This is a correction of a release published
It includes rating actions for various issuers that were omitted from the ratings list in the original release.
Following the affirmation of
Categories of debt whose ratings are affected include:
Obligations supported by credit enhancement issued by financial institutions directly linked to the
Pre-refunded bonds whose repayments are wholly dependent on 'AAA' rated
Municipal housing bonds primarily secured by mortgage-backed securities issued by
KEY RATING DRIVERS
The
All rating actions announced in this RAC are directly driven by separately announced rating actions on associated enhancement providers, liquidity providers or underlying bonds. The most recent RAC with respect to the credit rating of each associated enhancement provider, liquidity provider or underlying bond referenced herein sets out the key rating drivers, and names and contact details of the relevant primary and secondary analysts and committee chair in relation to the credit ratings of such enhancement providers, liquidity providers or underlying bonds.
The specific pre-existing rating dependency relationship for a given
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive rating action/upgrade:
A positive rating action on the associated enhancement providers, liquidity providers or underlying bonds, taking into account the specificities of the existing rating dependencies.
A restructuring of the enhancement existing arrangements (e.g. a change to a higher rated enhancement provider), in which case the affected rating dependency relationship will be reviewed and the ratings may be positivity affected.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
A negative rating action on the associated enhancement providers, liquidity providers or underlying bonds, taking into account the specificities of the existing rating dependencies.
A restructuring of the enhancement existing arrangements (e.g. the expiry of the enhancement), in which case the affected rating dependency relationship will be reviewed and the ratings may be negatively affected or withdrawn.
Best/Worst Case Rating Scenario
Relevant best and worst case scenarios are included in the RACs for the associated enhancement providers, liquidity providers or underlying bonds.
For more information on Fitch's
BEST/WORST CASE RATING SCENARIO
Ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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