International rating agency Fitch. Watch what is "Fitch Ratings" in other dictionaries. Fitch confirmed Russia's rating BBB

Fitch Ratings Rating Agency is an international agency providing independent Evaluation The creditworthiness of banks, states and companies, as well as analytical data and related information. Fitch Ratings Inc. Delivers national and international ratings that are the official name " Emitten default ratings»For more than 150 regions of the world.

International rating agency Fitch Ratings opened 51 office all over ground Shar.. Company specialists have many years of experience in analytics and have specific knowledge of the internal economic mechanisms of many states that are used in the analysis of capital markets. Analytics and forecasts from "Fich" are traditionally considered reliable and transparent.

Fitch Ratings rating: rating scales and rating criteria

Fitch Agency Ratings are an expert opinion on the possibilities of issuers to pay interest on financial liabilities. Investors are based on Fitch credit rating when forecasting the return of investments under the conditions under which they will be made. The list of ranking participants includes sovereign, corporate, insurance, financial and banking issuers. It also includes financial state structures, securities and other obligations produced by similar issuers.

The main factors that evaluate the rating of Fitch banks in determining their position in an individual scale is sustainable balance(including capitalization) and its transparency, profitability, client list, leadership, growth prospects, and also economic environment. It is also of great importance to the volume of the bank, expressed in his own means, business management policy, and capital protection.

Fitch rating scales

« D."- The level showing that the state or the issuer announced a default on all fines.
« Rd."- Such a designation have issuers who have not carried out payments in compliance with the deadlines (including the grace period) on some part of the main obligations, while continuing to pay other obligations.
« C."- fulfillment of obligations, default is most likely.
« CC."- probable default, commitments are performed.
« CCC."- the fulfillment of financial obligations under securities, There is a probability of default. The further possibility of fulfilling the obligations is in full dependence on the sustainability and the positive direction of economic or business conjuncture.
« B."- High speculatory level. Regarding papers with obligations and issuers, such a rating demonstrates high credit risks. Further fulfillment of infinoscience depends on the situation in business and the economy.
« BB."- speculative level. This position shows the existence of the probability of increasing credit risks, in more than Reasonable negative changes in the economy, which are scheduled in the future. Nevertheless, companies can reach alternative financial or business resources that will avoid failure to fulfill obligations. Assets with a "BB" rating are investment.

« BBB."- good creditworthiness, expectations of small risks, normal ability to calculate obligations.
« A."- Low risk is expected, highly creditworthiness, repayment of commitments at a high level.
« AA."- A very small risk is predicted, the credit capacity is very high, almost the maximum ability to monetary calculations.
« AAA."- The maximum position of the Fitch rating demonstrates the highest creditworthiness and the smallest risk on lending. The AAA level can only receive owners of an extremely high level of ability to pay percentages.

By the same principle is assigned a national rating. Its values \u200b\u200bare also displayed, but with the addition of suffix: " B (xxx)», « BB (XXX)», « BBB (XXX)».

The suffix is \u200b\u200bthe state code to which the value is assigned. For example, the long-term credit fitch-rating of Russia, expressed in foreign currencyIn September 2017, it looked like this: " BBB (RUS)».

The international rating of the company is always below either equal to the regions rating. The national rating is the relative indicator, the highest scale for which is the level of the most reliable borrower of the local market - the state. Also the Agency "Fich" offers separate category For state ratings - "E (XXX)", which means the lack of data for assignment.

There is an addition to the ratings in the form of a mark " on control» ( rating Watch.) and three types of forecasts ( the probability of revising in a year or two): « negative», « stable"And" positive" Intermediate positions in the ranking are indicated by signs " a plus"And" minus».

Fitch History

December 24, 1913 American John Noolez Fitch founded in the capital of the USA Publishing Company Fitch Publishing Company.which started publishing financial statistics. After some time, Fitch took a leading position in the provision of a significant static investor community.

In 1924, an applied and now scale from " AAA." before " D."In response to the growing demand for financial research.

This scale, complemented by analytics from Fitch Publishing experts, quickly became a recognized landmark for many financiers, helping to accept important investment inventory tools with a fixed income percentage.

