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Recent German anger about how Standard & Poor's jolted the embattled state bank sector by trying to put forward fictitious ratings is putting pressure on politicians, financial supervisors, and the Berlin government.
In addition, the Sarbanes-Oxley Act ([section]702b) requires the Securities and Exchange Commission (SEC) to review the functioning of the credit rating agencies and the entire process of awarding the nationally recognized statistical rating organization (NRSRO) designation, now held by four organizations: Moody's Investors Services, Standard & Poor's, Fitch Ratings Ltd.
Critics say the Big Three didn't do their jobs, particularly since they maintained investment-grade ratings on Enron until a mere three weeks before it melted down.
Best's Rating Monitor contains a compilation of all recent rating releases plus supporting rationales for the industry's largest insurance groups and for insurers whose ratings were changed or placed under review.
Support ratings communicate Fitch's judgment on whether an entity would receive support should it run into significant financial difficulties.
Best assigns to insurance related organizations one of two types of rating opinions a Best's Rating (A++ to F) or a Financial Performance Rating (9 to 1).
Fitch originally placed the ratings of CVC and CSC on Rating Watch Negative on September 11, 2006 following CSC's disclosure that it has received a notice of default from the bank acting as administrative agent under CSC's credit agreement in connection with violation of the financial information covenant contained within the credit facility.
For the latest Best's Ratings and Bests Company Reports (which include Best's Ratings) visit the A.
CHICAGO -- Fitch Ratings has upgraded the foreign currency issuer default ratings (IDRs) of selected Latin American corporates.
NEW YORK & SAO PAULO, Brazil -- Fitch Ratings announced today several rating upgrades affecting Brazilian banks in the wake of the upgrade of the country's foreign and local currency Issuer Default Ratings (IDRs) to 'BB' by Fitch (see separate release available on the Fitch Ratings web site at 'www.
CHICAGO -- Fitch Ratings has upgraded the foreign currency Issuer Default Ratings (IDRs), issue ratings and national scale long-term ratings of many Brazilian corporates.