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Fitch Downgrades 6 Classes of G-Star 2005-5 Ltd.

23 Nov 2009 06:53:42 EST

Fitch Downgrades # Classes of G-Star ####-# Ltd. ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has downgraded six classes of notes issued by G-Star ####-# Ltd. (G-Star ####-#) as a result of continued...

Fitch Affirms Parker, Arizona Revenue Bonds at 'BBB+'; Outlook Stable

23 Nov 2009 06:53:42 EST

Fitch Affirms Parker, Arizona Revenue Bonds at 'BBB+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Austin-## November ####: As part of ongoing surveillance, Fitch Ratings affirms the 'BBB+' rating for the Town of Parker, Arizona's...

Fitch Downgrades 13 Classes from BSCMSI 2005-PWR7; Assigns Outlooks & LS Ratings

23 Nov 2009 06:53:42 EST

Fitch Downgrades ## Classes from BSCMSI ####-PWR#; Assigns Outlooks & LS Ratings ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings takes various rating actions on Bear Stearns Commercial Mortgage Securities...

Fitch Takes Rating Actions on Selected Mexican Financial Institutions Following Sovereign Downgrade

23 Nov 2009 06:53:42 EST

Fitch Takes Rating Actions on Selected Mexican Financial Institutions Following Sovereign Downgrade ## Nov #### #:## PM (EST) Fitch Ratings-Mexico City-## November ####: Following today's downgrade of Mexico's sovereign ratings, Fitch...

Fitch Rates Florida's $155MM GO PECO Bonds 'AA+'; Outlook Negative

23 Nov 2009 06:53:42 EST

Fitch Rates Florida's $###MM GO PECO Bonds 'AA+'; Outlook Negative ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has assigned an 'AA+' rating to the state of Florida's $###,###,### full faith and credit...

Fitch Rates South Lake Hospital's (Florida) 2009 Revs 'BBB+'; Upgrades Outstanding Debt

23 Nov 2009 06:53:42 EST

Fitch Rates South Lake Hospital's (Florida) #### Revs 'BBB+'; Upgrades Outstanding Debt ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has assigned a 'BBB+' rating to the approximately $##.# million...

Fitch Mantiene Clasificaciones de Iansa en Rating Watch Negativo

23 Nov 2009 06:53:41 EST

Fitch Mantiene Clasificaciones de Iansa en Rating Watch Negativo ## Nov #### #:## PM (EST) Fitch Ratings-Santiago/Chicago-## November ####: Fitch Ratings mantuvo las siguientes clasificaciones de Empresas Iansa S.A. (Iansa) en Rating...

Fitch Affirms Port of Seattle, King County, WA's $378.1MM LTGOs at 'AA+'

23 Nov 2009 06:53:41 EST

Fitch Affirms Port of Seattle, King County, WA's $###.#MM LTGOs at 'AA+' ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA+' rating to Port of Seattle, WA's (the port) $###.# million limited...

Fitch: Favorable Long-Term Outlook for U.S. Crop Protection Market

23 Nov 2009 06:53:41 EST

Fitch: Favorable Long-Term Outlook for U.S. Crop Protection Market ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: In a special report issued today, Fitch Ratings says that the long-term outlook is favorable for the...

Fitch Affirms Montgomery, Texas' COs at 'BBB'; Outlook Stable

23 Nov 2009 06:53:41 EST

Fitch Affirms Montgomery, Texas' COs at 'BBB'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Austin-## November ####: As part of ongoing surveillance, Fitch Ratings affirms the 'BBB' rating for the City of Montgomery, Texas'...

Fitch Assigns 'AA-' Assured Guaranty Insured Issue Rating; Outlook Negative

23 Nov 2009 06:53:41 EST

Fitch Assigns 'AA-' Assured Guaranty Insured Issue Rating; Outlook Negative ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an Assured Guaranty Insurer Financial Strength (IFS) rating of 'AA-'...

Fitch Ratifica Calificaciones de Riesgo Nacionales a Asociacion Cibao

23 Nov 2009 06:53:41 EST

Fitch Ratifica Calificaciones de Riesgo Nacionales a Asociacion Cibao ## Nov #### #:## PM (EST) Fitch Ratings-Caracas-## November ####: Fitch ratifica las calificaciones de riesgo nacionales a Asociacion Cibao de Ahorros y Prestamos...

Fitch Rates Orlando Health (FL) Series 2009 Bonds 'A'; Affirms Outstanding Debt; Outlook Stable

23 Nov 2009 06:53:41 EST

Fitch Rates Orlando Health (FL) Series #### Bonds 'A'; Affirms Outstanding Debt; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Tampa-## November ####: Fitch Ratings assigns an 'A' rating on approximately $### million Orange...

Fitch Downgrades & Withdraws Rating on Putnam CBO II Ltd./Corp.

23 Nov 2009 06:53:41 EST

Fitch Downgrades & Withdraws Rating on Putnam CBO II Ltd./Corp. ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has downgraded and withdrawn its rating on the remaining class of notes issued by Putnam...

Fitch Affirms Arkansas Valley Regional Medical Center (CO) Bonds at 'BBB'; Outlook Stable

23 Nov 2009 06:53:41 EST

Fitch Affirms Arkansas Valley Regional Medical Center (CO) Bonds at 'BBB'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms the 'BBB' underlying rating on approximately $#.## million...

