+' rating to Anchorage Municipal Light and Power, Alaska's...

Fitch califica en 'BB(mex)' a Caja Popular La Providencia ## Nov #### #:## PM (EST) Fitch Ratings-Monterrey-## November ####: Fitch Ratings asigno la calificacion corporativa de 'BB(mex)' para el mediano y largo plazo y de 'B(mex)' para...

Fitch Rates Bethel, Connecticut's #### GOs 'AA' & GO BANs 'F#+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA' rating to the town of Bethel, Connecticut's $##.# million...

Fitch Affirms Cottage Health System's (CA) Ratings at 'AA-/F#+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-San Francisco-## November ####: Fitch Ratings has affirmed its 'AA-' long term rating on approximately $###.# million...

Fitch Affirms Life Care Ponte Vedra, Florida's Bonds at 'BBB'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed the 'BBB' rating on approximately $##.# million of Life Care...

Fitch Downgrades CajaCanarias's IDR to 'A-'; Outlook Stable; Affirms Individual 'B/C' ## Nov #### ##:## AM (EST) Fitch Ratings-London/Barcelona-## November ####: Fitch Ratings has today downgraded Caja General de Ahorros de Canarias's...

Fitch Conference: Commercial Real Estate Decline & Negative Credit Effects; Muni Market Downturn ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings will host its annual Morning Credit Brief Conference on...

Fitch Downgrades EuroProp (EMC-VI) S.A. CMBS Notes ## Nov #### ##:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today downgraded EuroProp (EMC-VI) S.A.'s A to F note classes. The rating actions are as follows:...

Fitch Affirms # Classes from Mississippi HE Assistance Corp, #### Master Trust; Assigns Outlook ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms the senior student loan notes of the Mississippi...

Fitch Affirms Denel at 'AA(zaf)'; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-London/Johannesburg-## November ####: Fitch Ratings has today affirmed Denel (Pty) Ltd's (Denel) National Long-term ratings at 'AA(zaf)' and National...

Fitch Revises Speare Memorial Hospital's (NH) Rev Bond Outlook to Stable; Affirms Rating at 'BBB-' ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings revises the Rating Outlook to Stable from Positive on...

...Caja de Ahorros y Monte de Piedad de Extremadura's (Caja Extremadura) ratings reflect its strong franchise in its home province, proactive management, strong liquidity and operating profitability, sound capitalisation, and healthy asset quality indicators. The ratings also take into account the caja's modest size and risk concentration ­ both regionally and in the Spanish property sector....

...Caja de Ahorros y Monte de Piedad de Extremadura's (Caja Extremadura) ratings reflect its strong franchise in its home province, proactive management, strong liquidity and operating profitability, sound capitalisation, and healthy asset quality indicators. The ratings also take into account the caja's modest size and risk concentration ­ both regionally and in the Spanish property sector....

...Nevada is among the states hardest hit by the national recession. Over the past year, employment declined almost as rapidly as it had been increasing, and unemployment levels are very high; gaming and related tourist activities are negatively affected, with year-over-year declines in visitors and gaming-related revenues. Nevada leads the nation in housing value declines and mortgage delinquencies. There are indications that the economy is beginning to stabilize initial jobless claims are abating, housing is finding a price floor, and a major Las Vegas project is opening. The declining economy has had a severe impact on the state's financial operations, with economically sensitive revenues falling dramatically. The state spent down its rainy day fund in fiscal years #### and #### and started the fiscal ####­#### biennium with minimal reserves. Budget balancing solutions include $# billion in new revenues, deep budget cuts, and use of federal stimulus funds. The state has a conservative...

...Banco do Brasil S.A.'s (BB) IDRs are the same as those of the sovereign and, like the National Ratings, reflect the bank's ownership by the Brazilian state, and systemic importance. BB's Individual Rating reflects its robust franchise, with activities still expanding. With a broad and diversified deposit base, the bank once more demonstrated during the subprime crisis its traditional role as a safe haven. Its Individual Rating is constrained by the quality of its capital base and operational performance. Although operating profit generation has improved since ####, BB's results have been affected by nonrecurring earnings and high provisioning since ####. The capital base also remains under pressure from the significant business leverage and material volume of intangible assets....