In 1975, a rating agency was created Fitch Ratings Inc.And in 1989 the company began to actively increase, increasing capital and staff. In the 1990s, the company continued to grow, adding new directions of work. In 1997, the Agency "Fich" takes a step towards globalization, uniting with IBCA Limited and significantly expanding its presence in the world.

Buying a business Duff & Phelps Credit Rating Co. In 2000, he became the second stage of the formation of a truly global analytical agency. Later in Fitch Ratings entered Thomson Bankwatch.Even more expanding information coverage and contributing to the growth of affiliates and representative offices throughout the planet.

In 2008, the Agency decides on greater divisions of analytics and credit ratings. For this, the development began Fitch Solutions. - Divisions dealing with analytical instruments.

Fitch Ratings Group Structure

The headquarters of the international rating agency Fitch Ratings are located in London and New York with many divisions around the world. The company is part of the Fitch group owned by corporations. Hearst Corporation., Fimalac and S.A.. Controlling stakes belongs to French Fimalac.

As a result of several acquisitions and violent growth, the Fich Group today provides jobs more than 2100 employees. For 2015, the Group of Companies was represented by the following composition.

BMI Research. - conducts analytics of economic risks of states. Priority is given to third countries.
Fitch Solutions. - distribution of analytical products Fitch Ratings and promoting their services.
Fitch Learning Ltd.- Activities: Training in the field of nuances of creditworthiness and financial issues at the level of corporations.
Fitch Ratings Inc. - national and corporate ratings, risk assessment and credit projections.

In the CIS territory, the agency is present for about 20 years, working with a large number of issuers, assigning national and international credit ratingsFitch Finorganizations, banks, local and regional power structures, insurers, governments and issuers from the corporate sector. Also draws up the ratings of transactions in the field of structural financing and debt securities with fixed obligations.

Types of Fitch ratings

International Ratings of Debt Comments and Issuers

International ratings B. national currency Evaluate the probability of payments in the currency of the issuer's country, without taking into account the risk of absence of conversion of the Nationalities to other cash units or transfer risks.
Foreign currency ratings, in particular, consider securities or issuers, taking into account transfers and conversion risks.

When the corresponding message from the company "Fich" does not contain information about foreign or scaling, it should be assumed that this rating Presented for stories.

Ranking ratings of assets

This scale is based on expectations regarding the repayment of debt drugs during defaults, bankruptcy or insolvency of creditors. This indicator is not intended to provide an accurate assessment of the degree of interest in the obligations and is purely informative.

Other international credit ratings

The Agency also creates individual ratings of Fitch banks and supporting ratings that consider the level of the likelihood of education in these institutions of financial difficulties leading to the need for money infants, as well as their provision, when an appropriate situation arose. Finustability ratings are also published for insurance companies.

Sovereign credit ratings

The Fich Agency publishes national ratings on some states that evaluate the creditworthiness of the issuer with the minimum credit risk in the region. Similar rating in most cases reflects everything monetary obligationsGuaranteed or issued by the government.

Additional Fitch rating scales

Expectations ratings

When the level "Expected" is published, it shows the assignment of a full-fledged value, which is based on the forecasts of the agency analysts regarding the final documentation on obligations. Often, such a rating is based on studying. recent documents Issuer and does not differ in anything else from the usual scale.

Nonpublick ratings

Fitch Ratings Ratings include a certain number of private ratings. They include, for example, companies that do not have obligations to pay. Also a non-public rating may be needed by the Issuer forsome tasks for regulation or other purposes. Such ratings are usually provided to the Ratative Issuer. Private ratings are created by the same analysis as published.

Emale Ratings Securities

Em session ratings - the scales that the Agency "Fich" assigns the currency emission programs of sovereign or corporate issuers who have a relation to ordinary monetary emissions within the relevant measures. These ratings are not always correlated with each currency emission in the program.

Fitch interest ratings

Interest payments rated interest payments on debt obligations. In this case, it is not taken into account the possibility of the part of the investment by the holder of the securities by the holder of the securities, due to the return of the principal debt.

The scales of the principal debt demonstrate the likelihood of its initial investments to the holder of its original investments before or at the time of their repayment.

Scale sovereign ceiling

This rating is the opinion of Fitch analysts regarding the risk of applying capital control and regulation of the money market by the Government of the country. Such measures do significantly difficult or completely block the ability to convert the private sector to the private sector in the currency of other states. Also excluded the opportunity money transfers Non-resident creditors, which creates conversion and transfer risks.

