Fitch Research

...La calificación de los Valores Representativos de Deuda (VRD), se basa en la garantía de Agroaval S.G.R. (Agroaval o avalista) con que cuentan los créditos subyacentes, así como las mejoras crediticias que le otorga la estructura del fideicomiso. El certificado que emite Agroaval implica que la Sociedad de Garantías Recíprocas (SGR) se obliga -a través de su fondo fiduciario de riesgo general- a pagar al fideicomiso como beneficiario de la garantía, el importe que reclame el fiduciario como administrador de la cartera fideicomitida. Agroaval se compromete a realizar el pago dentro de los # días hábiles de formulado el reclamo, y sin necesidad previa de recabar conformidad previa del socio partícipe, ni analizar y/o impugnar su procedencia. Asimismo y a los efectos de la liquidación de la garantía, en el certificado emitido se establece que Agroaval realizará el pago de la garantía en la misma moneda que la letra de cambio avalada. Fitch ha considerado las mejoras crediticias existentes...

Fitch Downgrades # Classes of Notes Issued by STACK Ltd, Series ####-# ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has downgraded eight classes of notes issued by STACK Ltd, Series ####-# (STACK...

Fitch Downgrades # Classes of Notes Issued by C-BASS CBO XI, LTD ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings downgrades four classes of notes issued by C-BASS CBO XI, LTD (C-BASS XI). A detailed...

Fitch Downgrades # Classes of Notes Issued by C-BASS CBO XII, LTD ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings downgrades four classes of notes issued by C-BASS CBO XII, LTD (C-BASS XII). A detailed...

Fitch Downgrades GECMC ####-C#; Assigns LS Ratings ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has downgraded ## classes of GE Commercial Mortgage Corporation (GECMC), series ####-C# commercial mortgage...

Fitch Downgrades # Classes of Notes Issued by Dunhill ABS CDO, Ltd. ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings downgrades the notes issued by Dunhill ABS CDO, Ltd. (Dunhill). The details of the rating...

Fitch Downgrades San Rafael Joint Powers Auth, CA's $#MM Revs Ser #### to 'AA-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: As part of ongoing surveillance, Fitch Ratings has downgraded the rating...

Fitch confirma calificaciones a Best Leasing Clase VII ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo la calificacion AA(arg) a los Valores Representativos de Deuda (VRD) por VN $ ##.###.###, y...

Fitch Affirms Dickinson County Healthcare System, Michigan Hosp Revs at 'BBB-' ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has affirmed its 'BBB-' rating on about $##.# million Dickinson County Healthcare...

Fitch SMARTView: ## Classes of U.S. Credit Card ABS Portfolio Placed 'Under Analysis' ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Following its monthly surveillance review of U.S. Credit Card asset-backed securities...

Fitch Downgrades # Classes of Commodore CDO III, Ltd. ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has downgraded five classes of notes issued by Commodore CDO III, Ltd. (Commodore III). These rating...

Fitch Downgrades # Classes of Fort Point CDO I, Ltd. ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has downgraded five classes of notes issued by Fort Point CDO I, Ltd.(Fort Point). These rating actions...

Fitch Affirms Charter Township of Chesterfield, Michigan's Limited Tax GOs 'A+'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has affirmed its 'A+' rating to the Charter Township of...

Fitch Rates $##MM New Jersey Turnpike Revenue Bonds 'A'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings assigns an 'A' rating to the New Jersey Turnpike Authority's (the authority) approximately...

Fitch: Telefonica de Argentina's Ratings Unaffected by Debt Tender Offer Announcement ## Sep #### #:## PM (EDT) Fitch Ratings-Monterrey/Buenos Aires-## September ####: Fitch Ratings does not anticipate any change to Telefonica de Argentina...

Fitch Rates New York City's $#.##B GOs 'AA-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has assigned an 'AA-' rating to New York City's (the city) $#.## billion general obligation...

Fitch Affirms The William W. Backus Hospital (Connecticut) Revenue Bonds at 'A+'; Stable Outlook ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has affirmed the underlying 'A+' rating on Connecticut...

Fitch confirma las calificaciones de los fondos Investire ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina confirmo las calificaciones a los fondos Investire Renta Mixta en BBB(arg)v, Investire...