...Banco do Brasil S.A.'s (BB) IDRs are the same as those of the sovereign and, like the National Ratings, reflect the bank's ownership by the Brazilian state, and systemic importance. BB's Individual Rating reflects its robust franchise, with activities still expanding. With a broad and diversified deposit base, the bank once more demonstrated during the subprime crisis its traditional role as a safe haven. Its Individual Rating is constrained by the quality of its capital base and operational performance. Although operating profit generation has improved since ####, BB's results have been affected by nonrecurring earnings and high provisioning since ####. The capital base also remains under pressure from the significant business leverage and material volume of intangible assets....

...Safeway Inc. (Safeway) benefits from its broad geographic presence and strong market positions as one of the largest supermarket operators in the U.S., with #,### stores located primarily in the West, Chicago, and Mid-Atlantic regions as well as western Canada. The company has No. # or No. # market shares in many of its largest markets and has made significant investments in its store base since ####, with ##% of the stores under the "Lifestyle" format at the end of the third quarter of ####. Safeway has also invested in merchandising initiatives to improve its perishables and private-label brands....

...La calificación de las ONs garantizadas de CTLLL refleja el desempeño operativo y financiero esperado, y la calidad del activo una vez completada la construcción y puesta en marcha del ciclo combinado previsto para julio ####. La calificación contempla la garantía personal de Pampa Energía S.A. (PAMPA) y la existencia de una cuenta de reserva destinada al pago de intereses; ambos factores, que se mantendrán vigentes hasta el inicio de la operación comercial, morigeran el riesgo de construcción y permitirían afrontar los servicios de intereses mandatorios durante esta etapa. De esta manera, los flujos operativos generados durante el período de construcción permitirían cubrir el servicio de deuda asumiendo que la compañía ejerce la opción de diferir hasta el inicio de la operación comercial una porción de sus costos financieros y cualquier sobrecosto es soportado por Pampa. Como contraparte, la calificación se encuentra limitada por el riesgo regulatorio y por la exposición a la volatilidad...

...The transaction is a direct assignment of a pool of used and new commercial vehicles (CVs) originated by Shriram Transport Finance Company Ltd. (STFCL, rated `AA(ind)'/Stable/`F#+'. The transaction has a premium structure. The expected ratings are based on the quality of the collateral, the originating and servicing capabilities of STFCL, the financial structure of the transaction and the available credit enhancement and liquidity facility. The expected rating of the purchaser payouts addresses the timely payment of interest and timely payment of principal by the scheduled maturity date, in accordance with the transaction documentation. The expected rating of the second loss credit facility addresses the ultimate payment of principal by the scheduled maturity date in accordance with the transaction documentation. The Loss Severity Rating indicates the relative degree of risk of a high loss severity in the event of default....

...Pitt County's current debt levels are moderately low, although rapid population growth and the associated capital needs could augment the county's debt burden. The county exhibits solid reserve levels and controlled expenditure growth after high reserves early in the decade were depleted by planned drawdowns for both operating and capital expenses. Sound economic fundamentals reflect the county's role as one of two regional hubs, although wealth indicators are below average, and unemployment is above the national average. Limited obligation bonds (LOBs) contain solid legal provisions, are secured by a lien on essential county property, and are subject to appropriation....

...Carroll County's fiscal operations are well-managed through long-term financial planning and frequent monitoring of revenues and expenditures, resulting in robust reserve levels and healthy financial flexibility. The county's debt burden is moderately low and expected to remain so, given its manageable capital needs and rapid amortization rate. Positive labor force and employment growth and historically low unemployment rates are somewhat offset by a high concentration in the construction sector, a cyclical industry forecast to decline....

...Palomar Pomerado Health (PPH) has good financial and operational management practices. The system possesses a leading market share in a large primary service area. PPH has taxing authority for operations and general obligation bond repayment....