When taking into account the dense relationship between government credit risks, conversion risks on currencies, as well as transfer risks, in the case when a country ceiling has a higher value on a scale than a sovereign rating, the positions of issuers that are assigned at the country ceiling level often demonstrate more tangible volatility .

The objectivity of the ratings "Fich" and their influence on the markets

Fitch agency ratings are relative credit risk indicators. They are based on the data that is obtained directly from borrowers, issuers, insurance specialists and other sources, which, according to the Fich experts, are reliable. At the same time the company does not doaudit and cannot verify the accuracy of the information provided, but is not responsible for arising risks in erroneous credit rating. Therefore, the assigned Fitch rating cannot be a guarantor of the performance of actions on it based.

Also, the Fitch credit rating is limited by narrow-controlled aspects of risk and is not aimed at reflecting other operating or financial risksrelated to commitments or issuers other than credit. To understand the fullness of risks for each case, it is necessary to consider that it shows the corresponding scale.

Fitch Ratings Agency Ratings, as well as other similar institutions, play an important role in the stock market. The published rating of the company often becomes a decisive factor in the dynamics of market prices on its shares, as well as assets dependent on it.

Often, creditors and investors conduct a primary assessment of the prospects for the proposed partners, based only on the ratings of agencies, Fitch and Standard & Poor's. However, experienced participants stock markets Often express doubts about transparency and the actual independence of the work of rating agencies.

Rating agencies are commercial corporations, primarily focused on profit, therefore, it is impossible to exclude the presence of some fraud in order to manipulate markets, despite the assurances in full honesty and objectivity.

In 2008, "Fich" received a serious blow to reputation, assigning the maximum rating soon to bankrupt companies Enron. and Lehman Bros..

From this it follows that the influence of the agencies to the markets can only be short-term, generating non-losant volatility under the influence of psychological factors. After a short time there will be a correction that objective market conditions current moment.

It is worth considering that the credit rating is payable servicewhich acquires corporations or states to be able to offer worldwide investors their assets. Finally, ratings are published with a delay, relying on data from the past.

All listed factors lead to widespread distrust of the rating agencies.

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Fitch Ratings raised six Russian regions ratings Fitch. Ratings. Rose long-term issuer default ratings (IDE) in foreign and national ... regions. This is reported by RIA Novosti with reference to the message Fitch. Ratings.. Increased from the BBB rating - to the BBB rating, Moscow touched and ... stable. The decision to raise the rating of individual regions followed the decision Fitch. Raitings will increase the Russian rating as a whole. Russian long-term credit rating ... Fitch appreciated the prospects for Russian product retail ... retail market named analysts Fitch. Ratings. - In the RBC review. Consolidation of retail chains will continue due to regions Fitch. Ratings. It expects the three largest retailers ... food trade. " IN Fitch. Ratings. It is noted that "this will not happen immediately, since the time will need time." According to Fitch. Ratings."The" magnet "is enough ...

