CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Fitch Ratings - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"0027d980-6634-4d34-877a-7f19fcfc3748","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Fitch_Ratings","wgTitle":"Fitch Ratings","wgCurRevisionId":1258921744,"wgRevisionId":1258921744,"wgArticleId":1200340,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["Articles with short description","Short description matches Wikidata","Use American English from April 2023","All Wikipedia articles written in American English","Use mdy dates from April 2023","Articles needing additional references from November 2024","All articles needing additional references","All articles with unsourced statements","Articles with unsourced statements from December 2019","Official website different in Wikidata and Wikipedia","Credit rating agencies", "Financial services companies established in 1914","Financial services companies of the United States","Companies based in New York City","Financial services companies based in New York City","1914 establishments in New York City"],"wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Fitch_Ratings","wgRelevantArticleId":1200340,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":10000,"wgRelatedArticlesCompat":[], "wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q871325","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready", "ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Fitch Ratings - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Fitch_Ratings"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Fitch_Ratings&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Fitch_Ratings"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Fitch_Ratings rootpage-Fitch_Ratings skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Fitch+Ratings" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Fitch+Ratings" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Fitch+Ratings" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Fitch+Ratings" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_scale" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Investment_scale"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Investment scale</span> </div> </a> <ul id="toc-Investment_scale-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Short-term_credit_ratings" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Short-term_credit_ratings"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Short-term credit ratings</span> </div> </a> <ul id="toc-Short-term_credit_ratings-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fitch_Solutions" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Fitch_Solutions"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Fitch Solutions</span> </div> </a> <ul id="toc-Fitch_Solutions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Fitch Ratings</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 37 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-37" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">37 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%88%D9%83%D8%A7%D9%84%D8%A9_%D9%81%D9%8A%D8%AA%D8%B4" title="وكالة فيتش – Arabic" lang="ar" hreflang="ar" data-title="وكالة فيتش" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Azerbaijani" lang="az" hreflang="az" data-title="Fitch Ratings" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D9%81%DB%8C%DA%86_%D8%B1%DB%8C%D8%AA%DB%8C%D9%86%D9%82%D8%B2" title="فیچ ریتینقز – South Azerbaijani" lang="azb" hreflang="azb" data-title="فیچ ریتینقز" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Catalan" lang="ca" hreflang="ca" data-title="Fitch Ratings" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – German" lang="de" hreflang="de" data-title="Fitch Ratings" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Greek" lang="el" hreflang="el" data-title="Fitch Ratings" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Fitch_Group" title="Fitch Group – Spanish" lang="es" hreflang="es" data-title="Fitch Group" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Esperanto" lang="eo" hreflang="eo" data-title="Fitch Ratings" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%81%DB%8C%DA%86_%D8%B1%DB%8C%D8%AA%DB%8C%D9%86%DA%AF%D8%B2" title="فیچ ریتینگز – Persian" lang="fa" hreflang="fa" data-title="فیچ ریتینگز" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – French" lang="fr" hreflang="fr" data-title="Fitch Ratings" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%94%BC%EC%B9%98_%EA%B7%B8%EB%A3%B9" title="피치 그룹 – Korean" lang="ko" hreflang="ko" data-title="피치 그룹" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Indonesian" lang="id" hreflang="id" data-title="Fitch Ratings" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Italian" lang="it" hreflang="it" data-title="Fitch Ratings" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A1%D7%95%D7%9B%D7%A0%D7%95%D7%AA_%D7%94%D7%93%D7%99%D7%A8%D7%95%D7%92_%D7%A4%D7%99%D7%A5%27" title="סוכנות הדירוג פיץ' – Hebrew" lang="he" hreflang="he" data-title="סוכנות הדירוג פיץ'" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Javanese" lang="jv" hreflang="jv" data-title="Fitch Ratings" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Fitch_Group" title="Fitch Group – Latvian" lang="lv" hreflang="lv" data-title="Fitch Group" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Fitch" title="Fitch – Lithuanian" lang="lt" hreflang="lt" data-title="Fitch" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Malay" lang="ms" hreflang="ms" data-title="Fitch Ratings" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Dutch" lang="nl" hreflang="nl" data-title="Fitch Ratings" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A3%E3%83%83%E3%83%81%E3%83%BB%E3%83%AC%E3%83%BC%E3%83%86%E3%82%A3%E3%83%B3%E3%82%B0%E3%82%B9" title="フィッチ・レーティングス – Japanese" lang="ja" hreflang="ja" data-title="フィッチ・レーティングス" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AB%E0%A8%BF%E0%A8%9A_%E0%A8%B0%E0%A9%87%E0%A8%9F%E0%A8%BF%E0%A9%B0%E0%A8%97%E0%A8%B8" title="ਫਿਚ ਰੇਟਿੰਗਸ – Punjabi" lang="pa" hreflang="pa" data-title="ਫਿਚ ਰੇਟਿੰਗਸ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Low German" lang="nds" hreflang="nds" data-title="Fitch Ratings" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Polish" lang="pl" hreflang="pl" data-title="Fitch Ratings" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Portuguese" lang="pt" hreflang="pt" data-title="Fitch Ratings" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Romanian" lang="ro" hreflang="ro" data-title="Fitch Ratings" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Russian" lang="ru" hreflang="ru" data-title="Fitch Ratings" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Albanian" lang="sq" hreflang="sq" data-title="Fitch Ratings" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Sicilian" lang="scn" hreflang="scn" data-title="Fitch