... its good franchise in one of the wealthiest regions of Spain, which supports its stable preimpairment ROAA and deposit base, and improved liquidity and capital levels. The ratings also reflect risk concentration to the real estate and construction sectors, asset quality deterioration and pressure on operating profitability....

... its good franchise in one of the wealthiest regions of Spain, which supports its stable preimpairment ROAA and deposit base, and improved liquidity and capital levels. The ratings also reflect risk concentration to the real estate and construction sectors, asset quality deterioration and pressure on operating profitability....

...Las calificaciones de Tarjeta Naranja (TN) reflejan el crecimiento de su nivel de actividad manteniendo su desempeño dentro de los estándares históricos, con una alta rentabilidad, buena calidad de activos y posición de capital y una holgada liquidez. Los resultados de TN permanecen en niveles elevados, lo que demuestra su capacidad de generar ingresos. Fitch estima que la rentabilidad de la compañía seguirá siendo buena en el mediano plazo, aunque podrían sufrir cierta presión por el deterioro del entorno operativo. TN muestra un sostenido aumento en el nivel de actividad en los últimos años. Sin embargo, se observa una marcada desaceleración del crecimiento en los últimos trimestres y se espera que en el corriente año la cartera se mantenga en niveles estables por la menor demanda y la restricción al crecimiento impuesta por la compañía ante el deterioro del entorno. La calidad de su cartera es satisfactoria, con una irregularidad del #.#% al ##/##/## y una cobertura con previsiones del...

...Status Current (primary servicing) Servicer watchlist No Fitch watchlist No Original Current Change Securitised Whole loan Securitised Whole loan Securitised Whole loan Balance (EURm) ###.# ###.# ###.# ###.# ...

Fitch Affirms Caja Extremadura at 'A-'; Downgrades Individual to 'B/C'; Outlook Stable ## Nov #### #:## AM (EST) Fitch Ratings-London/Madrid-## November ####: Fitch Ratings has today affirmed Caja de Ahorros y Monte de Piedad de Extremadura's...

Fitch: Barloworld's Rating Vulnerable in Depressed Market Conditions ## Nov #### #:## AM (EST) Fitch Ratings-London/Johannesburg-## November ####: Fitch Ratings says Barloworld Limited (Barloworld) is vulnerable to the effects of a delayed...

Fitch Affirms HCL Infosystems' Debt Programme at 'AA-(ind)'/'F#+(ind)' ## Nov #### #:## AM (EST) Fitch Ratings-New Delhi/Mumbai/Singapore-## November ####: Fitch Ratings has today affirmed India's HCL Infosystems Limited's (HCL) National...

Fitch Downgrades & Withdraws # Class of Loan Funding Corp ####-#; # Class PIF ## Nov #### #:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has downgraded and withdrawn its rating on one class of notes issued by Loan...

Fitch Downgrades OJSC Kazanorgsintez to 'RD'; off RWN ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today downgraded Tatarstan-based chemical producer OJSC Kazanorgsintez's (KOS) Long-term Issuer...

Fitch Affirms DTEK at 'B'; Outlook Negative ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today affirmed DTEK Holdings Limited's (DTEK) Long-term foreign currency Issuer Default rating (IDR) at 'B'...

Fitch Assigns India's Responsive Industries' Bank Loan Facilities 'A-(ind)'/'F#+(ind)' ## Nov #### #:## AM (EST) Fitch Ratings-Mumbai/Singapore-## November ####: Fitch Ratings has today assigned India's Responsive Industries Limited...

Fitch: Large German Utilities Retain Dominance despite Asset Redistribution, Downturn ## Nov #### #:## AM (EST) Fitch Ratings-London/Warsaw/Barcelona-## November ####: Fitch Ratings says in a new report on the Germany energy sector today...

Fitch Affirms Spain's Banco Guipuzcoano at 'A-'; Outlook Negative ## Nov #### #:## AM (EST) Fitch Ratings-London/Barcelona-## November ####: Fitch Ratings has today affirmed Banco Guipuzcoano's (Guipuzcoano) ratings at Long-term Issuer...