Fitch confirma la calificacion de Banco Mariva ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch ha confirmado las calificaciones de de Banco Mariva S.A. en las Categorias A-(arg) y A#(arg) para el Endeudamiento...

Fitch conf. calif. CP de Caja de Credito Coop La Cap del Plata ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Argentina ha decidido confirmar las calificaciones correspondientes al Endeudamiento de Corto...

Fitch Downgrades # Classes of Ischus CDO I, Ltd/LLC. ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has downgraded five classes of notes issued by Ischus CDO I, Ltd./LLC.(Ischus). These rating actions...

Fitch confirmo las calificaciones de SB Personales I ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo la calificacion CCC(arg) a los Certificados de Participacion (CP) por VN $ ##.###.###, emitidos...

Fitch Afirma e Retira Rating Nacional da Duratex ## Sep #### #:## PM (EDT) Fitch Ratings-Sao Paulo/Rio de Janeiro-## September ####: A Fitch Ratings afirmou e retirou, hoje, o Rating Nacional de Longo Prazo 'AA-(bra)' (AA menos (bra))...

Fitch Maintains Rating Watch Evolving on Terra's Ratings ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings maintains the Rating Watch Evolving on the Issuer Default Ratings (IDRs) and outstanding debt ratings...

Fitch Downgrades Cloverie Plc ####-##, ####-##, ####-## & ####-##; Assigns RR; Withdraws Ratings ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings downgrades, assigns a Recovery Rating (RR), and withdraws...

Fitch Affirms City of Ocala, Florida's Revs; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings affirms the following ratings issued by the City of Ocala, Florida: --$##,###,### water and...

Fitch califico los titulos de Megabono XLIV ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch asigno las siguientes calificaciones a los titulos a emitirse bajo el fideicomiso financiero Megabono XLIV: -Valores...

Fitch Affirms Sara Lee's IDRs at 'BBB/F#' on Announcement; Outlook Revised to Stable ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings has affirmed the ratings of Sara Lee Corporation (Sara Lee; NYSE: SLE)...

Fitch confirmo las calificaciones de Megabono Series ## a ## ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch confirmo las calificaciones asignadas a los instrumentos vigentes que fueron emitidos bajo los...

Fitch Affirms City National's IDR at 'A-'; Outlook Negative ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) and short-term IDR of City National Corporation...

calif. TASA s/cam dps de anun. de of. de comp. en ef. de sus ON ## Sep #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## September ####: Fitch Ratings-Buenos Aires / Monterrey: Fitch no anticipa cambios en las calificaciones de Telefonica...

Fitch Rates Minnesota's $##MM ### Revenue Bonds 'AA-'; Outlook Stable ## Sep #### #:## PM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings assigns an 'AA-' rating to $## million State of Minnesota ### revenue bonds (public...

Fitch Rates Unum Group's Senior Notes 'BBB-' ## Sep #### #:## PM (EDT) Fitch Ratings-Chicago-## September ####: Fitch Ratings has rated Unum Group Inc.'s (NYSE:UNM) issuance of $### million in senior unsecured notes 'BBB-'. The proceeds...

Fitch Assigns CABEI's USD###M Bonds Final 'A-' Rating ## Sep #### #:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings today has assigned a final 'A-' long-term foreign currency rating to Central American Bank for Economic...

Fitch Rates Kroger's New $###MM Sr. Unsecured Notes 'BBB'; Outlook Stable ## Sep #### #:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has assigned a rating of 'BBB' to The Kroger Co.'s (Kroger) new $### million...

Fitch Publishes Rating for Versailles Commercial Paper LLC Credit Asset Purchase Agreement ## Sep #### #:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings publishes the 'BBB-' rating for Versailles Commercial Paper...

Fitch Withdraws NCAT's Short-Term Ratings ## Sep #### ##:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings has withdrawn the 'F#+' and 'F#' short-term ratings assigned to the asset-backed commercial paper notes (ABCP)...

Fitch Rates Overseas Infrastructure's Bank Loans 'BBB-(ind)'/'F#(ind)' ## Sep #### ##:## AM (EDT) Fitch Ratings-New Delhi/Mumbai/Singapore-## September ####: Fitch Ratings has today assigned Overseas Infrastructure Alliance (India) Private...

