Credit Card Index: Canada

Size: px
Start display at page:

Download "Credit Card Index: Canada"

Transcription

1 Canada Credit Card Index: Canada June 217 At a Glance Measure (%) 1Q17 4Q16 1Q16 Chargeoff a Index Days Delinquency Index a Monthly Payment a Rate Index (MPRI) Gross Yield Index a Total Collateral b Amount (CAD Mil.) a Three-month rolling figure. b End-of-period figure. Data cutoff as of April 3, 217. Related Research 217 Outlook: U.S. & Canadian Structured Finance (December 216) Contacts Stephanie Lobaccaro stephanie.lobaccaro@fitchratings.com Herman C. Poon herman.poon@fitchratings.com Amendment Some values in the table on page were updated from the initial version published on June 19, 217. Fitch Canadian Net Chargeoff and Delinquency Indices (%) Fitch Monthly Payment Rate and Yield Indices (%) Payment Rate Gross Yield Chargeoffs 6+ Days Delinquencies Fitch Ratings Canadian Index: The index comprises eight trusts: Canadian Credit II, CARDS II Trust, Eagle Credit, Evergreen Credit Card Trust, Glacier Credit, Golden Credit, Master Credit Card Trust II and Trillium Credit II. Methodology Differences: Fitch s Canadian indices are weighted by their end-of-period collateral balances, similar to Fitch s U.K. indices. Unlike Fitch s U.S. and U.K. credit card indices, the Canadian Chargeoff Index comprises net chargeoffs, which are 1% 2% lower than the corresponding gross chargeoff numbers, as net chargeoffs include recoveries. Delinquencies and Chargeoffs Stable: Delinquencies and chargeoffs have remained relatively stable during the past five years after coming off peaks experienced in 29. Chargeoffs are averaging 3.4% in 1Q17, stable from one year ago. Delinquencies averaged 1.3% for 217, and 1.4% for 1Q17. Barring any significant macroeconomic deterioration, chargeoffs and delinquencies are expected to remain steady through the rest of 217. Payment Rates Remain Strong: Borrowers payment behavior remains strong in 217, averaging 42.% in 1Q17, and Fitch expects this trend to continue in the near term. Canadian credit card consumers typically exhibit higher monthly payment rates (MPRs) than those in the U.S., as a higher percentage of Canadians pay off their card balances in full. June 28, 217

2 Macroeconomic Trends Debt to Disposable Income Canada 2, 2, 1, 1, Consumer Credit Non-Mortgage Loans Mortgages Debt to Disposable Income (RHS) (CAD Mil.) (%) Note: Consumer Credit includes student loans, auto loans and credit cards. Source: Bloomberg and Statistics Canada. Chargeoffs vs. Unemployment Monthly Bankruptcies Chargeoff Index (RHS) 6+ Days Delinquency Index (RHS) Canadian Unemployment Rate (RHS) High Indebtedness of Household Sector: Higher household leverage remains a notable risk to the Canadian economy, which can eventually affect the credit card sector. Future growth in consumption is sensitive to interest rate increases and changes in the labor market. The Bank of Canada has maintained its policy rate at.% since July 21, and it is unlikely to shift its stance on interest rates in the near term. Canadian Consumers Increase Borrowing: Canadian debt was over 17% of disposable income as of year-end 216. According to a TransUnion Report, the number of open and active credit cards used by Canadian consumers declined during 216, but the average balance per borrower increased from CAD4,1 in 4Q1 to CAD4,94 in 4Q16. Credit Performance Remains Strong: Despite signs of slower economic growth, the performance of Canadian credit card ABS remains strong. Chargeoffs and 6+ days delinquencies have been stable for the past few years. Both Canadian unemployment and jobless claim trends remain firm and bode well for near-term performance. () (%) Source: Statistics Canada, Fitch. Credit Card Index: Movers & Shakers 2Q17 Page 2 June 28, 217

3 Performance Trends Fitch Canadian Credit Card Net Chargeoff Index Trends (As of April 3, 217) (%) Canadian credit card trusts report net chargeoffs, which exclude recoveries and, therefore, are slightly lower than gross chargeoffs (the chargeoffs that are utilized for the U.S. and U.K. credit card indices) Net chargeoffs have risen slightly over the past year for Canadian credit card ABS, but volatility within the past year has been very low and chargeoff levels for a majority of the trusts are only marginally higher than their historical lows. Net chargeoffs for the Canadian credit card trusts are very similar across all eight trusts. 4 2 Canadian Credit II CARDS II Trust Eagle Credit Evergreen Credit Glacier Credit Golden Credit Master Credit II Trillium Credit Net chargeoffs are predicted to remain fairly consistent through 217, maintaining levels of 3% 4%. Excess spread levels have been robust into 2Q17 and remained at about 1%. Excess spread has remained stable with little volatility over the past year. Note: The chart above shows the chargeoff highs and lows for each trust within the past 12 months. The horizontal line shows Fitch Ratings Index's current value of 3.33%. Fitch Credit Card Excess Spread Index Trends (As of April 3, 217) (%) Canadian Credit Card Trust II CARDS II Trust Eagle Credit Evergreen Credit Glacier Credit Golden Credit Master Credit II Trillium Credit Note: The chart above shows the chargeoff highs and lows for each trust within the past 12 months. The horizontal line shows the current weighted average of 1.98%. Credit Card Index: Movers & Shakers 2Q17 Page 3 June 28, 217

4 Market and Index Weighting Trends Expected Maturity Schedule Trillium Glacier MCCT II GCCT Evergreen ECCT CARDS II CCCTII ($ Bil.) Fitch s Canadian credit card indices have comprised trust-level data since 27. Trusts are added to the indices once they begin issuing notes, and performance data are publicly available. The indices have historically comprised the following trusts: Canadian Credit II February 27 Present CARDS II Trust January 27 Present Eagle Credit January 27 Present Evergreen Credit June 216 Present Golden Credit January 27 Present Glacier Credit May 27 Present Master Credit II January 27 Present Trillium Credit II July 216 Present Canadian Credit Card Issuance Index Weighting (As of April 217) ($ Bil.) Trillium Glacier MCCT II GCCT Evergreen ECCT CARDS II CCCTII Glacier 7% Trillium 1% CCCTII 3% CARDS II 23% MCCT II 14% ECCT 4% GCCT 23% Evergreen 16% Credit Card Index: Movers & Shakers 2Q17 Page 4 June 28, 217

5 Canadian Credit Card-Backed ABS at a Glance Fitch Assumptions a Gross Chargeoff Rate Monthly Payment Rate Gross Yield Rate Purchase Rate AAA AAA AAA AAA Trust Sponsor Steady State (%) Stress (x) Steady State (%) Stress (%) Steady State (%) Stress (%) Steady State (%) Stress (%) Canadian Credit II National Bank of Canada CARDS II Trust CIBC Eagle Credit President s Choice Bank Evergreen Credit TD Bank Glacier Credit Canadian Tire Bank Not Rated by Fitch Golden Credit Royal Bank of Canada Master Credit II Bank of Montreal Trillium Credit II The Bank of Nova Scotia Not Rated by Fitch a As of June 28, 217. Fitch s rating analysis incorporates performance stresses to address the risk that actual asset performance will deteriorate from steady state assumptions. Fitch applies stresses to the yield, monthly payment, chargeoff and purchase rates. Fitch develops custom stress scenarios at every rating level for each ABS issuing entity and financial structure by evaluating the collateral composition and performance variables. Fitch s process for setting steady states seeks to further the goal that ratings generally should not change due to normal movements in the economic cycle, a concept known as rating through the cycle. Steady states are determined as forward-looking performance expectations that, at any point, would be reasonably reflected in the current rating. Rating changes would only be expected when performance trends outside these expectations. Chargeoff Stresses Fitch applies multiples to the steady state assumption for chargeoffs via a linear increase over a six-month period, holding the stressed level in place until bonds are repaid. At the AAAsf rating level, Fitch generally applies multiples ranging from 3.x.x. MPR Stresses When consumers are experiencing economic hardship, missed or insufficient payments will result in escalating delinquency statuses that, if uncured, will result in higher chargeoff rates. Portfolio-level MPR would also be compressed by cardholders who make lower monthly payments while still staying current and in the case where transactors exit the pool. The range of stresses is applicable to a large majority of Fitch-rated transactions globally. Yield Stresses When determining yield stresses, Fitch considers the potential for yield compression, as well as interaction between the interest rate charged to cardholders and market interest rates. Fitch applies yield compression through haircuts to the steady state yield assumptions as shown. Purchase Rate Stress The purchase rate is defined as the value of aggregate new purchases divided by the value of aggregate principal repayments in a given month, expressed as a percentage. A portfolio with a 1% purchase rate will have a constant principal receivables balance during the note amortization period. In contrast, a % purchase rate is commensurate with a purely amortizing portfolio and receivables, and the note will amortize in parallel. In a base scenario, Fitch typically assumes an unstressed purchase rate akin to the steady state assumptions described; however, stresses are applied in higher rating scenarios to reflect the risk of a reduced level of purchases. For further detailed information, refer to Fitch s Global Credit Card ABS Rating Criteria. Credit Card Index: Movers & Shakers 2Q17 Page June 28, 217

