Fitch Releases Analysis on DJ.CDX.NA.IG Series 4 CDS Index.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. announced today the release of its analysis on the most recent roll of the DJ.CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange .NA.IG credit default swap Credit Default Swap A swap designed to transfer the credit exposure of fixed income products between parties. Notes: The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. (CDS) index from Series 3 to Series 4. Fitch has conducted the current analysis using the latest version of Vector V2.2, which was released on April 15, 2005. Consisting of 125 reference entities, the DJ.CDX.NA.IG Series 4 index allows investors to gain exposure to various tranches of a diversified portfolio of the most liquid investment-grade North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. corporate reference entities. Credit assessments of various risk tranches and supporting analytics are available exclusively on Fitch's credit derivatives Credit Derivative Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private web site at 'www.fitchcdx.com.' The new roll was effective on March 15, 2005 with 5 1/4- and 10 1/4-year maturities. The credit risk of the DJ.CDX.NA.IG Series 4 index is broadly similar to that of the Series 3 index as the same weighted average rating of 'BBB+/BBB' has been maintained in the Series 4 pool as in the Series 3 pool. There have been three reference entity deletions and three additions which have been made to reflect recent dealer liquidity polls. The list of the excluded and included reference entities is listed below. Exclusions --Bombardier, Inc. --Delphi Corporation --May Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. Inclusions --American Axle & Manufacturing Holdings --Hilton Hotels --Lear Corporation The top-three industry concentrations have also remained the same in the DJ.CDX.NA.IG Series 4 index. They are: Banking & Finance (20.80%), Food, Beverage & Tobacco (8.00%), and Broadcasting/Media/Cable (7.20%). Due to credit migration since our last review, the number of Fitch rated non-investment grade names has increased from four to six. Additionally, the number of credits on Fitch Rating Watch Negative has increased from eight to ten. About FitchCDx.com FitchCDx.com is an integrated web-platform providing market-oriented, advanced analysis and data for the credit derivatives market -- consolidating all of Fitch Ratings' analysis and research on credit derivatives. FitchCDx gives users unique access to a combination of market information and fundamental analysis. FitchCDx.com users can access the DJ.CDX.NA.IG analytics under 'Index Analytics' on the Fitch Ratings web site at 'www.fitchcdx.com.' |
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