Ratings" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target"><span>Sicilianu</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B7%86%E0%B7%92%E0%B6%A0%E0%B7%8A_%E0%B6%BB%E0%B7%9A%E0%B6%A7%E0%B7%92%E0%B6%82%E0%B7%83%E0%B7%8A" title="ෆිච් රේටිංස් – Sinhala" lang="si" hreflang="si" data-title="ෆිච් රේටිංස්" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Finnish" lang="fi" hreflang="fi" data-title="Fitch Ratings" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Swedish" lang="sv" hreflang="sv" data-title="Fitch Ratings" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Tagalog" lang="tl" hreflang="tl" data-title="Fitch Ratings" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Turkish" lang="tr" hreflang="tr" data-title="Fitch Ratings" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Ukrainian" lang="uk" hreflang="uk" data-title="Fitch Ratings" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings – Vietnamese" lang="vi" hreflang="vi" data-title="Fitch Ratings" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Mga_Katugbang_han_Fitch" title="Mga Katugbang han Fitch – Waray" lang="war" hreflang="war" data-title="Mga Katugbang han Fitch" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%83%A0%E8%AA%89%E5%9B%BD%E9%99%85" title="惠誉国际 – Chinese" lang="zh" hreflang="zh" data-title="惠誉国际" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q871325#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Fitch_Ratings" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Fitch_Ratings" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Fitch_Ratings"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Fitch_Ratings"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Fitch_Ratings" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Fitch_Ratings" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&oldid=1258921744" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Fitch_Ratings&id=1258921744&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FFitch_Ratings"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FFitch_Ratings"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Fitch_Ratings&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Fitch_Ratings&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Fitch_Ratings" hreflang="en"><span>Wikimedia Commons</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q871325" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">American credit rating agency</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">Fitch Ratings Inc.</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Fitch_Ratings_logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Fitch_Ratings_logo.svg/220px-Fitch_Ratings_logo.svg.png" decoding="async" width="220" height="46" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Fitch_Ratings_logo.svg/330px-Fitch_Ratings_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Fitch_Ratings_logo.svg/440px-Fitch_Ratings_logo.svg.png 2x" data-file-width="1024" data-file-height="214" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiary</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1914<span class="noprint">; 110 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">1914</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Founder</th><td class="infobox-data agent"><a href="/wiki/John_Knowles_Fitch" title="John Knowles Fitch">John Knowles Fitch</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="/wiki/New_York_City" title="New York City">New York City</a>, <a href="/wiki/New_York_(state)" title="New York (state)">New York</a>, <a href="/wiki/United_States" title="United States">U.S.</a> and <a href="/wiki/London" title="London">London</a>, <a href="/wiki/England" title="England">England</a>, <a href="/wiki/UK" class="mw-redirect" title="UK">UK</a></div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li>Paul Taylor (<a href="/wiki/Chief_executive_officer" title="Chief executive officer">CEO</a> of Fitch Group</li><li>Ian Linnell (<a href="/wiki/President_(corporate_title)" title="President (corporate title)">president</a> of Fitch Ratings and Fitch Ratings Inc.</li><li>Brian Filanowski (president of Fitch Solutions)</li><li>Tracey Perini (<a href="/wiki/Chief_financial_officer" title="Chief financial officer">CFO</a>)</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> $1.7 Billion <sup id="cite_ref-2018_Fiscal_Report_1-0" class="reference"><a href="#cite_note-2018_Fiscal_Report-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">5,000 (approximate)</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Parent_company" class="mw-redirect" title="Parent company">Parent</a></th><td class="infobox-data"><a href="/wiki/Hearst_Corporation" class="mw-redirect" title="Hearst Corporation">Hearst Corporation</a><sup id="cite_ref-Hearst_press_release_2-0" class="reference"><a href="#cite_note-Hearst_press_release-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://fitchratings.com/">fitchratings<wbr />.com</a></span></td></tr></tbody></table> <p><b>Fitch Ratings Inc.</b> is an American <a href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agency</a>. It is one of the three <a href="/wiki/Nationally_recognized_statistical_rating_organization" title="Nationally recognized statistical rating organization">nationally recognized statistical rating organizations</a> (<a href="/wiki/Nationally_recognized_statistical_rating_organization" title="Nationally recognized statistical rating organization">NRSRO</a>) designated by the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> and is considered as being one of the "<a href="/wiki/Big_Three_(credit_rating_agencies)" title="Big Three (credit rating agencies)">Big Three credit rating agencies</a>",<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> along with <a href="/wiki/Moody%27s" class="mw-redirect" title="Moody's">Moody's</a> and <a href="/wiki/Standard_%26_Poor%27s" class="mw-redirect" title="Standard & Poor's">Standard & Poor's</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Fitch Ratings is dual headquartered in <a href="/wiki/New_York_City" title="New York City">New York</a> and <a href="/wiki/London" title="London">London</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Hearst_Communications" title="Hearst Communications">Hearst</a> owns 100 percent of the company following its acquisition of an additional 20 percent for $2.8 billion on April 12, 2018.<sup id="cite_ref-Hearst_press_release_2-1" class="reference"><a href="#cite_note-Hearst_press_release-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Hearst had owned 80 percent of the company after increasing its ownership stake by 30 percent on December 12, 2014, in a transaction valued at $1.965 billion. Hearst's previous <a href="/wiki/Equity_interest" class="mw-redirect" title="Equity interest">equity interest</a> was 80 percent following expansions on an original acquisition of 20 percent interest in 2006.