Economy, 21 Sep 2018, 14:41

Fitch lowered the forecast of the growth of the global economy due to the actions of the United States Rating agency Fitch. Digured the forecast of the growth of the global economy in 2019. Such a solution ... Parties to the United States and the ongoing trading war with China. Head economist Fitch. Brian Kulton indicated that the US decision to introduce new duties on ... 0.2 pp, up to 6.1%, indicated in the message Fitch.. Representative Fitch. stressed that this year world economy, in spite of... Fitch noted stability russian economy to US sanctions ... year. Potential risks for the current forecast, as noted in the message. Fitch.due to sustainable pressure regarding the depreciation of the Russian ruble. Fiscal policy ... US, which impede the maintenance of the existing sovereign debt, is likely, "concluded Fitch.. The corresponding point is in the project of new restrictions against Russia, which ... Fitch. Ratings. Fitch. Ratings. Fitch. ... Fitch spoke: how the agency estimated the risks of the liquidity of private banks ... possible risks for the others, "Senior Director explained RBC Fitch. Ratings. CIS Alexander Danilov. Ratings Fitch. Ratings. Assigned to 51. russian bank, testifies the list on the Agency's website, while from the discovery mentioned "FC", Binbank, Promsvyazbank and the ICD rating Fitch. ... Fitch. In Russia, the rating agencies S & P, Moody "" S and Fitch became branches ... Friday, April 14, international rating agencies S & P, Moodys and Fitch. The register of branches and representative offices of foreign credit rating agencies says ... Investment stability of the Novosibirsk region confirmed experts ... region, which speaks of high credit as the region, reports the agency Fitch. Ratings.. Experts noted improvement budget indicators By arrival own income and ... revenue. Earlier, RBC Novosibirsk wrote that in the fall of 2016 agency Fitch. Ratings. Requirmed the long-term credit ratings of the region at the previous investment level "BBB ... Fitch recalled Tatarstan and Kazan ratings ... and the ranking of the republic. "National scale ratings are recalled because Fitch. revoked the ratings on the national scale in Russia due to changes in the regulatory environment for credit rating agencies in the country, "- clarified Fitch.. National scale ratings today were withdrawn from several Russian ... Moodys Maria Malyukova. December 5, 2016 International Rating Agency Fitch. Ratings. Preserved Tatarstan long-term ratings of the Issuer default (IDE) of the Russian Federation in the national ... Fitch awards awarded and immediately recalled Yamal's rating Agency Fitch. Ratings. I confirmed the rating of Yamal on the Russian national scale at the maximum level "... The system of regulating the credit rating industry in the Russian Federation. In 2017. Fitch. Ratings. Loses the right to assign ratings on a Russian national scale. For this ... Russia is a subsidiary, what to do does not intend. However, Fitch. Ratings. The Yamalo-Nenets Autonomous Okrug and other Russian regions continues to rated ... Fitch. Fitch. Fitch. Ratings. Fitch confirmed Russia's credit rating to the step above the "trash" ..., 3 and 2%, respectively, in the Oktyabrsky forecast Fitch.), reported in the document. According to analysts Fitch.Russia demonstrates the strong indicators of its balance of payments ... Agencies in the sustainable state of the State Finance. "We positively appreciate the decision of the agency Fitch. Ratings. On the confirmation of the long-term credit rating of Russia for foreign obligations ...

March 14, 2017, 14:01

Fitch raised the rating of the Lipetsk region ... Currency and rating of the Issuer's default rose to BB +. Rating agency Fitch. Rose long-term default ratings of the issuer (RDE) in foreign and national ... Fitch. Fitch.