6 Break-Even Analysis Below are charts depicting Fitch s break-even stress scenarios for all credit card issuers rated by Fitch. The methodology for deriving the multiples is detailed on page 8. As part of Fitch s break-even analysis, the latest three- and 12-month averages for yield, chargeoffs and MPR (as shown in the table below) are used to populate Fitch s credit card ABS model. The performance of the rated trusts remained largely unchanged during 1Q17 compared to the previous quarter in terms of calculated 12-month average, break-even chargeoff multiples. Overall, the multiples for AAAsf rated classes of Canadian credit card trusts have remained high, indicating increased resilience to performance trends. The current AAA break-even chargeoff multiples exceed the chargeoff multiples used by Fitch in its evaluation of credit enhancement (CE) when assigning new ratings (typically 4.x). This indicates there is significant cushion and the tranches can withstand additional shocks with limited rating impact. The reasons for the currently high levels are a combination of three factors: strong performance; historically low cost of funds, which helps generate higher excess spread; and Fitch s through-the-cycle approach, meaning that during times of excellent performance, the multiples will be at substantially above-average levels to allow for some performance deterioration without a direct rating impact. 12-Month Average Break-Even Analysis Three-Month Average Break-Even Analysis (x) > 2 Break-Even Chargeoff Multiples - AAAsf (x) > 2 Break-Even Chargeoff Multiples - AAAsf CCCT II CARDS II ECCT Evergreen GCCT MCCT II CCCT II CARDS II ECCT Evergreen GCCT MCCT II Performance Metrics Monthly Averages CCCT II CARDS II Trust Eagle CCT Evergreen CCT Golden CCT MCCT II (%; As of April 3, 217) Three 12 Three 12 Three 12 Three 12 Three 12 Three 12 Gross Yield Rate Monthly Payment Rate Net Chargeoff Rate Credit Card Index: Movers & Shakers 2Q17 Page 6 June 28, 217

7 217 Canadian ABS Credit Card Issuance at a Glance Expected Maturity Class Amount ($) Total Deal Amount ($) Name Coupon Fitch Rating January 217 Issuance Overview Master Credit II, Series 217-1, Class A a 2.26% AAA 1/21/2 7,,. 7,,. 1/31/17 Master Credit II, Series 217-1, Class B a 2.6% AA 1/21/2 1,873,. 1,873,. 1/31/17 Master Credit II, Series 217-1, Class C a 3.6% BBB 1/21/2 27,778,. 27,778,. 1/31/17 Class A Issuance 7,,. Subordinate Class Issuance 43,61,. Total Issuance 793,61,. February 217 Issuance Overview Golden Credit, Series 217-1, Class A a 1mL +.4% AAA 2/19/19 1,,,. 1,9,89,722. 2/21/17 Golden Credit, Series 217-1, Class B 2.19% A 2/19/19 62,927,88. 1,9,89,722. 2/21/17 Golden Credit, Series 217-1, Class C 2.69% BBB+ 2/19/19 27,967,914. 1,9,89,722. 2/21/17 Class A Issuance 1,,,. Subordinate Class Issuance 9,89,722. Total Issuance 1,9,89,722. March 217 Issuance Overview Golden Credit, Series 217-2, Class A a 1.98% AAA 4/1/2 6,,. 1,1,86,3. 4/26/17 Golden Credit, Series 217-2, Class B 1.84% A 4/1/2 384,497,733. 1,1,86,3. 4/26/17 Golden Credit, Series 217-2, Class C 1.99% BBB+ 4/1/2 17,88,77. 1,1,86,3. 4/26/17 Golden Credit, Series 217-3, Class A 1.19% AAA 4/1/2 71,2,. 7,,. 4/26/17 Golden Credit, Series 217-3, Class B 1.44% A 4/1/2 33,7,. 7,,. 4/26/17 Golden Credit, Series 217-3, Class C 1.69% BBB+ 4/1/2 1,,. 7,,. 4/26/17 Class A Issuance 1,31,2,. Subordinate Class Issuance 4,336,3. Total Issuance 1,71,86,3. May 217 Issuance Overview CARDS II Trust, Series 217-1, Class A a 1mL +.4% AAA 4/1/19 1,,,. 1,17,46,. /11/17 CARDS II Trust, Series 217-1, Class B 1m CDOR +.93% BBB 4/1/19 17,46,. 1,17,46,. /11/17 Class A Issuance 1,,,. Subordinate Class Issuance 17,46,. Total Issuance 1,9,89,722. a Denotes U.S. dollars. Issuance Date Credit Card Index: Movers & Shakers 2Q17 Page 7 June 28, 217

8 Break-Even Methodology The methodology for break-even analysis is consistent with Fitch s initial rating and surveillance approaches. The analysis focuses on levels of enhancement available for the protection of the various classes of notes and whether, under the stressed conditions, the transaction can withstand a level of losses commensurate with the risk associated with a rating level. The break-even loss level output for the notes provides an indication of the remoteness of the class of notes to stressed performance deterioration. A higher break-even multiple means that the transaction is able to withstand a more stressed environment. For the purpose of the break-even analysis, issuer-specific stresses (shown on page ) are utilized. The break-even scenarios are based on the latest 12- and three-month average yield, chargeoffs and MPR figures for each trust. Fitch uses these numbers to populate its cash flow model and then compares the stressed levels to the available CE for a given note to derive the break-even chargeoff multiples. For the interest rate assumption, Fitch uses the current one-month CDOR rate to reflect the current interest rate environment. All the performance indicators and assumptions are then input to Fitch s credit card ABS model to determine the chargeoff break-even multiples. Index Methodology Fitch s Canadian credit card indices have tracked the collateral performance of Canadian prime credit card ABS transactions since January 2. The four primary metrics tracked in each index are chargeoffs, delinquencies, portfolio yield and MPR. Canadian monthly performance figures from originators are weighted based on their collateral balance. The Canadian chargeoff index comprises reported net chargeoffs (gross chargeoffs minus recoveries) for the trusts, the U.K. and U.S. indices consist of gross chargeoffs. The calculation methodology for all the indices included in this report is based on the following rules: Transactions are included in the index immediately after their closing date; the pools are revolving and the collateral is seasoned. The contributory values of individual transactions are weighted by their end-of-period collateral balance to arrive at the index values. The index is calculated on a monthly basis. Fitch s Base Case Stress Scenarios AAAsf Timing Yield (%) 3 Down Overnight Monthly Payment Rate (%) 4 Down Overnight Purchase Rate (%) Down Overnight Credit Card Index: Movers & Shakers 2Q17 Page 8 June 28, 217