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Hearst had jointly owned Fitch with <a href="/wiki/FIMALAC" title="FIMALAC">FIMALAC</a> SA, which held 20 percent of the company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group. </p><p>The firm was founded by <a href="/wiki/John_Knowles_Fitch" title="John Knowles Fitch">John Knowles Fitch</a> on December 24, 1914, in <a href="/wiki/New_York_City" title="New York City">New York City</a> as the Fitch Publishing Company. In 1989, the company was acquired by a group including <a href="/wiki/Robert_Van_Kampen" title="Robert Van Kampen">Robert Van Kampen</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In 1997, Fitch was acquired by <a href="/wiki/FIMALAC" title="FIMALAC">FIMALAC</a> and was merged with London-based IBCA Limited, a FIMALAC subsidiary.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In 2000, Fitch acquired both Chicago-based <a href="/wiki/Duff_%26_Phelps" class="mw-redirect" title="Duff & Phelps">Duff & Phelps</a> Credit Rating Co. (April)<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Thomson_Financial" title="Thomson Financial">Thomson Financial</a> BankWatch (December). </p><p>Fitch Ratings is the third largest <a href="/wiki/NRSRO" class="mw-redirect" title="NRSRO">NRSRO</a> rating agency, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In September 2011, Fitch Group announced the sale of <a href="/wiki/Algorithmics_Inc." title="Algorithmics Inc.">Algorithmics</a> (risk analytics software) to <a href="/wiki/IBM" title="IBM">IBM</a> for $387 million.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In June 2022, Fitch Group acquired <a href="/w/index.php?title=GeoQuant&action=edit&redlink=1" class="new" title="GeoQuant (page does not exist)">GeoQuant</a>, an <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">AI</a>-driven data and technology company.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Investment_scale">Investment scale</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=2" title="Edit section: Investment scale"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Fitch_Ratings" title="Special:EditPage/Fitch Ratings">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">November 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Fitch Ratings' long-term <a href="/wiki/Credit_rating" title="Credit rating">credit ratings</a> are assigned on an alphabetic scale from 'AAA' to 'D', first introduced in 1924 and later adopted and licensed by <a href="/wiki/S%26P" class="mw-redirect" title="S&P">S&P</a>. Like S&P, Fitch also uses intermediate +/− modifiers for each category between AA and CCC (e.g., AA+, AA, AA−, A+, A, A−, BBB+, BBB, BBB−, etc.). </p><p><b>Investment grade</b> </p> <ul><li><b>AAA:</b> the best quality companies, reliable and stable</li> <li><b>AA:</b> quality companies, a bit higher risk than AAA</li> <li><b>A:</b> economic situation can affect finance</li> <li><b>BBB:</b> medium-class companies, which are satisfactory at the moment</li></ul> <p><b>Non-investment grade</b> </p> <ul><li><b>BB:</b> more prone to changes in the economy</li> <li><b>B:</b> financial situation varies noticeably</li> <li><b>CCC:</b> currently vulnerable and dependent on favorable economic conditions to meet its commitments</li> <li><b>CC:</b> highly vulnerable, very speculative bonds</li> <li><b>C:</b> highly vulnerable, perhaps in <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a> or in <a href="/wiki/Arrears" title="Arrears">arrears</a>, but still continuing to pay out on obligations</li> <li><b>D:</b> has <a href="/wiki/Default_(finance)" title="Default (finance)">defaulted</a> on obligations, and Fitch believes that it will generally default on most or all obligations</li> <li><b>NR:</b> not publicly rated</li></ul> <div class="mw-heading mw-heading2"><h2 id="Short-term_credit_ratings">Short-term credit ratings</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=3" title="Edit section: Short-term credit ratings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Fitch's short-term ratings indicate the potential level of default within a 12-month period. </p> <ul><li><b>F1+</b>  : best quality grade, indicating exceptionally strong capacity of obligor to meet its financial commitment</li> <li><b>F1 </b>  : best quality grade, indicating strong capacity of obligor to meet its financial commitment</li> <li><b>F2 </b>  : good quality grade with satisfactory capacity of obligor to meet its financial commitment</li> <li><b>F3 </b>  : fair quality grade with adequate capacity of obligor to meet its financial commitment but near term adverse conditions could impact the obligor's commitments</li> <li><b>B </b>  : of speculative nature and obligor has minimal capacity to meet its commitment and vulnerability to short term adverse changes in financial and economic conditions</li> <li><b>C </b>  : possibility of default is high and the financial commitment of the obligor are dependent upon sustained, favorable business and economic conditions</li> <li><b>D </b>  : the obligor is in default as it has failed on its financial commitments.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Fitch_Solutions">Fitch Solutions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=4" title="Edit section: Fitch Solutions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Launched in 2008, Fitch Solutions offers a range of fixed-income products and professional development services for financial professionals. The firm also distributes Fitch Ratings' proprietary credit ratings, research, financial data, and analytical tools.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2019)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=5" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Credit_rating_agency#Criticism" title="Credit rating agency">Credit rating agency § Criticism</a></div> <p>The main <a href="/wiki/Credit_rating_agencies" class="mw-redirect" title="Credit rating agencies">credit rating agencies</a>, including Fitch, were accused of misrepresenting the risks associated with mortgage-related securities, which included the <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligation</a> (CDO) market. There were large losses in the CDO market that occurred despite being assigned top ratings by the CRAs. </p><p>For instance, losses on $340.7 million worth of collateralized debt obligations (CDO) issued by <a href="/wiki/Credit_Suisse_Group" class="mw-redirect" title="Credit Suisse Group">Credit Suisse Group</a> added up to about $125 million, despite being rated AAA by Fitch.<sup id="cite_ref-cdo_13-0" class="reference"><a href="#cite_note-cdo-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> However, differently from the other agencies, Fitch was warning the market on the <a href="/wiki/Constant_proportion_debt_obligation" title="Constant proportion debt obligation">constant proportion debt obligations</a> (CPDO) with an early and pre-crisis report highlighting the dangers of CPDOs in 2007.