Climate change’s credit implications for structured finance (SF) could be visible in transactions issued within the next 10 years, Fitch Ratings says. Existing SF notes benefit from mitigants that should insulate their ratings from climate-related...
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November 15, 2021, 08:07 AM
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Credit risk for those U.S. banks and non-bank entities active in corporate lending is rising, as seen in the shared national credit (SNC) regulatory report released on Feb. 22, with “non-pass” loans increasing to 12.4% of SNC-reported commitments at...
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March 01, 2021, 08:10 AM
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Coronavirus-driven reduction in demand, and operational and supply chain disruptions, have resulted in a material uptick in bankruptcies and distress in the U.S. automotive industry, according to a new Fitch Ratings report. "Over the long term...
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January 11, 2021, 07:30 AM
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Employment in U.S. metros rebounded from losses caused by the coronavirus pandemic, although the median recovery in Western metros is eight percentage points lower than the national rate. The recovery's sustainability may be vulnerable to surging...
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January 04, 2021, 08:57 AM
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The trajectory of U.S. consumer spending is likely to be dominated by the pandemic and associated economic developments well into 2021, according to Fitch Ratings. Length of the outbreak, timing of vaccine distribution, corporate activity including...
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December 14, 2020, 09:00 AM
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The rating Outlook for U.S. REITs in 2021 is Negative, but the sector Outlook is improving, according to Fitch Ratings.Roughly 34% of U.S. REITs have Negative Rating Outlooks, outnumbering Positives (3%) by over a 20 percentage point margin and...
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December 04, 2020, 08:00 AM
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U.S. institutional term loan defaults are on pace for the lowest monthly total since this summer, according to Fitch Ratings in a new report.After jumping to $6.3 billion of defaults in October, November stands at $0.2 billion thus far and could best...
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November 23, 2020, 08:10 AM
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Fitch Ratings held several roundtables with energy investors at the recent annual Fitch Energy Summit. Questions posed by investors included potential M&A in the upstream sector, energy sector access to capital, fallen angel risk, stabilization of...
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November 12, 2020, 07:00 AM
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Fitch Ratings says the coronavirus pandemic is the worst crisis to date impacting the travel/airline sector, including aviation (aircraft and engine) asset-backed securities (ABS). The pandemic continues to negatively impact ABS asset performance and...
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October 09, 2020, 09:10 AM
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Since the start of the pandemic, 488 loans totaling over $13 billion, have been granted coronavirus debt relief through the end of August 2020; this represents approximately 2% of the Fitch-rated CMBS universe by loan count.Debt relief measures have...
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September 18, 2020, 09:15 AM
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Fitch Ratings in its latest Global Economic Outlook (GEO) released Monday expects global GDP to fall by 4.4% in 2020, a modest upward revision from the 4.6% decline expected in the June GEO. The recovery in economic activity after the unprecedented...
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September 08, 2020, 08:45 AM
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Government stimulus has provided a security net for U.S. banks over the last few volatile months, though a new Fitch Ratings report says the remainder of the year will be important for the sector due to potential aftershocks of the coronavirus...
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September 01, 2020, 09:15 AM
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The coronavirus’ effect on the US homebuilding and building products sector has not been as negative as anticipated, but better than expected second-quarter performance is not sustainable, says Fitch Ratings. We forecast housing activity and home...
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August 13, 2020, 09:05 AM
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Significant hotel sector performance deterioration as a result of the coronavirus pandemic and recession make the assignment of ratings to new US commercial mortgage-backed securities (CMBS) single-asset single-borrower (SASB) hotel transactions...
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August 07, 2020, 09:00 AM
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U.S. broadly syndicated loan (BSL) CLOs under Fitch Ratings' surveillance had noticeable portfolio-quality erosion and concentration limit excesses in April 2020, Fitch shows in its inaugural Monthly U.S. CLO Index. In just one month - since March...
