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It is one of the three [[nationally recognized statistical rating organization]]s ([[Nationally recognized statistical rating organization|NRSRO]]) designated by the [[U.S. Securities and Exchange Commission]] and is considered as being one of the "[[Big Three (credit rating agencies)|Big Three credit rating agencies]]",<ref>{{cite web|url=http://www.juneauempire.com/stories/050509/opi_436594375.shtml|title=Three credit rating agencies hold too much of the power|newspaper=[[Juneau Empire]]|first=Richard|last=Blumenthal|date=May 5, 2009|access-date=March 19, 2018|archive-url=https://web.archive.org/web/20111101123455/http://juneauempire.com/stories/050509/opi_436594375.shtml|archive-date=November 1, 2011|url-status=dead}}</ref> along with [[Moody's]] and [[Standard & Poor's]]. == History == Fitch Ratings is dual headquartered in [[New York City|New York]] and [[London]].<ref>{{cite web|url=http://hugin.info/143461/R/1601708/505879.pdf|archive-url=https://web.archive.org/web/20150220021711/http://hugin.info/143461/R/1601708/505879.pdf|url-status=live|title=Sale of 10% of Fitch Group to Hearst|archive-date=2015-02-20}}</ref> [[Hearst Communications|Hearst]] owns 100 percent of the company following its acquisition of an additional 20 percent for $2.8 billion on April 12, 2018.<ref name="Hearst press release">{{Cite web|url=https://www.hearst.com/newsroom/fitch-group-becomes-a-wholly-owned-hearst-business|title=Fitch Group Becomes a Wholly-Owned Hearst Business|website=hearst.com|access-date=April 12, 2018}}</ref> 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 [[equity interest]] was 80 percent following expansions on an original acquisition of 20 percent interest in 2006.<ref>{{cite news |last1=Hufford |first1=Austen |title=Hearst Takes Full Ownership of Fitch Group |url=https://www.wsj.com/articles/hearst-takes-full-ownership-of-fitch-group-1523546475 |access-date=6 January 2024 |work=The Wall Street Journal |date=12 April 2018|archive-url=https://archive.today/2023.08.02-005128/https://www.wsj.com/amp/articles/hearst-takes-full-ownership-of-fitch-group-1523546475|archive-date=August 2, 2023}}</ref><ref>{{cite news |last1=Barr |first1=Alistair |title=Hearst buys another 10 percent of Fitch for $177 million |url=https://www.reuters.com/article/us-hearst-fitch-idINTRE8181LW20120209/ |access-date=6 January 2024 |publisher=Reuters |date=9 February 2012}}</ref> Hearst had jointly owned Fitch with [[FIMALAC]] SA, which held 20 percent of the company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group. The firm was founded by [[John Knowles Fitch]] on December 24, 1914, in [[New York City]] as the Fitch Publishing Company. In 1989, the company was acquired by a group including [[Robert Van Kampen]].<ref>{{cite news |title=Investor Group Acquires Fitch Bond Rating Agency |url=https://www.nytimes.com/1989/04/21/business/finance-new-issues-investor-group-acquires-fitch-bond-rating-agency.html |work=The New York Times |date=April 21, 1989 |archive-url=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 |archive-date=November 22, 2024}}</ref> In 1997, Fitch was acquired by [[FIMALAC]] and was merged with London-based IBCA Limited, a FIMALAC subsidiary.<ref>{{Cite news| last = Lavin| first = Douglas| title = France's Fimalac Purchases Fitch From Van Kampen| work = [[The Wall Street Journal]]| date = October 17, 1997| archive-url=https://archive.today/2024.06.10-082421/https://www.wsj.com/articles/SB87125153617211500|archive-date=June 10, 2024|url=https://www.wsj.com/articles/SB87125153617211500}}</ref> In 2000, Fitch acquired both Chicago-based [[Duff & Phelps]] Credit Rating Co. (April)<ref>{{Cite web|last=Gasparino|first=Charles|date=March 8, 2000|title=Fitch Acquires Duff & Phelps In Latest Credit-Rating Union|url=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.|archive-url=https://archive.today/2024.06.15-213642/https://www.wsj.com/articles/SB952438402753004916|archive-date=June 15, 2024|access-date=November 9, 2020|website=[[The Wall Street Journal]]}}</ref> and [[Thomson Financial]] BankWatch (December). Fitch Ratings is the third largest [[NRSRO]] 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.<ref>{{cite news |title=FACTBOX: List of 10 rating agencies recognized by U.S. SEC |url=https://www.reuters.com/article/us-usa-ratings-competition-factbox-idUSTRE55N4X220090624/ |access-date=5 January 2024 |publisher=Reuters |date=24 June 2009}}</ref> In September 2011, Fitch Group announced the sale of [[Algorithmics Inc.|Algorithmics]] (risk analytics software) to [[IBM]] for $387 million.<ref>{{cite news |title=IBM Buying Algorithmics for $387M |url=https://www.tradersmagazine.com/departments/brokerage/ibm-buying-algorithmics-for-387m/ |access-date=5 January 2024 |work=Traders Magazine |date=1 September 2011}}</ref> In June 2022, Fitch Group acquired [[GeoQuant]], an [[Artificial intelligence|AI]]-driven data and technology company.