Fitch Assigns Final Ratings to Upsized SMHL Securitisation Fund ####-# ## Sep #### #:## AM (EDT) Fitch Ratings-Sydney/Singapore-## September ####: Fitch Ratings has today assigned final ratings to SMHL Securitisation Fund ####-#'s (SMHL)...

Fitch Affirms Rashtriya Ispat Nigam at 'AA(ind)'/'F#+(ind)'; Outlook Stable ## Sep #### #:## AM (EDT) Fitch Ratings-Delhi/Chennai/Mumbai/Singapore-## September ####: Fitch Ratings has today affirmed India's Rashtriya Ispat & Nigam Limited's...

Fitch Affirms Land Securities Capital Market's Notes; Removes RWN ## Sep #### #:## AM (EDT) Fitch Ratings-London-## September ####: Fitch Ratings has today affirmed Land Securities Capital Markets Plc's (LSCM/the Security Group) secured...

Fitch Affirms Region of Ile-de-France at 'AAA'; Outlook Stable ## Sep #### #:## AM (EDT) Fitch Ratings-London/Paris-## September ####: Fitch Ratings has today affirmed the Region of Ile-de-France's Long-term local and foreign currency...

Fitch: Nomura Capital Raising Positive; No Immediate Impact on Ratings ## Sep #### #:## AM (EDT) Fitch Ratings-Tokyo/Singapore-## September ####: Fitch Ratings has today said that Nomura Holdings Inc.'s (NHI, 'BBB'/Stable) announcement...

...Susquehanna Health System (Susquehanna, or the system) maintains a dominant market share of ##% in the primary service area (PSA) of Lycoming County, PA. A...

... (CMA) ratings on July #, ####, and assigned a Negative Rating Outlook. Underlying the rating downgrade, Fitch expects it may be difficult for CMA to be profitable for the full year given higher credit costs and a depressed net interest margin. CMA reported a modest loss (after preferred dividends) in #Q##. CMA's financial performance continues to be mainly impacted by elevated credit costs. CMA increased its provision considerably in #Q## as compared to #Q##, reflecting continued weakness in the residential real estate development market. The company's commercially dominated loan book still has greater relative exposure to economic cycles than its peers, contributing to potential volatility in credit quality. However, CMA's C&I portfolio continues to demonstrate relatively solid performance to date, with #Q## NCOs at #.##%. CMA's asset-sensitive balance sheet has challenged spread income over the past year and a half. CMA indicated that the...

... (CMA) ratings on July #, ####, and assigned a Negative Rating Outlook. Underlying the rating downgrade, Fitch expects it may be difficult for CMA to be profitable for the full year given higher credit costs and a depressed net interest margin. CMA reported a modest loss (after preferred dividends) in #Q##. CMA's financial performance continues to be mainly impacted by elevated credit costs. CMA increased its provision considerably in #Q## as compared to #Q##, reflecting continued weakness in the residential real estate development market. The company's commercially dominated loan book still has greater relative exposure to economic cycles than its peers, contributing to potential volatility in credit quality. However, CMA's C&I portfolio continues to demonstrate relatively solid performance to date, with #Q## NCOs at #.##%. CMA's asset-sensitive balance sheet has challenged spread income over the past year and a half. CMA indicated that the...

...La calificación otorgada tiene en cuenta el fuerte deterioro en la cartera de créditos, que amenaza el ya ajustado patrimonio de la entidad. Por otra parte, se tiene en cuenta el posicionamiento de la entidad en su ámbito de operaciones, los buenos márgenes de spread de las financiaciones y la razonable situación de liquidez. Si bien los niveles de rentabilidad obtenidos en los últimos años fueron buenos (sustentados por un alto spread de tasas y una morosidad acorde al tipo de negocio), en el último ejercicio, a causa principalmente de incrementos en la irregularidad de la cartera, mayores costos de fondeo y freno en el otorgamiento y ventas de cartera, la positiva performance se revirtió y originó pérdidas. De todos modos, se tomaron medidas que ajustaron la operatoria al nuevo contexto de negocios y que tienden a revertir la tendencia en la irregularidad de la cartera y de los resultados. La calidad de la cartera se deterioró considerablemente desde sep'## en adelante, situando la irregularidad...