<sup id="cite_ref-cpdo_14-0" class="reference"><a href="#cite_note-cpdo-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/FIMALAC" title="FIMALAC">FIMALAC</a></li> <li>Kroll Bond Rating Agency</li> <li><a href="/wiki/List_of_countries_by_credit_rating" title="List of countries by credit rating">List of countries by credit rating</a></li> <li><a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's Investors Service</a></li> <li><a href="/wiki/Spread_Research" title="Spread Research">Spread Research</a></li> <li><a href="/wiki/Standard_and_Poor%27s" class="mw-redirect" title="Standard and Poor's">Standard and Poor's</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-2018_Fiscal_Report-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-2018_Fiscal_Report_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180927012435/http://www.fimalac.com/regulated-information.html">"2011 Fiscal"</a>. FIMALAC. Archived from <a rel="nofollow" class="external text" href="http://www.fimalac.com/regulated-information.html">the original</a> on September 27, 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">March 26,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=2011+Fiscal&rft.pub=FIMALAC&rft_id=http%3A%2F%2Fwww.fimalac.com%2Fregulated-information.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-Hearst_press_release-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Hearst_press_release_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Hearst_press_release_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.hearst.com/newsroom/fitch-group-becomes-a-wholly-owned-hearst-business">"Fitch Group Becomes a Wholly-Owned Hearst Business"</a>. <i>hearst.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">April 12,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=hearst.com&rft.atitle=Fitch+Group+Becomes+a+Wholly-Owned+Hearst+Business&rft_id=https%3A%2F%2Fwww.hearst.com%2Fnewsroom%2Ffitch-group-becomes-a-wholly-owned-hearst-business&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlumenthal2009" class="citation web cs1">Blumenthal, Richard (May 5, 2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111101123455/http://juneauempire.com/stories/050509/opi_436594375.shtml">"Three credit rating agencies hold too much of the power"</a>. <i><a href="/wiki/Juneau_Empire" title="Juneau Empire">Juneau Empire</a></i>. Archived from <a rel="nofollow" class="external text" href="http://www.juneauempire.com/stories/050509/opi_436594375.shtml">the original</a> on November 1, 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">March 19,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Juneau+Empire&rft.atitle=Three+credit+rating+agencies+hold+too+much+of+the+power&rft.date=2009-05-05&rft.aulast=Blumenthal&rft.aufirst=Richard&rft_id=http%3A%2F%2Fwww.juneauempire.com%2Fstories%2F050509%2Fopi_436594375.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://hugin.info/143461/R/1601708/505879.pdf">"Sale of 10% of Fitch Group to Hearst"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150220021711/http://hugin.info/143461/R/1601708/505879.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on February 20, 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Sale+of+10%25+of+Fitch+Group+to+Hearst&rft_id=http%3A%2F%2Fhugin.info%2F143461%2FR%2F1601708%2F505879.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHufford2018" class="citation news cs1">Hufford, Austen (April 12, 2018). <a rel="nofollow" class="external text" href="https://archive.today/2023.08.02-005128/https://www.wsj.com/amp/articles/hearst-takes-full-ownership-of-fitch-group-1523546475">"Hearst Takes Full Ownership of Fitch Group"</a>. <i>The Wall Street Journal</i>. Archived from <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/hearst-takes-full-ownership-of-fitch-group-1523546475">the original</a> on August 2, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">January 6,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Hearst+Takes+Full+Ownership+of+Fitch+Group&rft.date=2018-04-12&rft.aulast=Hufford&rft.aufirst=Austen&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fhearst-takes-full-ownership-of-fitch-group-1523546475&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarr2012" class="citation news cs1">Barr, Alistair (February 9, 2012). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-hearst-fitch-idINTRE8181LW20120209/">"Hearst buys another 10 percent of Fitch for $177 million"</a>. Reuters<span class="reference-accessdate">. Retrieved <span class="nowrap">January 6,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Hearst+buys+another+10+percent+of+Fitch+for+%24177+million&rft.date=2012-02-09&rft.aulast=Barr&rft.aufirst=Alistair&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-hearst-fitch-idINTRE8181LW20120209%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20241122104143/https://www.nytimes.com/1989/04/21/business/finance-new-issues-investor-group-acquires-fitch-bond-rating-agency.html">"Investor Group Acquires Fitch Bond Rating Agency"</a>. <i>The New York Times</i>. April 21, 1989. Archived from <a rel="nofollow" class="external text" href="https://www.nytimes.com/1989/04/21/business/finance-new-issues-investor-group-acquires-fitch-bond-rating-agency.html">the original</a> on November 22, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Investor+Group+Acquires+Fitch+Bond+Rating+Agency&rft.date=1989-04-21&rft_id=https%3A%2F%2Fwww.nytimes.com%2F1989%2F04%2F21%2Fbusiness%2Ffinance-new-issues-investor-group-acquires-fitch-bond-rating-agency.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLavin1997" class="citation news cs1">Lavin, Douglas (October 17, 1997). <a rel="nofollow" class="external text" href="https://archive.today/2024.06.10-082421/https://www.wsj.com/articles/SB87125153617211500">"France's Fimalac Purchases Fitch From Van Kampen"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. Archived from <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB87125153617211500">the original</a> on June 10, 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=France%27s+Fimalac+Purchases+Fitch+From+Van+Kampen&rft.date=1997-10-17&rft.aulast=Lavin&rft.aufirst=Douglas&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB87125153617211500&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGasparino2000" class="citation web cs1">Gasparino, Charles (March 8, 2000). <a rel="nofollow" class="external text" href="https://archive.today/2024.06.15-213642/https://www.wsj.com/articles/SB952438402753004916">"Fitch Acquires Duff & Phelps In Latest Credit-Rating Union"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. Archived from <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB952438402753004916#:~:text=Fitch%20IBCA%2C%20the%20nation's%20third,million%2C%20or%20%24100%20a%20share.