Fitch Affirms People's United; Financial Federal on Watch Positive after Acquisition Announcement

23 Nov 2009 06:53:41 EST

Fitch Affirms People's United; Financial Federal on Watch Positive after Acquisition Announcement ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed the ratings of People's United Financial...

Fitch Removes Rede Group from Watch Negative; Upgrades Rede Energia & Rates Proposed Issuance

23 Nov 2009 06:53:40 EST

Fitch Removes Rede Group from Watch Negative; Upgrades Rede Energia & Rates Proposed Issuance ## Nov #### #:## PM (EST) Fitch Ratings-Sao Paulo/Rio de Janeiro-## November ####: Fitch Ratings has removed the ratings of Rede Energia S.A....

Correction: Fitch Rates Moulton Niguel Water District, California's $60MM COPs 'AA+'; Outlook Stable

23 Nov 2009 06:53:40 EST

Correction: Fitch Rates Moulton Niguel Water District, California's $##MM COPs 'AA+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-San Francisco-## November ####: (This is an update of a release originally issued Nov. ##, ####....

Fitch Maintains Iansa's Ratings on Watch Negative

23 Nov 2009 06:53:40 EST

Fitch Maintains Iansa's Ratings on Watch Negative ## Nov #### #:## PM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings maintains the following ratings for Empresas Iansa S.A. (Iansa) on Rating Watch Negative: --Local Currency...

Fitch Affirms Hillsborough Public Financing Authority, CA's COPs at 'AA+'; Outlook Stable

23 Nov 2009 06:53:40 EST

Fitch Affirms Hillsborough Public Financing Authority, CA's COPs at 'AA+'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: As part of ongoing surveillance, Fitch Ratings affirms the 'AA+' rating for...

Fitch: U.S. CMBS Specially Serviced Loans Up Another 7.4%

23 Nov 2009 06:53:40 EST

Fitch: U.S. CMBS Specially Serviced Loans Up Another #.#% ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: On the heels of another rise in U.S. CMBS delinquencies, Fitch rated loans in special servicing rose an additional...

Fitch Clasifica PS-14 de Santander Sociedad Securitizadora

23 Nov 2009 06:53:40 EST

Fitch Clasifica PS-## de Santander Sociedad Securitizadora ## Nov #### #:## PM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings ha clasificado el Decimocuarto Patrimonio Separado de Santander S.A. Sociedad Securitizadora....

Fitch Rates Richmond, Virginia's $113MM GOs 'AA'; Outlook Stable

23 Nov 2009 06:53:40 EST

Fitch Rates Richmond, Virginia's $###MM GOs 'AA'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings assigns an 'AA' rating to the City of Richmond, Virginia's $###.## million general obligation...

Fitch califica 'BBB+' en escala global emision propuesta de Televisa

23 Nov 2009 06:53:39 EST

Fitch califica 'BBB+' en escala global emision propuesta de Televisa ## Nov #### #:## PM (EST) Fitch Ratings-Monterrey-## November ####: Fitch Ratings asigno la calificacion 'BBB+' en escala global a la emision propuesta de notas senior...

Fitch Publishes U.S. CMBS Focus Report on BACM 2007-3

23 Nov 2009 06:53:39 EST

Fitch Publishes U.S. CMBS Focus Report on BACM ####-# ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has published its U.S. CMBS Focus Performance Report on Banc of America Commercial Mortgage Inc.,...

Fitch Expects to Rate Tortoise Energy Capital Corp's MRP Shares 'AA'

23 Nov 2009 06:53:39 EST

Fitch Expects to Rate Tortoise Energy Capital Corp's MRP Shares 'AA' ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings expects to assign an 'AA' rating to the following securities to be issued by Tortoise...

Crop Protection Market Trends and Credit Implications

23 Nov 2009 06:53:35 EST

...Near-term and long-term growth outlooks based on forecasts for key demand drivers for agricultural fundamentals and macroeconomic trends....

Ares Capital Corporation

23 Nov 2009 06:53:35 EST

...Ares Capital Corporation's (ARCC) ratings reflect low leverage, demonstrated access to the capital markets, increased cushion on its asset coverage ratio, consistent operating performance in a very difficult market environment, moderate portfolio investment concentrations, experienced management, and access to deal flow and investment resources from asset manager Ares Capital Management, LLC and its affiliate Ares Management, LLC. Rating constraints reflect the company's secured funding profile, capital markets impact on leverage, dependence on capital markets to fund portfolio growth, and limited ability to retain capital due to dividend requirements. Net investment income was relatively flat in the first nine months of ####, as higher interest income and modestly lower expenses offset a material decline in other fee income resulting from a significant pullback in investment activity....

Ares Capital Corporation

23 Nov 2009 06:53:35 EST

Relatorio de Rating Preliminar: RB Capital Securitizadora S.A. - Serie 2009-34 (Republicado)

