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Webcast on Fitch's Proposed Changes to Short-Term Ratings

Fitch is fundamentally reviewing its approach in assigning short-term ratings.  Our discussion paperdetails the greater optionality in assigning short-term ratings across multiple sectors. Learn more in our brief four-question survey, and from our recent webcast. Listen

Chinese Competition to Test APAC Tech Hardware Companies

The technological leadership of longer-established APAC consumer electronics brands over Chinese challengers is likely to narrow in the next few years. Nevertheless, most companies within the agency's APAC technology hardware portfolio have top market positions, sufficient scale and high financial flexibility, which will provide a buffer against rising competitive pressure and fast-evolving technology in the consumer technology sector. 

Corporate Ratings Navigator

Navigator is a graphical peer comparison tool covering 50 sectors across all regions

Navigator Interactive is an interactive version of the Navigator comparison tool, available online and offline

Preliminary Trade Agreement Positive for Mexican Corporates

The preliminary bilateral agreement announced by the US and Mexico is positive for Mexican corporates, according to Fitch Ratings. We believe the announcement reduces uncertainty about the final outcome of negotiations and establishes a framework for future long-term investment decisions.

Corporate View

Positive Global Trends Continue to Lift Corporates

Improving global conditions have spurred stable or upwardly revised forecasts for corporate credits in 2018, according to a series of new Fitch Ratings reports. However, increasing political headwinds have tempered growth expectations in some regions during the last quarter.

Rating Action

Fitch Assigns First-Time 'A-' Rating to Mirvac

Fitch Ratings has assigned Mirvac Group (Mirvac), which comprises Mirvac Limited, Mirvac Property Trust and Mirvac Group Finance Limited, a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A-'. The Outlook is Stable. Fitch has also assigned a senior unsecured rating of 'A-' to all senior unsecured debt issued or guaranteed by Mirvac, including debt issued by Mirvac Group Finance. 

US Pharma Tobacco-Style MSA Possible, Similar Size Unlikely

Opioid lawsuits will remain a negative overhang for US pharmaceutical firms over the long term. We believe the potential for a tobacco-style master settlement agreement (MSA) exists, due to a large number of outstanding lawsuits, but do not view liabilities akin to the $200 billion plus tobacco MSA as likely, given opioids are FDA approved prescription medications for severe pain and sales of opioids are a small fraction of the sales of tobacco products.

'BBB-' U.S. Corporate Bonds Triple since Financial Crisis

The U.S. investment grade non-financial corporate bond universe is approaching $4 trillion with a sizeable amount coming from 'BBB-' rated bonds, according to Fitch Ratings in a new report.

Fitch 50

Leverage Increases for the Fitch 50 High Yield Corporates

Leverage has increased for the Fitch 50 with the addition of several notable lower-rated issuers, according to the eighth edition of Fitch Ratings' "Fitch 50" - a look at debt structures and credit profiles for 50 prominent U.S. leveraged issuers.

Rating Action

Fitch Downgrades J. C. Penney to 'B'; Outlook Stable

Fitch Ratings has downgraded J. C. Penney Company, Inc. (JCP) and J. C. Penney Corporation, Inc.'s Long-Term Issuer Default Ratings (IDR) to 'B' from 'B+'. The Rating Outlook is Stable.

Rating Action

Fitch Upgrades Best Buy's IDR to 'BBB'; Outlook Stable

Fitch Ratings has upgraded Best Buy Co., Inc.'s ratings, including its long-term Issuer Default Rating (IDR) to 'BBB' from 'BBB-'. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release.

Length of U.S. Bankruptcies Shrinks Significantly

According to a new Fitch Ratings bankruptcy case study report: "The compressed timeframe is benefitting creditors, minimizing employee and trade union uncertainty, and lessening disruption to operations," said Sharon Bonelli, Senior Director of Leveraged Finance.

Fitch Publishes Cross-Sector Discussion Paper on Short-Term Ratings

Fitch published a Discussion Paper exploring possible changes to its approach in assigning short-term ratings, including the current correspondence table between Long-Term and Short-Term Issuer Default Ratings (IDRs). We are considering ways to offer a more differentiated analytical view of short-term risk between issuers. Fitch is seeking feedback from market participants by October 31, 2018.