9 Definitions 6+ Days Delinquency Index: Measures the percentage of trust receivables associated with accounts that are 6 or more days delinquent expressed as a non-annualized percentage of total receivables outstanding. Annual Percentage Rate (APR): The interest rate charged on revolving credit card balances. Chargeoffs: Receivables written off as uncollectible by the issuing entity. Chargeoffs occur either through contractual delinquency or bankruptcy of the cardholder. Most card issuers follow charged-off accounts at 18 days of delinquency and 6 days after notification of the bankruptcy of an obligor. In assigning its steady state assumptions for chargeoffs, Fitch considers the originator s underwriting and servicing practices, delinquency trends and macroeconomic forecast, in addition to historical performance. Credit Enhancement (CE): The first layer of CE is provided by excess spread. Under certain structures, this may be accumulated into a spread account. Mezzanine and senior notes typically benefit from hard CE in the form of subordination or overcollateralization. CE can also be provided in the form of a cash reserve. Delinquent Receivables: When the borrower fails to make a payment on its debt obligation by the specified due date, the outstanding debt obligation is considered delinquent. Delinquency rates are important leading performance indicators for credit card transactions, since a large portion of chargeoffs generally occur through contractual delinquency. Fitch follows delinquency rates on a regular basis to assess the future performance of the credit card trusts. Excess Spread: The yield on credit cards, which is high relative to other types of consumer receivables, is usually sufficient to cover investor interest and servicing fees and other expenses and still cover charged-off receivables. Excess spread for credit card trusts is reported as net of chargeoffs. In periods of benign performance, excess spread after chargeoffs is positive, and the surplus is either paid to the seller or retained within the trust in a spread account. Negative excess spread indicates that the trust is in a state of stress. Interchange: Interchange is a component of yield. Merchants pay interchange fees to credit card issuers for transaction processing. Interchange fees are charged on each transaction as a percentage of the sale. Interest Rate Risk and Basis Risk: Most credit card ABS trusts have basis risk that is, an interest rate mismatch resulting when the asset yield and note interest are based on different indices. Interest rate risk results when the interest rates on either the assets or notes are fixed on one side and based on a variable index on the other side. Monthly Payment Rate (MPR): Includes monthly collections of principal, finance charges and fees paid by the cardholder; it is stated as a percentage of the outstanding balance as of the beginning of the month. Fitch assigns its steady state assumptions for the MPR based on total payment. Overcollateralization and Subordination: Receivables in excess of the amount of any given class of notes protect the rated notes against the risk of defaulted receivables. Typically, losses will be allocated first to subordinated notes. The allocation of losses and the amortization profile of the senior and junior notes affect the degree of protection provided. Portfolio Yield: Portfolio yield is made up of periodic interest charges, annual fees, late payment fees, over-limit fees, interchange and, in most cases, recoveries on charged-off accounts. Fitch typically gives full credit to interest income and fees, applies a haircut to interchange and gives no credit to recoveries. Spread Account: Excess spread may be retained in a spread account on a monthly basis for the benefit of the junior note according to predefined performance triggers. However, excess spread may decline rapidly and may not be able to accumulate sufficient amounts to cover losses. Therefore, Fitch does not typically give credit to spread accounts in rating scenarios above BBB+. Transferor or Seller s Interest: Credit card trusts typically require the transferor to maintain an ownership interest in the trust, often in the range of 4% 7%. The seller s share of the trust generally ranks pari passu with the noteholder s share. Therefore, this is not available to protect against general asset performance deterioration such as chargeoffs. However, the seller is typically obligated to reimburse the trust for any losses from fraudulent transactions, dilutions or setoff. In the event that the seller needs to reimburse the trust and is unable to use other sources of funds, then the seller s share can be used to cover this. If the seller s share falls below the required minimum and is not cured promptly, it will trigger early amortization. Credit Card Index: Movers & Shakers 2Q17 Page 9 June 28, 217

10 Fitch Ratings Credit Card ABS Group Andreas Wilgen Managing Director Herman C. Poon Senior Director Harry Kohl Director John Alberici Associate Director Stephanie Lobaccaro Analyst Joseph Calitri Analyst Credit Card Index: Movers & Shakers 2Q17 Page 1 June 28, 217

11 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU- REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 217 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 14. Telephone: , (212) 98-. Fax: (212) Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided as is without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1, to US$7, (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$1, to US$1,, (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no ) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 21. Credit Card Index: Movers & Shakers 2Q17 Page 11 June 28, 217

Fitch Rates Iowa Finance Auth's Series 2017 Revolving Fund Bonds 'AAA'; Outlook Stable

Fitch Rates Iowa Finance Auth's Series 2017 Revolving Fund Bonds 'AAA'; Outlook Stable Fitch Rates Iowa Finance Auth's Series 2017 Revolving Fund Bonds 'AAA'; Outlook Stable Fitch Ratings-Austin-22 November 2017: Fitch Ratings has assigned a 'AAA' rating to the following bonds issued by

More information

Supranationals. Asian Development Bank (AsDB) Philippines. Update. Key Rating Drivers. Rating Sensitivities. Ratings

Supranationals. Asian Development Bank (AsDB) Philippines. Update. Key Rating Drivers. Rating Sensitivities. Ratings Philippines Update Ratings Long-Term IDR AAA Short-Term IDR F1+ Outlook Long-Term IDR Financial Data Stable 1 Jan 17 31 Dec 15 Total assets (USDbn) 156.7 117.7 Equity/assets (%) 38.4 20.2 Average rating

More information

Fund & Asset Manager Rating Group

Fund & Asset Manager Rating Group Money Market Funds / Europe Special Report EU Money Market Fund Reform: What You Need to Know Effective 20 July 2017 New funds required to comply by 21 July 2018 and existing funds by 21 January 2019 Reforms

More information

Fitch Upgrades KA Finanz's Subordinated Debt to 'A'; off Rating Watch

Fitch Upgrades KA Finanz's Subordinated Debt to 'A'; off Rating Watch Seite 1 von 6 KA Finanz AG (/gws/en/esp/issr/80361294) Fitch Upgrades KA Finanz's Subordinated Debt to 'A'; off Rating Watch Fitch Ratings-London-11 October 2017: Fitch Ratings has upgraded KA Finanz AG's

More information

FITCH RATES MASSACHUSETTS SCHOOL BUILDING AUTH'S $395MM SUBORDINATE DEDICATED SALES TAX BONDS 'AA+'

FITCH RATES MASSACHUSETTS SCHOOL BUILDING AUTH'S $395MM SUBORDINATE DEDICATED SALES TAX BONDS 'AA+' FITCH RATES MASSACHUSETTS SCHOOL BUILDING AUTH'S $395MM SUBORDINATE DEDICATED SALES TAX BONDS 'AA+' Fitch Ratings-New York-12 January 2018: Fitch Ratings has assigned an 'AA+' rating to the following Massachusetts

More information

Fitch Affirms Munich Re's IFS Rating at 'AA'; Outlook Stable

Fitch Affirms Munich Re's IFS Rating at 'AA'; Outlook Stable Page 1 of 7 Fitch Affirms Munich Re's IFS Rating at 'AA'; Outlook Stable Fitch Ratings-London-17 July 2017: Fitch Ratings has affirmed Munich Reinsurance Company's (Munich Re) Insurer Financial Strength

More information

FITCH AFFIRMS RABOBANK AT 'AA-'; OUTLOOK STABLE

FITCH AFFIRMS RABOBANK AT 'AA-'; OUTLOOK STABLE FITCH AFFIRMS RABOBANK AT 'AA-'; OUTLOOK STABLE Fitch Ratings-London/Paris-24 November 2017: Fitch Ratings has affirmed Cooperatieve Rabobank U.A.'s (Rabobank) Long-Term Issuer Default Rating (IDR) at

More information

Public Finance. Fitch Focus on Munis: Pensions. States Use Financial Engineering to Lower Contributions Comment U.S.A. Pensions

Public Finance. Fitch Focus on Munis: Pensions. States Use Financial Engineering to Lower Contributions Comment U.S.A. Pensions Fitch Focus on Munis: Pensions States Use Financial Engineering to Lower Contributions Comment About Fitch Focus on Munis Fitch Focus on Munis is a monthly report series that explores the critical issues

More information

FITCH AFFIRMS FLAGLER COUNTY SCHOOL DISTRICT, FL'S COPS AT 'A+'; OUTLOOK STABLE

FITCH AFFIRMS FLAGLER COUNTY SCHOOL DISTRICT, FL'S COPS AT 'A+'; OUTLOOK STABLE FITCH AFFIRMS FLAGLER COUNTY SCHOOL DISTRICT, FL'S COPS AT 'A+'; OUTLOOK STABLE Fitch Ratings-New York-17 November 2016: Fitch Ratings has affirmed the following Flagler County School District, FL (the

More information

FITCH RATES LONG ISLAND POWER AUTHORITY, NY'S SER 2017 ELECTRIC SYSTEM GEN REVS 'A-'; OUTLOOK STABLE

FITCH RATES LONG ISLAND POWER AUTHORITY, NY'S SER 2017 ELECTRIC SYSTEM GEN REVS 'A-'; OUTLOOK STABLE FITCH RATES LONG ISLAND POWER AUTHORITY, NY'S SER 2017 ELECTRIC SYSTEM GEN REVS 'A-'; OUTLOOK STABLE Fitch Ratings-New York-22 November 2017: Fitch Ratings has assigned an 'A-' rating to the Long Island

