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Leveraged Finance Weekly
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2009-10-23 |
...Fitch Ratings affirmed the issuer default rating (IDR) of AMC, Marquee Holdings Inc. (Marquee; parent company), and AMC Entertainment Holdings, Inc. (AMC Holdco; parent of Marquee) at `B', and also revised certain issue level ratings (as detailed in the Fitch Ratings Actions table on page #) to align with changes to Fitch's rating definitions. Approximately $#.# billion in total debt is affected. The Rating Outlook remains Stable. The ratings and Outlook reflect Fitch's belief that leverage (net leverage of #.#x and gross leverage of #.#x) is at its peak and expects the company to reduce leverage over time. Further, Fitch estimates that the $### million in cash through the Holdco level (as of July #, ####) will be deployed for the purpose of reducing leverage by either: #.) reducing debt levels (likely through continued debt repurchases); and/or #.) by making deleveraging/ accretive acquisitions. There is no tolerance in the rating for a high multiple acquisition or for dividends paid to...
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| Dormitory Authority of the State of New York - pledged assessment rev bonds ser 2009A
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2009-10-23 |
...Workers' compensation insurance is mandatory for virtually all employers in the state, resulting in a stable assessment base. Assessment payers consist of private insurance carriers, the New York State Insurance Fund (NYSIF), and self-insurers, which include political subdivisions, certain eligible corporations, and trade groups. Assessment collection rates have been more than ##% since ####. It is expected that total bonding through #### will be no more than $#.# billion, yielding maximum annual debt service (MADS) coverage of #.##x. However, this can be diluted to as low as #.##x if the full $#.## billion authorization is issued in this period. If issuance of the full authorization is deferred until ####, MADS would be no lower than #.##x. The NYSIF is a self-supporting state entity whose liabilities are ultimately the responsibility of the state of New York. Repayment of funds previously transferred to the state by the NYSIF is backed by a dry appropriation. Bondholders have a priority...
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| 2Q09 Bank Capital Ratios
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2009-10-23 |
...Below, please find regulatory capital ratios for individual U.S. banks as of June ##, ####. Fitch Ratings provides this list each quarter as a convenience for our clients that need to track these ratios as part of their compliance with the requirements of Reg F....
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| Relatorio Sintetico: Banco BBM S.A.
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2009-10-23 |
...Os Ratings Nacionais do Banco BBM S.A. (BBM) refletem o seu bom desempenho histórico; os bons controles de risco; a adequada estrutura de captação e liquidez; e a experiência e agilidade dos executivos no mercado financeiro. Grande parte destes tem participação societária no banco e a maioria do patrimônio investido no Grupo Financeiro Banco BBM, fortalecendo o interesse em proteger o capital da instituição. Os ratings também indicam as operações ainda concentradas em grandes empresas, segmento altamente concorrido, e os desafios inerentes aos bancos de médio porte no paÃs....
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| 1Q09 Bank Capital Ratios
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2009-10-23 |
...Below, please find regulatory capital ratios for individual U.S. banks as of March ##, ####. Fitch Ratings provides this list each quarter as a convenience for our clients that need to track these ratios as part of their compliance with the requirements of Reg F....
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| Grupo Clarin S.A.
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2009-10-23 |
...Fitch confirma la calificación de las acciones de GCSA en CategorÃa #. Esta categorÃa indica una alta liquidez de la acción en las ruedas del mercado bursátil a lo largo del último año móvil a sep'## (##% de presencia) y una buena capacidad de generación de fondos....
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| Fitch Assigns Negative Outlooks to 126 Notes from 64 Bank TruPS CDOs
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2009-10-23 |
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| Metrovias S.A.
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2009-10-23 |
...La calificación asignada se sustenta en la baja liquidez que detentan las acciones de MetrovÃas en el mercado (presencia inferior al #% en las ruedas del último año a sep'##). Tras la oferta pública de adquisición de las acciones Clase B (OPA), Clisa incrementó su tenencia en MetrovÃas al ##.#%. A hoy, el porcentaje asciende a ##.##%. El capital remanente cotiza en la Bolsa de Buenos Aires. Desde sep'## la presencia de la acción en las ruedas del mercado ha sufrido una fuerte caÃda (ver anexo). El perfil crediticio de MetrovÃas continúa influenciado por la incertidumbre asociada a la redefinición de su contrato de concesión. La capacidad de generación de fondos futura de la compañÃa, dependerá de las negociaciones pendientes con las autoridades gubernamentales competentes. Los subsidios estipulados en función de los mayores costos de explotación permiten mitigar los efectos adversos de la presión inflacionaria. El monto del subsidio mensual equivale a $ ##.# MM, e incluye $ #.# MM en compensación...
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| Entergy Texas Restoration Funding, LLC Senior Secured Transition Bonds (US ABS)
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2009-10-23 |
...Fitch Ratings expects to rate the transition bonds issued by Entergy Texas Restoration Funding, LLC (the issuer) as listed above. Collateral for the transition bonds consists primarily of transition property, which represents the right to collect a tariff the transition charge (TC) from Entergy Texas Inc.'s (ETI) retail electric customers. The transition bonds are expected to be issued in three tranches, with the latest maturing tranche expected to mature in approximately ## years and a legal final maturity of approximately ## years. The expected ratings address the likelihood of full payment of interest and principal in accordance with the document terms. In September ####, Texas was struck by Hurricane Ike, which caused widespread damage to infrastructure and power outages throughout ETI's service territory. In response to the damage to utility infrastructure, the Texas Legislature passed Senate Bill ###, adding Subchapter I to Chapter ## of the Public Utility Regulatory Act (PURA),...