23 Nov 2009 06:53:35 EST

...A Fitch Ratings atribuiu o Rating Nacional Preliminar de Longo Prazo `AA(bra)' Ã ##Âª sÃ©rie da primeira emissÃ£o de Certificados de RecebÃveis ImobiliÃ¡rios (CRIs) pela RB Capital Securitizadora S.A. (RB). Esta emissÃ£o serÃ¡ lastreada por ### CÃ©dulas de CrÃ©dito ImobiliÃ¡rio (CCIs), que representam um contrato de financiamento entre a Domus Companhia de CrÃ©dito ImobiliÃ¡rio (Domus) e a Aliansce Shopping Centers S.A. (Aliansce). Estes crÃ©ditos imobiliÃ¡rios objeto de cessÃ£o para fins desta emissÃ£o de CRI sÃ£o colateralizados principalmente por alienaÃ§Ã£o fiduciÃ¡ria do Bangu Shopping e cessÃ£o fiduciÃ¡ria do seu fluxo de aluguÃ©is. O Rating Preliminar atribuÃdo reflete a capacidade de pagamento integral do principal investido, corrigido monetariamente pelo Ãndice de PreÃ§os do Consumidor (IPCA), acrescido de taxa de juros anual, atÃ© o vencimento final legal da transaÃ§Ã£o, em dezembro de ####. A taxa de juros para a emissÃ£o serÃ¡ de ### pontos-base acima da NTN-B com vencimento em ####, a ser apurada em data...

Apollo Investment Corporation

23 Nov 2009 06:53:35 EST

...Apollo Investment Corporation's (AINV) ratings reflect its low leverage, demonstrated access to the capital markets, increased cushion on asset coverage, consistent operating performance, moderate portfolio investment concentrations, experienced management, and the company's access to deal flow and investment resources from asset manager, Apollo Global Management, LLC. Rating constraints reflect the company's relatively short operating history, limited funding flexibility, capital markets impact on leverage, dependence on the capital markets to fund portfolio growth, and limited ability to retain capital due to dividend requirements. In the first half of ####, net investment income was down #.#% annually to $###.#m. A smaller portfolio combined with a ###bps reduction in the debt portfolio yield, drove a ##.#% decline in investment income, but expenses fell ##.#% annually led by a ##.#% decline in interest expense, which benefited from the drop in LIBOR. Portfolio valuations have been under...

Apollo Investment Corporation

23 Nov 2009 06:53:35 EST

Asociacion Cibao de Ahorros y Prestamos

23 Nov 2009 06:53:35 EST

...Las calificaciones de AsociaciÃ³n Cibao de Ahorros y PrÃ©stamos (CIBAO) reflejan la sÃ³lida capitalizaciÃ³n, holgados niveles de liquidez y atomizaciÃ³n de la cartera de prÃ©stamos. TambiÃ©n consideran la decreciente, aunque todavÃa importante morosidad, el ajustado nivel de cobertura de las reservas, asÃ como el entorno econÃ³mico menos favorable....

Cobalt CMBS Commercial Mortgage Trust, Series 2007-C3 - U.S. CMBS Focus Performance Report

23 Nov 2009 06:53:35 EST

...This report summarizes key credit characteristics of the Cobalt CMBS Commercial Mortgage Trust (Cobalt), series ####-C# transaction, following Fitch Ratings' most recent full transaction review conducted in August ####. Furthermore, the report has been updated to reflect the most recently reported performance information available, through the Oct. ##, #### remittance date. Projected term and maturity losses referred to herein are a reflection of Fitch's modeled treatment of the loans, which is prospective in nature and incorporates assumptions indicative of the current stressed market environment. These assumptions include modeled refinance tests, peak-to- trough cash flow declines, and market value declines relative to issuance. Â·The transaction has above-average Fitch Ratings-modeled recognized losses and potential losses relative to its vintage, at #.#% and ##.#%, respectively. Â·As of the October #### remittance, only class P is experiencing an interest shortfall. Â·Specially serviced...

Fitch Affirms and Withdraws Preferred Share Ratings of Reaves Utility Income Fund

23 Nov 2009 02:37:42 EST

Fitch Affirms and Withdraws Preferred Share Ratings of Reaves Utility Income Fund ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed and withdrawn the 'A' ratings assigned to the following Auction...

Fitch: U.S. Auto ABS Temporarily Bucks Seasonality Trend

23 Nov 2009 02:37:42 EST

Fitch: U.S. Auto ABS Temporarily Bucks Seasonality Trend ## Nov #### #:## PM (EST) Fitch Ratings-New York-## November ####: Despite various negative indicators, U.S. auto ABS delinquency and annualized net losses (ANL) actually improved...

Fitch Affirms Hudson County Improvement Auth, NJ Revs Ser 1998 at 'BBB-'; Outlook to Negative

23 Nov 2009 02:37:41 EST

Fitch Affirms Hudson County Improvement Auth, NJ Revs Ser #### at 'BBB-'; Outlook to Negative ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed its 'BBB-' rating on the Hudson County Improvement...

Fitch Affirms SLM Student Loan Trust 2003-10; Assigns Outlook Stable

23 Nov 2009 02:37:41 EST

Fitch Affirms SLM Student Loan Trust ####-##; Assigns Outlook Stable ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms and assigns a Stable Rating Outlook to the senior student loan notes of the...

Fitch Affirms SLM Student Loan Trust 2006-7; Assigns Outlook Stable

23 Nov 2009 02:37:41 EST

Fitch Affirms SLM Student Loan Trust ####-#; Assigns Outlook Stable ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms and assigns a Stable Rating Outlook to the senior student loan notes of the...

Fitch Affirms NorthStar Education Finance 2000 Trust Indenture Senior Notes

23 Nov 2009 02:37:41 EST

Fitch Affirms NorthStar Education Finance #### Trust Indenture Senior Notes ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms the senior student loan notes of the NorthStar Education Finance ####...