More information

FITCH AFFIRMS MAINE TURNPIKE AUTHORITY REV BONDS AT 'AA-'; OUTLOOK STABLE

FITCH AFFIRMS MAINE TURNPIKE AUTHORITY REV BONDS AT 'AA-'; OUTLOOK STABLE FITCH AFFIRMS MAINE TURNPIKE AUTHORITY REV BONDS AT 'AA-'; OUTLOOK STABLE Fitch Ratings-New York-28 April 2017: Fitch Ratings has affirmed the 'AA-' rating on approximately $353.3 million in the Maine

More information

Banks. Banco Cooperativo Español, S.A. Spain. Update. Key Rating Drivers. Rating Sensitivities. Ratings

Banks. Banco Cooperativo Español, S.A. Spain. Update. Key Rating Drivers. Rating Sensitivities. Ratings Spain Update Ratings Foreign Currency Long-Term IDR Short-Term IDR Viability Rating BBB F3 bbb Support Rating 5 Support Rating Floor NF Sovereign Risk Long-Term Foreign-Currency IDR A- Long-Term Local-Currency

More information

FITCH AFFIRMS ISA CAPITAL'S IDRS AT 'BB+'; CTEEP'S NAT'L SCALE RATING UPGRADED TO 'AAA(BRA)'

FITCH AFFIRMS ISA CAPITAL'S IDRS AT 'BB+'; CTEEP'S NAT'L SCALE RATING UPGRADED TO 'AAA(BRA)' FITCH AFFIRMS ISA CAPITAL'S IDRS AT 'BB+'; CTEEP'S NAT'L SCALE RATING UPGRADED TO 'AAA(BRA)' Fitch Ratings-Sao Paulo-22 August 2016: Fitch Ratings has affirmed ISA Capital do Brasil S.A.'s (ISA Capital)

More information

FITCH PUBLISHES ROYAL FRIESLANDCAMPINA NV'S FIRST-TIME IDR 'BBB+'; STABLE OUTLOOK

FITCH PUBLISHES ROYAL FRIESLANDCAMPINA NV'S FIRST-TIME IDR 'BBB+'; STABLE OUTLOOK FITCH PUBLISHES ROYAL FRIESLANDCAMPINA NV'S FIRST-TIME IDR 'BBB+'; STABLE OUTLOOK Fitch Ratings-Milan/Paris/London-07 September 2017: Fitch Ratings has published Dutch dairy company Royal FrieslandCampina

More information

FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE

FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE Fitch Ratings-London-24 November 2017: Fitch Ratings has affirmed ABN AMRO Bank N.V.'s Long-Term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook,

More information

FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE

FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE FITCH AFFIRMS ABN AMRO BANK AT 'A+'; OUTLOOK STABLE Fitch Ratings-London-24 February 2017: Fitch Ratings has affirmed ABN AMRO Bank N.V.'s Long-Term Issue Default Rating (IDR) at 'A+' with a Stable Outlook,

More information

FITCH AFFIRMS AVIANCA HOLDINGS S.A.'S IDRS AT 'B'; OUTLOOK REMAINS NEGATIVE

FITCH AFFIRMS AVIANCA HOLDINGS S.A.'S IDRS AT 'B'; OUTLOOK REMAINS NEGATIVE FITCH AFFIRMS AVIANCA HOLDINGS S.A.'S IDRS AT 'B'; OUTLOOK REMAINS NEGATIVE Fitch Ratings-New York-17 March 2017: Fitch Ratings has affirmed the ratings for Avianca Holdings and its subsidiaries as follows:

More information

FITCH UPGRADES BANK OF IRELAND GROUP PLC, BANK OF IRELAND AND BANK OF IRELAND (UK) TO 'BBB'

FITCH UPGRADES BANK OF IRELAND GROUP PLC, BANK OF IRELAND AND BANK OF IRELAND (UK) TO 'BBB' FITCH UPGRADES BANK OF IRELAND GROUP PLC, BANK OF IRELAND AND BANK OF IRELAND (UK) TO 'BBB' Fitch Ratings-London-23 November 2017: Fitch Ratings has upgraded Bank of Ireland Group plc's (BOIG) and Bank

More information

MTA EMMA Filing Material Event Notice Ratings Change on Certain Variable Rate Bonds

MTA EMMA Filing Material Event Notice Ratings Change on Certain Variable Rate Bonds MTA EMMA Filing Material Event Notice Ratings Change on Certain Variable Rate Bonds On June 7, 2017, Fitch Ratings upgraded its underlying ratings on MTA's Transportation Revenue Bonds to 'AA ' from 'A'.

More information

FITCH AFFIRMS SANTEE COOPER AT 'A+'; OUTLOOK REVISED TO STABLE; REMOVED FROM NEGATIVE WATCH

FITCH AFFIRMS SANTEE COOPER AT 'A+'; OUTLOOK REVISED TO STABLE; REMOVED FROM NEGATIVE WATCH FITCH AFFIRMS SANTEE COOPER AT 'A+'; OUTLOOK REVISED TO STABLE; REMOVED FROM NEGATIVE WATCH Fitch Ratings-Austin-25 October 2017: Fitch Ratings has affirmed the 'A+' long-term rating on the following South

More information

FITCH RATES UNIV OF MASSACHUSETTS SR. SERIES & REVS AND RFDG REVS 'AA'

FITCH RATES UNIV OF MASSACHUSETTS SR. SERIES & REVS AND RFDG REVS 'AA' FITCH RATES UNIV OF MASSACHUSETTS SR. SERIES 2017-1 & 2017-2 REVS AND 2017-3 RFDG REVS 'AA' Fitch Ratings-New York-09 January 2017: Fitch Ratings has assigned a 'AA' rating to approximately $280 million

More information

FITCH AFFIRMS DANSKE BANK AT 'A'; OUTLOOK STABLE

FITCH AFFIRMS DANSKE BANK AT 'A'; OUTLOOK STABLE FITCH AFFIRMS DANSKE BANK AT 'A'; OUTLOOK STABLE Fitch Ratings-London-22 August 2016: Fitch Ratings has affirmed Danske Bank's (Danske) and its mortgage bank subsidiary Realkredit Danmark's (Realkredit)

More information

FITCH AFFIRMS BAYERISCHE LANDESBANK'S IDR AT 'A-'/STABLE; UPGRADES VR TO 'BBB+'

FITCH AFFIRMS BAYERISCHE LANDESBANK'S IDR AT 'A-'/STABLE; UPGRADES VR TO 'BBB+' FITCH AFFIRMS BAYERISCHE LANDESBANK'S IDR AT 'A-'/STABLE; UPGRADES VR TO 'BBB+' Fitch Ratings-frankfurt-20 April 2018: Fitch Ratings has affirmed Bayerische Landesbank's (BayernLB) Long-Term Issuer Default

More information

Fitch Rates DB Privat- und Firmenkundenbank 'BBB+'; Withdraws Postbank's Ratings

Fitch Rates DB Privat- und Firmenkundenbank 'BBB+'; Withdraws Postbank's Ratings Fitch Rates DB Privat- und Firmenkundenbank 'BBB+'; Withdraws Postbank's Ratings Fitch Ratings-London-28 May 2018: Fitch Ratings has assigned DB Privat- und Firmenkundenbank AG (PFK) a Long-Term Issuer

More information

FITCH AFFIRMS S- FINANZGRUPPE HESSEN- THUERINGEN AT 'A+'; OUTLOOK STABLE

FITCH AFFIRMS S- FINANZGRUPPE HESSEN- THUERINGEN AT 'A+'; OUTLOOK STABLE FITCH AFFIRMS S- FINANZGRUPPE HESSEN- THUERINGEN AT 'A+'; OUTLOOK STABLE Fitch Ratings-Frankfurt/London-05 January 2017: Fitch Ratings has today affirmed German S- Finanzgruppe Hessen Thueringen's (SFG-HT)

More information

FITCH UPGRADES NEW ORLEANS, LA'S WATER & SEWERAGE REVS TO 'A-'; OUTLOOK STABLE

FITCH UPGRADES NEW ORLEANS, LA'S WATER & SEWERAGE REVS TO 'A-'; OUTLOOK STABLE FITCH UPGRADES NEW ORLEANS, LA'S WATER & SEWERAGE REVS TO 'A-'; OUTLOOK STABLE Fitch Ratings-Austin-04 November 2016: Fitch Ratings has upgraded the following ratings on bonds issued by the City of New