Drug Rebate Reform May Disrupt US PBM, Distributor Model

Restrictions on, or reforms to, rules for manufacturer rebates and any resulting effects on drug prices due to the Trump administration's efforts to lower the cost of prescription medicine, may disrupt business models of US pharmacy benefit managers (PBMs) and distributors in the near term. 

Bankruptcies Still Few & Far Between for U.S. Industrials

Bankruptcies remain a rare occurrence for companies in the Aerospace & Defense (A&D) and Industrial & Manufacturing (I&M) sectors, according to a new report published by Fitch Ratings.

Fitch LATAM Spotlight: JBS Rating Upside Depends on Investigation Resolution

 A JBS upgrade could occur if no significant fines follow the ongoing investigation and credit metrics demonstrate robustness on a sustained basis, according to a new Fitch Ratings report.

US Retail Leveraged Loan Defaults Drop to Lowest Rate in 12 Months

The July trailing 12-month default rate for U.S. retail leveraged loans fell to four percent from seven percent last month, marking the lowest point since June 2017, according to a new Fitch Ratings report.

Fitch LATAM Spotlight: BRF's Negative Outlook Resolution Hinges on Restructuring

Divestment income is critical to move BRF S.A.'s current Negative Rating Outlook to Stable, according to a new Fitch Ratings report. The Fitch LATAM Spotlight series highlights the trends generating change in credit profiles for corporates across the region.

Tariffs Credit Negative for Carmakers, Effects Would Vary

US tariffs of up to 25% on all imported automobiles and parts would have a negative effect on the cash flow and credit profiles of the global auto manufacturers, but financial implications would vary significantly, according to Fitch Ratings.

Trade Spat Has Limited Impact on Indonesian Rated Manufacturers

The escalating trade tensions between two of Indonesia's main trading partners, China and the US, should have a limited impact on rated Indonesian manufacturers in the short term, Fitch Ratings says. Instead, the immediate risks to manufacturers will stem from the US dollar's appreciation against the Indonesian rupiah, and the resulting increase in cost of funds.

Proposed JV Likely Credit Positive for Embraer, Neutral for Boeing

Fitch Ratings expects the proposed commercial aircraft transaction between The Boeing Company (BA, A/Stable) and Embraer (ERJ, BBB-/Stable) detailed yesterday would in most scenarios be positive for ERJ's debt ratings and neutral for BA's ratings.

New Bond Rules Unlikely to Add to Chinese Developer Risks

New rules banning Chinese property companies from using proceeds from offshore bond issuance to invest in new projects appear to formalise a policy that had already been in place since the start of the year, and are unlikely to add significantly to the elevated funding risks that developers are already facing, says Fitch Ratings. 

Healthcare, Food, Beverage and Consumer Bankruptcy Enterprise Values and Creditor Recoveries

Despite U.S. healthcare defaults at a 16-year low, profits of some issuers are challenged. Default rates for healthcare, consumer and food & beverage sectors are lower than the U.S. market overall - a trend expected to continue absent unexpected external factors as cash flows are relatively stable.

Rising US Dollar Will Test EM Vulnerabilities Across Sectors

EM issuers are facing more challenging economic and financial conditions as interest rates rise and central bank monetary policy becomes less accommodative. Access more research on our Interest Rates Credit Hotspot.

GE Healthcare Spin Narrows Operating Profile; Lowers Debt

Fitch anticipates no rating impact from General Electric Company's (GE) decision to separate the Healthcare business as a stand-alone company. Fitch's ratings for GE reflect the company's strategy to realign and improve the performance of its industrial businesses, including ongoing restructuring and asset dispositions.

US Leveraged Loans Exceed HY for First Time Since 2008

The U.S. institutional leveraged loan market size surged in May, surpassing the high yield universe for the first time since the financial crisis, according to a new Fitch Ratings report.

Late Stage Credit Data Healthier Than Prior Cycles; Defaults to Remain Low

As the credit cycle enters its late stage, key metrics are stronger than before the start of prior recessions, pointing towards a lower expected default rate in the near term, according to a new Fitch Ratings report.

Higher Commodity Prices Lower Leverage for Australian Corporates

Stable-to-higher commodity-price assumptions are driving market expectations for further improvement in the aggregate credit profile of Australia's top-100 listed non-financial corporates (Fitch ASX100 portfolio) over the financial years ending June 2018 to 2019 (FY18-FY19), Fitch Ratings says in a report. 

