Fitch Ratings
JP Morgan says downgrade will impact derivatives business
JP Morgan Chase’s credit rating agency downgrades yesterday will affect its derivatives business, the bank told RiskNews at the end of the London trading day today.
JP Morgan default swaps hit as bank receives double-downgrade
The cost of credit protection on JP Morgan Chase debt has surged more than 25 basis points following a profit warning from the US investment bank and downgrades from rating agencies Fitch Ratings and Standard & Poor's.
Rabobank defends its credit rating following downgrade
Dutch financial services co-operative Rabobank has defended its credit position following a one-notch downgrade by rating agency Fitch Ibca.
Rating agencies divided over Aquila’s credit-worthiness
The two major rating agencies are divided over their assessment of troubled energy company Aquila, with Moody’s cutting its rating to junk and Standard & Poor’s (S&P) maintaining its investment-grade standing.
Fitch working on new municipal CDOs in the US
Fitch Ratings is reviewing several pools composed mostly of already issued municipal securities as potential collateral for a new asset class – municipal collateralised debt obligations (CDOs). Marion Silverman, a senior director based in Fitch Ratings’…
Fitch first to report CDO exposure to WorldCom
New York-based Fitch is the first rating agency to report WorldCom exposures on the collateralised debt obligations (CDOs) it has rated.
CDO ratings hurt by rates risk, says Fitch
The market preoccupation with default rates negatively affecting collateralised debt obligations (CDOs) ignores the equal risk of interest rate risk embedded in high-yield cashflow instruments, especially for deals completed between 1997 and 1999,…
Calls mount for bank and rating agency disclosure on Enron
Leaders of the US House Energy and Commerce Committee yesterday called on 10 investment banks and three credit-rating agencies to turn over records linked to Enron. Questions to the banks focused on loans to Enron and whether future business with Enron…
Changes afoot at rating agencies
Rating agencies are under fire once again, this time for failing to anticipate Enron’s bankruptcy. But they are looking to improve their methodology. What do the changes mean for banks that will have to rely on their ratings under Basel II?
Fitch first to assign CDO asset manager ratings
Fitch will become the first rating agency to assign credit ratings to CDO (collateralised debt obligations) asset managers. The New York-based agency is taking a new, flexible approach to its methodology for its forthcoming rating process, aimed at…
Fitch sets up risk management subsidiary
Rating agency Fitch has set up Fitch Risk Management(FRM) to provide analytical risk management tools and services to financial institutions, investors and regulatory bodies throughout the US and Europe.
Airline exposures threaten Landesbank ratings
Germany’s state-controlled Landesbanks could see their premier ‘AAA’ ratings downgraded due to large exposure to the airline industry. Landesbanks, which have carved a niche in airline financing in the past few years, have gross exposures to the airline…