...La calificación de Banco Mariva S.A. (Mariva) refleja su holgada liquidez, la buena calidad de sus activos y su adecuada capitalización. Además se ha considerado la volatilidad de sus resultados, que es consecuencia del principal negocio del banco y la concentración de sus depósitos, y se destaca la vasta experiencia del management en esta actividad. · ...

...On Aug. ##, ####, Brazil's executive branch presented a new regulatory framework for the oil and gas industry to the country's Congress for ratification. The final outcome of the proposed legislation is uncertain, and discussions in Congress could drag for an extended period of time, despite the government's original expectation for a quick approval by year end. As expected, the proposal does not affect prior concessions and includes, among others things, the creation of a new government entity (Petrosal), the increased attributions of another one (CNPE), and the change from a concession regime to a production sharing agreement (PSA) scheme in which Brazil's national oil company, Petrobras, would become the operator of every field in the pre-salt layers as well as other strategic areas to be defined by the CNPE with a minimum ##% participation. The government would increase Petrobras' capitalization by transferring the rights of up to # billion barrels of oil equivalent (boe) in consideration...

...A+(mex). Alta Calidad Crediticia. Corresponde a una sólida calidad crediticia respecto a otras entidades, emisores o emisiones del país. Sin embargo, cambios en las circunstancias o condiciones económicas, pudieran afectar la capacidad de pago oportuno de sus compromisos financieros, en un grado mayor que para aquellas obligaciones financieras calificadas con categorías superiores. Fundamentos de la Calificación...

...A significant portion of Fidelity National Information Services, Inc.'s (Fidelity) revenue is recurring in nature under multi-year contracts. Fidelity offers a diversified product portfolio serving several market segments, including small regional financial institutions, large tier-one financial institutions, and retailers. Fidelity serves a diverse customer base of more than ##,### financial institutions, with more than ##% of its revenue from outside the U.S. Fitch Ratings estimates leverage (total debt/operating EBITDA) to be #.#x (#.#x when adjusted for operating lease expense), down from #.#x at the end of June ####. Fitch expects Fidelity to further reduce leverage over the next year through both debt reduction and EBITDA growth. Fitch expects free cash flow to range upwards of $### million in the next year with opportunity for growth, particularly as the company's capital spending is reduced. The Positive Outlook reflects expectations for increased free cash flow and an ability to...

...Fitch Ratings has assigned ratings, Loss Severity (LS) Ratings and Outlooks to the SMHL Securitisation Fund ##### mortgagebacked, passthrough floatingrate bonds, as indicated above. The issuance consists of bonds backed by a pool of firstranking Australian residential fulldocumentation mortgage loans originated by Members Equity Bank Pty Ltd (ME ­ `#(AUS)'/`#(AUS)') under the Superannuation Members Home Loans programme (SMHL). The bonds have been issued by Perpetual Limited (PL, the issuing trustee) in its capacity as trustee of SMHL Securitisation Fund #####. The trust is created under the master trust deed for SMHL. The `AAA' LongTerm Rating with Stable Outlook assigned to the class A and AB bonds is based on the quality of the collateral; the #.#% credit enhancement available to the class A bonds provided by the subordinate class AB and B bonds; the #.#% credit enhancement available to the class AB bonds provided by the subordinate class B bonds; the lenders' mortgage insurance (LMI)...

...The IDRs and Support Ratings of Bancpost S.A. (BP) reflect the potential support it can expect to receive from its majority shareholder, Greecebased EFG Eurobank Ergasias S.A. (Eurobank, rated `A'/Outlook Negative). The Individual Rating reflects the impact of rapidly increasing impairment charges on the bank's capitalisation, and its still low operating profitability, which is already under pressure from low margins due to the significantly higher cost of funding. Capitalisation has been strengthened through two cash capital injections in ####. However, Fitch Ratings believes new capital injections might be required given the operating environment. The Individual Rating also indicates the likely need for further shareholder support if capitalisation deteriorates rapidly. These are balanced by BP's comfortable liquidity and low market risk. · ...