&text=Both%20Moody's%20and%20Standard%20%26%20Poor's,all%20bond%20deals%2C%20analysts%20estimate.">the original</a> on June 15, 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">November 9,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Fitch+Acquires+Duff+%26+Phelps+In+Latest+Credit-Rating+Union&rft.date=2000-03-08&rft.aulast=Gasparino&rft.aufirst=Charles&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB952438402753004916%23%3A~%3Atext%3DFitch%2520IBCA%252C%2520the%2520nation%27s%2520third%2Cmillion%252C%2520or%2520%2524100%2520a%2520share.%26text%3DBoth%2520Moody%27s%2520and%2520Standard%2520%2526%2520Poor%27s%2Call%2520bond%2520deals%252C%2520analysts%2520estimate.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-usa-ratings-competition-factbox-idUSTRE55N4X220090624/">"FACTBOX: List of 10 rating agencies recognized by U.S. SEC"</a>. Reuters. June 24, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">January 5,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=FACTBOX%3A+List+of+10+rating+agencies+recognized+by+U.S.+SEC&rft.date=2009-06-24&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-usa-ratings-competition-factbox-idUSTRE55N4X220090624%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.tradersmagazine.com/departments/brokerage/ibm-buying-algorithmics-for-387m/">"IBM Buying Algorithmics for $387M"</a>. <i>Traders Magazine</i>. September 1, 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">January 5,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Traders+Magazine&rft.atitle=IBM+Buying+Algorithmics+for+%24387M&rft.date=2011-09-01&rft_id=https%3A%2F%2Fwww.tradersmagazine.com%2Fdepartments%2Fbrokerage%2Fibm-buying-algorithmics-for-387m%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.themiddlemarket.com/latest-news/fitch-group-acquires-geoquant">"Fitch Group Acquires GeoQuant"</a>. <i>www.themiddlemarket.com</i>. June 22, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">June 23,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.themiddlemarket.com&rft.atitle=Fitch+Group+Acquires+GeoQuant&rft.date=2022-06-22&rft_id=https%3A%2F%2Fwww.themiddlemarket.com%2Flatest-news%2Ffitch-group-acquires-geoquant&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-cdo-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-cdo_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTomlinsonEvans2007" class="citation cs2">Tomlinson, Richard; Evans, David (June 1, 2007), <a rel="nofollow" class="external text" href="http://www.iht.com/articles/2007/05/31/bloomberg/bxinvest.php">"CDOs mask huge subprime losses, abetted by credit rating agencies"</a>, <i>International Herald Tribune</i></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Herald+Tribune&rft.atitle=CDOs+mask+huge+subprime+losses%2C+abetted+by+credit+rating+agencies&rft.date=2007-06-01&rft.aulast=Tomlinson&rft.aufirst=Richard&rft.au=Evans%2C+David&rft_id=http%3A%2F%2Fwww.iht.com%2Farticles%2F2007%2F05%2F31%2Fbloomberg%2Fbxinvest.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> <li id="cite_note-cpdo-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-cpdo_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLindenNeugebauerSchiavettaZelter2007" class="citation cs2">Linden, Alexandre; Neugebauer, Matthias; Schiavetta, John; Zelter, Jill; Hardee, Rachel (April 18, 2007), <a rel="nofollow" class="external text" href="http://www.defaultrisk.com/pp_crdrv141.htm"><i>First Generation CPDO: Case Study on Performance and Ratings</i></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=First+Generation+CPDO%3A+Case+Study+on+Performance+and+Ratings&rft.date=2007-04-18&rft.aulast=Linden&rft.aufirst=Alexandre&rft.au=Neugebauer%2C+Matthias&rft.au=Schiavetta%2C+John&rft.au=Zelter%2C+Jill&rft.au=Hardee%2C+Rachel&rft_id=http%3A%2F%2Fwww.defaultrisk.com%2Fpp_crdrv141.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFitch+Ratings" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fitch_Ratings&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="https://www.fitchratings.com/">Official website</a></span></span></li> <li><a rel="nofollow" class="external text" href="https://www.fitchsolutions.com/">Fitch Solutions</a></li> <li><a rel="nofollow" class="external text" href="https://www.fitchlearning.com/">Fitch Learning</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070927160034/http://db.riskwaters.com/public/showPage.html?page=209190">U.S. Credit: Fitch Ratings</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Hearst_Communications" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Hearst" title="Template:Hearst"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Hearst" title="Template talk:Hearst"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Hearst" title="Special:EditPage/Template:Hearst"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Hearst_Communications" style="font-size:114%;margin:0 4em"><span class="vcard"><span class="fn org"><a href="/wiki/Hearst_Communications" title="Hearst Communications">Hearst Communications</a></span></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Daily newspapers</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/The_Advocate_(Stamford)" class="mw-redirect" title="The Advocate (Stamford)">The Advocate</a></i></li> <li><i><a href="/wiki/Times_Union_(Albany)" title="Times Union (Albany)">Times Union</a></i></li> <li><i><a href="/wiki/The_Beaumont_Enterprise" title="The Beaumont Enterprise">Beaumont Enterprise</a></i></li> <li><i><a href="/wiki/Connecticut_Post" title="Connecticut Post">Connecticut Post</a></i></li> <li><i><a href="/wiki/The_Courier_(Conroe_newspaper)" title="The Courier (Conroe newspaper)">The Courier</a></i> (Conroe, Texas)</li> <li><i><a href="/wiki/Edwardsville_Intelligencer" title="Edwardsville Intelligencer">Edwardsville Intelligencer</a></i></li> <li><i><a href="/wiki/Greenwich_Time_(newspaper)" title="Greenwich Time (newspaper)">Greenwich Time</a></i></li> <li><i><a href="/wiki/The_Hour_(newspaper)" title="The Hour (newspaper)">The Hour</a></i></li> <li><i><a href="/wiki/Houston_Chronicle" title="Houston Chronicle">Houston Chronicle</a></i></li> <li><i><a href="/wiki/Huron_Daily_Tribune" title="Huron Daily Tribune">Huron Daily Tribune</a></i></li> <li><i><a href="/wiki/Journal-Courier" title="Journal-Courier">Journal-Courier</a></i></li> <li><i><a href="/wiki/Laredo_Morning_Times" title="Laredo Morning Times">Laredo Morning Times</a></i></li> <li><i>Manistee News Advocate</i></li> <li><i><a href="/wiki/The_Middletown_Press" title="The Middletown Press">The Middletown Press</a></i></li> <li><i><a href="/wiki/Midland_Daily_News" title="Midland Daily News">Midland Daily News</a></i></li> <li><i><a href="/wiki/Midland_Reporter-Telegram" title="Midland Reporter-Telegram">Midland Reporter-Telegram</a></i></li> <li><i><a href="/wiki/New_Haven_Register" title="New Haven Register">New Haven Register</a></i></li> <li><i><a href="/wiki/The_News-Times" title="The News-Times">The News-Times</a></i></li> <li><i>The Pioneer</i></li> <li><i><a href="/wiki/Plainview_Daily_Herald" class="mw-redirect" title="Plainview Daily Herald">Plainview Daily Herald</a></i></li> <li><i>The Register