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| S.A. San Miguel A.G.I.C.I.. y F
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2009-10-23 |
...La calidad crediticia de la compañÃa se sustenta en su desempeño histórico como principal exportador en el sector de cÃtricos. Su negocio y generación de fondos están condicionados por los resultados de campaña del hemisferio norte, las circunstancias climáticas que afectan su cosecha-producción y la volatilidad inherente a su ciclo de negocio. En #### registró una generación de fondos con márgenes records, capitalizando el entorno favorable de su mercado. Para la campaña actual se espera una caÃda de la generación, con márgenes normalizados, los cuales se proyectan sustentables en el largo plazo. San Miguel muestra una adecuada estructura de capital, marcada en una estrategia financiera conservadora con más de #/# partes de deuda perfilada en el largo plazo y vencimientos de capital entre US$ ## y US$ ## MM por año. Fitch entiende que los compromisos de prefinanciación de exportaciones podrÃan ser refinanciados. Asimismo, dado el razonable nivel de apalancamiento y flexibilidad financiera...
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| Rombo Compania Financiera S.A.
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2009-10-23 |
...La calificación de Rombo CompañÃa Financiera (Rombo) se fundamenta en el posible apoyo de sus accionistas. Por un lado, el Grupo Renault (con calificación internacional BB, con perspectiva negativa), que posee el ##% del capital a través del banco francés RCI Banque S.A. (RCI), y por el otro, el BBVA Banco Francés, propietario del restante ##%, y con calificación nacional AA(arg)....
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| Richmond, Virginia - GO RANs ser 2009
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2009-10-23 |
...Sufficient debt service coverage on the note repayment date is projected. Solid financial management has resulted in sound reserve levels and controlled expenditure growth. Economic indicators for the city of Richmond include below-average per capita and median household income and above-average unemployment. The city's debt burden is moderate, with rapid amortization of principal, and capital planning is guided by debt affordability policies....
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| Credit Analysis: Solo Cup Company
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2009-10-23 |
...The ratings recognize Solo Cup Company's (Solo Cup) leading market share across its product categories, national distribution, strong brand recognition, diversified raw materials mix, and good customer base....
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| Entergy Texas Restoration Funding, LLC Senior Secured Transition Bonds (Global Power)
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2009-10-23 |
...Fitch Ratings expects to rate the transition bonds issued by Entergy Texas Restoration Funding, LLC (the issuer) as listed above. Collateral for the transition bonds consists primarily of transition property, which represents the right to collect a tariff the transition charge (TC) from Entergy Texas Inc.'s (ETI) retail electric customers. The transition bonds are expected to be issued in three tranches, with the latest maturing tranche expected to mature in approximately ## years and a legal final maturity of approximately ## years. The expected ratings address the likelihood of full payment of interest and principal in accordance with the document terms. In September ####, Texas was struck by Hurricane Ike, which caused widespread damage to infrastructure and power outages throughout ETI's service territory. In response to the damage to utility infrastructure, the Texas Legislature passed Senate Bill ###, adding Subchapter I to Chapter ## of the Public Utility Regulatory Act (PURA),...
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| ING Seguros de Rentas Vitalicias S.A.
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2009-10-23 |
...La clasificación asignada a ING Seguros de Rentas Vitalicias S.A. (ING Rentas) se fundamenta en los sólidos parámetros de suscripción que históricamente ha mantenido el grupo ING, cuyas obligaciones son respaldadas por un portafolio de inversiones que se caracteriza por su prudencia, un perfil conservador de riesgo asà como un claro enfoque a calce. Dicha estructura se ve fortalecida con un nivel de apalancamiento bajo en relación a su competencia relevante (## veces) y a su vez opera con una holgada tasa de reinversión (TSA de #,#%; ago-##). Sin embargo, a pesar del sólido perfil crediticio que presenta su estructura actual, la clasificación incorpora las modificaciones anunciadas por el futuro controlador, `Corp Group Vida Chile S.A.' (CGV), en términos del perfil de riesgo de activos y leverage para en el corto y mediano plazo, toda vez que se concrete la venta de ING Rentas....
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| Surveillance Criteria for U.S. Commercial Real Estate Loan CDOs - Amended
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2009-10-23 |
...Fitch Ratings updates its methodology for reviewing U.S. commercial real estate loan CDOs (CREL CDOs). This update addresses the deterioration in credit fundamentals for U.S. commercial real estate (CRE), specifically as it relates to CREL CDO collateral. Fitch's revised methodology is meant to be forward looking and therefore includes assumptions about future performance declines. Fitch maintains its three-pronged approach to analyzing the risks associated with CREL CDOs, collateral analysis, structural analysis, and asset manager review. This report focuses primarily on Fitch's revised approach to its collateral analysis. In forecasting losses in its base case, Fitch assumes that, on average, property incomes will sustain a decline of ##%. Fitch will focus solely on in-place cash flows with no credit for pro forma income. Given current CRE fundamentals, the ability to achieve pro forma income is unlikely in the foreseeable future. In addition to the projected income declines, corresponding...
