Tuesday, November 22 2011 18:52

Fitch Updates Ratings Definitions


Fitch Ratings- ArmInfo. Effective today, Fitch Ratings updates its Ratings Definitions to remove the assignment of Recovery Ratings (RR) to structured finance transactions. Fitch is withdrawing all RRs assigned to structured finance issues. RRs will continue to be assigned to credits rated 'B' and below in other sectors.

The rating actions have also been modified in light of these changes. The assignment of Recovery Ratings for Structured finance issuers has been moved to 'Historic Actions recognizing that actions will not be applied in the future.

Structured finance analysts will be providing a new metric known as a Recovery Estimate (RE) for distressed securities which will be a range rather than any rating. Further detail can be found in the special report 'Structured Finance Recovery Estimates for Distressed Securities' published Friday, Nov. 18, 2011.

Changes have been made to Ratings Definitions available on the Fitch website, www.fitchratings.com.
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