...The IDRs and Support Ratings of Bancpost S.A. (BP) reflect the potential support it can expect to receive from its majority shareholder, Greecebased EFG Eurobank Ergasias S.A. (Eurobank, rated `A'/Outlook Negative). The Individual Rating reflects the impact of rapidly increasing impairment charges on the bank's capitalisation, and its still low operating profitability, which is already under pressure from low margins due to the significantly higher cost of funding. Capitalisation has been strengthened through two cash capital injections in ####. However, Fitch Ratings believes new capital injections might be required given the operating environment. The Individual Rating also indicates the likely need for further shareholder support if capitalisation deteriorates rapidly. These are balanced by BP's comfortable liquidity and low market risk. · ...

...Enagas S.A. (Enagas) has a dominant position in Spanish gas transportation, and owns key gas infrastructure assets (transmission, regasification, storage). It also benefits from very limited exposure to volume and commodity risk and from a relatively benign regulatory framework, albeit with some scope for improvement and harmonisation. · ...

...China Banking Corporation's (China Bank) ratings reflect its good earnings and balancesheet strength and Fitch Ratings believes that the bank has a satisfactory loss absorption capacity to ride out this difficult period. · ...

...China Banking Corporation's (China Bank) ratings reflect its good earnings and balancesheet strength and Fitch Ratings believes that the bank has a satisfactory loss absorption capacity to ride out this difficult period. · ...

...The affirmation of Banco De Oro Unibank, Inc's (BDO) Individual Rating reflects its reasonable capacity to negotiate the economic slowdown. Downward rating pressure, however, has increased in view of its lower capital and earnings cushions than its peers but this may be mitigated by capital enhancement plans. · ...

...The affirmation of Banco De Oro Unibank, Inc's (BDO) Individual Rating reflects its reasonable capacity to negotiate the economic slowdown. Downward rating pressure, however, has increased in view of its lower capital and earnings cushions than its peers but this may be mitigated by capital enhancement plans. · ...

...The ratings of Rizal Commercial Banking Corp. (RCBC) reflect its legacy asset quality issues and a challenging operating environment, mitigated by satisfactory capital and earnings cushions to absorb rising credit costs. · ...

...The ratings of Rizal Commercial Banking Corp. (RCBC) reflect its legacy asset quality issues and a challenging operating environment, mitigated by satisfactory capital and earnings cushions to absorb rising credit costs. · ...

...The ratings factor in IOT Infrastructure & Energy Services Ltd's (IOT) strong technical expertise, robust growth and comfortable credit metrics. Revenue has grown at a compound annual growth rate (CAGR) of ##% over the past three years -- to INR##.#bn in financial year #### (FY##), aided mainly by the strong ##% CAGR of its Engineering, Procurement & Construction (EPC) division. · ...

...Os Ratings Nacionais do Banco Volkswagen S.A. (BVW) refletem o suporte financeiro e institucional do controlador em última instância, a Volkswagen AG (VWAG, Alemanha), que, através da Volkswagen Financial Services AG (FSAG), faz indicação pública de suporte a todos os passivos financeiros do banco, excluindo o risco político. Os ratings indicam, ainda, a boa franquia mundial do Grupo Volkswagen (IDR de Longo Prazo em Moeda Estrangeira `BBB+'/Perspectiva Estável) e o foco bem definido do banco no país. Por outro lado, também contemplam a dependência em relação ao desempenho do grupo e do setor automobilístico local. · ...

...Kommunalkredit Austria AG's (KA) ratings -- apart from its Individual Rating -- are based on its ##.##% ownership by the Republic of Austria, which acquired the bank in late ####. The Individual Rating reflects Fitch Ratings' view that KA has effectively failed and would have defaulted without state intervention. · ...

...U.S. EMS Sector Credit Quality Improves with Strong Cash Flow & Debt Reduction.... # U.S. Airline Industry Remains Fragile Despite Early Indications of Stabilization......... # Regulatory Mandates Not Likely to Increase Risk for U.S. Wireless Operators............. # Commentaries...

...Hidalgo County's debt profile is positive, as evidenced by a very low direct debt burden, good payout rate, moderate overall debt burden, and manageable capital plans. The county's financial reserves have grown steadily, although storm-related expenditures will result in a notable drawdown in ####; however, reimbursements from the federal government and bond proceeds will largely offset this deficit in ####. The county enhanced its fund balance policy, providing additional flexibility in meeting unexpected challenges. The county's financial position is expected to be in compliance with its new policy upon the receipt of storm-related reimbursements anticipated this fiscal period. County's future financial management should benefit from development of its first strategic plan, which will incorporate multiyear financial forecasting and capital plan. Rapid population growth has been fueled the county's residential development and steady tax base growth; however, this places operating and capital...