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| Fitch Downgrades Empresas CMPC S.A.'s IDRs to 'BBB+'
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2009-10-23 |
Fitch Downgrades Empresas CMPC S.A.'s IDRs to 'BBB+' ## Oct #### #:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings has downgraded the following ratings of Empresas CMPC S.A. (CMPC) and removed them from Rating Watch... |
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| Fitch Revises Seagate's Outlook to Stable; Affirms IDR at 'BB'
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2009-10-23 |
Fitch Revises Seagate's Outlook to Stable; Affirms IDR at 'BB' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has revised Seagate Technology's (Seagate) and subsidiaries Rating Outlook to Stable from... |
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| Fitch confirma la calificacion del Fideicomiso Grimoldi I
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2009-10-23 |
Fitch confirma la calificacion del Fideicomiso Grimoldi I ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo la calificacion BBB+(arg) de los VRD del Fideicomiso Financiero Grimoldi I. El ##.##.####... |
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| Fitch confirma las calif de Tarjeta Naranja Trust Series VI a IX
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2009-10-23 |
Fitch confirma las calif de Tarjeta Naranja Trust Series VI a IX ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo las calificaciones de los siguientes fideicomisos: Tarjeta Naranja Trust VI Valores... |
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| Fitch U.S. Muni Surveillance: Virginia Beach, Virginia's Storm Water Revs Affirmed at 'AA+'
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2009-10-23 |
Fitch U.S. Muni Surveillance: Virginia Beach, Virginia's Storm Water Revs Affirmed at 'AA+' ## Oct #### #:## PM (EDT) Fitch Ratings-Austin-## October ####: In the course of routine surveillance, Fitch Ratings affirms the 'AA+' rating... |
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| Fitch confirma calif de Super Letras Hipotecarias Clase I y II
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2009-10-23 |
Fitch confirma calif de Super Letras Hipotecarias Clase I y II ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo la calificacion AAA(arg) de los Titulos de Deuda Serie A (TDA) por VN $##.###.###,... |
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| Fitch confirma las calificaciones de Montemar X
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2009-10-23 |
Fitch confirma las calificaciones de Montemar X ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo las calificaciones de los Valores de Deuda Fiduciaria (VDF) y de los Certificados de Participacion... |
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| Fitch Downgrades the Monroe Clinic's (Wisconsin) Revs to 'A-'; Outlook Stable
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2009-10-23 |
Fitch Downgrades the Monroe Clinic's (Wisconsin) Revs to 'A-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-San Francisco-## October ####: Fitch Ratings has assigned its 'A-' rating to the approximately $## million Redevelopment... |
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| Fitch Withdraws Advanta Corp. and Subsidiary Ratings
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2009-10-23 |
Fitch Withdraws Advanta Corp. and Subsidiary Ratings ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has revised the trust preferred rating of Advanta Capital Trust I to 'C/RR#' from 'C/RR#' to reflect... |
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| Fitch Downgrades Yavapai Co., AZ IDA Excise Tax Bonds to 'D'
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2009-10-23 |
Fitch Downgrades Yavapai Co., AZ IDA Excise Tax Bonds to 'D' ## Oct #### #:## PM (EDT) Fitch Ratings-Austin-## October ####: Fitch Ratings has downgraded to 'D' from 'B' the rating on the $## million convention center facilities excise... |
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| Fitch Baja Clasificaciones de Grupo CMPC
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2009-10-23 |
Fitch Baja Clasificaciones de Grupo CMPC ## Oct #### #:## PM (EDT) Fitch Ratings-Santiago-## October ####: Fitch Ratings ha bajado las clasificaciones en escala nacional, escala internacional y de emision de deuda; asi como tambien ha... |
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| Fitch confirma y retira la calificacion de Musimundo IV
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2009-10-23 |
Fitch confirma y retira la calificacion de Musimundo IV ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo y retiro la calificacion CCC(arg) para los Certificados de Participacion (CP) por VN $ #.###.###... |
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| Fitch confirma las calificaciones de Pricoop VII
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2009-10-23 |
Fitch confirma las calificaciones de Pricoop VII ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo las calificaciones asignadas a los instrumentos emitidos bajo el Fideicomiso Financiero Pricoop VII:... |
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| Fitch confirmo las calificaciones de Consubond
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2009-10-23 |
Fitch confirmo las calificaciones de Consubond ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo las calificaciones de los instrumentos emitidos bajo los siguientes fideicomisos financieros: Consubond... |
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| Fitch Assigns Negative Outlooks to 126 Notes from 64 Bank TruPS CDOs
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2009-10-23 |
Fitch Assigns Negative Outlooks to ### Notes from ## Bank TruPS CDOs ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Rating has assigned Negative Rating Outlooks to ### notes from ## bank trust preferred (TruPS)... |
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| Fitch confirma y retira la calificacion de Tarjeta Redonda I
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2009-10-23 |
Fitch confirma y retira la calificacion de Tarjeta Redonda I ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo y retiro la calificacion CC(arg) para los Certificados de Participacion (CP) emitidos bajo... |
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| Fitch Withdraws BankUnited Financial Corporation Ratings
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2009-10-23 |
Fitch Withdraws BankUnited Financial Corporation Ratings ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has withdrawn the Issuer Default Rating (IDR) and outstanding debt ratings for BankUnited Financial... |
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| Fitch Rates District of Columbia's $500MM TRANs 'F1+'
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2009-10-23 |
Fitch Rates District of Columbia's $###MM TRANs 'F#+' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned an 'F#+' rating to the District of Columbia's (the district) $### million fiscal year... |
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| Fitch confirma la calificacion del FF Tarjetas Cuyanas Trust V
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2009-10-23 |
Fitch confirma la calificacion del FF Tarjetas Cuyanas Trust V ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo la calificacion AAA(arg) de los Valores Representativos de Deuda (VRD) por VN$ ##.###.###... |