More information

Public Finance. Spain. Update. Key Rating Drivers. Rating Sensitivities. Ratings

Public Finance. Spain. Update. Key Rating Drivers. Rating Sensitivities. Ratings Update Public Finance Spain Ratings Foreign-Currency Long-Term IDR BBB+ Foreign-Currency Short-Term IDR F2 Local-Currency Long-Term IDR BBB+ Outlooks Foreign-Currency Long-Term IDR Local-Currency Long-Term

More information

Fitch Affirms Suzano at 'BB+'; Outlook Positive

Fitch Affirms Suzano at 'BB+'; Outlook Positive Fitch Affirms Suzano at 'BB+'; Outlook Positive Fitch Ratings-Rio de Janeiro-20 June 2017: Fitch Ratings has affirmed Suzano Papel e Celulose S.A.'s (Suzano) Long-term foreign currency and local currency

More information

Fitch Downgrades USB's Long-Term IDR to 'AA-'; Outlook Stable

Fitch Downgrades USB's Long-Term IDR to 'AA-'; Outlook Stable Page 1 of 10 Fitch Downgrades USB's Long-Term IDR to 'AA-'; Outlook Stable Fitch Ratings-Chicago-21 February 2018: Fitch Ratings has downgraded U.S. Bancorp's (USB) long-term Issuer Default Rating (IDR)

More information

FITCH AFFIRMS CESKA TELEKOMUNIKACNI INFRASTRUCTURA AT 'BBB'/STABLE

FITCH AFFIRMS CESKA TELEKOMUNIKACNI INFRASTRUCTURA AT 'BBB'/STABLE FITCH AFFIRMS CESKA TELEKOMUNIKACNI INFRASTRUCTURA AT 'BBB'/STABLE Fitch Ratings-London-27 November 2017: Fitch Ratings has affirmed Prague-based Ceska telekomunikacni infrastructura a.s. (CETIN) Long-Term

More information

FITCH REVISES TAURON'S OUTLOOK TO STABLE; AFFIRMS AT 'BBB'

FITCH REVISES TAURON'S OUTLOOK TO STABLE; AFFIRMS AT 'BBB' FITCH REVISES TAURON'S OUTLOOK TO STABLE; AFFIRMS AT 'BBB' Fitch Ratings-Warsaw/London-14 November 2016: Fitch Ratings has revised TAURON Polska Energia S.A.'s (Tauron) Outlook to Stable from Negative

More information

FITCH PUBLISHES ENGIE S.A.'S 'A' RATING; OUTLOOK STABLE

FITCH PUBLISHES ENGIE S.A.'S 'A' RATING; OUTLOOK STABLE FITCH PUBLISHES ENGIE S.A.'S 'A' RATING; OUTLOOK STABLE Fitch Ratings-London-09 October 2017: Fitch Ratings has published French gas and electric utility Engie S.A.'s Long-Term Foreign-Currency Issuer

More information

Fitch Affirms Manatee County School Board, FL's IDR at 'A-'; Outlook Revised to Positive

Fitch Affirms Manatee County School Board, FL's IDR at 'A-'; Outlook Revised to Positive Fitch Affirms Manatee County School Board, FL's IDR at 'A-'; Outlook Revised to Positive Fitch Ratings-New York-23 August 2017: Fitch Ratings has affirmed the following Manatee County School Board, FL,

More information

[ Press Release ] Fitch Affirms North Hudson Sewerage Auth, NJ's Gross Rev Pledge Lea... Page 2 of 10 projected for the last three fiscal years, even

[ Press Release ] Fitch Affirms North Hudson Sewerage Auth, NJ's Gross Rev Pledge Lea... Page 2 of 10 projected for the last three fiscal years, even [ Press Release ] Fitch Affirms North Hudson Sewerage Auth, NJ's Gross Rev Pledge Lea... Page 1 of 10 Fitch Affirms North Hudson Sewerage Auth, NJ's Gross Rev Pledge Lease Certificates at 'A' Fitch Ratings-Austin-08

More information

FITCH RATES METRO WATER DIST OF SOUTHERN CA SUB LIEN REVS 'AA+' & SIFMA INDEX BONDS 'AA+/F1+'

FITCH RATES METRO WATER DIST OF SOUTHERN CA SUB LIEN REVS 'AA+' & SIFMA INDEX BONDS 'AA+/F1+' FITCH RATES METRO WATER DIST OF SOUTHERN CA SUB LIEN REVS 'AA+' & SIFMA INDEX BONDS 'AA+/F1+' Fitch Ratings-Austin-12 June 2017: Fitch Ratings has assigned the following ratings to bonds issued by the

More information

FITCH AFFIRMS HSH NORDBANK'S IDR AT 'BBB-'; VR AT 'B'; OFF RWP

FITCH AFFIRMS HSH NORDBANK'S IDR AT 'BBB-'; VR AT 'B'; OFF RWP FITCH AFFIRMS HSH NORDBANK'S IDR AT 'BBB-'; VR AT 'B'; OFF RWP Fitch Ratings-Frankfurt/London-11 July 2016: Fitch Ratings has affirmed HSH Nordbank's (HSH) Long-Term Issuer Default Rating (IDR) at 'BBB-'

More information

Generali, Fitch affirms rating A- and outlook stable

Generali, Fitch affirms rating A- and outlook stable 26/04/2017 PRESS RELEASE Generali, Fitch affirms rating A- and outlook stable Trieste Following Fitch s recent downgrade of Italy s sovereign rating to 'BBB' from 'BBB+', with Stable Outlook, the agency

More information

Financial Institutions

Financial Institutions Sector Specific Criteria India This sector-specific criteria report outlines India Ratings and Research s (Ind-Ra) methodology to assign ratings to bank and bank holding company s subordinated and hybrid

More information

FITCH AFFIRMS POLAND'S PGE AT 'BBB+'; OUTLOOK STABLE

FITCH AFFIRMS POLAND'S PGE AT 'BBB+'; OUTLOOK STABLE FITCH AFFIRMS POLAND'S PGE AT 'BBB+'; OUTLOOK STABLE Fitch Ratings-Warsaw/London-05 August 2016: Fitch Ratings has affirmed PGE Polska Grupa Energetyczna S.A.'s (PGE) Long-Term Foreign and Local Currency

More information

San Bernardino County Investment Pool

San Bernardino County Investment Pool Local Government Investment Pool / U.S.A. San Bernardino County Investment Pool Full Rating Report Key Rating Drivers Ratings Security Class San Bernardino County Investment Pool Current Ratings AAA/V1

More information

FITCH RATES OGLETHORPE POWER CORP., GA 'A-' & REMOVES NEGATIVE WATCH; OUTLOOK STABLE

FITCH RATES OGLETHORPE POWER CORP., GA 'A-' & REMOVES NEGATIVE WATCH; OUTLOOK STABLE FITCH RATES OGLETHORPE POWER CORP., GA 'A-' & REMOVES NEGATIVE WATCH; OUTLOOK STABLE Fitch Ratings-Austin-19 January 2018: Fitch Ratings has assigned an 'A-' rating to the approximately $400 million in

More information

Structured Finance. U.S. RMBS Cash Flow Analysis Criteria. Residential Mortgage / U.S.A. Sector-Specific Criteria. Scope. Key Rating Drivers

Structured Finance. U.S. RMBS Cash Flow Analysis Criteria. Residential Mortgage / U.S.A. Sector-Specific Criteria. Scope. Key Rating Drivers U.S. RMBS Cash Flow Analysis Criteria Sector-Specific Criteria Residential Mortgage / U.S.A. Scope This criteria report focuses on the structural analysis used in the rating process for U.S. RMBS transactions.

More information

Supranationals. Inter-American Investment Corporation (IIC) United States. Update. Key Rating Drivers. Rating Sensitivities.