Fitch Downgrades Kazakhstan's Temirbank to 'RD'

23 Nov 2009 02:37:41 EST

Fitch Downgrades Kazakhstan's Temirbank to 'RD' ## Nov #### ##:## PM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today downgraded Kazakhstan-based Temirbank's (Temir) Long-term Issuer Default Rating (IDR) to...

Fitch Rates Blanchard Valley Health System (OH) $110MM Series 2004 Bonds 'A-'; Outlook Stable

23 Nov 2009 02:37:41 EST

Fitch Rates Blanchard Valley Health System (OH) $###MM Series #### Bonds 'A-'; Outlook Stable ## Nov #### ##:## PM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings has assigned an underlying 'A-' rating to approximately $###...

Fitch Rates Televisa's Proposed Sr. Notes 'BBB+'

23 Nov 2009 02:37:41 EST

Fitch Rates Televisa's Proposed Sr. Notes 'BBB+' ## Nov #### #:## PM (EST) Fitch Ratings-Monterrey-## November ####: Fitch Ratings has assigned a 'BBB+' rating to Grupo Televisa, S.A.B's (Televisa) proposed US$### million senior unsecured...

Fitch Assigns UBS's Second Covered Bonds Issue Expected 'AAA' Rating

23 Nov 2009 02:37:40 EST

Fitch Assigns UBS's Second Covered Bonds Issue Expected 'AAA' Rating ## Nov #### ##:## AM (EST) Fitch Ratings-Frankfurt/London-## November ####: Fitch Ratings-Frankfurt/London -## November ####: Fitch Ratings has today assigned UBS AG's...

Fitch Affirms Imser 2; Outlook Stable

23 Nov 2009 02:37:40 EST

Fitch Affirms Imser #; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-London/Milan-## November ####: Fitch Ratings has today affirmed Imser Securitisation # s.r.l.'s (Imser #) CMBS notes, due ####, as follows: EUR##.#m class...

Fitch Downgrades Mexico's Foreign Currency Rating to 'BBB'; Outlook Stable

23 Nov 2009 02:37:40 EST

Fitch Downgrades Mexico's Foreign Currency Rating to 'BBB'; Outlook Stable ## Nov #### ##:## PM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings today downgraded Mexico's foreign currency Issuer Default Rating (IDR) to 'BBB'...

Fitch Affirms SEB Investment's 'M2' Asset Manager Rating for its Real Estate Operations

23 Nov 2009 02:37:40 EST

Fitch Affirms SEB Investment's 'M#' Asset Manager Rating for its Real Estate Operations ## Nov #### ##:## PM (EST) Fitch Ratings-Paris/London/Frankfurt-## November ####: Fitch Ratings has today affirmed Frankfurt-based SEB Investment...

Fitch Affirms SLM Student Loan Trust 2002-7; Assigns Outlooks

23 Nov 2009 02:37:39 EST

Fitch Affirms SLM Student Loan Trust ####-#; Assigns Outlooks ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms and assigns a Stable Rating Outlook to the senior student loan notes of the SLM Student...

Fitch Places Russia's National Bank TRUST on Negative Watch

23 Nov 2009 02:37:39 EST

Fitch Places Russia's National Bank TRUST on Negative Watch ## Nov #### ##:## AM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today placed Russia-based National Bank TRUST's (NBT) ratings on Rating Watch Negative...

Fitch Affirms SLM Student Loan Trust 2003-2; Assigns Outlooks

23 Nov 2009 02:37:39 EST

Fitch Affirms SLM Student Loan Trust 2007-4; Assigns Outlooks

23 Nov 2009 02:37:39 EST

Fitch Affirms ProCredit Bank (Serbia) at 'BB-'; Outlook Negative

23 Nov 2009 02:37:39 EST

Fitch Affirms ProCredit Bank (Serbia) at 'BB-'; Outlook Negative ## Nov #### ##:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today affirmed ProCredit Bank's (Serbia) (PCBS) Long-term foreign currency Issuer Default...

Fitch Affirms Russia's Ak Bars at 'BB'; Outlook Stable

23 Nov 2009 02:37:38 EST

Fitch Affirms Russia's Ak Bars at 'BB'; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today affirmed AK BARS Bank's (Ak Bars) Long-term Issuer Default rating (LT IDR) at 'BB'...

Fitch Downgrades GECMC 2005-C3; Revises Outlooks & Assigns Loss Severity Ratings

23 Nov 2009 02:37:38 EST

Fitch Downgrades GECMC ####-C#; Revises Outlooks & Assigns Loss Severity Ratings ## Nov #### ##:## AM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings takes various actions on GE Commercial Mortgage Corporation, series ####-C#...

Fitch Rates Digicel's US$500MM Proposed Sr. Notes Due 2017 'B-/RR4'

23 Nov 2009 02:37:38 EST

Fitch Rates Digicel's US$###MM Proposed Sr. Notes Due #### 'B-/RR#' ## Nov #### ##:## AM (EST) Fitch Ratings-Monterrey/Chicago-## November ####: Fitch Ratings has assigned a 'B-/RR#' rating to Digicel Limited's (DL) proposed US$### million...

Fitch Rates Ocwen Servicer Advance Receivables Funding Company II Ltd. Series 2009-1 & 2009-2

23 Nov 2009 02:37:37 EST

Fitch Rates Ocwen Servicer Advance Receivables Funding Company II Ltd. Series ####-# & ####-# ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has assigned 'AAA' ratings and Stable Rating Outlooks to...