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| Fitch informa acciones de calif de BHN II; III y IV y BACS I
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2009-10-23 |
Fitch informa acciones de calif de BHN II; III y IV y BACS I ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch realizo las siguientes acciones de calificacion sobre los Titulos de Deuda (TD) y los Certificados... |
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| Fitch Affirms Salvadoreno DPR Funding LTD
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2009-10-23 |
Fitch Affirms Salvadoreno DPR Funding LTD ## Oct #### #:## PM (EDT) Fitch Ratings-Chicago-## October ####: Fitch Ratings has affirmed Salvadoreno DPR Funding Ltd's series ####-# A&R and series ####-# notes at 'BBB+'. The Rating Outlook... |
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| Fitch Affirms Onondaga County IDA, New York's Onondaga Free Library Project at 'A-'
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2009-10-23 |
Fitch Affirms Onondaga County IDA, New York's Onondaga Free Library Project at 'A-' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed its 'A-' rating on the Onondaga County Industrial Development... |
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| Fitch Rates Nuveen Insured Dividend Advantage Municipal Fund's MTP Shares 'AAA'
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2009-10-23 |
Fitch Rates Nuveen Insured Dividend Advantage Municipal Fund's MTP Shares 'AAA' ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned an 'AAA' rating to the following securities issued by Nuveen... |
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| Fitch Affirms National Collegiate Trust 1997 S-2; Assigns Stable Outlook
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2009-10-23 |
Fitch Affirms National Collegiate Trust #### S-#; Assigns Stable Outlook ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the outstanding rating on the notes issued by National Collegiate Trust... |
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| Fitch to Rate Entergy Texas Restoration Funding, LLC; Presale Issued
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2009-10-23 |
Fitch to Rate Entergy Texas Restoration Funding, LLC; Presale Issued ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings expects to assign the following ratings and Rating Outlooks to the senior secured transition... |
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| Fitch Affirms Castleberry ISD, TX's Unlimited Tax Bonds Underlying Rating at 'A+'
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2009-10-23 |
Fitch Affirms Castleberry ISD, TX's Unlimited Tax Bonds Underlying Rating at 'A+' ## Oct #### #:## PM (EDT) Fitch Ratings-Austin-## October ####: As part of ongoing surveillance, Fitch Ratings affirms its 'A+' underlying rating on Castleberry... |
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| Fitch confirma calif a los titulos de GMAC I, GMAC II y GMACIII
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2009-10-23 |
Fitch confirma calif a los titulos de GMAC I, GMAC II y GMACIII ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch Argentina confirmo las siguientes calificaciones a los titulos emitidos por el Fideicomiso Financiero... |
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| Fitch confirma en A(uy) a los titulos de ISUSA
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2009-10-23 |
Fitch confirma en A(uy) a los titulos de ISUSA ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo en la Categoria A(uy) a las ONs por US$ ## millones emitidas por ISUSA y a la calificacion institucional... |
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| Fitch confirmo las calificaciones de los FF Consubono
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2009-10-23 |
Fitch confirmo las calificaciones de los FF Consubono ## Oct #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## October ####: Fitch confirmo las calificaciones asignadas a los instrumentos emitidos bajo los siguientes fideicomisos financieros:... |
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| Castaic Lake Water Agency, California - rfdg rev COPs ser 2009A
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2009-10-23 |
...The Castaic Lake Water Agency's (CLWA, or the agency) financial position is solid, although there has been some fluctuation in operating performance from year to year. While existing debt ratios are somewhat moderate, capital needs are manageable, with only moderate additional debt issuances planned over the near term. Long-term water supplies are sufficient to meet member demands....
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| New York City Municipal Water Finance Authority - wtr & swr sys second gen res rev bonds ser 2010 AA (BABs) & 2010 BB
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2009-10-23 |
...New York City Municipal Water Finance Authority's (NYW, or the authority) primary credit strength is its unique legal structure, which is similar to those utilized in structured finance and provides substantial protection to bondholders from utility system and city municipal operating risks. The authority operates as a bankruptcy-remote issuer, not subject to consolidation with the city if the ever city declares municipal bankruptcy. The bankruptcy-remote water board that governs the authority maintains ownership of revenues, which are deposited into a lock box-type structure, from which debt service payments are made before system operating and maintenance (O&M) payments. The authority benefits from a large and diverse service area and enjoys an ample, quality water supply exempt from costly filtration requirements. The authority's strong capital planning efforts, prudent financial management, and proven ability to raise rates are demonstrated by consistently solid financial results and...
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| URENCO Limited
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2009-10-23 |
...URENCO Limited's (URENCO) ratings reflect its strong position in the global uranium enrichment sector, with a market share of ##% in #### enabling it to capitalise on the expected revival of the nuclear power industry....
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| Credit Analysis: Ball Corporation
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2009-10-23 |
...Ball Corporation's (Ball) `BB' issuer default rating (IDR) and Stable Rating Outlook incorporate the company's solid cash flow generation, stable credit metrics, leading market positions in its product categories, and current expectations in the packaging end markets. Ball has been aggressive in reducing overcapacity and higher fixed costs by closing or announcing the closing of eight manufacturing facilities in North America. Annualized cost reductions from the facility closings are expected to exceed $## million over time. The costs associated with the facilities closings are not expected to be significant and should not materially affect operating results. With facility cost reductions, coupled with additional ongoing cost savings with corporate overhead and other initiatives, Fitch Ratings believes it is reasonable to expect the company to realize material cost benefits in the second half of #### and into #### while improving profitability margins. Rating concerns include the growing...
