Fitch Updates Liquid Credit Derivative Names: Ford Motor Now Most Active Credit.Business Editors LONDON--(BUSINESS WIRE)--Jan. 23, 2004 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. has updated its list of the 100 most liquid reference entities in the single-name 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) market. The list represents a monthly measure of the most actively referenced names derived from Fitch's proprietary 'Synthetic Index' of rated synthetic CDOs and is based on data up to January 2004. The data shows that based on Fitch's Index, Ford Motor Co is now the most active name in the CDS market with USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.8 billion of obligations referenced in a total of 157 synthetic CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the transactions compared to just USD1.2 billion in December. As well as reflecting the addition of a further 40 deals to the Index (260 transactions now covered), the movement of Ford from the eleventh liquid name to number one is also due to a greater concentration of Ford bonds in synthetic CDO transactions, which, in turn, partly reflects the continuing unease surrounding the 'BBB+'/Negative Outlook credit. Indeed, the automobile sector now accounts for four of the largest ten names in the Index. By contrast, one sector which showed modest relative improvement in January was the tobacco industry with the Altria Group Inc. falling to fifth spot from third and British American Tobacco plc British American Tobacco PLC formerly British-American Tobacco Company Ltd. (1902–76) and B.A.T Industries PLC (1976–98) British conglomerate that is one of the world's largest manufacturers of tobacco products. down to nineteenth from fourteenth as litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. concerns eased and, in the case of Altria, its market share and operating earnings in the US tobacco market stabilised. For a complete list of Fitch's Top 100 Reference Entities, which is updated monthly, see Fitch's recently launched specialised credit derivative website www.fitchcdx.com. |
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