<ref>{{Cite web |date=June 22, 2022 |title=Fitch Group Acquires GeoQuant |url=https://www.themiddlemarket.com/latest-news/fitch-group-acquires-geoquant |access-date=June 23, 2022 |website=www.themiddlemarket.com |language=en-US}}</ref> == Investment scale == {{Unreferenced section|date=November 2024}} Fitch Ratings' long-term [[credit rating]]s are assigned on an alphabetic scale from 'AAA' to 'D', first introduced in 1924 and later adopted and licensed by [[S&P]]. Like S&P, Fitch also uses intermediate +/&minus; modifiers for each category between AA and CCC (e.g., AA+, AA, AA&minus;, A+, A, A&minus;, BBB+, BBB, BBB&minus;, etc.). '''Investment grade''' * '''AAA:''' the best quality companies, reliable and stable * '''AA:''' quality companies, a bit higher risk than AAA * '''A:''' economic situation can affect finance * '''BBB:''' medium-class companies, which are satisfactory at the moment '''Non-investment grade''' * '''BB:''' more prone to changes in the economy * '''B:''' financial situation varies noticeably * '''CCC:''' currently vulnerable and dependent on favorable economic conditions to meet its commitments * '''CC:''' highly vulnerable, very speculative bonds * '''C:''' highly vulnerable, perhaps in [[bankruptcy]] or in [[arrears]], but still continuing to pay out on obligations * '''D:''' has [[Default (finance)|defaulted]] on obligations, and Fitch believes that it will generally default on most or all obligations * '''NR:''' not publicly rated == Short-term credit ratings == Fitch's short-term ratings indicate the potential level of default within a 12-month period. * '''F1+''' : best quality grade, indicating exceptionally strong capacity of obligor to meet its financial commitment * '''F1 ''' : best quality grade, indicating strong capacity of obligor to meet its financial commitment * '''F2 ''' : good quality grade with satisfactory capacity of obligor to meet its financial commitment * '''F3 ''' : fair quality grade with adequate capacity of obligor to meet its financial commitment but near term adverse conditions could impact the obligor's commitments * '''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 * '''C ''' : possibility of default is high and the financial commitment of the obligor are dependent upon sustained, favorable business and economic conditions * '''D ''' : the obligor is in default as it has failed on its financial commitments. == Fitch Solutions == 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.{{Citation needed|date=December 2019}} ==Criticism== {{See also|Credit rating agency#Criticism}} The main [[credit rating agencies]], including Fitch, were accused of misrepresenting the risks associated with mortgage-related securities, which included the [[collateralized debt obligation]] (CDO) market. There were large losses in the CDO market that occurred despite being assigned top ratings by the CRAs. For instance, losses on $340.7 million worth of collateralized debt obligations (CDO) issued by [[Credit Suisse Group]] added up to about $125 million, despite being rated AAA by Fitch.<ref name="cdo">{{Citation | last1 = Tomlinson | first1 = Richard | last2 = Evans | first2 = David | title = CDOs mask huge subprime losses, abetted by credit rating agencies | newspaper = International Herald Tribune | date = June 1, 2007 | url = http://www.iht.com/articles/2007/05/31/bloomberg/bxinvest.php}}</ref> However, differently from the other agencies, Fitch was warning the market on the [[constant proportion debt obligation]]s (CPDO) with an early and pre-crisis report highlighting the dangers of CPDOs in 2007.<ref name="cpdo">{{Citation | last1 = Linden | first1 = Alexandre | last2 = Neugebauer | first2 = Matthias | last3 = Schiavetta | first3 = John | last4 = Zelter | first4 = Jill | last5 = Hardee | first5 = Rachel | title = First Generation CPDO: Case Study on Performance and Ratings | date = April 18, 2007 | url = http://www.defaultrisk.com/pp_crdrv141.htm}}</ref> == See also == * [[FIMALAC]] * Kroll Bond Rating Agency * [[List of countries by credit rating]] * [[Moody's Investors Service]] * [[Spread Research]] * [[Standard and Poor's]] ==References== {{Reflist}} ==External links== * {{official website|https://www.fitchratings.com/}} * [https://www.fitchsolutions.com/ Fitch Solutions] * [https://www.fitchlearning.com/ Fitch Learning] * [https://web.archive.org/web/20070927160034/http://db.riskwaters.com/public/showPage.html?page=209190 U.S. Credit: Fitch Ratings] {{Hearst}} {{NRSRO}} {{Authority control}} [[Category:Credit rating agencies]] [[Category:Financial services companies established in 1914]] [[Category:Financial services companies of the United States]] [[Category:Companies based in New York City]] [[Category:Financial services companies based in New York City]] [[Category:1914 establishments in New York City]] </textarea><div class="templatesUsed"><div 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