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| Suriname
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2009-10-23 |
...The Positive Outlook on the ForeignCurrency LongTerm IDR reflects Suriname's progress in clearing external arrears and increased resilience to external shocks. The government reached an agreement with Brazil, its largest external creditor, and settled outstanding debt arrears of USD###m, or ##% of yearend #### public external debt, in August ####....
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| ING Clarion Capital Loan Services, LLC
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2009-10-23 |
...ING Clarion Capital Loan Services, LLC's (ING CCLS) is a commercial mortgage-backed securities (CMBS) special servicer rated `CSS#+' by Fitch Ratings. The rating is based on ING CCLS' highly experienced asset management team whose members have strong workout backgrounds and demonstrated ability to specially service nonperforming assets securing CMBS transactions. The rating also reflects the financial strength and support of the parent company, ING Group (ING). The servicer rating is based on the methodology described in Fitch's report "U.S. Commercial Mortgage Servicer Rating Criteria," dated June ##, ####, available on Fitch's Web site www.fitchratings.com. As of June ##, ####, ING Clarion and its affiliates managed portfolios invested in both public and private real estate equity and debt, with assets under management of approximately $##.# billion. As of the same date, ING CCLS was named special servicer on ## CMBS transactions totaling $##.# billion. The company was actively specially...
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| Fitch Affirms Enap's FC IDR at 'A' & National Scale at 'AAA(chl)'; Outlook Stable
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2009-10-23 |
Fitch Affirms Enap's FC IDR at 'A' & National Scale at 'AAA(chl)'; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-Santiago/Chicago-## October ####: Fitch Ratings has affirmed the Foreign Currency Issuer Default Rating (FC IDR)... |
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| Fitch Affirms United Bulgarian Bank at IDR 'BBB+'; Downgrades Individual Rating to 'D'
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2009-10-23 |
Fitch Affirms United Bulgarian Bank at IDR 'BBB+'; Downgrades Individual Rating to 'D' ## Oct #### ##:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed United Bulgarian Bank's (UBB) ratings at Long-term... |
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| Correction: Fitch Rates ATF Bank Senior Notes 'BBB'; Assigns National Long-term Rating of 'AAA(kaz)'
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2009-10-23 |
Correction: Fitch Rates ATF Bank Senior Notes 'BBB'; Assigns National Long-term Rating of 'AAA(kaz)' ## Oct #### ##:## AM (EDT) Fitch Ratings-London/Moscow-## October ####: This announcement corrects the version issued yesterday. The... |
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| Fitch Assigns VCL 11's Notes Final 'AAA'/'A+' Ratings; Outlook Stable
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2009-10-23 |
Fitch Assigns VCL ##'s Notes Final 'AAA'/'A+' Ratings; Outlook Stable ## Oct #### ##:## AM (EDT) Fitch Ratings-Frankfurt/London-## October ####: Fitch Ratings has today assigned VCL Multi-Compartment S.A.'s EUR###.#m class A and B notes... |
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| Fitch Affirms Caisse Des Depots et Consignations IDR at 'AAA'
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2009-10-23 |
Fitch Affirms Caisse Des Depots et Consignations IDR at 'AAA' ## Oct #### ##:## AM (EDT) Fitch Ratings-Paris/London-## October ####: Fitch Ratings has affirmed the ratings of Caisse des Depots et Consignations (CDC) at Long-term (LT)... |
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| Fitch Rates AyT SA NOSTRA FINANCIACION I Notes
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2009-10-23 |
Fitch Rates AyT SA NOSTRA FINANCIACION I Notes ## Oct #### ##:## AM (EDT) Fitch Ratings-Madrid/London-## October ####: Fitch Ratings has today assigned final ratings to AyT SA NOSTRA FINANCIACION I Fondo de Titulizacion de Activos's... |
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| Fitch Rates Indiana State University's Series 2009 Revs 'A+'; Outlook Stable
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2009-10-23 |
Fitch Rates Indiana State University's Series #### Revs 'A+'; Outlook Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns an 'A+' rating to the following Indiana State University Board of Trustees... |
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| Fitch Rates Sanlam Home Loans 103 (Pty) Limited Notes
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2009-10-23 |
Fitch Rates Sanlam Home Loans ### (Pty) Limited Notes ## Oct #### ##:## PM (EDT) Fitch Ratings-Johannesburg/London-## October ####: Fitch Ratings has assigned Sanlam Home Loans ### (Pty) Limited's (Sanlam Home Loans ###) floating-rate... |
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| Fitch Downgrades Roosevelt University (Illinois) to 'BBB+'
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2009-10-23 |
Fitch Downgrades Roosevelt University (Illinois) to 'BBB+' ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a 'BBB+' rating to approximately $###.# million Illinois Finance Authority (the... |
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| Fitch Affirms Fannie Mae & Freddie Mac's 'AAA' IDRs
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2009-10-23 |
Fitch Affirms Fannie Mae & Freddie Mac's 'AAA' IDRs ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs), senior debt ratings and short-term debt of... |
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| Fitch Revises Rating Watch on Various RBS Hybrids to Evolving
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2009-10-23 |
Fitch Revises Rating Watch on Various RBS Hybrids to Evolving ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today revised the rating watch on three of The Royal Bank of Scotland Group plc's (RBS Group,... |
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| Fitch Affirms Centrica's IDR at 'A'; Upgrades Senior Unsecured to 'A+'
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2009-10-23 |
Fitch Affirms Centrica's IDR at 'A'; Upgrades Senior Unsecured to 'A+' ## Oct #### ##:## PM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today affirmed Centrica Plc's Long-term Issuer Default rating (IDR) at 'A' and... |