Fitch Affirms The Netherlands at 'AAA'; Outlook Stable ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today affirmed the Netherlands' Long-term foreign and local currency Issuer Default ratings (IDR)...

Fitch Upgrades Naftogaz to 'CCC'; Assigns Expected Bond Rating of 'B' ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today upgraded Ukraine-based OJSC Naftogaz's Long-term foreign and local currency...

Fitch Affirms # Russian Banks, Changes Outlooks on Alfa, MDM, Nomos to Stable ## Nov #### #:## AM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today affirmed the Long-term Issuer Default Ratings of six Russian...

Fitch Rates Acron's RUB#.#bn Notes Issue Senior Unsecured 'B+' ## Nov #### #:## AM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today assigned Russia-based fertiliser producer JSC Acron's (Acron) RUB#bn domestic...

Fitch Affirms State of Israel at 'A'/'A+'; Outlook Stable ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today affirmed the State of Israel's Long-term Foreign and Local Currency Issuer Default Ratings...

Fitch Upgrades # and Affirms ## Crusade RMBS Tranches ## Nov #### #:## PM (EST) Fitch Ratings-Sydney/Taipei/Singapore-## November ####: Fitch Ratings has today upgraded seven and affirmed ## classes of notes from nine Crusade Series...

Correction - Fitch Rates India's Capital Power Infrastructure Ltd 'BB-(ind)'/'F# (ind)' ## Nov #### ##:## AM (EST) Fitch Ratings-New Delhi/Mumbai/Singapore-## November ####: This announcement corrects the version published on # November...

Correction - Fitch Assigns 'B+(ind)/F#(ind)' to India's Mayur Electrical Industries Limited ## Nov #### ##:## AM (EST) Fitch Ratings-New Delhi/Mumbai/Singapore-## November ####: This announcement corrects the version published on # November...

Fitch Affirms Singer's Ratings at 'A-(lka)'; Removes RWN and Assigns Stable Outlook ## Nov #### #:## AM (EST) Fitch Ratings-Colombo/Singapore-## November ####: Fitch Ratings has today affirmed the National Long-term rating for Singer...

Fitch Affirms Sumitomo Trust at 'A' & Chuo Mitsui at 'A-' on Consolidation Agreement ## Nov #### #:## AM (EST) Fitch Ratings-Tokyo/Hong Kong/Singapore-## November ####: Fitch Ratings has today affirmed the ratings of Sumitomo Trust &...

Fitch Downgrades Arpeni to 'B-'; Places on Rating Watch Negative ## Nov #### #:## AM (EST) Fitch Ratings-Singapore/Jakarta-## November ####: Fitch Ratings has today downgraded PT Arpeni Pratama Ocean Line Tbk's (Arpeni) foreign and local...

Fitch: European RMBS Performance Seminar; London ## Nov ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings will host a European RMBS performance seminar in London on Tuesday ## November. The event will be...

...Banco Popolare's (BP) ratings are based on its position as the fourthlargest bank in Italy, its strong franchise in some of Italy's wealthiest regions and its good potential to improve core operating revenue and efficiency. They also reflect the bank's only acceptable asset quality, which has deteriorated, partly due to the acquisition of Banca Italease (Italease; rated Longterm IDR `BBB+' Rating Watch Negative), and tight capitalisation....

...Aluminum Corporation of China Limited's (Chalco) ratings reflect the strong linkage between both Chalco and its parent Aluminum Corporation of China (Chinalco) -- and between Chinalco and its owner, the state. Fitch Ratings feels it is highly likely that the Chinese government would support Chalco if needed. Fitch therefore adopts a topdown approach, as detailed in the agency's Parent and Subsidiary Rating Linkage methodology; and has notched down the rating of Chalco by four notches from the sovereign's `AA' Local Currency LongTerm IDR to `BBB+'. This improves the standalone ratings of Chalco by several notches....

