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Introducing ESG Relevance Scores for Structured Finance and Covered Bonds

We are proud to be the first rating agency to introduce scores to the Structured Finance and Covered Bond market to show the relevance and materiality of ESG to our rating decisions. Our ESG Relevance Scores are integrated into our ABS, CMBS and RMBS transaction reports, and covered bonds program research, to transparently and consistently display the impact of ESG elements on our credit ratings.

Watch the VideoIntroducing ESG Relevance Scores - Update for Structured Finance and Covered Bonds

webinar

Russia Sovereign Credit Outlook

Available On-Demand

Fitch Ratings hosted a webinar with Erich Arispe, primary analyst on Russia; Paul Gamble, Head of Emerging Europe Sovereigns; and Alexander Danilov, Head of Russia Banks.

Australian Fixed-Income Investor Survey 4Q19

Investors Unsettled by Political Disagreements

Australian fixed-income investors consider political and geopolitical risk to be the greatest threat to domestic credit markets over the next 12 months. A record-high 74% of respondents consider this to be a high risk; in fact, all top-five risks are linked to politics or possible fallouts from political disagreements, such as a China hard landing or a housing-market downturn.

Frontier Vision

Slowing Growth and Interest Rate Cuts in Frontier Economies

Consistent with the broader global economic picture, GDP growth is slowing down among frontier emerging market economies. In 2Q19 GDP growth rates declined in Armenia, Costa Rica, El Salvador, Georgia, Ghana, Jamaica, Jordan, Kenya, Mongolia, Senegal, and Sri Lanka, with Belize, Honduras and Paraguay seeing negative rates.

Global Telcos' 5G Capex Risk Contained; Leverage Stretched

5G capex risk for most telcos is likely to be contained over the next 18 months. However, the pressure to acquire wider spectrum bands to support future 5G rollout will reduce rating headroom.

 

Related Press Release:
Global Telcos' 5G Capex Risk Contained; Leverage Stretched

Greek Asset Protection Scheme Is Credit Positive for Banks

The launch of an asset protection scheme in Greece is credit positive for the country's banks, Fitch Ratings says, as it should help them to accelerate the reduction of the large stocks of legacy non-performing loans (NPLs) that weigh on their capital, profitability and ability to lend.

Major UK Banks Prepared for Brexit Challenges Ahead

The UK's major banks face the challenges of Brexit from a position of strength. The uncertainties in relation to the UK's exit from the EU remain material but the banks are well-capitalised, impaired loans are at a cyclical low and liquidity buffers are sound. Net profitability is still under pressure but the end of PPI-related customer redress will soon remove a major drag on net income, and cost-cutting continues.

Downgrades Surpass Upgrades for Companies in the Fitch 50

Downgrades surpassed upgrades by a ratio of more than 5:1 among a selection of 50 high yield companies profiled in the ninth edition of Fitch Ratings' "Fitch 50" report. Among the 28 companies also featured in last year's edition, two experienced upgrades, while 11 experienced downgrades. Five of those downgrades were lowered to the 'CCC' level.

2019 Milken Institute Asia Summit

China: Pathways to Prosperity in an Uncertain Era

Grace Wu, Head of Greater China Bank Ratings, joins other thought leaders at the 2019 Milken Institute Asia Summit in Singapore to discuss China and the potential risks and opportunities on the horizon against an uncertain geopolitical backdrop.

Major French Banks' Cost-Cutting to Support Profitability in 2020

Major French banks' key profitability metrics lag slightly behind their European peers, but cost-cutting programmes, which we expect to bear fruit from next year, could help them close the gap, Fitch Ratings says in a new report.

Fitch Ratings Launches ESG Heat Map for Public Finance/Infrastructure

Fitch Ratings has launched an ESG 'heat map' for Public Finance/Infrastructure to provide further insight into the relevance of ESG factors to credit ratings. The map is designed to help users understand how relevant individual ESG topics are to credit ratings for different sub-sectors across Global Public Finance, Infrastructure and Project Finance issuers.

World GDP Growth to Hit an Eight-Year Low in 2020

The outlook for the global economy has deteriorated significantly due to the escalation in the US-China trade war, Fitch Ratings says in its new Global Economic Outlook (GEO). We now forecast world growth next year to fall to the lowest rate since 2012.

Profits Are Key in Turkish Banks' Capital Stress Test

Turkey's privately-owned domestic systemically important banks (D-SIBs) are generally better positioned than three state-owned peers against a potential marked deterioration in asset quality, according to Fitch Ratings' latest stress test report. Pre-impairment operating profit (PIP) is the key differentiator, and loss-absorption capacity varies materially across the eight D-SIBs.

Vaping Regulatory Scrutiny Clouds Tobacco Industry Outlook

We expect recent regulatory scrutiny of tobacco next generation products (NGPs), including vaping bans in several countries and some US states and cities, to slow sector growth, Fitch Ratings says. However, in the long term the implications remain uncertain and could be felt unevenly in the sector: tighter regulation of open systems and illicit products may benefit larger manufacturers.

Germany's Outsized Export Dependence a Growth Risk

Germany's heavy dependence on exports means that the slump in world trade and manufacturing has taken a much heavier toll on growth than in other G7 economies. The contribution of gross export demand to German GDP growth has fallen very sharply over the last two years - as highlighted in Fitch's economics team's latest Chart of the Month - and has left the economy on the brink of recession.

2019 Global Sovereign Conference Hong Kong

The Rating Watch Negative on the United Kingdom

Fitch Ratings recently completed its Global Sovereign Conference series covering 8 markets around the world. At our event in Hong Kong, Michele Napolitano discusses the two areas that will exert pressure on the UK’s current rating.

Asia-Pacific Banks Face Rising Exposure to Property Risks

Banks in the Asia-Pacific region are increasingly exposed to property-related risks. Australia and New Zealand as most exposed to property stress, while Sri Lanka, Mongolia and Vietnam face elevated risk.

 

Related Press Release:
Asia-Pacific Banks Face Rising Exposure to Property Risks

Argentina Crisis Adds to Neighboring Economies' Headwinds

Reduced trade and financial exposures should help to limit broad-based regional effects from a prolonged Argentinian recession, but smaller economies with higher direct exposures to Argentina are likely to be affected more.

Advanced Economies at Late Stage in Business Cycle

Fitch has introduced new measures of the output gap - or the degree of economic "slack" - for the 10 advanced economies (DM10) covered in its Global Economic Outlook (GEO). These measures have been built upon the signals sent both by the financial cycle, specifically the role of credit and asset prices, and direct survey-based measures of slack in the labour and product markets.

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