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| Correction - Fitch Downgrades 7 UAE Banks on Review of Support
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2009-10-23 |
Correction - Fitch Downgrades # UAE Banks on Review of Support ## Oct #### ##:## PM (EDT) Fitch Ratings-London/Dubai-## October ####: This is a correction of a previous announcement. It amends the Support Rating of National Bank of Ras... |
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| Fitch Rates $105.965MM Denver (CO) Airport System Revs, Ser 2009C 'AA+/F1+'
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2009-10-23 |
Fitch Rates $###.###MM Denver (CO) Airport System Revs, Ser ####C 'AA+/F#+' ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a rating of 'AA+/F#+' to the $###,###,### City and County of Denver,... |
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| Fitch Rates Petrobras' US$4B Note Issuance 'BBB' Due 2020 and 2040
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2009-10-23 |
Fitch Rates Petrobras' US$#B Note Issuance 'BBB' Due #### and #### ## Oct #### ##:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings has assigned a 'BBB' rating to Petroleo Brasileiro S.A.'s (Petrobras) proposed US$# billion... |
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| Fitch Rates Connecticut's $550MM Special Tax Obligation Bonds 'AA-'; Outlook Stable
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2009-10-23 |
Fitch Rates Connecticut's $###MM Special Tax Obligation Bonds 'AA-'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: Fitch Ratings assigns an 'AA-' rating to approximately $### million in State of Connecticut... |
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| Fitch Affirms Town of Fairfax, CA GOs at 'AA'; Outlook Stable
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2009-10-23 |
Fitch Affirms Town of Fairfax, CA GOs at 'AA'; Outlook Stable ## Oct #### #:## PM (EDT) Fitch Ratings-New York-## October ####: In the course of routine surveillance, Fitch Ratings affirms the Town of Fairfax, California's $#.# million... |
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| South Korean Energy and Utilities - FX Risk Moderating, Alleviating Pressure on Credit Metrics
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2009-10-23 |
...In Fitch Ratings' view, the recent appreciation of the South Korean (Korean) won is generally positive for Korean energy and utility companies' cash flow generation and credit metrics. Nevertheless, Fitch notes that the ratings of the Korean state owned power and utility companies are linked to the Korean sovereign ratings because of the strength of the companies' legal, operational and strategic ties with the government, rather than their standalone financial profile. The exchange rate of the won against the US dollar remained at about KRW### #,###/USD# during FY## and FY##. The won started to sharply depreciate from H###, with the exchange rate at one point exceeding KRW#,###/USD# in March ####. Although still higher than historical exchange rates in the mid####s, the won restored its value to below KRW#,###/USD# by endSeptember ####. Owing to their heavy reliance on imported energy resources, Korean energy and utility companies are not only affected by international commodity prices,...
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| State Bank of India
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2009-10-23 |
...ForeignCurrency LongTerm IDR Stable National LongTerm Rating Stable Sovereign ForeignCurrency Long Term IDR Stable Sovereign LocalCurrency Long Term IDR Negative ...
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| Korea Land Housing Corporation
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2009-10-23 |
...With effect from # October ####, Korea Land Corporation (KLC) and Korea National Housing Corporation (KNHC) have been integrated into a new entity, Korea Land Housing Corporation (KLHC), which has assumed the assets, liabilities and other rights and obligations of both former entities. As a result, KLHC is now the sole entity implementing the government's real estate development policy, including both land and housing....
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| Credem - Credito Emiliano S.p.A.
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2009-10-23 |
...The ratings of Credem Credito Emiliano S.p.A. (Credem) reflect its good asset quality, sound credit risk management and adequate capitalisation. They also take into consideration some pressure on the bank's profitability, relatively high cost structure and a certain, although decreasing, appetite for market risk....
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| Credem - Credito Emiliano S.p.A.
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2009-10-23 |
...The ratings of Credem Credito Emiliano S.p.A. (Credem) reflect its good asset quality, sound credit risk management and adequate capitalisation. They also take into consideration some pressure on the bank's profitability, relatively high cost structure and a certain, although decreasing, appetite for market risk....
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| European Telecoms and Media Sectors: Update and Outlook
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2009-10-23 |
...> Headline revenues/EBITDA impacted by maturing markets, competition, regulation and the economy! > International expansion will continue to provide some growth support > Broadband & mobile growth drivers continue to slow on maturing fundamentals > Cost control will be a continued theme  to try to protect pressured margins > Capex budgets & some dividends will be scaled back to conserve cash > Fibre and LTE debate will become more acute > Liquidity position is relatively strong across the sector (better than ####) > M&A pressures will build eg UK, Germany, Spain, Italy? > Leverage on the rise again? Source: Fitch ...
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| Vietnam Joint-Stock Commercial Bank for Industry and Trade
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2009-10-23 |
...# Months Interim # M onths Interim As % of Year End As % of Year End As % of Y ear End As % of Y ear End As % of USDm VNDbn Assets VNDbn Assets VNDbn Assets VNDbn Assets VNDbn Assets Original Original Original Original Original Original Original Restated Restated Original Original...