Finance, 15 Feb 2017, 21:59

Fitch has questions about the transaction on the privatization of Rosneft ...% "Rosneft" of their questions to the transaction put analysts of the international rating agency Fitch.. They are incomprehensible to the transaction funding scheme and the structure of the distribution of financial risk ... Announcement of the Consortium Agreements. According to bank analysts Fitch.These bonds could be "part of a structural transaction" - could be used ... Novosibirsk region hopes to improve the level in the ranking Fitch Ratings ... "," Vladimir Gorodetsky denoted the development directions of the region. In the fall of 2016 agency Fitch. Ratings. Requirmed the long-term credit ratings of the region at the previous investment level "BBB .... For the coming days of experts Fitch. Ratings. Scheduled meetings with the Ministry of Finance, the Ministry of Economic Development of the region, the Department of Property and Land Relations. Fitch. Ratings. - American Corporation, rating agency ... ... Fitch. Fitch. Ratings. Fitch. Fitch decided to withdraw all ratings on the national scale in Russia ... Fitch. Calls all the ratings on the national scale in Russia. The decision will affect about one and a half hundred public ratings russian companies. International rating agency Fitch. Ratings. ... on the prospect of views on creditworthiness for investors on russian market. Fitch. continues to expand the portfolio of Russian issuers of international debt obligations, which in ... Fitch. Fitch. Fitch. Western rating agencies are idle with the Central Bank ... Russia "Big Troika" of international rating agencies (S & P, Moodys and Fitch. Raitings) has not yet submitted an application to the Central Bank for accreditation. "Term ... to the rating level," said Sberbank CIB analyst Ekaterina Sidorova. IN Fitch. Raitings and Moodys on Wednesday, December 21, did not respond to ... an estimate of one of the market participants, if S & P, Moodys and Fitch. Raitings will accept the rules of the GAME of the Central Bank, then they will be required to be at a minimum ... Fitch retained Tatarstan rating forecasts International rating agency Fitch. Ratings. Preserved Tatarstan long-term default ratings of the Issuer (RDE) of the Russian Federation in the national ... that October 14 Fitch. Ratings. improved the forecast on Tatarstan ratings and eight Russian regions. According to experts, ratings Fitch. give regions the opportunity ... Fitch confirmed by Tyumec region rating with a stable forecast International Agency Fitch. Ratings. Published its assessment of the state of the economy of the Tyumen region and its forecast ... 6 billion rubles. However, since the regional companies of the public sector are self-financing, Fitch. Considers indirect risk as low. The region keeps positive clean money ... Fitch improved Tatarstan rating forecasts International rating agency Fitch. Ratings. improved the forecast on the ratings of the republic and another eight Russian regions .. Fitch. Revised the forecast on the ratings of nine Russian local ... confirmed at the level of "AAA (RUS)" with a "stable" forecast. October 14 Fitch. Confirmed the long-term ratings of the Issuer's default (IDE) of the Russian Federation in the national and ... Fitch. Fitch. Ratings. ROC Bank raised a bet on deposits to hold customers ... outflow of physical funds, increasing the yield on deposits. International rating agency Fitch. Puting the ratings of the Bank "Peresvet", including a long-term default rating ... liquidity, "said the rated actions of the Senior Director for Banking Ratings Agency commented Fitch. Ratings. Alexander Danilov. According to the agency, at the end of the third quarter of 2016 ... Fitch. Fitch. Siluans praised the government after changing Fitch's forecast ... Office Anton Siluanov, reports RIA Novosti. "We are satisfied with the decision of the agency Fitch. Improve the forecast for the sovereign credit rating of Russia with the "negative" on ... In this situation, other oil producers ". Earlier, an international agency Fitch. Improved the forecast for the long-term sovereign credit rating of Russia with "negative ... Fitch. Fitch. The mayor saw grounds for increasing the credit rating of Russia ..., said the representative of the Ministry of Economic Development on the eve of the announcement of the results of the revision of the rating by the Agency. Fitch. It remains the only agency that has appropriated the investment level, two others ... the country with the investment level rating, "the agency's interlocutor told. Last time Fitch. Revised the rating of Russian securities in April. Then the Agency confirmed the investment ...

19 Sep 2016, 12:46

Fitch Dal stable forecast For Lipetsk region ... agencies. Forecast on long-term ratings is stable. As stated in the message Fitch., regional economy in last years "Develops", and its welfare indicators ... rubles, however, such a scenario was expected by the agency specialists, the report says Fitch.. The agency noted the "careful" approach of the administration of the region to excess tax receipts ... ... aa, according to official post Fitch.. The agency has announced a negative forecast for further change in rating. Fitch. Indicates that the results of the referendum 23 ... Great Britain, financial system Countries and political stability. According to experts Fitch., the results of the referendum will affect the decline gDP growth and a change in investment ... Fitch Strank Russia's rating at the IVB ..., "Since the ruling party is expected to retain the majority in parliament." "Experts Fitch. It is believed that the authorities will focus on preventing the repetition of protests that occurred ... EU and the United States sanctions against Russia in the medium term. Fitch. Russian investors risk staying without Fitch, Moody ratings "" S and S & P ... used in the global capital market. Ratings will lose force agency Fitch. Ratings. It does not exclude that it will stop appropriate in Russia the ratings on the national ... Analytical service of the International Rating Agency Yen Linnell. It means that Fitch.Most likely, will not create a subsidiary (now in Russia ... for our presence in Russia, the head of the press service reported RBC Fitch. Rebecca onil. - Most Russian issuers seek to get both national, so ... Fitch lowered the ratings of Nizhny Novgorod to the level "BB-" ... 2014-2015, which led to a steadily negative current balance sheet. Fitch. Ratings. He lowered the long-term ratings of the Issuer's default ("RDE") of Nizhny Novgorod in a foreign ... an increase in short-term debt, which led to the increase in pressure in the refinancing plan. Fitch. It expects the current balance of Nizhny Novgorod will remain negative in the medium-term ... Fitch retained a negative forecast for the oil and gas sector of Russia ... Oil and gas will remain low, and the influence of sanctions will only increase. Fitch. Preserved a negative forecast for the oil and gas sector of Russia for 2016 ... This is said in the agency's press release published on November 30. Analysts Fitch. Maxim Edelson and Dmitry Marinchenko do not expect prices to restore prices on ... Then they will begin to decline a few percent per year. According to Fitch., the impact of sanctions, if they act further, will gradually increase ...