Fitch Affirms Seminole Tribe of Florida's Issuer Rating at 'BBB-'

23 Nov 2009 02:37:37 EST

Fitch Affirms Seminole Tribe of Florida's Issuer Rating at 'BBB-' ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings affirms the ratings assigned to the Seminole Tribe of Florida (STOF) as follows: --Issuer...

Fitch Rates AMB Property, L.P.'s $500MM Senior Unsecured Notes 'BBB+'; Outlook Negative

23 Nov 2009 02:37:37 EST

Fitch Rates AMB Property, L.P.'s $###MM Senior Unsecured Notes 'BBB+'; Outlook Negative ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has assigned a 'BBB+' rating to the new $### million par value...

Fitch Rates Poland's City of Lodz 'BBB+'/'AA-(pol)'; Outlook Stable

23 Nov 2009 02:37:37 EST

Fitch Rates Poland's City of Lodz 'BBB+'/'AA-(pol)'; Outlook Stable ## Nov #### ##:## AM (EST) Fitch Ratings-London/Warsaw-## November ####: Fitch Ratings has today assigned Poland's City of Lodz Long-term foreign currency and local...

Fitch Affirms SLM 2003-5; Assigns Outlooks & LS Ratings

23 Nov 2009 02:37:37 EST

Fitch Affirms SLM ####-#; Assigns Outlooks & LS Ratings ## Nov #### ##:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings has affirmed the long-term ratings and assigned Loss Severity (LS) ratings and Outlooks to the...

Fitch Affirms SLM 2007-5; Assigns Outlooks & LS Ratings

23 Nov 2009 02:37:37 EST

Fitch: ING Vida Continua en Rating Watch Negativo

23 Nov 2009 02:37:37 EST

Fitch: ING Vida Continua en Rating Watch Negativo ## Nov #### ##:## AM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings decidio mantener el Rating Watch Negativo a la clasificacion de riesgo asignada a las obligaciones de...

Ocwen Servicer Advance Receivables Funding Company II Ltd. - ser 2009-1 & 2009-2

23 Nov 2009 02:37:35 EST

...Fitch Ratings rates series ####-# and series ####-# issued by Ocwen Servicer Advance Receivables Funding Company II Ltd. (OSARFC II) as listed above. This transaction closed on Nov. ##, ####. The collateral securing the notes will consist of judicial and nonjudicial principal and interest (P&I), judicial and nonjudicial escrow, and judicial and nonjudicial corporate advances related to loans serviced by Ocwen. Approximately ### individual subprime residential mortgage-backed securities (RMBS) transactions will be pledged to the OSARFC II. Judicial advances are related to properties that are in judicial states in which the foreclosure process typically involves a court decision. According to the underlying pooling and servicing agreements, the servicer is required to advance delinquent principal and interest as well as other expenses until the advances are deemed nonrecoverable. These advances are reimbursed when a borrower makes up payments, when a property is liquidated, or when a delinquent...

Pima County, Arizona - COPs ser 2009A

23 Nov 2009 02:37:35 EST

...The COP structure meets the analytical requirements for a one-notch rating distinction from Pima County's `AAÂ' GO bond rating. The county maintains a satisfactory financial profile, with adequate operating reserves. County management has responded aggressively to the economic downturn, making necessary spending adjustments to maintain a satisfactory financial cushion....

TALISMAN-6 Finance plc - A Performance Update (Germany CMBS)

23 Nov 2009 02:37:35 EST

...Talisman# Finance plc closed in April #### and was the securitisation of nine commercial mortgage loans with an initial aggregate balance of EUR#,###.#m. The collateral consisted of ### commercial and residential properties located throughout Germany: retail assets accounted for ##.#% of the portfolio by market value (MV), while multifamily housing (MFH) (##.#%), office (##.#%), industrial (#.#%) and miscellaneous use/leisure assets (#%) made up the remainder. There have been no prepayments in full since closing; however, two properties were released in October ####. The assets had been part of the collateral of the Peach and Orange loans. On ## October ####, Fitch Ratings downgraded five classes of commercial mortgagebacked notes and affirmed one as shown above. The following developments, all as of the July #### interest payment date (IPD), contributed to the rating action:...

Midland Loan Services, Inc.

23 Nov 2009 02:37:35 EST

...Midland Loan Services, Inc. (Midland) is a CMBS primary, master, and special servicer rated by Fitch Ratings. Midland is rated `CPS#' as a primary servicer, `CMS#' as a master servicer, and `CSS#' as a special servicer. The ratings reflect the company's extensive CMBS experience, strong performing loan servicing technology, and experienced, long-tenured senior management team. The primary servicer rating is based on Midland's ability to service multifamily and commercial mortgage loans, including CMBS. The master servicer rating reflects Midland's ability to oversee primary servicers in CMBS transactions and accurately report and remit to CMBS trustees. The special servicer rating is based on the real estate background of Midland's senior management and asset managers and their continued ability to specially service and resolve CMBS loans and assets. The servicer rating is based on the methodology described in Fitch's report, "U.S. Commercial Mortgage Servicer Rating Criteria," dated June...

City of Busto Arsizio

23 Nov 2009 02:37:34 EST

...The City of Busto Arsizio has strong economic wealth indicators with per capita GDP ##% above the EU## average and #% unemployment. The network of about #,### hightech SMEs, specialising in aeronautics and textiles among other sectors, and which are actively developing process and product innovation, has been resilient during the economic slowdown. The downturn is likely to lead to GDP shrinking by #%. Transport, tourism and commerce should help restore growth to #% in ####, limiting the rise of unemployment to #%....