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| DECO 10 - Pan Europe 4 p.l.c - A Performance Update (Germany CMBS)
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2009-10-23 |
...DECO ## Pan Europe # p.l.c is a securitisation of ## commercial mortgage loans originated by Deutsche Bank AG (rated `AA'/Negative/`F#+'), which closed in December ####. Four loans have prepaid since closing, which has resulted in the current securitised balance decreasing significantly by ##% to EUR###.#m from EUR#,###.##m at closing. The portfolio is mainly secured over property in Germany (##.#% by market value, MV) with the remaining assets secured over property in Switzerland (##.#%) and the Netherlands (#.#%). Although the property portfolio shows some concentration to the office sector at ##.#%, the pool benefits from exposure to a variety of other property types, such as retail (##.##%), mixed (##.##%), multifamily (#.##%) and other (#.##%). On ## October ####, Fitch Ratings affirmed the class A# notes with a Stable Outlook. The remaining classes have been downgraded and the Outlooks on the A# and B notes have been revised to Negative from Stable. The class C notes remain on Outlook...
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| Fitch Affirms Maybank's IDR at 'A-'; Outlook Stable
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2009-10-23 |
Fitch Affirms Maybank's IDR at 'A-'; Outlook Stable ## Oct #### ##:## PM (EDT) Fitch Ratings-Singapore-## October ####: Fitch Ratings has today affirmed Malayan Banking Berhad's (Maybank) Long-term local and foreign currency Issuer Default... |
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| Fitch Assigns 'AA-(ind)'/'F1+(ind)' to India's Feegrade's Bank Loan Facilities
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2009-10-23 |
Fitch Assigns 'AA-(ind)'/'F#+(ind)' to India's Feegrade's Bank Loan Facilities ## Oct #### ##:## AM (EDT) Fitch Ratings-Kolkata/Mumbai/Singapore-## October ####: Fitch Ratings has today assigned India's Feegrade & Company Pvt. Ltd. (FCPL)... |
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| Fitch Assigns 'AA-(ind)'/'F1+(ind)' to India's Bonai Industrial's Bank Loan Facilities
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2009-10-23 |
Fitch Assigns 'AA-(ind)'/'F#+(ind)' to India's Bonai Industrial's Bank Loan Facilities ## Oct #### ##:## AM (EDT) Fitch Ratings-Kolkata/Mumbai/Singapore-## October ####: Fitch Ratings has today assigned India's Bonai Industrial Company... |
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| Fitch Assigns 'BBB (ind)'/'F3' (ind)' to Delkor Technik India Private Limited's Bank Loans
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2009-10-23 |
Fitch Assigns 'BBB (ind)'/'F#' (ind)' to Delkor Technik India Private Limited's Bank Loans ## Oct #### ##:## AM (EDT) Fitch Ratings-Chennai/Mumbai/Singapore-## October ####: Fitch Ratings has today assigned India's Delkor Technik India... |
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| Fitch Assigns 'BB+(ind)'/'F4(ind)' to Pearl Polymers' Bank Loans
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2009-10-23 |
Fitch Assigns 'BB+(ind)'/'F#(ind)' to Pearl Polymers' Bank Loans ## Oct #### #:## AM (EDT) Fitch Ratings-New Delhi/Singapore-## October ####: Fitch Ratings has today assigned India's Pearl Polymers Limited (PPL) a National Long-term... |
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| Fitch: Indonesia's New Mining Decree Has No Rating Implications
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2009-10-23 |
Fitch: Indonesia's New Mining Decree Has No Rating Implications ## Oct #### #:## AM (EDT) Fitch Ratings-Jakarta/Singapore-## October ####: Fitch Ratings has commented today that Indonesia's new mining regulation that restricts mining... |
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| Fitch Affirms Hyundai Capital Auto Funding VII Ltd; Assigns Outlook & LS Rating
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2009-10-23 |
Fitch Affirms Hyundai Capital Auto Funding VII Ltd; Assigns Outlook & LS Rating ## Oct #### #:## AM (EDT) Fitch Ratings-Singapore/Hong Kong-## October ####: Fitch Ratings has today affirmed Hyundai Capital Auto Funding VII Limited's... |
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| Fitch Affirms RHB Bank's Ratings; Outlook Stable
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2009-10-23 |
Fitch Affirms RHB Bank's Ratings; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-Singapore-## October ####: Fitch Ratings has today affirmed Malaysia's RHB Bank's Long-term foreign currency Issuer Default Rating (IDR) at 'BBB'... |
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| Fitch Affirms ING Vysya at 'AA(ind)'; Outlook Negative
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2009-10-23 |
Fitch Affirms ING Vysya at 'AA(ind)'; Outlook Negative ## Oct #### #:## AM (EDT) Fitch Ratings-Mumbai/Singapore-## October ####: Fitch Ratings has today affirmed ING Vysya Bank Limited's (ING Vysya) National Long-term rating at 'AA(ind)',... |
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| Fitch Affirms Arab National Bank at 'A'; Outlook Stable
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2009-10-23 |
Fitch Affirms Arab National Bank at 'A'; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-London/Dubai-## October ####: Fitch Ratings has today affirmed Saudi Arabia-based Arab National Bank's (ANB) Long-term Issuer Default rating... |
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| Fitch Places Excelcomindo's Foreign & Local Currency Ratings on Positive Watch
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2009-10-23 |
Fitch Places Excelcomindo's Foreign & Local Currency Ratings on Positive Watch ## Oct #### #:## AM (EDT) Fitch Ratings-Singapore/Seoul-## October ####: Fitch Ratings has today placed P.T. Excelcomindo Pratama Tbk's (XL) 'BB-' Long-term... |
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| Fitch Takes Rating Action on 5 Greek Banks After Sovereign Downgrade
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2009-10-23 |