And Standard & Poors. He has two headquarters - in New York and London, as well as 51 representatives. The staff numbers 1,500 employees. Ratings were assigned 3 100 financial institutions, 1,600 banks, 1,400 insurance companies, 1,200 corporations, 89 states and 45,000 municipalities. The company has existed since 1912 as a publisher, and from the 1924th - as a rating agency.

Fitch Ratings assigns international and national ratings that are officially referred to as the issuer's default ratings.

"AAA" - the highest level of creditworthiness, the lowest expectations for credit risks. Assigned only in case of extremely high ability to repay financial obligations.

"AA" - very high creditworthiness, very low expectations on credit risks and a very high ability to repay financial obligations in a timely manner.

"A" - high creditworthiness, low credit risk expectations, high ability to repay financial obligations in a timely manner.

"BBB" - good solvency, low on this moment Credit risk expectations, adequate ability to repay financial obligations in a timely manner. This rating level is the lowest among investment category ratings.

"BB" is a speculative rating. BB level rating means that there is a possibility of developing credit risks, especially as a result of negative economic changeswhich may occur with time. However, the companies may be available to alternative resources in the field of business or finance, allowing them to fulfill their financial obligations. Securities that are assigned to the ratings of this level are investment.

"B" is largely a speculative rating. With regard to issuers and securities, the obligations under which are carried out, the ratings of the level "B" indicate the presence of significant credit risks, however, the limited "airbag" remains. At the moment, financial liabilities are carried out, but the ability to continue payments depends on the sustainable and favorable business and economic situation.

"CCC" - securities obligations are performed, default seems to be a real opportunity. The ability to fulfill financial obligations entirely depends on the sustainable and favorable business or economic situation.

"CC" - obligations, default seems likely.

"C" - obligations are performed, the default is inevitable.

"RD" - this level rating indicates that the Issuer did not spend timely payments (given the applicable preferential period) By some, but not the entire main part of the obligations and continues to pay for other types of obligations.

2. The national rating is exhibited in the same way, but in the format "AAA (XXX)", "AA (XXX)", "A (XXX)", etc. Sufifix denotes the country in which he is assigned. An international ranking of the organization cannot be higher than the country's rating. The national rating is relative, for him the highest score of the assessment is the most reliable borrower in the local market, that is, the state.

In addition, Fitch has additional gradation for national ratings - Rating "E (XXX)", which means that there is no sufficient information for assignment. This category It is used if earlier the rating was suspended due to the lack of documentation from the Issuer necessary for observations and data support.

And international, and national ratings can be complemented by the mark of the Rating Watch ("on control"), as well as the so-called forecast - a possible revision for a year or two. The forecast on the rating may be "positive", "stable" or "negative". To indicate an intermediate rating, a plus (+) or minus (-) signs are used.

Fitch Ratings. (Full name - Fitch Ratings Inc.) - American Corporation, known mainly as a rating agency. Fitch Ratings Along with CO and enters the "big three" international rating agencies.

The main task of Fitch Ratings is the provision of independent and future-oriented assessments, analytical studies and data on the global credit markets.

Fitch Ratings has two headquarters - in New York and London, as well as 51 representative office. The staff numbers 1,500 employees. Ratings were assigned 3 100 financial institutions, 1,600 banks, 1,400 insurance companies, 1,200 corporations, 89 states and 45,000 municipalities.

History Fitch Ratings

Fitch Ratings was founded in New York by John Noulz Fitch on December 24, 1913 as Fitch Publishing Company.

In 1997, the Fitch and IBCA Limited (Headquarters in London), and the owner of FITICH became the owner of Fimalac S.A. (headquarters in Paris). Until April 2012 Fimalac S.A. belonged controlling package Shares of the Fitch group. On April 12, 2012, Hearst Corporation, which became a shareholder of Fitch Group in March 2006, increased its share in the Fitch group up to 50%.

In April 2000, Fitch acquired Duff & Phelps Credit Rating Co. (Headquarters in Chicago). Later, in the same year, Fitch bought a company Thomson Bankwatch.