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May 14, 2020, 09:10 AM
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Fitch Ratings will apply an updated stress scenario to all CLO portfolios globally for exposure to issuers that have greater vulnerability to disruptions caused by the coronavirus pandemic, the company said. The agency applies a one-notch rating...
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April 07, 2020, 09:15 AM
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Twenty-three percent of North American high yield corporates have experienced, or are likely to experience, material damage from the coronavirus pandemic, while 36% have low rating headroom relative to their negative rating sensitivities, according...
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April 06, 2020, 09:15 AM
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The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly "Global Economic Outlook" (GEO)."The level of world GDP is falling. For all intents and purposes we are in global recession territory," said Brian...
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March 23, 2020, 09:15 AM
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Sporting event postponements, cancellations and/or reduced attendance in the US as a result of coronavirus concerns will lead to revenue and profitability declines and a drain on liquidity at affected stadiums, arenas and facilities, says Fitch...
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March 11, 2020, 08:55 AM
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The Wuhan coronavirus is expected to have a minimal impact on aircraft lessor and ABS ratings in the near term given the relative diversity of customer bases, solid cash flow generation derived from long-term leases and the fact that current ratings...
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January 30, 2020, 08:00 AM
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A combination of slowing economic growth, sustained low interest rates and unprecedented levels of indebtedness will broadly influence the global credit outlook in 2020, says Fitch Ratings. The aggregate rise in global indebtedness in 2019, which...
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December 23, 2019, 09:00 AM
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Fitch Ratings has been recognized as the best rating agency for structured finance at FinanceAsia's annual 2019 achievement awards and was also voted Australian structured finance rating agency of the year by KangaNews. FinanceAsia also named Fitch...
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December 12, 2019, 08:00 AM
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Demand drivers for U.S. healthcare will remain intact in 2020 with most companies managing profitability pressures but headline risk remains, says Fitch Ratings. Headline risk will be high due to the overhang of opioid litigation liabilities...
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December 03, 2019, 08:45 AM
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Fitch Ratings has upgraded CIT Group Inc.'s (CIT) and CIT Bank, N.A.'s (CIT Bank) Long-Term Issuer Default Ratings (IDRs) and to 'BBB-' from 'BB+'. The Viability Ratings (VRs) for both entities were also upgraded to 'bbb-' from 'bb+'. The Rating...
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November 13, 2019, 08:00 AM
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Large advanced economies are at a late stage in the business cycle, pointing to limited capacity for growth to exceed estimated supply-side potential growth over the medium-term, according to Fitch Ratings' Economics team.Fitch has introduced new...
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September 30, 2019, 08:00 AM
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Bank rating Outlooks have become more skewed to the negative this year, with the global share of Negative Outlooks rising to 17% at end-1H19 from 13% at end-2018, Fitch Ratings says. The share of Positive Outlooks was 6%, down slightly over the...
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July 25, 2019, 08:30 AM
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Bank credit profiles have generally improved since the financial crisis, with increased capital and liquidity and more conservative underwriting standards. However, system-wide risk has not necessarily been reduced in Fitch Ratings' opinion, with...
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May 22, 2019, 08:45 AM
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US-China trade tension may become a longer than expected headwind for US corporations as the prospect of additional US tariffs, retaliation from China, and prolonged negotiations rise, says Fitch Ratings. Although credit implications are limited...
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May 13, 2019, 09:15 AM
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U.S. Global Trading and Universal Banks (GTUBs) reported strong Capital Markets earnings for the first quarter of 2018, however it will be hard for the U.S. GTUBs to beat first-quarter earnings later in 2018, according to the latest Capital Markets...
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April 26, 2018, 08:01 AM
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Fitch Ratings launched its Ratings Navigator for Non-Bank Financial Institutions (NBFIs) - a visual overview of all the factors affecting an NBFI's standalone rating, their relative importance and likely direction of movement. "Ratings Navigator is a...