Supranationals. Inter-American Investment Corporation (IIC) United States. Update. Key Rating Drivers. Rating Sensitivities. Update Supranationals United States Ratings Long-Term IDR AAA Short-Term IDR F1+ Outlooks Long-Term IDR Financial Data Inter-American Investment Corporation (IIC) 30 Sep 13 Stable 31 Dec 12 Total assets

More information

Structured Finance. CMBS YE 2009 Servicing Update. Resolution Trends, Special Servicing Loan Volume, and Staffing Levels

Structured Finance. CMBS YE 2009 Servicing Update. Resolution Trends, Special Servicing Loan Volume, and Staffing Levels U.S. Commercial Mortgage Special Report Analysts Stephanie Petosa +1 212 908-0720 stephanie.petosa@fitchratings.com Alyson Weems +1 212 908-0305 alyson.weems@fitchratings.com Richard Carlson +1 312 606-2373

More information

What Could Change the Outlook

What Could Change the Outlook 213 Outlook: Indian Cement Manufacturers Fragile Recovery; Smaller Players Unlikely to Benefit Outlook Report Building Materials & Construction Rating Outlook S T A B L E T O N E G A T I V E Rating Outlook

More information

FITCH AFFIRMS 5 UAE BANKS

FITCH AFFIRMS 5 UAE BANKS FITCH AFFIRMS 5 UAE BANKS Fitch Ratings-Moscow/London-12 February 2018: Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of five UAE banks with Stable Outlooks. The agency also affirmed

More information

Fitch Rates Orange County School Board Corp, FL's $60MM COPs 'AA'; Outlook Stable

Fitch Rates Orange County School Board Corp, FL's $60MM COPs 'AA'; Outlook Stable Fitch Rates Orange County School Board Corp, FL's $60MM COPs 'AA'; Outlook Stable Fitch Ratings-New York-08 December 2017: Fitch Ratings has assigned a 'AA' rating to the following obligations issued by

More information

Fitch Affirms JFK IAT (NY) Project Bonds at 'BBB+'; Outlook Stable

Fitch Affirms JFK IAT (NY) Project Bonds at 'BBB+'; Outlook Stable Fitch Affirms JFK IAT (NY) Project Bonds at 'BBB+'; Outlook Stable Fitch Ratings-New York-18 October 2017: Fitch Ratings has affirmed the rating on the Port Authority of New York and New Jersey JFK International

More information

FITCH AFFIRMS RATINGS ON JAPANESE MAJOR BANKS

FITCH AFFIRMS RATINGS ON JAPANESE MAJOR BANKS FITCH AFFIRMS RATINGS ON JAPANESE MAJOR BANKS Fitch Ratings-Tokyo-18 December 2017: Fitch Ratings has affirmed the ratings on Mitsubishi UFJ Financial Group, Inc. (MUFG) and its subsidiaries, Sumitomo

More information

Rating Type Rating Outlook Last Rating Action. Long-Term IDR A Stable Affirmed 21 May Short-Term IDR F1 Affirmed 21 May 2018

Rating Type Rating Outlook Last Rating Action. Long-Term IDR A Stable Affirmed 21 May Short-Term IDR F1 Affirmed 21 May 2018 Subsidiary of NextEra Energy, Inc. Rating Type Rating Outlook Last Rating Action Long-Term IDR A Stable Affirmed 21 May 2018 Short-Term IDR F1 Affirmed 21 May 2018 First Mortgage Bonds AA Affirmed 21 May

More information

FITCH AFFIRMS 6 GERMAN DEVELOPMENT BANKS AT 'AAA'; OUTLOOK STABLE

FITCH AFFIRMS 6 GERMAN DEVELOPMENT BANKS AT 'AAA'; OUTLOOK STABLE FITCH AFFIRMS 6 GERMAN DEVELOPMENT BANKS AT 'AAA'; OUTLOOK STABLE Fitch Ratings-Frankfurt/London-31 January 2018: Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDRs) of six

More information

Structured Finance. Inside Commercial Vehicle Loan ABS. Reaffirming a Few Credit Assumptions Special Report. Asset-Backed Securities

Structured Finance. Inside Commercial Vehicle Loan ABS. Reaffirming a Few Credit Assumptions Special Report. Asset-Backed Securities Reaffirming a Few Credit Assumptions Special Report Asset-Backed Securities Interest Rate-Delinquencies Strongly Correlated: India Ratings ABS portfolio of CV loans indicates that the delinquency rate

More information

Corporates Corporates

Corporates Corporates Corporates Sector Credit Factors for National Ratings Special Report This report is an addendum to the master report, Corporate Rating Methodology, dated. The report describes the criteria applied by India

More information

FITCH REVISES DEUTSCHE BANK'S OUTLOOK TO NEGATIVE; AFFIRMS AT 'BBB+'

FITCH REVISES DEUTSCHE BANK'S OUTLOOK TO NEGATIVE; AFFIRMS AT 'BBB+' FITCH REVISES DEUTSCHE BANK'S OUTLOOK TO NEGATIVE; AFFIRMS AT 'BBB+' Fitch Ratings-London-21 June 2018: Fitch Ratings has revised Deutsche Bank AG's (Deutsche Bank) Outlook to Negative from Stable while

More information

FITCH AFFIRMS PHILADELPHIA SCHOOL DISTRICT'S IDR AT 'BB-'; OUTLOOK STABLE

FITCH AFFIRMS PHILADELPHIA SCHOOL DISTRICT'S IDR AT 'BB-'; OUTLOOK STABLE FITCH AFFIRMS PHILADELPHIA SCHOOL DISTRICT'S IDR AT 'BB-'; OUTLOOK STABLE Fitch Ratings-New York-20 September 2017: Fitch Ratings has affirmed the underlying 'BB-' rating on the following bonds issued

More information

FITCH DOWNGRADES DEUTSCHE BANK TO 'BBB+'; OUTLOOK STABLE

FITCH DOWNGRADES DEUTSCHE BANK TO 'BBB+'; OUTLOOK STABLE FITCH DOWNGRADES DEUTSCHE BANK TO 'BBB+'; OUTLOOK STABLE Fitch Ratings-London-28 September 2017: Fitch Ratings has downgraded Deutsche Bank AG's (Deutsche Bank) Long-Term Issuer Default Rating (IDR) to

More information

Fitch Assigns 'BBB+' IDR to South Nassau Communities Hospital (NY)

Fitch Assigns 'BBB+' IDR to South Nassau Communities Hospital (NY) Fitch Assigns 'BBB+' IDR to South Nassau Communities Hospital (NY) Fitch Ratings-New York-31 January 2018: Fitch Ratings has assigned a 'BBB+' rating to the expected issuance of $90 million of South Nassau

More information

Structured Finance. College Loan Corp. Trust I, Series Asset-Backed New Issue. Ratings

Structured Finance. College Loan Corp. Trust I, Series Asset-Backed New Issue. Ratings Asset-Backed New Issue College Loan Corp. Trust I, Series 2003-2 Ratings $345,000,000 Class 2A-1 Student Loan Asset-Backed Senior Notes... AAA $646,800,000 Class 2A-2 Student Loan Asset-Backed Senior Notes...

More information

Rating Type Rating Outlook Last Rating Action Long-Term IDR BBB+ Stable Affirmed 20 January 2017

Rating Type Rating Outlook Last Rating Action Long-Term IDR BBB+ Stable Affirmed 20 January 2017 Corporates Amendment This report first published on 10 February 2017 has been reissued to update the text in the Liquidity section, the debt maturity and liquidity figures, and the organisation chart.

More information

FITCH AFFIRMS CHICAGO MIDWAY AIRPORT'S (IL) SECOND-LIEN REVS AT 'A'; OUTLOOK STABLE

FITCH AFFIRMS CHICAGO MIDWAY AIRPORT'S (IL) SECOND-LIEN REVS AT 'A'; OUTLOOK STABLE FITCH AFFIRMS CHICAGO MIDWAY AIRPORT'S (IL) SECOND-LIEN REVS AT 'A'; OUTLOOK STABLE Fitch Ratings-Chicago-23 August 2017: Fitch Ratings has affirmed the 'A' rating on the city of Chicago, Midway International

More information

FITCH AFFIRMS IDRS OF PROCREDIT HOLDING AND 6 SUBSIDIARY BANKS, TAKES VARIOUS ACTIONS ON VRS

FITCH AFFIRMS IDRS OF PROCREDIT HOLDING AND 6 SUBSIDIARY BANKS, TAKES VARIOUS ACTIONS ON VRS FITCH AFFIRMS IDRS OF PROCREDIT HOLDING AND 6 SUBSIDIARY BANKS, TAKES VARIOUS ACTIONS ON VRS Link to Fitch Ratings' Report: ProCredit Holding AG & Co. KGaA - Rating Action Report https://www.fitchratings.com/site/re/898853

More information

Fitch Rates Hillsborough County FL School District's $166MM Ser 2017 Rfdg COPs 'AA'; Outlook Stable

