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Market Share in Focus as Retail Competition Heats Up

The retailers best positioned to maintain or grow their market share are those with sufficient scale, cash flow generation and financial flexibility to invest in its business, an effective operating strategy and a right-sized physical footprint for its category.

Oncology Treatments Lead 2017 Drug Approvals

"In an already broad oncology market, combination therapies with rapidly rising prices will face the challenge of having their value questioned relative to even the most expensive standalone options," says Bob Kirby, Director, US Corporates.

European MMF Reform Won't Affect Corporate Cash Analysis

Holdings in new forms of European MMFs will still typically be considered as equivalent to cash of corporate net debt metrics and immediate liquidity resources.

rating action

Downgrade: Noble to 'CC' on Possible Restructure

The company's liquidity shortfall should improve after the NAC disposal is completed, assuming net cash proceeds after repayment of secured debt of around USD597 million, as estimated by Noble, provided everything else remains the same.

Australian Regional Banks' Risk Appetite Remains Key Focus

We believe risk appetite is the key driver for the Viability Ratings of Australia's six regional banks due to their limited pricing power, as it is a strong determinant of profitability and capitalisation through a cycle and would likely need to be eroded to improve the banks' franchises.

Asia-Pacific Safest Region for Cover Pool Credit

Asia-Pacific is the safest region for mortgage cover pools, according to Fitch Ratings' analysis of 'B' portfolio loss rates (PLR) across all its rated covered bond programmes. The average 'B' PLR for Fitch-rated Asia-Pacific covered bond programmes was 0.4%, half the average 'B' PLR for Fitch-rated non-peripheral eurozone covered bond programmes.

California Fires Add to 2017 Insurer Catastrophe Losses

The California wildfires of October 2017 will be the costliest wildfire loss in U.S. history. The latest insured loss estimate from Aon Benfield is $8 billion, but the overall economic losses are considerably greater. 

Japan Regional Banks Face Weak Outlook and Consolidation

Japan's regional banks are facing profitability pressure from low interest rates, weak loan demand and demographic changes. These challenges are likely to drive consolidation of the highly congested Japanese banking system over the next decade, as banks are forced to improve efficiency.

Fitch Ratings + CRU Group - A Strategic Agreement in Metals and Mining Analysis

Nick Morgan, CEO of CRU Group, and Richard Hunter, Global Head of Corporates at Fitch Ratings, discuss the new partnership between Fitch Ratings and CRU Group, offering insight into Fitch's newly expanded Metals and Mining analytics and research.

Rating Action

Fitch Revises Outlook on Mongolia to Positive; Affirms at 'B-'

Fitch Ratings has revised the Outlook on Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'B-'. 

New FCC Rules Could Create Wave of Media Activity

New rules proposed by FCC Chairman Ajit Pai could create a wave of intra-market activity through acquisitions, divestitures or station swap deals that would allow TV station groups to bolster market shares in individual markets.

Sovereign Rating Crises & Recoveries

Analytical Chief Operating Officer Tony Stringer and Managing Director Ed Parker discuss, in our latest Fixed Interests Podcast, the lessons for countries experiencing multiple downgrades or post-crisis upswings. Report: Crisis Countries Take Two Years to Reach Rating Trough

2018 Outlook

China Leasing Outlook Stable but Independents Face Risks

Chinese leasing companies continue to benefit from the authorities' supportive stance towards the sector's development, which broadly offsets risks associated with rapid growth, intensified competition and increased industry and system-wide leverage. Our sector outlook for 2018 is therefore stable.

interactive

Trade in the Time of Trump

Tax data suggest that protectionist rhetoric may be impacting cross-border travel, according to Fitch Focus on Munis - a monthly series that examines the major forces effecting change across municipal finance. The November 2017 report addresses federal trade policy and its probable effects on localities. Read More