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January 20, 2017, 08:00 AM
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SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, announced the availability of Fitch credit ratings to its popular managed data service SVC. Fitch Solutions is a leading provider of...
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January 20, 2017, 07:15 AM
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Rising short-term rates will likely provide an earnings boost to business development companies (BDCs) in the near term as LIBOR rates approach loan-specific floors, says Fitch Ratings. BDCs are generally interest rate sensitive asmost investment...
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December 15, 2016, 07:46 AM
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Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and secured debt rating of Antares Holdings (US LP) at 'BBB'. The Rating Outlook is Stable.The rating actions follow the Canada Pension Plan Investment Board's (CPPIB) announced...
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November 17, 2016, 07:18 AM
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Asset quality and residual value reversion will loom over many consumer and commercial finance and leasing companies (FLCs) globally, underpinning Fitch's negative sector outlook for 2017. That said, manageable leverage across most issuers...
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November 15, 2016, 07:44 AM
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The Sector and Rating Outlooks for business development companies (BDCs) remain Negative for 2017, according to Fitch Ratings' 2017 BDC outlook report. Fitch has maintained Negative BDC Sector and Rating Outlooks for more than two years and the...
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October 25, 2016, 08:07 AM
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Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Ares Finance Co. II LLC at 'BBB+'. The Rating Outlook is Stable.KEY RATING DRIVERS -- IDRThe IDR of Ares Finance Co. II LLC is equalized with the 'BBB+' IDRs assigned to Ares...
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August 15, 2016, 07:37 AM
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At least two energy sector defaults will likely impact the U.S. institutional leveraged loan space in August, according to Fitch Ratings. Missed interest payments for Templar Energy and Stallion Oilfield Services would bring the energy trailing...
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July 29, 2016, 07:36 AM
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Fitch Ratings has revised the Rating Watch for American Capital, Ltd.'s (ACAS; 'BB-') to Positive from Negative following ACAS's announced sale to Ares Capital Corporation (ARCC; 'BBB', Outlook Stable) for approximately $3.43 billion. Approximately...
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May 24, 2016, 07:12 AM
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Fitch Ratings has affirmed NewStar Financial, Inc.'s (NewStar) long- and short-term Issuer Default Ratings (IDRs) at 'BB-' and 'B', respectively, as well as the senior unsecured debt at 'BB-' and subordinated debt ratings at 'B'.The rating...
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April 18, 2016, 07:37 AM
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Wednesday's bankruptcy filing by coal producer Peabody Energy boosts the trailing 12-month (TTM) US institutional leveraged loan default rate in the troubled metals/ mining sector to 29% from 25% and the overall loan market TTM default rate to 1.9%...
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April 15, 2016, 07:07 AM
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Fitch Ratings completed its periodic review of Business Development Companies (BDCs), which comprises ten publicly rated firms. The following actions were taken as a result of the peer review:
American Capital, Ltd.'s ratings were placed on Rating...
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March 14, 2016, 08:00 AM
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Depressed share price valuations and governance concerns have ignited shareholder activism campaigns against three business development companies (BDCs) over the last several months, including two rated by Fitch Ratings. Fitch believes the heightened...
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November 25, 2015, 07:53 AM
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Now that the Fed has maintained its near-zero target rate, most U.S. banks will remain very attentive to their cost structures given the expectation of flat to lower asset yields going forward, says Fitch Ratings. Moreover, Fitch expects many highly...
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September 21, 2015, 08:03 AM
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Fitch Ratings views the 2015 Dodd-Frank Act Stress Test (DFAST) process applied to mid-tier regional banks ($10 billion-$50 billion in assets) as a positive development. While the DFAST for mid-tiers is not as rigorous as the Comprehensive Capital...
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August 31, 2015, 07:13 AM
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Fitch Ratings has published the second edition of Rating Asset-Backed Lending Facilities. This report reviews Fitch's methodologies in the recovery analysis of asset-based lending (ABL) facilities and compares results to actual bankruptcy...
