Fitch Announces Combined Ratings For Financial Guarantors.Business Editors NEW YORK--(BUSINESS WIRE)--June 1, 2000 Fitch, the international rating agency formed through the merger of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co. (DCR DCR Department of Conservation and Recreation DCR Decrease DCR Digital Cable Ready (television) DCR Dark Crisis (Yu-Gi-Oh! cards) DCR Debt Coverage Ratio DCR Dacryocystorhinostomy ), today announced that all of the outstanding financial guarantor ratings of Fitch IBCA and DCR are being combined into a single set of ratings to be maintained by Fitch. Consequently, financial guarantor ratings will no longer be issued or maintained separately by either Fitch IBCA or DCR. As a result of the combination of the ratings of Fitch IBCA and DCR, Fitch announced the following changes to the outstanding financial guarantor ratings of Fitch IBCA and DCR. (Ratings are designated as follows: Issuer; bond description; former Fitch IBCA ((FI)) rating; former Duff & Phelps ((DCR)) rating; and the new Fitch ((Fitch)) rating.) ACE Capital Re International Ltd. -- Financial Strength Rating,`NR' (FI), `AA' (DCR), Under Review (Fitch). Asian Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. & Infrastructure Assurance (Pte) Ltd (ASIA Asia (ā`zhə), the world's largest continent, 17,139,000 sq mi (44,390,000 sq km), with about 3.3 billion people, nearly three fifths of the world's total population. Ltd) -- Financial Strength Rating, `BBB-' (FI), `BBB' (DCR), `BBB' (Fitch). Asset Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Insurance Co. -- Financial Strength Rating, `NR' (FI), `AAA' (DCR), Under Review (Fitch). Commercial Guaranty Assurance Ltd. -- Financial Strength Rating, `NR' (FI), `AAA' (DCR), Under Review (Fitch). Enhance Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group Inc. -- Long term Debt, `NR' (FI), `AA-' (DCR), Under Review (Fitch). Enhance Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. -- Financial Strength Rating, `NR' (FI), `AAA' (DCR), Under Review (Fitch). Under Review denotes that a conclusion to the rating review was not reached as of June 1. A separate press release will be issued pertaining to Commercial Guaranty Assurance Ltd. All other ratings under review will be addressed following meetings with company management. All other outstanding ratings and outlooks for financial guarantor ratings of Fitch IBCA and DCR are hereby affirmed by Fitch. The outstanding public ratings of Fitch will be publicly available on both the web sites of Fitch IBCA (www.fitchibca.com) and Duff & Phelps (www.dcrco.com) for the next several weeks. |
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