Historical Territory of Alava

23 Nov 2009 02:37:34 EST

...The revision of the Outlook on the Historical Territory of Ãlava to Negative from Stable on ## November #### reflects Fitch Ratings' expectation that the ongoing national economic slowdown will negatively affect the province's revenue base in the medium term. Ãlava's operating performance is strongly correlated with tax revenue: until ####, Ãlava had a sound operating performance underpinned by buoyant tax collection. However, the economic deceleration negatively affected tax revenue in ####, weakening its adjusted current margin (excluding institutional transfers) to ##.#% from an average of ##.#% in ########. Fitch believes that this situation could be hard to reverse and that a further deterioration cannot be ruled out: adjusted current margins could fall below ##% in #### and remain weak over the medium term. Ãlava's dependence on taxes gives it flexibility and revenueraising capacity, but the absence of nonearmarked transfers from other tiers of government makes its revenue much more...

Phoenix Natural Gas Limited - Amended

23 Nov 2009 02:37:34 EST

...Phoenix Natural Gas Limited (PNG) is the owner and operator of the gas distribution network in the Greater Belfast, Larne and Comber areas of Northern Ireland (NI); the business is a regional monopoly....

Stagecoach Group plc - Stagecoach Transport Holdings plc

23 Nov 2009 02:37:34 EST

...The Negative Outlook placed on Stagecoach Group plc's (Stagecoach) Long Term IDR on ## November #### reflects Fitch Ratings' belief that there is potential weakening in Stagecoach's credit profile in the financial year to April #### (FY##) and beyond, unless the dispute with the Department for Transport (DfT) over South Western's (SW) revenue support arrangements is resolved in its favour. This is due to leverage metrics potentially going beyond the threshold for a `BBB' rating, coupled with negative free cash flow (FCF), heightening the overall financial risk profile. While a decision will likely be taken by April ####, the Negative Outlook reflects the DfT's current position....

Merrill Lynch International Bank Limited

23 Nov 2009 02:37:34 EST

...The Long and ShortTerm IDRs and Support Ratings of Merrill Lynch International Bank Limited (MLIB) reflect an extremely high probability of support from Bank of America Corporation (BAC, rated `A+'/Stable), should this ever be required. MLIB's Individual Rating mirrors that of its parent, BAC. MLIB handles some nonUS banking activities for BAC and has a good global franchise....

Banco BTG Pactual S.A. -- Amended

23 Nov 2009 02:37:34 EST

...The IDRs and the National Ratings of Banco BTG Pactual S.A. (BTG Pactual, the former Banco UBS Pactual S.A. (UBS Pactual) are driven by the bank's Individual Rating. The Individual Rating is based on its solid franchise as a merchant bank in Brazil, its good earnings track record, well-defined structure and philosophy, supported by a group of experienced professionals, and strong risk controls, tested successfully in various crises. The Individual Rating is constrained by the quality of the bank's capital, by the limitations on future capitalisation inherent in the partnership business model, as well as by relative lower diversification on its balance sheet and its revenue stream....

Telefonica SA

23 Nov 2009 02:37:34 EST

...Telefonica SA (Telefonica) is the largest of the European incumbents in terms of customers, with ###.# million direct/retail customers at end#M##. Domestic fixedline attrition has increased, however, and competition for product bundles -- and, in particular, broadband services in Spain -- is relatively high....

Ukraine

23 Nov 2009 02:37:33 EST

...Ukraine's LongTerm IDRs and Country Ceiling were downgraded to `B-' on ## November ####. The downgrades reflected a material increase in risk to fiscal financing and macroeconomic stability. Fitch Ratings considers that risks remain on the downside, reflected in the Negative Outlook on Ukraine's LongTerm IDRs....

Banc of America Commercial Mortgage Inc., Series 2007-3 - U.S. CMBS Focus Performance Report

23 Nov 2009 02:37:00 EST

...This report summarizes key credit characteristics of the Banc of America Commercial Mortgage Inc. (BACM), series ####-# transaction, following Fitch Ratings' most recent full transaction review conducted in July ####. Furthermore, the report has been updated to reflect the most recently reported performance information available, through the Oct. ##, #### remittance date. Projected term and maturity losses referred to herein are a reflection of Fitch's modeled treatment of the loans, which is prospective in nature and incorporates assumptions indicative of the current stressed market environment. These assumptions include modeled refinance tests, peak-to- trough cash flow declines, and market value declines relative to issuance. Â·Specially serviced loans total ##.#% of the pool (as of the October remittance), and include: The second largest loan in the pool (#.#%), the Renaissance Mayflower Hotel loan was transferred to special servicing on Nov. #, ####, after the October remittance. The...

Fitch Teleconf: 2010 U.S. Healthcare Sector Outlook, Wed, Dec 2nd at 11:00am EST

23 Nov 2009 10:37:36 EST

Fitch Teleconf: #### U.S. Healthcare Sector Outlook, Wed, Dec #nd at ##:##am EST ## Nov #### #:## AM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings will host a teleconference on Wednesday, Dec. # at ##:##am EST to discuss...

