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Fitch, the smaller rater, first kept its powder dry by signaling that it would only put out ratings on an unguaranteed basis in case the Standard & Poor's went ahead with their announced notional ratings.
As a result, some observers believe that an inherent conflict of interest arises with companies "paying" for their ratings.
Fitch's Recovery Ratings (RR) are a relative indicator of creditor recovery prospects on a given obligation within an issuers' capital structure in the event of a default.
The Outlook on the national-scale rating of Banco Continental is revised to Positive from Stable (local regulations do not consider the use of Rating Watch on national ratings):
Fitch's rating action follows the filing of amended financial statements with the Securities and Exchange Commission and the concurrent delivery of financial information by Cablevision to it's lender group and bond holders.
Foreign currency IDR upgraded to 'BBB-' Rating Outlook Stable, from 'BB+' Rating Outlook Stable.
The upgrade of the Local currency long-term IDR of Banco do Brasil and Banco da Amazonia as well as the upgrade of the national ratings of the latter are driven by potential support from local authorities as well as the improved financial performance over recent years and the historical deposit stability exhibited by Banco do Brasil.
Fitch's upgrade of the Federative Republic of Brazil's ratings are a result of the country's on-going improvement in public and private external finances and a macroeconomic policy framework that has proved robust in the face of political and financial market pressures.
Today's rating action follows recent discussions with the senior management of HNT, and reflects Fitch's implementation of its new ratings standards for the U.