...The Stable Outlook on Eastman Kodak Company's (Kodak) ratings reflects the company's strengthening near-term liquidity and financial flexibility as a result of the anticipated $### million of proceeds from debt issued via private placements. Kodak will use $### million of the proceeds to tender or repurchase the $### million convertible senior unsecured notes, which mature in ####, but which Fitch expects will be put to the company in October ####. The remainder will be used for general corporate purposes. The repurchase of the puttable notes eliminates the most acute near-term liquidity pressure facing Kodak, partially alleviating Fitch's near-term liquidity concerns. Pro forma for the transaction, Kodak has $#.# billion of cash and minimal annual debt maturities of approximately $## million­$## million through ####, with the next significant maturity, consisting of $### million of notes, occurring in ####. Nonetheless, Fitch expects full-year #### cash usage is expected to approximate...

Fitch Assigns Expected 'A-' Rating to the Proposed Notes Guaranteed by Hutchison Whampoa ## Sep #### ##:## PM (EDT) Fitch Ratings-Singapore/Hong Kong-## September ####: Fitch Ratings today has assigned an expected rating of 'A-' to the...

Fitch Affirms ANZ on ING Australia and ING NZ Acquisitions ## Sep #### ##:## AM (EDT) Fitch Ratings-Brisbane/Sydney/Singapore-## September ####: Fitch Ratings has today affirmed Australia & New Zealand Banking Group's (ANZ) ratings following...

Fitch Withdraws Ratings of ## Japanese Regional Banks ## Sep #### #:## AM (EDT) Fitch Ratings-Tokyo/Hong Kong/Singapore-## September ####: Fitch Ratings has today withdrawn ratings of ## regional banks in Japan after conducting ongoing...

Fitch Downgrades # Classes of J-CORE## Trust; Off RWN ## Sep #### #:## AM (EDT) Fitch Ratings-Tokyo/Hong Kong-## September ####: Fitch Ratings has today downgraded the class A#, B, D, E and F trust beneficiary interests (TBIs) or asset-backed...

Fitch Affirms WOMF's National Rating at 'A-(idn)'; Outlook Positive ## Sep #### #:## AM (EDT) Fitch Ratings-Jakarta/Singapore-## September ####: Fitch Ratings has today affirmed PT Wahana Ottomitra Multiartha Tbk's (WOMF) National Long-term...

Fitch Affirms Ratings of Bank of Communications and Shanghai Pudong Development Bank ## Sep #### #:## AM (EDT) Fitch Ratings-Hong Kong/Beijing/Singapore-## September ####: Fitch Ratings has today affirmed the ratings of Bank of Communications...

Fitch Affirms Hongkong and Shanghai Banking Corporation's Ratings ## Sep #### #:## AM (EDT) Fitch Ratings-Hong Kong-## September ####: Fitch Ratings has today affirmed Hongkong and Shanghai Banking Corporation's (HKB) Long-term foreign...

Fitch Assigns Holcim's USD#bn Notes Expected 'BBB' Rating ## Sep #### #:## AM (EDT) Fitch Ratings-London/Milan-## September ####: Fitch Ratings has today assigned Holcim US Finance S.a r.l. & Cie S.C.S.'s and Holcim Capital Corporation...

Fitch Affirms Cancer Center of Santa Barbara's (CA) Bonds at 'BBB'; Outlook Stable ## Sep #### #:## AM (EDT) Fitch Ratings-New York-## September ####: Fitch Ratings affirms the 'BBB' rating on the $##.### million California Municipal...

...The ratings of the Autonomous Community of Asturias mainly reflect its moderate debt and the supportive financial system, while also taking into account potential pressure on demand for services. · ...