Fitch Takes Rating Action on # Greek Banks After Sovereign Downgrade ## Oct #### #:## AM (EDT) Fitch Ratings-Barcelona/London-## October ####: Fitch Ratings has today taken various rating actions on five Greek banks and downgraded government... |
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| Fitch Affirms Tattelecom at 'B+'; Outlook Stable
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2009-10-23 |
Fitch Affirms Tattelecom at 'B+'; Outlook Stable ## Oct #### #:## AM (EDT) Fitch Ratings-Moscow/London-## October ####: Fitch Ratings has today affirmed OJSC Tattelecom's Long-term foreign currency Issuer Default rating (IDR) at 'B+'... |
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| Fitch Downgrades FSA-Insured Utility Bonds to 'AA'; Off RWN; Assigns Negative Outlooks
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2009-10-23 |
Fitch Downgrades FSA-Insured Utility Bonds to 'AA'; Off RWN; Assigns Negative Outlooks ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today downgraded the FSA-insured bonds of multiple UK-regulated... |
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| Fitch Revises BPN-Banco Portugues de Negocios Rating Watch to Evolving; Withdraws Ratings
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2009-10-23 |
Fitch Revises BPN-Banco Portugues de Negocios Rating Watch to Evolving; Withdraws Ratings ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today revised the rating watches on Portugal-based BPN-Banco... |
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| Fitch: Structured Finance Counterparty Criteria Seminar, London 27 Oct 2009
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2009-10-23 |
Fitch: Structured Finance Counterparty Criteria Seminar, London ## Oct #### ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings will present its updated counterparty criteria for structured finance at a seminar... |
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| Fitch Assigns AyT VPO II, F.T.A.'s Notes Final Ratings
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2009-10-23 |
Fitch Assigns AyT VPO II, F.T.A.'s Notes Final Ratings ## Oct #### #:## AM (EDT) Fitch Ratings-London/Madrid-## October ####: Fitch Ratings has today assigned AyT VPO II, Fondo de Titulizacion de Activos' notes totalling EUR###m, due... |
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| Fitch Teleconference: 'Outlook for Western European Banks: More Trouble Ahead?'
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2009-10-23 |
Fitch Teleconference: 'Outlook for Western European Banks: More Trouble Ahead?' ## Oct #### #:## AM (EDT) Fitch Ratings-New York-## October ####: Following a series of investor events in five European locations, Fitch Ratings will hold... |
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| Fitch Rates JSC Acron at 'B+'; Outlook Negative
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2009-10-23 |
Fitch Rates JSC Acron at 'B+'; Outlook Negative ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today assigned Russia-based fertiliser producer JSC Acron (Acron) the following ratings: Long-term foreign... |
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| Fitch: Uncertainty Remains for French CMBS Deal Windermere XII
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2009-10-23 |
Fitch: Uncertainty Remains for French CMBS Deal Windermere XII ## Oct #### #:## AM (EDT) Fitch Ratings-Paris/London-## October ####: Fitch Ratings says today that the latest in a series of court decisions leaves considerable uncertainty... |
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| Fitch Downgrades Talisman-5 Finance plc's CMBS Notes
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2009-10-23 |
Fitch Downgrades Talisman-# Finance plc's CMBS Notes ## Oct #### #:## AM (EDT) Fitch Ratings-London-## October ####: Fitch Ratings has today downgraded Talisman-# Finance Plc's A to E note classes, excluding the class X notes which were... |
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| Fitch Rates Jefferies Group, Inc.'s Convertible Senior Notes 'BBB'
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2009-10-23 |
Fitch Rates Jefferies Group, Inc.'s Convertible Senior Notes 'BBB' ## Oct #### #:## AM (EDT) Fitch Ratings-New York-## October ####: Fitch rates Jefferies Group, Inc.'s convertible senior notes due Nov. #, #### 'BBB'. These fixed-rate... |
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| Global Rating Criteria for Asset-Backed Commercial Paper
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2009-10-22 |
...This report describes Fitch Ratings' approach to rating asset-backed commercial paper (ABCP). Fitch assigns a rating to ABCP based on an examination of the issuing entity's structure, its collateral and investment guidelines, and the key parties involved, including the vehicle's sponsor and the credit enhancement and liquidity support providers. There are several different types of ABCP programs and a number of combinations of credit and liquidity support mechanisms. In all cases, Fitch's rating reflects its opinion on the likelihood of the chosen mechanism's ability to provide for the timely and full repayment of the ABCP. Fitch's review of an ABCP program seeks to determine the following: The credit quality of the liquidity and credit enhancement support providers. The credit quality of the collateral. The administrative capabilities and expertise of the sponsor. That legal and structural issues have been addressed. Fitch's review of a conduit's structure involves an analysis of the credit...
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| Credit Analysis: Corporación Durango, S.A.B. de C.V.
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2009-10-22 |
...Corporación Durango, S.A.B. de C.V.'s (Durango) `CCC' foreign and local currency issuer default ratings (IDRs) reflect the company's weak financial position. The company has been under significant cash flow stress since the beginning of #### due to rising production costs, weakening demand for linerboard and corrugated boxes in Mexico, and low prices....
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