Citizen</i></li> <li><i><a href="/wiki/San_Antonio_Express-News" title="San Antonio Express-News">San Antonio Express-News</a></i></li> <li><i><a href="/wiki/San_Francisco_Chronicle" title="San Francisco Chronicle">San Francisco Chronicle</a></i></li> <li><i><a href="/wiki/Seattle_Post-Intelligencer" title="Seattle Post-Intelligencer">seattlepi.com</a></i></li> <li><i><a href="/wiki/SFGATE" class="mw-redirect" title="SFGATE">SFGATE</a></i></li> <li><i><a href="/wiki/The_Telegraph_(Alton,_Illinois)" title="The Telegraph (Alton, Illinois)">The Telegraph</a></i></li> <li><i><a href="/wiki/Connecticut_Magazine" title="Connecticut Magazine">Connecticut Magazine</a></i></li></ul> </div></td><td class="noviewer navbox-image" rowspan="9" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Hearst_logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Hearst_logo.svg/100px-Hearst_logo.svg.png" decoding="async" width="100" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Hearst_logo.svg/150px-Hearst_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0f/Hearst_logo.svg/200px-Hearst_logo.svg.png 2x" data-file-width="540" data-file-height="70" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Weekly newspapers</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Cleveland_Advocate" title="Cleveland Advocate">Cleveland Advocate</a></i></li> <li><i>Eastex Advocate</i></li> <li><a href="/wiki/Examiner_Newspaper_Group" title="Examiner Newspaper Group"><i>Examiner</i> Newspapers</a> (Bellaire, Memorial, River Oaks, West University)</li> <li><i><a href="/wiki/The_Lake_Houston_Observer" title="The Lake Houston Observer">The Lake Houston Observer</a></i></li> <li><i><a href="/wiki/The_Potpourri" title="The Potpourri">The Potpourri</a></i> (Magnolia and Tomball)</li> <li>Sugar Land Sun</li> <li><i><a href="/wiki/The_Villager_(The_Woodlands,_TX)" class="mw-redirect" title="The Villager (The Woodlands, TX)">The Villager</a></i> (The Woodlands, Texas)</li> <li><i><a href="/wiki/La_Voz_de_Houston" title="La Voz de Houston">La Voz de Houston</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Magazines</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">United States</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Autoweek" title="Autoweek">Autoweek</a></i></li> <li><i><a href="/wiki/Best_Products" title="Best Products">Best Products</a></i></li> <li><i><a href="/wiki/Bicycling_(magazine)" title="Bicycling (magazine)">Bicycling</a></i></li> <li><i><a href="/wiki/Car_and_Driver" title="Car and Driver">Car and Driver</a></i></li> <li><i><a href="/wiki/Cosmopolitan_(magazine)" title="Cosmopolitan (magazine)">Cosmopolitan</a></i></li> <li><i><a href="/wiki/Country_Living" title="Country Living">Country Living</a></i></li> <li><i><a href="/wiki/Delish" class="mw-redirect" title="Delish">Delish</a></i></li> <li><i><a href="/wiki/Elle_(magazine)" title="Elle (magazine)">Elle</a></i></li> <li><i><a href="/wiki/Elle_Decor" class="mw-redirect" title="Elle Decor">Elle Decor</a></i></li> <li><i><a href="/wiki/Esquire_(magazine)" title="Esquire (magazine)">Esquire</a></i></li> <li><i><a href="/wiki/Food_Network_Magazine" title="Food Network Magazine">Food Network Magazine</a></i></li> <li><i><a href="/wiki/Good_Housekeeping" title="Good Housekeeping">Good Housekeeping</a></i></li> <li><i><a href="/wiki/Harper%27s_Bazaar" title="Harper's Bazaar">Harper's Bazaar</a></i></li> <li><i><a href="/wiki/House_Beautiful" title="House Beautiful">House Beautiful</a></i></li> <li><i><a href="/w/index.php?title=HGTV_(magazine)&action=edit&redlink=1" class="new" title="HGTV (magazine) (page does not exist)">HGTV</a></i></li> <li><i><a href="/wiki/Men%27s_Health_(magazine)" class="mw-redirect" title="Men's Health (magazine)">Men's Health</a></i></li> <li><i><a href="/wiki/Oprah_Daily" class="mw-redirect" title="Oprah Daily">Oprah Daily</a></i></li> <li><i><a href="/wiki/Popular_Mechanics" title="Popular Mechanics">Popular Mechanics</a></i></li> <li><i><a href="/wiki/Prevention_(magazine)" title="Prevention (magazine)">Prevention</a></i></li> <li><i><a href="/wiki/Redbook" title="Redbook">Redbook</a></i></li> <li><i><a href="/wiki/Road_%26_Track" title="Road & Track">Road & Track</a></i></li> <li><i><a href="/wiki/Runner%27s_World" title="Runner's World">Runner's World</a></i></li> <li><i><a href="/wiki/Seventeen_(American_magazine)" title="Seventeen (American magazine)">Seventeen</a></i> <ul><li><i><a href="/wiki/Shondaland" title="Shondaland">Shondaland</a></i></li> <li><i><a href="/wiki/Ree_Drummond" title="Ree Drummond">The Pioneer Woman</a></i></li></ul></li> <li><i><a href="/wiki/Town_%26_Country_(magazine)" title="Town & Country (magazine)">Town & Country</a></i></li> <li><i><a href="/wiki/Woman%27s_Day" title="Woman's Day">Woman's Day</a></i></li> <li><i><a href="/wiki/Women%27s_Health_(magazine)" title="Women's Health (magazine)">Women's Health</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Bicycling_(magazine)" title="Bicycling (magazine)">Bicycling</a></i></li> <li><i><a href="/wiki/Car_and_Driver" title="Car and Driver">Car and Driver</a></i></li> <li><i><a href="/wiki/Cosmopolitan_(magazine)" title="Cosmopolitan (magazine)">Cosmopolitan</a></i></li> <li><i><a href="/wiki/Country_Living" title="Country Living">Country Living</a></i></li> <li><i><a href="/wiki/Delish" class="mw-redirect" title="Delish">Delish</a></i></li> <li><i><a href="/wiki/Elle_(magazine)" title="Elle (magazine)">Elle</a></i></li> <li><i><a href="/wiki/Elle_Decor" class="mw-redirect" title="Elle Decor">Elle Decor</a></i></li> <li><i><a href="/wiki/Esquire_(magazine)" title="Esquire (magazine)">Esquire</a></i></li> <li><i><a href="/wiki/Good_Housekeeping" title="Good Housekeeping">Good Housekeeping</a></i></li> <li><i><a href="/wiki/Harper%27s_Bazaar" title="Harper's Bazaar">Harper's Bazaar</a></i></li> <li><i><a href="/wiki/House_Beautiful" title="House Beautiful">House Beautiful</a></i></li> <li><i><a href="/wiki/Men%27s_Health_(magazine)" class="mw-redirect" title="Men's Health (magazine)">Men's Health</a></i></li> <li><i><a href="/wiki/Prevention_(magazine)" title="Prevention (magazine)">Prevention</a></i></li> <li><i><a href="/wiki/Runner%27s_World" title="Runner's World">Runner's World</a></i></li> <li><i><a href="/wiki/Women%27s_Health_(magazine)" title="Women's Health (magazine)">Women's Health</a></i></li> <li><i><a href="/wiki/Best_(magazine)" title="Best (magazine)">Best</a></i> (UK)</li> <li><i><a href="/wiki/Digital_Spy" title="Digital Spy">Digital Spy</a></i> (UK)</li> <li><i><a href="/wiki/Inside_Soap" title="Inside Soap">Inside Soap</a></i> (UK)</li> <li><i><a href="/wiki/Prima_(magazine)" title="Prima (magazine)">Prima</a></i> (UK)</li> <li><i><a href="/w/index.php?title=RED_(magazine)&action=edit&redlink=1" class="new" title="RED (magazine) (page does not exist)">RED</a></i> (UK)</li> <li><i><a href="/wiki/Gente_(magazine)" title="Gente (magazine)">Gente</a></i> (Italy)</li> <li><i><a