In October 2006, Fitch Ratings founded Derivative Fitch - the first specialized rating agency engaged in the assignment of ratings in the credit derivatives market, conducting analytical research and the provision of assessments to meet the needs of this market.

In October 2011, Fitch Group sold its subsidiary Algorithmics (production of risk management software) American IBM for $ 387 million.

Fitch Structure

In early 2015, the Fitch Group included:

Fitch Ratings Inc. - the company is engaged in the assignment of corporate and sovereign credit ratings, credit rating and risk analysis;
Fitch Solutions - a company engaged in the distribution of products and services Fitch Ratings;
Fitch Learning Ltd. - a company specializing in training on credit issues and corporate finance;
BMI Research is a company specializing in economic research in the area, especially risks on "emerging markets".

Fitch Ratings assigns international and national ratings that are officially referred to as the issuer's default ratings.

Fitch Ratings International Rating Scale

Investment ratings

"AAA" is the highest level of creditworthiness, the lowest expectations of software. Assigns only in case of extremely high ability to repay financial obligations in a timely manner.

"AA" - very high creditworthiness, very low expectations on credit risks and a very high ability to repay financial obligations in a timely manner.

"A" - high creditworthiness, low credit risk expectations, high ability to repay financial obligations in a timely manner.

"BBB" is good creditworthiness, currently at the moment waiting for credit risks, adequate ability to repay financial obligations in a timely manner. This rating level is the lowest among investment category ratings.

Speculative category ratings

"BB" is a speculative rating. The "BB" level rating means that there is a possibility of developing credit risks, especially as a result of negative economic changes that may occur with time. However, the companies may be available to alternative resources in the field of business or finance, allowing them to fulfill their financial obligations. which are assigned the ratings of this level are investment.

"CCC" - securities obligations are carried out, seems to be a real possibility. The ability to fulfill financial obligations entirely depends on the sustainable and favorable business or economic situation.

"CC" - obligations are performed, default seems likely.

"C" - obligations are performed, the default is inevitable.

"RD" - this level of rating indicates that the Issuer did not spend timely payments (taking into account the applicable grace period) at some, but not the entire main part of the obligations and continues to pay payments on other types of obligations.

The national rating is exhibited in the same way, but in the format "AAA (XXX)", "AA (XXX)", "A (XXX)", etc. Sufifix denotes the country in which he is assigned. An international ranking of the organization cannot be higher than the country's rating. The national rating is relative, for him the highest score of the assessment is the most reliable borrower in the local market, that is, the state.

In addition, Fitch has additional gradation for national ratings - Rating "E (XXX)", which means that there is no sufficient information for assignment. This category is used if earlier the rating was suspended due to the lack of documentation from the Issuer necessary for observation and data support.

Full Name - Fitch Ratings Inc.

December 24, 1914 John Noolez Fitch ( John Knowles Fitch.) Founded Fitch Publishing Company. Already in 1924, Fitch introduced a rating scale from AAA to "D".

Today Fitch Ratings assigns international and national ratings (Issuer's default ratings).

Fitch long-term credit rating scales

Investment class

AAA - the highest level of creditworthiness
AA - a very high level of creditworthiness
A - high level of creditworthiness
BBB - sufficient level of creditworthiness

Speculative class

BB - the level of creditworthiness is lower than sufficient
B - substantially insufficient level of creditworthiness
CCC - Possible Defalt
CC - High probability of default
C - default is inevitable
RD - Limited default
D - Defalt

Fitch short-term credit ratings

It is an indicator of a potential level of default over the next 12 months.

F1 +. — best level creditworthiness, indicates the extremely high ability of the debtor to pay for its financial obligations;
F1 - The best level of creditworthiness, indicates the high ability of the debtor to pay for its financial obligations:
F2. — good level creditworthiness;
F3. - adequate creditworthiness of the debtor, but short-term adverse conditions may affect the ability to fulfill their financial obligations;
B. - Speculative rating: The debtor has minimal opportunities for fulfilling its obligations and is very vulnerable in the case of unfavorable conditions;
C. - the high risk of default: the debt's financial obligations strongly depend on sustainable and favorable external conditions;
D. - The debtor is in a state of default, since not fulfilled its financial obligations.

Official site Fitch Raitings