Fitch: Macroeconomic Concerns Cloud Recovery for U.S. Autos in 2010

23 Nov 2009 10:37:36 EST

Fitch: Macroeconomic Concerns Cloud Recovery for U.S. Autos in #### ## Nov #### #:## AM (EST) Fitch Ratings-Chicago-## November ####: Fitch Ratings forecasts that weak macroeconomic conditions will lead to a slow recovery in industry...

Fitch Revises Outlook on BAA Funding's Bonds to Stable on Equity Injection

23 Nov 2009 10:37:36 EST

Fitch Revises Outlook on BAA Funding's Bonds to Stable on Equity Injection ## Nov #### #:## AM (EST) Fitch Ratings-Paris/London-## November ####: Fitch Ratings has today revised the Outlook on BAA Funding Limited's (BAA) class A and...

Fitch: European Auto Suppliers to Remain Challenged in 2010

23 Nov 2009 10:37:35 EST

Fitch: European Auto Suppliers to Remain Challenged in #### ## Nov #### #:## AM (EST) Fitch Ratings-Frankfurt/Paris/London-## November ####: Fitch Ratings says today that the overall credit quality of the European automotive supply industry...

Fitch Changes TNK-BP's Outlook to Stable; Affirms IDR at 'BBB-'

23 Nov 2009 10:37:35 EST

Fitch Changes TNK-BP's Outlook to Stable; Affirms IDR at 'BBB-' ## Nov #### #:## AM (EST) Fitch Ratings-London/Moscow-## November ####: Fitch Ratings has today revised TNK-BP International Ltd.'s (TNK-BP) Outlooks to Stable from Negative....

Fitch Rates Emirates NBD 'A+'/Outlook Stable; Withdraws EBI's Ratings on Merger Completion

23 Nov 2009 10:37:35 EST

Fitch Rates Emirates NBD 'A+'/Outlook Stable; Withdraws EBI's Ratings on Merger Completion ## Nov #### #:## AM (EST) Fitch Ratings-London/Dubai-## November ####: Fitch Ratings has today assigned Dubai-based bank Emirates NBD a Long-term...

Fitch Downgrades First Bank of Nigeria's Individual Rating to 'D/E'

23 Nov 2009 10:37:35 EST

Fitch Downgrades First Bank of Nigeria's Individual Rating to 'D/E' ## Nov #### #:## AM (EST) Fitch Ratings-London/Johannesburg-## November ####: Fitch Ratings has today downgraded First Bank of Nigeria Plc's (FBN) Individual Rating...

Fitch Rates French Region of Provence-Alpes-Cote d'Azur 'AA'; Outlook Stable

23 Nov 2009 10:37:35 EST

Fitch Rates French Region of Provence-Alpes-Cote d'Azur 'AA'; Outlook Stable ## Nov #### #:## AM (EST) Fitch Ratings-Paris/London-## November ####: Fitch Ratings has today assigned the French region of Provence-Alpes-Cote d'Azur (PACA)...

Fitch Affirms Patrimonio Uno CMBS; Changes Outlook on Class F to Stable

23 Nov 2009 10:37:35 EST

Fitch Affirms Patrimonio Uno CMBS; Changes Outlook on Class F to Stable ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today affirmed Patrimonio Uno CMBS S.r.l's. (Patrimonio Uno) floating-rate notes...

Fitch Assigns Smurfit Kappa's EUR1bn Senior Secured Notes Final 'BB+' Rating

23 Nov 2009 10:37:35 EST

Fitch Assigns Smurfit Kappa's EUR#bn Senior Secured Notes Final 'BB+' Rating ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings has today assigned Smurfit Kappa Acquisitions' (SKA) EUR#.#bn guaranteed senior...

Fitch Asigna Clasificacion A-(cl) a Linea de Bonos de Costanera

23 Nov 2009 10:37:35 EST

Fitch Asigna Clasificacion A-(cl) a Linea de Bonos de Costanera ## Nov #### #:## AM (EST) Fitch Ratings-Santiago-## November ####: Fitch Ratings asigno clasificacion 'A-(cl)' en escala nacional a una linea de bonos en tramite de inscripcion...

Fitch: No Immediate Impact on Reliance Industries from LyondellBasell Offer

23 Nov 2009 10:37:35 EST

Fitch: No Immediate Impact on Reliance Industries from LyondellBasell Offer ## Nov #### #:## AM (EST) Fitch Ratings-New Delhi/Singapore-## November ####: Fitch Ratings has today said that there is no immediate impact on Reliance Industries...

Fitch: Construction Risk Has Varied Impact on Project Finance Ratings

23 Nov 2009 10:37:35 EST

Fitch: Construction Risk Has Varied Impact on Project Finance Ratings ## Nov #### #:## AM (EST) Fitch Ratings-Paris/London/NY/Singapore-## November ####: Fitch Ratings says in a new report that the rating impact of construction risk...

Fitch Teleconf: 2010 U.S. Telecom, Media & Technology Outlooks, Thurs, Dec 3rd, 11:00am EST

23 Nov 2009 10:37:35 EST

Fitch Teleconf: #### U.S. Telecom, Media & Technology Outlooks, Thurs, Dec #rd, ##:##am EST ## Nov #### #:## AM (EST) Fitch Ratings-New York-## November ####: Fitch Ratings will host a teleconference on Thursday, Dec. # at ##:##am EST...

Fitch: European Auto Sector Stabilising but Outlook Remains Negative

23 Nov 2009 10:37:34 EST

Fitch: European Auto Sector Stabilising but Outlook Remains Negative ## Nov #### #:## AM (EST) Fitch Ratings-London/Paris/Frankfurt-## November ####: Fitch Ratings says the European automotive industry is showing early signs of stabilisation...