...Fitch Ratings on ## October #### upgraded the LongTerm IDRs of Baoshan Iron & Steel Co. Ltd (Baosteel) to `A'; as its ratings are supported by the strong financial profile of its parent Baosteel Group Corporation (BGC), as well as by its linkage with the Chinese state, its ultimate owner....

...The ratings of OJSC TATTELECOM (Tattelecom) reflect its stable operational performance and resilient EBITDA generation in the economic downturn. Its EBITDA margin was ##.#% at end#### and is likely to remain above ##% at end ####. The ratings also factor in the company's moderate leverage of #.#x at end#### (net debt/EBITDA; adjusted for the USD/RUB exchange rate changes), which Fitch Ratings expects either to remain at this level or to decline to #.#x at end#### and to decrease afterwards. In addition, the ratings reflect expected positive free cash flow (FCF) from #### due to capex reduction following the completion of the company's network digitisation in ####....

...Sistema Joint Stock Financial Corp.'s (Sistema) portfolio underwent significant transformation in Q###H###, with changes being credit positive or at least credit neutral. These positives have largely addressed refinancing and liquidity pressures at the holding company (holdco) level, which had previously stipulated a Negative Outlook. The disposal of SistemaHals JSC (`CCC'/Rating Watch Negative) cut the group's debt by USD#.#bn and reduced a potential need for supporting this operating company (opco). The acquisition of Bashneft improved free cash flow (FCF) generation in the "unrestricted" part of the group. Although this deal triggered a modest increase in leverage, it was accompanied by a lengthening debt maturity profile. The sale of Sistema's controlling interest in Comstar to OJSC Mobile TeleSystems (MTS, `BB+'/Stable) upstreamed more than USD#bn of cash to the holdco level, which will greatly reduce short to mediumterm refinancing risks -- and increase flexibility, to provide support...

...In assigning ratings to PJSC Azovstal Iron and Steel Works (Azovstal), Fitch Ratings has applied its parent and subsidiary rating linkage criteria. As Azovstal is ##%owned by METINVEST B.V. (METINVEST, `B'/Negative/`B') and other METINVEST entities, its ratings are therefore driven by the strategic, legal and operational ties to its ultimate parent....

...The ratings reflect Haba Sinai ve Tibbi Gazlar Istihsal Endüstrisi A..'s (Habas) conservative financial policy which is reflected in its historically conservative credit metrics. Over the period from ########, Fitch Ratings expects that Habas will maintain net leverage of (#.#x#.#x) vs an average of #.#x#.#x for international steel peers rated by Fitch....

...The ratings reflect Statkraft As's (Stakraft) solid business profile, which derives from being the leading producer of "green electricity" in Europe and the third largest electricity generator in the Nordic region; and its lowcost, flexible hydropower generation (##% of financial year #### (FY##) capacity), as reflected in its very high EBIDTAR margins of over ##%. While Statkraft's earnings are vulnerable to wholesale price movements, earnings volatility is mitigated by its stable, low cost hydrogeneration, large reservoirs, and the fact that Nordic wholesale electricity (Nord Pool) prices inversely reflect reservoir content. Stakraft's regulated distribution business contributes approximately ##% of EBITDA affording some, though limited earnings stability. The ratings are constrained by the large dividend payment (a dividend payout ratio of around ##%) to the shareholder, the Norwegian state, which, when combined with ongoing capex, precludes the accumulation of cash despite strong cash...

...Fitch confirma la calificación de los los Certificados de Participación (CP) emitidos por el CFA V dado la evolución de las cobranzas y de la morosidad del fideicomiso. Compañía Financiera Argentina S.A. (CFA) ha informado un acuerdo de venta de su paquete accionario en un ##% al Banco de Galicia y Buenos Aires S.A. y el restante ##% a un grupo inversor organizado por Pegasus Capital. El perfeccionamiento del acuerdo de venta se encuentra sujeto a: i) la aprobación del Banco Central de la República Argentina (BCRA) y de la Comisión de Defensa de la Competencia; ii) la inexistencia de leyes u órdenes gubernamentales que prohíban la transferencia, y iii) al cumplimiento por parte del accionista controlante de CFA y de los compradores, de las autorizaciones internas y demás compromisos contractuales asumidos. Dentro del Contrato de Cobro, Administración y Custodia del fideicomiso la pérdida del control accionario de CFA por parte de AIG Group implicará un supuesto incumplimiento; sin embargo,...

