Fitch changes ratings criteria for emerging markets securitisation
Fitch Ratings has changed the criteria it uses to rate emerging market securitisations to acknowledge different countries’ legal frameworks. The move should enable the rating agency to give some securitisations in countries with strong governance a higher rating than that of their issuer.
Previously, because some countries allow companies’ unsecured creditors to challenge asset securitisations, they could not achieve a rating higher than that of their issuer.
The agency has set up a ‘challenge
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