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rating action

Thyssenkrupp on Rating Watch Positive

This rating action follows the signing of a memorandum of understanding between TK and Tata Steel Limited to contribute their European steel assets to a 50/50 joint venture.

EMEA LevFin Risks Tempered by Debt Affordability, Reforms

The European leveraged credit market's inherent vulnerability to shocks from valuation and leverage multiples at pre-crisis highs is mitigated by ample debt service headroom, private equity financial sponsors' changing approach to asset selection and post-crisis regulatory reform.

US Home Prices Climb to Pre-Crisis Levels

Home prices in the United States have now climbed to levels last seen a decade ago, though unlike 10 years prior, much of the country's growth is now sustainable in its latest quarterly US RMBS sustainable home price report.

Morocco Reserve Fall Unlikely to Prompt FX Policy Shift

Reserves have now bottomed out and we expect the authorities to implement gradual alterations to the foreign exchange framework while trying to achieve a more robust anchoring of policy expectations by fine-tuning their communication strategy.

Transition is Main Rating Challenge in EU MMF Reform

The main risk posed to ratings from European money market fund reforms comes from unexpected disruption during the transition process. However we expect fund managers to take steps to mitigate such risks, including strengthening liquidity during the transition. Related: MMF Compare Interactive Money Fund Comparison Tool

Turkish Banks' External Debt Ticks Up but Liquidity Sound

Banks' external debt rose USD9 billion to USD172 billion in 1H17, reflecting a pick-up in bond issuance in benign market conditions and foreign-exchange movements that resulted in upward revaluations of euro and lira obligations. 

Retail Institutional Default Rate Could Top 10% With Toys R Us

Toys 'R' Us' filing on September 18 pushes the retail institutional leveraged loan default rate over 7% from last month's 5.3% mark and that figure could surpass 10% by year end.
Related: Toys 'R' Us' IDR Downgraded to 'D'Toys 'R' Us Bankruptcy Has No Rating Impact on US CLOs

QE and World Growth Buoy Global Rating Outlooks

Global rating outlooks remain on an improving trend and are on balance less negative than at the start of the year across most rating sectors. However, the improving outlook for global credit quality is underpinned by years of loose central bank monetary policy, including QE. 
FT: Fitch Hails Improving Outlook for Sovereign Borrowers


Mongolia IMF Review Delay Has No Immediate Rating Impact

The IMF's postponement of its late-September Board discussion on Mongolia's external financing package will delay disbursement of bailout funds, testing investor confidence and raising refinancing risks for the government.

Rating Action

Chinese Homebuilder Country Garden Upgraded to Investment Grade

Country Garden has secured sufficient well-diversified land across China to take advantage of the business upcycle in the lower tier cities in the past 12 months and avoid a downturn in 2015-2016 because of its rising exposure to higher-tier cities.

China in Focus

Latest: China's Securitisation Market Continues to Grow Strongly

Hurricane Impact

Hurricane Irma Insured Losses Substantial, but Tempered by Storm's Path

Estimated insured losses for the insurance industry for Hurricane Irma range from $25 to $50 billion based on various loss estimates.

Related: Liquidity, GDP Challenges for Caribbean Credit After Irma

Fitch Solutions Strengthens Counterparty Risk Solution with 'AI' Powered News, Expanded Macro Data

Fitch Solutions has announced a number of powerful enhancements to its Counterparty Risk Solutions, each designed to help risk professionals make faster and more insightful decisions. The Counterparty Risk Solution now includes a curated news monitoring service, Country Risk Data from BMI Research, and Bank Rankings - all delivered through the Fitch Connect platform.