...El principal riesgo crediticio de los títulos valores reside en la calidad de la cartera fideicomitida (niveles de morosidad e incobrabilidad de los préstamos). Para determinar la calidad de la cartera a securitizar se consideró el desempeño histórico de la cartera del Banco Sáenz S.A. y de las carteras de las series ya emitidas dentro de este programa. Del análisis se definieron niveles de pérdida esperada base para luego determinar el nivel de mejora crediticia de cada instrumento. El efecto del impuesto a las ganancias sobre el flujo de fondos de los créditos cedidos al presente fideicomiso fue considerado por Fitch en forma diferida acorde a lo estipulado en los documentos del fideicomiso, siendo retenido los meses previos a la fecha exigible del ingreso del mismo. Los VDF soportaron diferentes escenarios de estrés sobre los niveles de mora base, los cuales son compatibles con las calificaciones asignadas. Respecto de los supuestos bajo nuestro análisis, el estrés sobre los flujos de...

...Helix Water District's (the district) financial performance in terms of debt service is very strong, and projections indicate it will remain strong; liquidity is good and expected to remain healthy. Leverage ratios are very low and should remain low for the foreseeable future. Purchased water costs have been increasing rapidly, which has led to above- average retail rates; costs are projected to increase further and will likely continue to result in rate pressure. New Issue...

... from its two main revenue sources has become even more limited recently, and reserves have deteriorated from the high levels earlier in the decade. To date, the county has demonstrated an ability to maintain reserves at policy levels that are consistent with the rating category, although revenue limitations and expenditure pressures have increased the challenges of preserving reserves and obtaining a structurally balanced budget. The county benefits from its central location in the national capital region and its well-developed transportation infrastructure, attracting a strong base centered upon vital government operations and higher education. Prospects for continued growth are strong, as several major commercial and residential developments are underway. Solid tax base growth is projected for at least the next few years, buttressed by additional development, Maryland's three-year phase-in of reassessment growth, and the homestead tax...

...At closing in May ####, Titan Europe ##### plc was the securitisation of seven commercial mortgage loans secured by multifamily housing (MFH) properties located across Germany. Since closing, three loans have prepaid, decreasing the pool's loan balance to EUR###.#m from EUR###.#m and the number of properties to ## from ##. The schedule ed maturity dates of all four loans are in ####. On ## September ####, Fitch Ratings downgraded all note tranches as shown above, with the exception of the cashcollateralised class X notes. The Outlooks on the classes A, B and C are Negative; and Recovery Ratings of RR# have been assigned to the tranches rated `CCC' and below. · ...

...The Issuer Default and Support Ratings of ProCredit Bank (Ukraine) (PCBU) reflect the support the bank may receive from its ##% shareholder, ProCredit Holding AG (PCH, LongTerm IDR `BBB-'/Outlook Stable). · ...

...The ratings of METRO AG (METRO) reflect the group's status among Europe's largest retail companies, with annual sales of EUR##bn. The ratings are also supported by its established position and the development of its cash and carry (C&C) and consumer electronics operations. About ##% of group EBIT is generated internationally. METRO's strategy is to expand its C&C unit (##% of EBIT) and its consumer electronics division, Media Markt Saturn (##% of EBIT). · ...

...Adhunik Cements Ltd's (ACL) ratings benefit from the fact that the company is at an advanced stage of a project to build a cement plant project in the north eastern Indian state of Meghalaya; they also reflect the various subsidy benefits available to cement producers in the region and the premium realisations that local producers enjoy over players in other regions. A significant amount of the project's completion risk is already mitigated, as the land is already in the company's possession, financial closure has been achieved, execution contracts are in place and the promoters' equity contribution has already been secured. · ...

...The Long and ShortTerm Issuer Default Ratings (IDRs) and Support Rating of HSBC Private Banking Holdings (Suisse) SA (HSBC PB) are based on support available within the HSBC group. The Individual Rating reflects HSBC PB's strong global franchise, sound, resilient profitability, low risk profile, conservative risk appetite and solid capitalisation. · ...

...El principal riesgo crediticio de los títulos valores reside en la calidad de la cartera fideicomitida (niveles de morosidad e incobrabilidad de los préstamos). Para determinar la calidad de la cartera a securitizar se consideró el desempeño histórico de la cartera del Banco Sáenz S.A. y de las carteras de las series ya emitidas dentro de este programa. Del análisis se definieron niveles de pérdida esperada base para luego determinar el nivel de mejora crediticia de cada instrumento. El efecto del impuesto a las ganancias sobre el flujo de fondos de los créditos cedidos al presente fideicomiso fue considerado por Fitch en forma diferida acorde a lo estipulado en los documentos del fideicomiso, siendo retenido los meses previos a la fecha exigible del ingreso del mismo. Los VDF soportaron diferentes escenarios de estrés sobre los niveles de mora base, los cuales son compatibles con las calificaciones asignadas. Respecto de los supuestos bajo nuestro análisis, el estrés sobre los flujos de...