href="/wiki/Marie_Claire_(magazine)" class="mw-redirect" title="Marie Claire (magazine)">Marie Claire</a></i> (Italy)</li> <li><i><a href="/w/index.php?title=Marie_Claire_Maison_(magazine)&action=edit&redlink=1" class="new" title="Marie Claire Maison (magazine) (page does not exist)">Marie Claire Maison</a></i> (Italy)</li> <li><i><a href="/w/index.php?title=JAN_(tijdschrift)&action=edit&redlink=1" class="new" title="JAN (tijdschrift) (page does not exist)">JAN</a></i> (Netherlands)</li> <li><i><a href="/wiki/Quest_(Dutch_magazine)" title="Quest (Dutch magazine)">Quest</a></i> (Netherlands)</li> <li><i><a href="/wiki/Quest_(Dutch_magazine)" title="Quest (Dutch magazine)">Quest Junior</a></i> (Netherlands)</li> <li><i><a href="/wiki/Quote_(magazine)" title="Quote (magazine)">Quote</a></i> (Netherlands)</li> <li><i><a href="/wiki/Fotogramas" title="Fotogramas">Fotogramas</a></i> (Spanin)</li> <li><i><a href="/w/index.php?title=25Ans_(magazine)&action=edit&redlink=1" class="new" title="25Ans (magazine) (page does not exist)">25Ans</a></i> (Japan)</li> <li><i><a href="/w/index.php?title=25Ans_Wedding_(magazine)&action=edit&redlink=1" class="new" title="25Ans Wedding (magazine) (page does not exist)">25Ans Wedding</a></i> (Japan)</li> <li><i><a href="/w/index.php?title=ELLE_Girl_(magazine)&action=edit&redlink=1" class="new" title="ELLE Girl (magazine) (page does not exist)">ELLE Girl</a></i> (Japan)</li> <li><i><a href="/wiki/Fujin_Gah%C5%8D" title="Fujin Gahō">Fujingaho</a></i> (Japan)</li> <li><i><a href="/wiki/Hodinkee" title="Hodinkee">Hodinkee</a></i> (Japan)</li> <li><i><a href="/w/index.php?title=Men%27s_Club_(magazine)&action=edit&redlink=1" class="new" title="Men's Club (magazine) (page does not exist)">Men's Club</a></i> (Japan)</li> <li><i><a href="/w/index.php?title=Modern_Living_(magazine)&action=edit&redlink=1" class="new" title="Modern Living (magazine) (page does not exist)">Modern Living</a></i> (Japan)</li> <li><i><a href="/w/index.php?title=Richesse_(magazine)&action=edit&redlink=1" class="new" title="Richesse (magazine) (page does not exist)">Richesse</a></i> (Japan)</li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Hearst_Television" title="Hearst Television">Hearst Television</a><br />(<a href="/wiki/Hearst_Media_Production_Group" title="Hearst Media Production Group">Hearst Media<br />Production Group</a>)<br />Stations affiliated</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/American_Broadcasting_Company" title="American Broadcasting Company">ABC</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/KETV" title="KETV">KETV</a></li> <li><a href="/wiki/KHBS" title="KHBS">KHBS / KHOG</a></li> <li><a href="/wiki/KMBC-TV" title="KMBC-TV">KMBC</a></li> <li><a href="/wiki/KOAT-TV" title="KOAT-TV">KOAT</a></li> <li><a href="/wiki/KOCO-TV" title="KOCO-TV">KOCO</a></li> <li><a href="/wiki/KSBW" title="KSBW">KSBW-DT2</a></li> <li><a href="/wiki/WAPT" title="WAPT">WAPT</a></li> <li><a href="/wiki/WCVB-TV" title="WCVB-TV">WCVB</a> / <a href="/wiki/WMUR-TV" title="WMUR-TV">WMUR</a></li> <li><a href="/wiki/WISN-TV" title="WISN-TV">WISN</a></li> <li><a href="/wiki/WJCL_(TV)" title="WJCL (TV)">WJCL</a></li> <li><a href="/wiki/WMTW_(TV)" title="WMTW (TV)">WMTW</a></li> <li><a href="/wiki/WPBF" title="WPBF">WPBF</a></li> <li><a href="/wiki/WTAE-TV" title="WTAE-TV">WTAE</a></li> <li><a href="/wiki/WZVN-TV" title="WZVN-TV">WZVN</a> <sup>1</sup></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/The_CW" title="The CW">The CW</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/KCWE" title="KCWE">KCWE</a></li> <li><a href="/wiki/KHBS" title="KHBS">KHBS-DT2 / KHOG-DT2</a></li> <li><a href="/wiki/KQCA" title="KQCA">KQCA</a></li> <li><a href="/wiki/WCWG" title="WCWG">WCWG</a></li> <li><a href="/wiki/WKCF" title="WKCF">WKCF</a></li> <li><a href="/wiki/WNNE" title="WNNE">WNNE</a></li> <li><a href="/wiki/WPXT" title="WPXT">WPXT</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/NBC" title="NBC">NBC</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/KCRA-TV" title="KCRA-TV">KCRA</a></li> <li><a href="/wiki/KSBW" title="KSBW">KSBW</a></li> <li><a href="/wiki/WBAL-TV" title="WBAL-TV">WBAL</a></li> <li><a href="/wiki/WBBH-TV" title="WBBH-TV">WBBH</a></li> <li><a href="/wiki/WDSU" title="WDSU">WDSU</a></li> <li><a href="/wiki/WESH" title="WESH">WESH</a></li> <li><a href="/wiki/WGAL" title="WGAL">WGAL</a></li> <li><a href="/wiki/WLWT" title="WLWT">WLWT</a></li> <li><a href="/wiki/WPTZ" title="WPTZ">WPTZ</a></li> <li><a href="/wiki/WVTM-TV" title="WVTM-TV">WVTM</a></li> <li><a href="/wiki/WXII-TV" title="WXII-TV">WXII</a></li> <li><a href="/wiki/WYFF" title="WYFF">WYFF</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/CBS" title="CBS">CBS</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/KCCI" title="KCCI">KCCI</a></li> <li><a href="/wiki/WLKY" title="WLKY">WLKY</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Independent_station" title="Independent station">Independent</a> <ul><li><a href="/wiki/WMOR-TV" title="WMOR-TV">WMOR</a></li></ul></li> <li><a href="/wiki/MyNetworkTV" title="MyNetworkTV">MyNetworkTV</a> <ul><li><a href="/wiki/KQCA" title="KQCA">KQCA</a><sup>2</sup></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Radio stations</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/WBAL_(AM)" title="WBAL (AM)">WBAL</a></li> <li><a href="/wiki/WIYY" title="WIYY">WIYY</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Entertainment<br />& syndication</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/A%26E_Networks" title="A&E Networks">A&E Networks</a> (50%)</li> <li><a href="/wiki/ESPN_Inc." title="ESPN Inc.">ESPN Inc.</a> (20%)</li> <li><a href="/wiki/King_Features_Syndicate" title="King Features Syndicate">King Features Syndicate</a></li> <li><a href="/wiki/NorthSouth_Productions" title="NorthSouth Productions">NorthSouth Productions</a> (50%)</li> <li>Reed Brennan Media Associates</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Business media</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Black_Book_(National_Auto_Research)" title="Black Book (National Auto Research)">Black Book</a></li> <li><a href="/wiki/First_Databank" title="First Databank">First Databank</a></li> <li><a class="mw-selflink selflink">Fitch Group</a> <ul><li><a href="/wiki/BMI_Research" title="BMI Research">BMI Research</a></li></ul></li> <li><i><a href="/wiki/Motor_(Hearst_magazine)" class="mw-redirect" title="Motor (Hearst magazine)">Motor</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Marketplaces</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/w/index.php?title=Bring_a_Trailer_(website)&action=edit&redlink=1" class="new" title="Bring a Trailer (website) (page does not exist)">Bring a Trailer</a></i></li> <li><i><a href="/w/index.php?title=First_Finds&action=edit&redlink=1" class="new" title="First Finds (page does not exist)">First Finds</a></i></li> <li><i><a href="/wiki/Men%27s_Health_(magazine)" class="mw-redirect" title="Men's Health (magazine)">Men's Health Shop</a></i></li> <li><i><a href="/wiki/Oprah_Daily" class="mw-redirect" title="Oprah Daily">Oprah Daily Shop</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Real estate</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hearst_Tower_(Manhattan)" title="Hearst Tower (Manhattan)">Hearst Tower</a></li> <li><a href="/wiki/Hearst_Tower_(Charlotte)" class="mw-redirect" title="Hearst Tower (Charlotte)">Hearst Service Center</a></li> <li><a href="/wiki/Hearst_Ranch" title="Hearst Ranch">Hearst Ranch</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div><sup>1</sup> Owned by Montclair Communications and operated by Hearst under an <a href="/wiki/Local_marketing_agreement" title="Local marketing agreement">LMA</a>. <sup>2</sup> Carries the network in a secondary status.