Fitch Ratings & CRU Aluminium Market Outlook

Fitch Ratings and CRU held a teleconference on the aluminum market. Topics included: market pressure on input costs, regional competition, and credit and rating implications for key issuers.


Pressure, Risk and Nationalisation: Has UK Water Reached Boiling Point?

On 15th May, senior utilities analysts presented a summary of our recent What Investors Want to Know publication on the UK water sector. Key discussion points included :

  • Price Review 19 implications for issuers.
  • Impact of increased business risk from new incentive packages on our ratings.
  • Consequences of nationalisation for issuer ratings in the sector.

Limited State, Casino Impact From US Sport Betting Ruling

The U.S. Supreme Court's (SCOTUS) decision to strike down a federal law banning states from permitting gambling on the outcome of sporting events will lead to an increase in the number of states permitting sports betting. However, those revenues will only have a small impact on overall gaming revenue and is unlikely to have a material adverse impact on Las Vegas' sports betting activity.

What Investors Want to Know

FAQs from recent investor interactions with insight into what investors want to know.

Latest: UK Water

Expected US HY Broadcasting/Media Defaults Propel Sector Rate

The two anticipated large defaults in the US high yield broadcasting/media space are isolated incidents, and the overall sector is relatively healthy. Cenveo Inc.'s bankruptcy filing and iHeartCommunications Inc.'s highly likely default following its missed interest payment together contribute $10.7 billion to defaults, lifting the sector default rate to 19% from 3.3% at the end of January.

2018 Outlook

Global Corporate Overview

Global Head of Corporates, Richard Hunter says: "US tax reform is good news for shareholders in 2018, but we see limited upside for bondholders. Europe for its part is putting the recent financial crisis further in its rear view mirror, and Brexit is unlikely to slow that recovery." 
More Global 2018 Credit Outlooks

What to Watch in 2018

Outlook compendium for US Corporates

What to Watch in 2018

Outlook compendium for European Corporates

What to Watch in 2018

Outlook compendium for Asia Pacific Corporates

Key Research

Issuer Rating Reports - key rating drivers, rating sensitivities, financials with adjustments, and peers

Key Themes & Portfolio Summaries - monthly summaries of rating actions and key trends

Dashboards - snapshot insights into sectors and regions

Rating Criteria & Sector Companions

Master methodology covers financial adjustments and corporate structures. 

Sector Companions  outline factors we analyze to arrive at each entity’s credit rating.



Sector Handbooks

Business profile and capital structure, plus key financial data and a detailed organizational chart.

Risks to Watch: China

As part of Fitch’s Risks to Watch video series, Grace Wu, Brian Coulton, Ying Wang and Terry Gao provide a 360-degree view of China in 2018, covering sovereigns, corporates, financial institutions, and public finance.

GRE Exposure Draft

Fitch Ratings held a teleconference discussion on our proposed new methodology for rating entities owned by, or under significant influence from, government sponsors. This exposure draft is the result of a year-long review of our approach to rating these entities. Additional Resources

Recovery Models

Excel-based recovery analyses, on an instrument-by-instrument basis.

Bankruptcy Studies

Historical bankruptcy performance by major industrial sector.

Fitch 50

Profiles, debt charts, & forecasts for top issuers in Europe, LatAm, & US.

Annual Manual

A look at factors driving risk and opportunities in leveraged finance.

Data Comparators

Key headline figure and ratio computations by sector and rating category.

Commodity Price Decks

Background on Fitch's assumptions for forecasting commodity-based companies.

Enterprise Value Tool

EV-aluator looks at transaction multiples in the European and US high-yeld markets.

US Research Tool

Interactive breakdown of sector and issuer research for the US market.

Fitch Connect: Free Trial

Access comprehensive credit intelligence, including the world’s leading bank fundamental data set, ratings and research covering the fixed-income universe, as well as financial data on insurance firms, corporates and sovereigns.

Practical Skills to Succeed in the Industry

Last year Fitch Learning delivered over 300 professional public courses worldwide and provided training to over 1,300 clients. See the full list of courses from Fitch Learning.


Jill Zelter

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