...Fitch confirma la calificación de los CP emitidos por el CFA VI dado la evolución de las cobranzas y la morosidad del fideicomiso. Los VDF fueron cancelados el ##.##.####. Compañía Financiera Argentina S.A. (CFA) ha informado un acuerdo de venta de su paquete accionario en un ##% al Banco de Galicia y Buenos Aires S.A. y el restante ##% a un grupo inversor organizado por Pegasus Capital. El perfeccionamiento del acuerdo de venta se encuentra sujeto a: i) la aprobación del Banco Central de la República Argentina (BCRA) y de la Comisión de Defensa de la Competencia; ii) la inexistencia de leyes u órdenes gubernamentales que prohíban la transferencia, y iii) al cumplimiento por parte del accionista controlante de CFA y de los compradores, de las autorizaciones internas y demás compromisos contractuales asumidos. Dentro del Contrato de Cobro, Administración y Custodia del fideicomiso la pérdida del control accionario de CFA por parte de AIG Group implicará un supuesto incumplimiento; sin embargo,...

...Fitch confirma las calificaciones de los VDF (VDF) y los Certificados de Participación (CP) emitidos por el CFA VII dado la evolución de las cobranzas y de la morosidad del fideicomiso. Compañía Financiera Argentina S.A. (CFA) ha informado un acuerdo de venta de su paquete accionario en un ##% al Banco de Galicia y Buenos Aires S.A. y el restante ##% a un grupo inversor organizado por Pegasus Capital. El perfeccionamiento del acuerdo de venta se encuentra sujeto a: i) la aprobación del Banco Central de la República Argentina (BCRA) y de la Comisión de Defensa de la Competencia; ii) la inexistencia de leyes u órdenes gubernamentales que prohíban la transferencia, y iii) al cumplimiento por parte del accionista controlante de CFA y de los compradores, de las autorizaciones internas y demás compromisos contractuales asumidos. El riesgo crediticio reside en la calidad de los préstamos fideicomitidos (niveles de morosidad, incobrabilidad y precancelación). Para determinar la calidad de la cartera...

...The transaction is a direct assignment of a pool of new commercial vehicle (CV) loans originated by Shriram Transport Finance Company Ltd. (STFCL, rated `AA(ind)'/Stable/`F#+'). The transaction has a premium structure. The expected ratings are based on the quality of the collateral, the originating and servicing capabilities of STFCL, the financial structure of the transaction and the available credit enhancement and liquidity facility. The expected rating of the purchaser payouts addresses the timely payment of interest and timely payment of principal by the scheduled maturity date, in accordance with the transaction documentation. The expected rating of the second loss credit facility addresses the ultimate payment of principal by the scheduled maturity date in accordance with the transaction documentation. The Loss Severity Rating indicates the relative degree of risk of a high loss severity in the event of default....

...Eastman Chemical Company's (Eastman) ratings incorporate the size, scale, and feedstock cost advantages of the company's large vertically integrated facility in Kingsport, TN; its leading market position in cellulose acetate fibers; reasonable leverage and credit metrics; solid liquidity; and still-meaningful capital expenditure flexibility....

...Northwest Pipeline GP's (NWP) rating reflects its strong operating and financial profile, offset by its structural and functional ties with its owners. NWP is owned ##% by a subsidiary of The Williams Companies, Inc. (WMB, rated `BBB­' with a Stable Outlook) and ##% by Williams Pipeline Partners L.P. (WMZ), a master limited partnership (MLP). NWP's rating was affirmed on Oct. ##, ####. Operating characteristics are favorable and are reflective of NWP's strong competitive position. NWP benefits from a high percentage of long-term contracts, with a weighted-average remaining contract term of approximately nine years; hence, near-term capacity turnback risk is relatively low. However, future competitive pressure and capacity turnback risk could increase if the proposed Ruby pipeline designed to serve the Pacific Northwest is completed. Cash flows remain stable regardless of usage, since more than ##% of revenues are derived from volume-insensitive firm demand charges. Most material regulatory...