Fitch Rates Hillsborough County FL School District's $166MM Ser 2017 Rfdg COPs 'AA'; Outlook Stable Fitch Rates Hillsborough County FL School District's $166MM Ser 2017 Rfdg COPs 'AA'; Outlook Stable Fitch Ratings-New York-23 October 2017: Fitch Ratings has assigned a 'AA' rating to the following Hillsborough

More information

Financial Institutions

Financial Institutions Housing Finance Economics to Face Roadblocks Due to Falling Bank Interest Rates Special Report India Figure 1 HFC Market Loan Book Breakdown Resale 25% 3% Upgradation 3% Source: NHB, Ind-Ra 72% Acquisition/

More information

Fitch Affirms Suzano and Fibria's IDRs at 'BBB-' Following Merger Announcement

Fitch Affirms Suzano and Fibria's IDRs at 'BBB-' Following Merger Announcement Fitch Affirms Suzano and Fibria's IDRs at 'BBB-' Following Merger Announcement Fitch Ratings-Rio de Janeiro-16 March 2018: Fitch Ratings has affirmed Suzano Papel e Celulose S.A. (Suzano) and Fibria Celulose

More information

Structured Finance. Foncaixa FTPYME 1, FONDO DE TITULIZACIÓN DE ACTIVOS. CDO/Spain New Issue

Structured Finance. Foncaixa FTPYME 1, FONDO DE TITULIZACIÓN DE ACTIVOS. CDO/Spain New Issue CDO/Spain New Issue Ratings Amount (EURm) Legal Final Maturity Rating CE (%) Class A1 185.0 Sep 2036 AAA 8.8 A2 89.9 Sep 2036 AAA 8.8 A3G 223.5 Sep 2036 AAA 8.8 A3S 56.0 Sep 2036 AAA 8.8 B 37.8 Sep 2036

More information

Public Finance. Virginia Beach, Virginia. Tax-Supported / U.S.A. New Issue Report. New Issue Summary. Analytical Conclusion. Key Rating Drivers

Public Finance. Virginia Beach, Virginia. Tax-Supported / U.S.A. New Issue Report. New Issue Summary. Analytical Conclusion. Key Rating Drivers Virginia Beach, Virginia New Issue Report Tax-Supported / U.S.A. Ratings Long-Term Issuer Default Rating New Issue $69,740,000 General Obligation Public Improvement Refunding Bonds, Series 2017A Outstanding

More information

FITCH AFFIRMS THE ROYAL BANK OF SCOTLAND GROUP AT 'BBB+'; ASSIGNS EXP'D 'A-(EXP)' IDR TO ADAM & CO

FITCH AFFIRMS THE ROYAL BANK OF SCOTLAND GROUP AT 'BBB+'; ASSIGNS EXP'D 'A-(EXP)' IDR TO ADAM & CO FITCH AFFIRMS THE ROYAL BANK OF SCOTLAND GROUP AT 'BBB+'; ASSIGNS EXP'D 'A-(EXP)' IDR TO ADAM & CO Fitch Ratings-London-29 September 2017: Fitch Ratings has affirmed the Long- and Short- Term Issuer Default

More information

FITCH AFFIRMS CREDIT SUISSE GROUP AT 'A-'; OUTLOOK STABLE

FITCH AFFIRMS CREDIT SUISSE GROUP AT 'A-'; OUTLOOK STABLE FITCH AFFIRMS CREDIT SUISSE GROUP AT 'A-'; OUTLOOK STABLE Fitch Ratings-London-28 September 2017: Fitch Ratings has affirmed Credit Suisse Group AG's (CSGAG) Long-Term Issuer Default Rating (IDR) and Viability

More information

Interpreting the Sector Credit Factor Reports for Corporates. Publications: To date, India Ratings has published 5 SCFs.

Interpreting the Sector Credit Factor Reports for Corporates. Publications: To date, India Ratings has published 5 SCFs. Interpreting the Sector Credit Factor Reports for Corporates Special Report India This report updates and replaces Interpreting the Sector Credit Factor Reports for Corporates, dated 16 November 2012.

More information

Structured Finance. South Africa/ABCP Special Report

Structured Finance. South Africa/ABCP Special Report South Africa/ABCP Special Report Analysts David Kubayi, Johannesburg +27 11 380 0905 david.kubayi@fitchratings.com Joshua Cohen, Johannesburg +27 11 380 0907 joshua.cohen@fitchratings.com Rabia Parker,

More information

Fitch Affirms Nine Sri Lankan Banks

Fitch Affirms Nine Sri Lankan Banks Fitch Affirms Nine Sri Lankan Banks Fitch Ratings-Singapore/Colombo-11 January 2017: Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of the following Sri Lanka-based banks: - National

More information

Fitch States National Ratings for Corficolombiana and Fiduciaria Corficolombiana; Stable Outlook

Fitch States National Ratings for Corficolombiana and Fiduciaria Corficolombiana; Stable Outlook Fitch States National Ratings for Corficolombiana and Fiduciaria Corficolombiana; Stable Outlook Fitch Ratings Bogota (June 30, 2017): Fitch Ratings stated the long and short-term national ratings for

More information

GLOBAL CREDIT RATING CO. Rating Methodology. Structured Finance. Global Consumer ABS Rating Criteria Updated April 2014

GLOBAL CREDIT RATING CO. Rating Methodology. Structured Finance. Global Consumer ABS Rating Criteria Updated April 2014 GCR GLOBAL CREDIT RATING CO. Local Expertise Global Presence Rating Methodology Structured Finance Global Consumer ABS Rating Criteria Updated April 2014 Introduction GCR s Global Consumer ABS Rating Criteria

More information

Corporate Finance. U.S. Corporate Bond Market: A Review of Second-Quarter 2007 Rating and Issuance Activity. Credit Market Research.

Corporate Finance. U.S. Corporate Bond Market: A Review of Second-Quarter 2007 Rating and Issuance Activity. Credit Market Research. Credit Market Research U.S. Corporate Bond Market: A Review of Second-Quarter 27 Rating and Issuance Activity Analysts Paul Mancuso +1 212 98-225 paul.mancuso@fitchratings.com Mariarosa Verde +1 212 98-791

More information

Banks. National Development Bank PLC. Sri Lanka. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Disclaimer

Banks. National Development Bank PLC. Sri Lanka. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Disclaimer Sri Lanka Full Rating Report Ratings National Long-Term Rating Subordinated debt Sovereign Risk Long-Term Foreign-Currency B+ IDR Long-Term Local-Currency IDR B+ Outlooks National Long-Term Rating Sovereign

More information

Corporates. Credit Quality Weakens for Loan- Financed LBOs. Credit Market Research

Corporates. Credit Quality Weakens for Loan- Financed LBOs. Credit Market Research Credit Market Research Credit Quality Weakens for Loan- Financed LBOs Analysts William H. May +1 212 98-32 william.may@fitchratings.com Silvia Wu +1 212 98-598 silvia.wu@fitchratings.com Mariarosa Verde

More information

Structured Finance. Criteria Addendum: UK. Residential Mortgage Assumptions. Residential Mortgage / United Kingdom. Sector-Specific Criteria Report

Structured Finance. Criteria Addendum: UK. Residential Mortgage Assumptions. Residential Mortgage / United Kingdom. Sector-Specific Criteria Report Residential Mortgage / United Kingdom Residential Mortgage Assumptions Sector-Specific Criteria Report ResiEMEA The mortgage loss criteria described in this addendum will be implemented in Fitch s residential

More information

Fitch Ratings, Inc Form NRSRO Annual Certification. Fitch s Code of Conduct may be accessed at https://www.fitchratings.com/site/ethics.