EuroProp (EMC-VI) S.A. - A Performance Update (Europe CMBS)

23 Nov 2009 10:37:32 EST

...Status Current Servicer watchlist No Fitch watchlist Yes: loan term < # year, Fitch LTV > ###% Original Current Change Securitised Whole loan Securitised Whole loan Securitised Whole loan Balance (EURm) ###.# n.a. ###.# n.a. ...

Fitch Rates First Ship Lease Trust at 'BB-'; Outlook Stable

23 Nov 2009 10:37:32 EST

Fitch Rates First Ship Lease Trust at 'BB-'; Outlook Stable ## Nov #### #:## PM (EST) Fitch Ratings-Singapore-## November ####: Fitch Ratings has today assigned a 'BB-' foreign currency Issuer Default Rating (IDR) to Singapore's First...

Fitch Affirms Taiwan's Ratings; Local-currency IDR Outlook Negative

23 Nov 2009 10:37:32 EST

Fitch Affirms Taiwan's Ratings; Local-currency IDR Outlook Negative ## Nov #### ##:## PM (EST) Fitch Ratings-Hong Kong/Singapore-## November ####: Fitch Ratings has today affirmed Taiwan's Long-term local currency Issuer Default Rating...

Fitch Assigns Ratings to LICMF Income Plus Fund

23 Nov 2009 10:37:32 EST

Fitch Assigns Ratings to LICMF Income Plus Fund ## Nov #### ##:## PM (EST) Fitch Ratings-Mumbai/Singapore-## November ####: Fitch Ratings has today assigned LICMF Mutual Fund Asset Management Company Ltd's (LICMF AMC) LICMF Income Plus...

Fitch Assigns 'F3(tha)' to Canadoil Asia's New Short-term Debentures

23 Nov 2009 10:37:32 EST

Fitch Assigns 'F#(tha)' to Canadoil Asia's New Short-term Debentures ## Nov #### ##:## AM (EST) Fitch Ratings-Bangkok/Singapore-## November ####: Fitch Ratings (Thailand) Limited has today affirmed the 'F#(tha)' National Short-term rating...

Fitch Hosts European CMBS Performance Update; London, 25 November

23 Nov 2009 10:37:32 EST

Fitch Hosts European CMBS Performance Update; London, ## November ## Nov #### #:## AM (EST) Fitch Ratings-London-## November ####: Fitch Ratings will discuss European CMBS performance at a seminar on Wednesday ## November in London....

First Ship Lease Trust

23 Nov 2009 10:37:31 EST

...First Ship Lease Trust's (FSLT) rating is supported by its business model of charteringout ships on longterm contracts on a bareboat basis, which removes ship operating and utilisation risks and provides good earnings visibility. At end September ####, the average remaining life of lease contracts on its ## vessels was eight years, and future contracted lease rental was USD###m. The rating also recognises the quality of FSLT's fleet, which had an average age of #.# years at September ####....

Region of Provence-Alpes-CÃ´te d'Azur (PACA)

23 Nov 2009 10:37:31 EST

...The ratings on the region of ProvenceAlpesCÃ´te d'Azur (PACA) reflect its moderate debt level: in ####, direct debt accounted for #.# years of the current balance. Including financial leases (about EUR###m at yearend ####), the direct risk to current balance ratio was #.# years. Direct risk reached ###% of current revenue. The region is committed to maintaining a strong operating performance (the aim is to control operating expenditure growth at an annual #.#% in the medium term) in order to limit its recourse to debt despite significant investment efforts until #### (on average EUR###m per year). Direct risk to current balance ratio is likely to remain below six years by ####....

Region of Provence-Alpes-CÃ´te dÂ’Azur (PACA) (French Version)

23 Nov 2009 10:37:31 EST

...La rÃ©gion ProvenceAlpesCÃ´te d'Azur (PACA) prÃ©sente un niveau d'endettement modÃ©rÃ© : en ####, la dette directe reprÃ©sentait #,# annÃ©es d'Ã©pargne brute. En consolidant les contrats de crÃ©ditbail (CB), la capacitÃ© de dÃ©sendettement atteignait #,# annÃ©es. Cela Ã©tant, en termes de volume budgÃ©taire, l'endettement (CB inclus) est plus important. La dette directe constituait ###% des recettes rÃ©elles de fonctionnement en ####. L'engagement de la rÃ©gion Ã maintenir des performances budgÃ©taires solides en fonctionnement devrait lui permettre de maÃ®triser le recours Ã l'endettement, malgrÃ© un effort d'investissement estimÃ© Ã ### millions d'euros en moyenne annuelle d'ici ####. Fitch estime qu'Ã cette date la capacitÃ© de dÃ©sendettement (CB inclus) devrait rester en dessous de six annÃ©es....

State Oil Company of the Azerbaijan Republic (SOCAR)

23 Nov 2009 10:37:31 EST

...The State Oil Company of the Azerbaijan Republic (SOCAR), a ###% stateowned entity, represents the state's interests in the oil and gas industry and is thus vital to Azerbaijan's economy (hydrocarbons account for ##% of its GDP). Fitch Ratings considers the legal, operational and strategic ties between the parent (state) and the company to be strong and has thus aligned its ratings with the state's based on Fitch's "Parent and Subsidiary Rating Linkage" methodology....