...Transcontinental Gas Pipe Line Co. LLC's (TGPL) rating reflects its strong operating and financial profile, offset by its structural and functional ties with its parent company, The Williams Companies, Inc. (WMB, rated `BBB­' with a Stable Outlook). TGPL is one of the nation's premier interstate pipelines, as evidenced by its strong market position, low-cost structure and above-average growth in high-demand mid- Atlantic and Northeast markets. Moreover, the overall physical reach of the TGPL system enables it to compete effectively for incremental volumes in its key markets through moderate-sized expansions and laterals and to access new supply sources. Most material regulatory issues were resolved with the Federal Energy Regulatory Commission's (FERC) March #, #### approval of TGPL's settled rate case. Operating characteristics remain favorable, with a majority of revenues derived from fixed payments. While the average term for contracted firm transportation is less than five years, which...

...The Williams Companies, Inc.'s (WMB) ratings consider the stable and predictable cash flow generated from its interstate pipeline and fee-based natural gas midstream operations, which limits the financial downside under adverse economic and commodity price conditions. Consolidated credit measures, including leverage ratios, are consistent with its rating category. Debt/operating EBITDA was #.#x for the ## months ended June ##, ####, and is expected to end the year at #.#x or below. Credit concerns include the effect of volatile commodity prices and a slow economic recovery will have on WMB's exploration and production (E&P) and midstream operations. A sustained period of depressed natural gas and natural gas liquids (NGL) prices would likely put downward pressure on drilling activity, reduce profits, and weaken credit measures. WMB's liquidity, including unrestricted cash and available revolver capacity of approximately $#.# billion, is adequate given near-term spending plans. WMB's liquidity...

...# Months Interim # Months Interim As % of Year End As % of Year End As % of Year End As % of Year End As % of USDm EURm Assets EURm Assets EURm Assets EURm Assets EURm Assets Original Original Original Original Original Original Original Restated Restated Original Original...

...Fitch Ratings on ## October #### upgraded the LongTerm IDRs of Angang Steel Company Limited (Ansteel) to `BBB' -- as a result of a onenotch uplift to the standalone ratings of `BBB' to reflect potential support from the Chinese state, its ultimate parent....

...Banco Popolare's (BP) ratings are based on its position as the fourthlargest bank in Italy, its strong franchise in some of Italy's wealthiest regions and its good potential to improve core operating revenue and efficiency. They also reflect the bank's only acceptable asset quality, which has deteriorated, partly due to the acquisition of Banca Italease (Italease; rated Longterm IDR `BBB+' Rating Watch Negative), and tight capitalisation....

...Fitch Ratings believes there have been only very limited changes to the fundamentals of the German energy landscape -- despite a dramatic decrease in energy demand, a redistribution of generation assets, acquisitions in the Stadtwerke segment, and the launch of incentivebased regulation. Fitch's view is that these dominant themes of #### will continue to have an affect on the sector's landscape in ####, and that all the large players -- E.ON AG (`A'/Stable), RWE AG (`A+'/Negative), EnBW Energie BadenWuerttemberg AG (EnBW, `A'/Stable) and Vattenfall Europe AG, a subsidiary of Vattenfall AB (`A+'/Rating Watch Negative) -- will continue to retain their strong positions in their respective market segments and ratings. Fitch believes that the large rated German utilities continue to benefit from a relatively stable business environment in their domestic market, in what the agency considers to be a sector with low exposure to cyclical risks. Utilities remain relatively wellcushioned against the...

Fitch Upgrades California's Outstanding Economic Recovery Bonds to 'A'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings upgrades the rating on outstanding economic recovery bonds (ERBs)...