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Rating Criteria & Sector Companions

Master methodology covers financial adjustments and corporate structures. More details appear in sector-specific companions:

What to Watch in 2018

Outlook compendium for North American Commercial Property

2018 Credit Outlook Conference

Why is UK Consumer Debt So High?

Brian Coulton, Chief Economist, Fitch Ratings explores the reasons why the UK housing sector is “running on fumes” and how the US has successfully reduced the household debt-to-income ratio.

What to Watch in 2018

Outlook compendium for Construction and Building Materials

Carillion Highlights Key Construction Sector Risks

The collapse of UK construction company Carillion highlights the importance of contract risk management and of maintaining margins for companies in the European engineering and construction (E&C) sector. The sector is largely sub-investment grade, but investment-grade ratings are possible where both the business and balance sheet are prudently managed. 

Featured Research

US Building Products and Materials Handbook – First Edition
The first edition of this report includes analysis of the business profiles and capital structures of 16 issuers within the Building Products and Materials space.

2018 Outlook

Chinese Homebuilder Outlook Stable, but Market to Cool

China's housing market is likely to continue to cool in 2018, with sales growth set to slow across most of the country and house prices likely to stay relatively flat. However, the authorities have considerable policy flexibility to support housing demand, which limits the risk of a market downturn. We therefore maintain a stable sector outlook for Chinese homebuilders.

Amazon Retail Gain Could Impact REITs & CMBS

Fitch’s retail, REITs and CMBS analysts discuss what would happen to these sectors if Amazon hypothetically gained significant market share in apparel.

Related: Severe US Retail Shock Could Fan Out to REITs, CMBS

why forum

Why Experiential Retailing Is Transforming the Use of Commercial Real Estate

“Experiential retailing” is not a new concept among real estate professionals and investors, but it continues to evolve. 

Trends in the Chinese Property Sector

During the recent Fitch on China - London Seminar, Fitch's Andrew Steel, Head of Asia Corporates and Ying Wang, Head of Chinese Corporate Research discussed trends in the Chinese property sector.

US REITs Keeping Development Exposure in Check

REITs are still showing discipline throughout this post-crisis cycle. In fact, outside of multifamily and industrial, modest growth in tenant demand for space is keeping development opportunities in check. 

Real Estate Investment Times

Storms on the Horizon

Despite largely unfettered capital market access in recent years, bank borrowings are on the rise for equity REITs, Steven Marks Managing Director at Fitch Ratings, explains in Real Estate Investment Times magazine's guest column.


Wells Fargo Securities

Key dicussion points:

• The retail real estate landscape
• Impact of skilled nursing, ACA and bundling initiatives on healthcare REITs
• Growth in net lease REITs
• Niche REITs.


What Investors Want to Know: Gaming and REITs

Steven Marks, REITs Managing Director and Alex Bumazhny, Gaming Senior Director hosted a call to discuss the challenges to future REIT transactions in the Gaming sector despite the recent wave of transactions signaling the contrary.

Hong Kong is Natural Area of Expansion for Chinese Homebuilders

Chinese homebuilders diversifying outside China are naturally seeking opportunities in neighbouring Hong Kong, where they can access good-quality sites and match their US dollar debt to cash flows in Hong Kong dollars, which is pegged to the US currency.

Indonesia's Planned Land Taxes Threaten Developers

Indonesia's proposal to introduce taxes to clamp down on speculative land purchases and cool land-price increases is a potential threat to developers, many of which own large plots of land. Although more recently, the government has indicated developers may not be targeted.

Criteria: CRE Loans Securing Covered Bonds

Methodology for analysing asset-related risks in commercial real estate loans securing covered bonds for new ratings and surveillance. Includes analysis of probability of default and expected recovery rates, differentiated by borrower  type, as well as CRE-specific assumptions for Fitch’s cash flow analysis.

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.

Offshore, PE Buying Healthcare Real Estate

Foreign investors are increasingly looking to invest in US healthcare real estate, particularly capital providers with longer-term horizons, such as sovereign wealth funds, pension funds and insurance companies.

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

Global Group Head & North America


Anjali Sharma

Europe, Middle East, Africa


Kathleen Fuentes Holtzman

Latin America


Sing Chan Ng



Matthew de Mendonca

North America


Sean Costello

Europe, Middle East, Africa


Aymeric Poizot

Global Group Head & Europe, Middle East, Africa


Ian Rasmussen

North America


Frank Laurents

Latin America


Helen Wong



Steven Marks

North America


Joe Bormann

Latin America


Paul Lund

Europe, Middle East, Africa


Kalai Pillay

North Asia


Vicky Melbourne

South Asia