...Compass Group plc (Compass) is one of the world's two largest food service companies, the other being Sodexo SA (`BBB+'/Stable). Its financial year #### (FY##) sales were GBP##.#bn, and operating profit was GBP###m. The group is benefiting from acceleration of outsourcing. · ...

...Copyright © #### de Fitch, Inc. y Fitch Ratings, Ltd. y sus subsidiarias. One State Street Plaza, NY, NY #####. Teléfono: #-###-###-####, (###) ###-####. Fax: (###) ###-####. Se prohíbe la reproducción total o parcial excepto con consentimiento. Derechos reservados. Toda información contenida en el presente informe se basa en información obtenida de los emisores, otros obligacionistas, underwritters, u otras fuentes que Fitch considera confiables. Fitch no audita ni verifica la veracidad o exactitud de tal información. En consecuencia, la información volcada en este informe se provee como fue recibida, sin representación o garantía de ningún tipo. Una calificación de Fitch es una opinión de la calidad crediticia de un título. La calificación no releva el riesgo de pérdidas generadas por otros riesgos que no sean crediticios, a menos que dichos riesgos sean mencionados específicamente. Fitch no está comprometido en la oferta o venta de ningún título. Un informe que contenga una calificación...

...Hindustan Organic Chemicals Limited's (HOCL) rating is based on a INR#bn unconditional and irrevocable guarantee by the Government of India (GoI), on a revolving basis and valid until ####. Both principal and interest payments are be covered under the terms of the guarantee. · ...

...Fitch Argentina confirma las calificaciones asignadas a los títulos emitidos bajo el Fideicomiso Financiero Best Leasing Clase VII. · ...

...Aspectos cualitativos La capacidad de gestión de la Sociedad Gerente es muy buena. Al ## de agosto de #### administraba cerca de $#.### millones. Asimismo, se observa idoneidad y profesionalidad en el personal a cargo de la toma de decisiones. La Sociedad Depositaria -HSBC Bank Argentina- es ###% propiedad del Grupo HSBC a través de HSBC Latin America BV y HSBC Argentina Holdings. Ofrece una amplia variedad de productos y servicios financieros a través del banco y otras empresas del grupo. Se encuentra calificado en A#+(arg) para Endeudamiento de Corto Plazo por Fitch Argentina. Aspectos cuantitativos Investire Renta Mixta en Dólares BBB(arg)v...

...Aspectos cualitativos La capacidad de gestión de la Sociedad Gerente es muy buena. Al ## de agosto de #### administraba cerca de $#.### millones. Asimismo, se observa idoneidad y profesionalidad en el personal a cargo de la toma de decisiones. Calificación Riesgo Crediticio BBB(arg)f Indicador Riesgo de Mercado...

...Aspectos cualitativos La capacidad de gestión de la Sociedad Gerente es muy buena. Al ## de agosto de #### administraba cerca de $#.### millones. Asimismo, se observa idoneidad y profesionalidad en el personal a cargo de la toma de decisiones. La Sociedad Depositaria -HSBC Bank Argentina- es ###% propiedad del Grupo HSBC a través de HSBC Latin America BV y HSBC Argentina Holdings. Ofrece una amplia variedad de productos y servicios financieros a través del banco y otras empresas del grupo. Se encuentra calificado en A#+(arg) para Endeudamiento de Corto Plazo por Fitch Argentina. Aspectos cuantitativos Total Patrimonio Neto (Al ##-##-##) $ ##.###.### Valor de #.### cuotapartes $ #.###,###...

...Aspectos cualitativos La capacidad de gestión de la Sociedad Gerente es muy buena. Al ## de agosto de #### administraba cerca de $#.### millones. Asimismo, se observa idoneidad y profesionalidad en el personal a cargo de la toma de decisiones. Calificación Riesgo Crediticio BBB(arg)f Indicador Riesgo de Mercado...