Fitch Releases U.S. Term Credit Action Report July 2008.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. recently published its latest U.S. Term Credit Action Report July 2008. Rating Action Highlights Include: In July 2008, Fitch issued five upgrades and 10 downgrades compared with four upgrades and 40 downgrades in the prior month. For the seven months through July 2008, Fitch has issued 271 upgrades and 793 downgrades compared with 133 upgrades and 35 downgrades during the same period last year. The majority of the negative rating actions so far this year were attributable to downgrades of financial guarantors. Positive rating activity in July 2008 took place in the equipment lease (one) and auto loan (four) sectors, reflecting stable collateral performance and credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing levels. During the same period, downgrades took place in the aircraft (eight) and small business (two) sectors. In July, as part of its ongoing surveillance of existing transactions, Fitch affirmed 149 ratings in the student loan (eight), auto loan (24), equipment loans (two), small business loans (four), new assets (six), structured debt (four), airplane airplane, aeroplane, or aircraft, heavier-than-air vehicle, mechanically driven and fitted with fixed wings that support it in flight through the dynamic action of the air. loans (54), and dealer floorplan (47) sectors. Fitch expects the proportion of upgrades to downgrades to remain under pressure relative to strong ratings performance experienced over the past three years due to economic concerns. For further details see the 'Term ABS (Automatic Backup System) See backup program. Credit Action Report: July 2008' available on the Fitch Ratings web site at www.fitchratings.com. The Credit Action Report now incorporates hyperlinks giving investors easy access to press releases and to ratings history on the Fitch Ratings web site. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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