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August 25, 2015, 07:22 AM
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Avon Products, Inc. terminated its $1 billion senior unsecured revolving credit facility on June 5, 2015, replacing it with a $400 million senior secured facility. Fitch Ratings had cited the company's declining liquidity as part of its rationale in...
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June 11, 2015, 07:12 AM
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Fitch Ratings expects to assign a 'BB+/RR1' rating to Spectrum Brand Inc.'s (Spectrum) new upcoming $1.45 billion term loan, Euro300 million term loan, and CAD75 million term loan. The term loans mature in 2022. Additionally, Fitch expects to assign...
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June 09, 2015, 07:07 AM
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The energy sector default rate is expected to rise above its long-term average of 1.9% in 2015, according to Fitch Ratings. Low oil prices have pressured cash flows and liquidity of smaller, less competitive exploration and production (E&P) companies...
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April 28, 2015, 08:01 AM
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Fitch Ratings believes that the massive cost cutting plan outlined today by RadioShack is likely not sufficient to forestall a restructuring of the company's debt in the near term. Fitch currently rates RadioShack Corporation's (RadioShack) Long-term...
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December 12, 2014, 07:51 AM
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U.S. financing and leasing companies (fincos) will likely face multiple headwinds in 2015, including increased competition, weaker asset quality, reduced reserve releases, and regulatory challenges that could impact profitability, according to Fitch...
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November 19, 2014, 07:18 AM
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TPG Specialty Lending, Inc. announced that Fitch Ratings has assigned the Company investment grade ratings of BBB-; the Rating Outlook is Stable. The Fitch ratings follow Standard and Poor’s assignment of a BBB- rating in March 2014.“We are pleased...
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July 30, 2014, 07:36 AM
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Fitch Ratings projects that the U.S. high yield default rate will remain in a range of 1.5%-2.0% in 2014. The key pillars of a low default rate environment -- credit availability and good corporate fundamentals --remain steady.Building on the...
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December 27, 2013, 07:17 AM
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The evolving ownership profiles of a number of U.S. finance and leasing companies suggest that ownership considerations will play an increasingly important role in these companies' future credit profiles, according to Fitch Ratings. Aside from the...
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October 16, 2013, 07:11 AM
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U.S. corporate bond market rating activity remained muted overall in the second quarter but with a negative bias, according to Fitch Ratings. A feeble trend in upgrades speaks to unevenness in the economic recovery and underscores the severity of the...
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August 12, 2013, 07:33 AM
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Fitch Ratings expects to rate Spectrum Brands, Inc.'s two new term loans 'BB-' when the loans close in September 2013. Spectrum is expected to refinance its existing $950 million 9.5% senior secured note due in 2018 with an approximately $1.1 billion...
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August 09, 2013, 07:28 AM
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Headline earnings numbers for the largest U.S. banks have been helped considerably by large releases of loan loss reserves in the second quarter. Fitch Ratings believes that over the near term, additional modest reserve releases for these banks are...
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July 22, 2013, 07:51 AM
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The U.S. banking regulators' proposal to double the minimum Basel III leverage ratio, referred to as the supplementary leverage ratio, is likely to be manageable for affected banks, Fitch Ratings says. But the 6% standard is onerous for bank...
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July 12, 2013, 07:13 AM
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A number of U.S. banks again boosted holdings of collateralized loan obligations (CLOs) in the first quarter, and Fitch expects the trend to continue as banks and other CLO investors look for alternatives to low-yielding Treasurys and MBS.Stronger...
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May 24, 2013, 08:02 AM
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Fitch Ratings has upgraded its Issuer Default Rating (IDR) on SUPERVALU Inc. (SVU) to 'B-' from 'CCC'. Fitch has also assigned ratings of 'BB-/RR1' to SVU's new $900 million asset-based lending (ABL) facility and $1.5 billion secured term loan. The...
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February 19, 2013, 08:11 AM
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