Fitch Ratings, Inc Form NRSRO Annual Certification. Fitch s Code of Conduct may be accessed at https://www.fitchratings.com/site/ethics. Fitch Ratings, Inc. 2017 Form NRSRO Annual Certification Exhibit 5. Code of Ethics Fitch s Code of Conduct may be accessed at https://www.fitchratings.com/site/ethics. Code of Conduct Updated: February

More information

Discover Card Execution Note Trust Class A(2017-6)

Discover Card Execution Note Trust Class A(2017-6) Presale: Discover Card Execution Note Trust Class A(2017-6) This presale report is based on information as of Aug. 4, 2017. The ratings shown are preliminary. This report does not constitute a recommendation

More information

Structured Finance. Blue Titanium Conduit Limited. ABCP/South Africa Final Report

Structured Finance. Blue Titanium Conduit Limited. ABCP/South Africa Final Report ABCP/South Africa Final Report Ratings Amount (Rand billion) Type of Security 20 Asset Backed Commercial Paper South African Analyst Denzil Bagley +27 11 516 4900 denzil.bagley@fitchratings.com Emerging

More information

Supranationals. United States. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Ratings Long-Term IDR Short-Term IDR F1+

Supranationals. United States. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Ratings Long-Term IDR Short-Term IDR F1+ Full Rating Report United States Ratings Long-Term IDR AAA Short-Term IDR F1+ Outlook Long-Term IDR Stable Financial Data Inter-American Investment Corporation (IIC) Mar 17 Dec 16 Total assets (USDm) 2,215.8

More information

Jun 05. Jul 12. Oct 13. Apr 11. May 13. Jun 15. Mar 14. Dec 12. Nov 10. Sep 11. Aug 09. Feb 12. Sep 12. Jan 10. Jan 12.

Jun 05. Jul 12. Oct 13. Apr 11. May 13. Jun 15. Mar 14. Dec 12. Nov 10. Sep 11. Aug 09. Feb 12. Sep 12. Jan 10. Jan 12. May Sep Jan 6 May 6 Jan 7 May 7 Sep 7 Jan 8 Sep 8 Jan 9 May 9 Sep 9 May 1 Sep 1 May 17 Jun Nov Apr 6 Feb 7 Jul 7 Dec 7 Oct 8 Mar 9 Aug 9 Jun 1 Nov 1 EMEA Mortgage Market 1H17 Netherlands Property Sales

More information

Investment Insights What are asset-backed securities?

Investment Insights What are asset-backed securities? Investment Insights What are asset-backed securities? Asset-backed securities (ABS) are bonds secured by diversified pools of receivables across a variety of consumer or commercial assets. These assets

More information

Golden Credit Card Trust (Series )

Golden Credit Card Trust (Series ) Presale: Golden Credit Card Trust (Series 2018-3) June 14, 2018 This presale report is based on information as of June 14, 2018. The ratings shown are preliminary. This report does not constitute a recommendation

More information

Ratings Assigned To Further Issuances From German ABS Transaction VCL Master Residual Value, Compartment 2

Ratings Assigned To Further Issuances From German ABS Transaction VCL Master Residual Value, Compartment 2 Ratings Assigned To Further Issuances From German ABS Transaction VCL Master Residual Value, Compartment Primary Credit Analyst: Matthew S Mitchell, CFA, London (44) 0-7176-8581; matthew.mitchell@spglobal.com

More information

Structured Finance. FIN 46: An Enigma Wrapped in a Puzzle. Asset-Backed Special Report. Analysts

Structured Finance. FIN 46: An Enigma Wrapped in a Puzzle. Asset-Backed Special Report. Analysts Asset-Backed Special Report FIN 46: An Enigma Wrapped in a Puzzle Analysts John S. Roglieri 1 212 908-0723 john.roglieri@fitchratings.com Deborah R. Seife 1 212 908-0604 deborah.seife@fitchratings.com

More information

Publication Date: Jan. 29, 2005 CLO Postsale Report

Publication Date: Jan. 29, 2005 CLO Postsale Report Publication Date: Jan. 29, 2005 CLO Postsale Report GC FTPYME PASTOR 1, Fondo de Titulización de Activos 225 million floating-rate notes Analysts: Patricia Pérez Arias, London (44) 20-7826-3840 and José

More information

2013 Outlook: Indian Telecommunication Services. What Could Change the Outlook

2013 Outlook: Indian Telecommunication Services. What Could Change the Outlook Operating Improvements Inadequate to Counter Regulatory Woes Outlook Report Telecommunications Rating Outlook N E G A T I V E Rating Outlook Continued Regulatory Woes: India Ratings outlook on the Indian

More information

River Funding No. 5. Preliminary Ratings As Of June 19, Minimum credit support (%) 1-FR AA+ (sf) VF AA+ (sf)

River Funding No. 5. Preliminary Ratings As Of June 19, Minimum credit support (%) 1-FR AA+ (sf) VF AA+ (sf) Presale: River Funding No. 5 This presale report is based on information as of June 19, 2017. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities.

More information

Structured Finance. U.S. RMBS Sustainable Home Price Report. First-Quarter 2017 Update Special Report RMBS / U.S.A.

Structured Finance. U.S. RMBS Sustainable Home Price Report. First-Quarter 2017 Update Special Report RMBS / U.S.A. U.S. RMBS Sustainable Home Price Report First-Quarter 2017 Update Special Report RMBS / U.S.A. U.S. Prices Grow at a Sustainable Pace: National inflation-adjusted home prices continue to grow at a rate

More information

Banks. Hatton National Bank PLC. Sri Lanka. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Disclaimer

Banks. Hatton National Bank PLC. Sri Lanka. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Disclaimer Sri Lanka Full Rating Report Ratings National Long-Term Rating Senior debt Subordinated debt Sovereign Risk Long-Term Foreign-Currency IDR Long-Term Local-Currency IDR Outlooks AA-(lka) AA-(lka) A+(lka)

More information

Policy for Withdrawal of Credit Ratings

Policy for Withdrawal of Credit Ratings Policy for Withdrawal of Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and Moody's Shared Services Employees involved in the Ratings Process Scope: Global excluding

More information

Rating Type Rating Outlook Last Rating Action Long-Term IDR BB Stable Affirmed 4 July Senior Secured rating BB+ Affirmed 4 July 2017

Rating Type Rating Outlook Last Rating Action Long-Term IDR BB Stable Affirmed 4 July Senior Secured rating BB+ Affirmed 4 July 2017 Rating Type Rating Outlook Last Rating Action Long-Term IDR BB Stable Affirmed 4 July 2017 Senior Secured rating BB+ Affirmed 4 July 2017 Click here for full list of ratings Financial Summary (GBPm) Mar

More information

Golden Credit Card Trust (Series )

Golden Credit Card Trust (Series ) Presale: Golden Credit Card Trust (Series 2017-2) This presale report is based on information as of April 17, 2017. The ratings shown are preliminary. This report does not constitute a recommendation to

More information

Saudi Basic Industries Corporation (SABIC)

Saudi Basic Industries Corporation (SABIC) Corporates Rating Type Rating Outlook Last Rating Action Long-Term IDR A+ Stable Affirmed 12 February 2018 Short-Term IDR F1 Affirmed 12 February 2018 Click here for full list of ratings Financial Summary

More information

Corporates. Gas Natural de Lima y Callao S.A. Calidda. Natural Gas & Propane / Peru. Full Rating Report

Corporates. Gas Natural de Lima y Callao S.A. Calidda. Natural Gas & Propane / Peru. Full Rating Report Natural Gas & Propane / Peru Gas Natural de Lima y Callao S.A. Calidda Full Rating Report Ratings Foreign Currency Foreign-Currency Long-Term IDR BBB- Local Currency Local-Currency Long-Term IDR BBB- Senior

More information

Sovereigns. Australia. Australia Credit Update. Rating Rationale. Key Rating Drivers. Outlook. Financial Data. Analysts.

Sovereigns. Australia. Australia Credit Update. Rating Rationale. Key Rating Drivers. Outlook. Financial Data. Analysts. Credit Update Ratings Foreign Currency Long Term IDR Current Ratings AA+ Short Term IDR F1+ Local Currency Long Term IDR Country Ceiling Outlook Foreign Long Term IDR Local Long Term IDR Financial Data

More information

Global Credit Research - 31 Oct 2012

Global Credit Research - 31 Oct 2012 Rating Action: Moody's assigns definitive ratings to French RMBS Class A Bonds and affirms ratings to existing Class A Bonds issued by CIF ASSETS 2001-1, a compartment of the Fonds Commun de Titrisation

More information

IDOL Trust. Preliminary Ratings As Of May 22, 2017

IDOL Trust. Preliminary Ratings As Of May 22, 2017 Presale: IDOL 2017-1 Trust This presale report is based on information as of May 22, 2017. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities.

More information

Public Finance. Revenue-Supported Rating Criteria. Revenue Supported. Master Criteria

Public Finance. Revenue-Supported Rating Criteria. Revenue Supported. Master Criteria Revenue Supported Master Criteria Master Criteria: This report presents India Ratings and Research s (Ind-Ra) master criteria for assigning credit ratings to revenue-supported obligations and entities

More information