</div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="US&#039;s_Nationally_recognized_statistical_rating_organizations_(NRSROs)" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:NRSRO" title="Template:NRSRO"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:NRSRO" title="Template talk:NRSRO"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:NRSRO" title="Special:EditPage/Template:NRSRO"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="US&#039;s_Nationally_recognized_statistical_rating_organizations_(NRSROs)" style="font-size:114%;margin:0 4em">US's <a href="/wiki/Nationally_recognized_statistical_rating_organization" title="Nationally recognized statistical rating organization">Nationally recognized statistical rating organizations</a> (NRSROs)</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/AM_Best" title="AM Best">AM Best</a></li> <li><a href="/wiki/DBRS" class="mw-redirect" title="DBRS">DBRS</a></li> <li><a href="/wiki/Demotech" title="Demotech">Demotech</a></li> <li><a href="/wiki/Egan-Jones_Ratings_Company" title="Egan-Jones Ratings Company">Egan-Jones Ratings Company</a></li> <li><a class="mw-selflink selflink">Fitch Ratings</a></li> <li>HR Ratings de México, S.A. de C.V.</li> <li><a href="/wiki/Japan_Credit_Rating_Agency" title="Japan Credit Rating Agency">Japan Credit Rating Agency</a></li> <li><a href="/wiki/Kroll_Bond_Rating_Agency" class="mw-redirect" title="Kroll Bond Rating Agency">Kroll Bond Rating Agency</a></li> <li><a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's Investors Service</a></li> <li><a href="/wiki/S%26P_Global_Ratings" title="S&P Global Ratings">S&P Global Ratings</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q871325#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q871325#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q871325#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000405746135">ISNI</a></span><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000406150464">2</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000123384527">3</a></span></li></ul></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Fitch_Ratings&oldid=1258921744">https://en.wikipedia.org/w/index.php?title=Fitch_Ratings&oldid=1258921744</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Credit_rating_agencies" title="Category:Credit rating agencies">Credit rating agencies</a></li><li><a href="/wiki/Category:Financial_services_companies_established_in_1914" title="Category:Financial services companies established in 1914">Financial services companies established in 1914</a></li><li><a href="/wiki/Category:Financial_services_companies_of_the_United_States" title="Category:Financial services companies of the United States">Financial services companies of the United States</a></li><li><a href="/wiki/Category:Companies_based_in_New_York_City" title="Category:Companies based in New York City">Companies based in New York City</a></li><li><a href="/wiki/Category:Financial_services_companies_based_in_New_York_City" title="Category:Financial services companies based in New York City">Financial services companies based in New York City</a></li><li><a href="/wiki/Category:1914_establishments_in_New_York_City" title="Category:1914 establishments in New York City">1914 establishments in New York City</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_American_English_from_April_2023" title="Category:Use American English from April 2023">Use American English from April 2023</a></li><li><a href="/wiki/Category:All_Wikipedia_articles_written_in_American_English" title="Category:All Wikipedia articles written in American English">All Wikipedia articles written in American English</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_April_2023" title="Category:Use mdy dates from April 2023">Use mdy dates from April 2023</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_November_2024" title="Category:Articles needing additional references from November 2024">Articles needing additional references from November 2024</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_December_2019" title="Category:Articles with unsourced statements from December 2019">Articles with unsourced statements from December 2019</a></li><li><a href="/wiki/Category:Official_website_different_in_Wikidata_and_Wikipedia" title="Category:Official website different in Wikidata and Wikipedia">Official website different in Wikidata and Wikipedia</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 22 November 2024, at 10:51<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Fitch_Ratings&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-zdfpm","wgBackendResponseTime":185,"wgPageParseReport":{"limitreport":{"cputime":"0.596","walltime":"0.717","ppvisitednodes":{"value":2731,"limit":1000000},"postexpandincludesize":{"value":93568,"limit":2097152},"templateargumentsize":{"value":3593,"limit":2097152},"expansiondepth":{"value":15,"limit":100},"expensivefunctioncount":{"value":6,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":74627,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 618.514 1 -total"," 25.58% 158.242 1 Template:Reflist"," 19.23% 118.928 1 Template:Infobox_company"," 17.79% 110.060 4 Template:Navbox"," 17.74% 109.712 1 Template:Infobox"," 16.68% 103.161 1 Template:Hearst"," 16.34% 101.087 6 Template:Cite_web"," 10.38% 64.211 1 Template:Unreferenced_section"," 10.10% 62.494 1 Template:Unreferenced"," 9.83% 60.829 1 Template:Ambox"]},"scribunto":{"limitreport-timeusage":{"value":"0.366","limit":"10.000"},"limitreport-memusage":{"value":7930530,"limit":52428800}},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-z2b79","timestamp":"20241122141605","ttl":726241,"transientcontent":true}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Fitch Ratings","url":"https:\/\/en.wikipedia.org\/wiki\/Fitch_Ratings","sameAs":"http:\/\/www.wikidata.org\/entity\/Q871325","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q871325","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2004-11-23T06:36:39Z","dateModified":"2024-11-22T10:51:38Z","headline":"American credit rating agency"}</script> </body> </html>