• News

    Fitch, Moody’s Still More Patriotic Than S&P

    Neither are going to make that double-A-plus mistake that a certain ratings agency made, and while they’re at it, they have some kisses to blow in Washington’s direction.

    / Sep 22, 2014 at 5:55 PM
  • jimmycayne (2)


    Fitch, Moody’s, S&P Were Quite Obviously Pulling A Jimmy Cayne For Most Of The Years Leading Up To The Financial Crisis, Allege Bear Stearns Hedge Fund Liquidators

    The liquidators want $1 billion for investors and the name of the rating agencies’ dealer for a friend.

    / Nov 11, 2013 at 4:47 PM
  • fitch


    Fitch May Or May Not Downgrade U.S.

    Fitch Ratings placed the U.S.’s pristine triple-A rating on watch for downgrade Tuesday as the federal government runs short on time to raise the nation’s borrowing limit. The Fitch warning comes as the House and Senate work on competing plans to raise the U.S.’s borrowing limit and fully reopen the federal government. The Treasury Department, […]

    / Oct 15, 2013 at 5:33 PM
  • Get ratings right? Hmm. I hadn't thought of that.


    Congressmen Have Some Advice For Ratings Agencies

    The ideal financial regulatory regime would go like this: Regulators would tell market participants not to screw up. Market participants would not screw up. Peace and harmony would reign throughout the land. This is ideal not only because of the peace and harmony but also because it omits any work by the regulators. Why choose […]

    / Jun 21, 2013 at 5:01 PM
  • Oh hey cow.


    Fitch And Kroll Are Happy To Make Mortgage Securitization Fun Again

    Bloomberg has a delightful story today about a new JPMorgan RMBS transaction, its first non-agency deal since the crisis. Specifically about this: The bonds are made riskier by the New York-based bank and other originators of the mortgages offering weaker promises to repurchase misrepresented loans than those on similar deals, Fitch Ratings said today in […]

    / Mar 20, 2013 at 7:24 PM
  • Oh what now you trust me?


    Why Should Taxpayers Give Big Banks A Subsidy of $83 Billion Per Year, Or Any Other Made-Up Number For That Matter?

    Bloomberg has an editorial today about how the government is subsidizing the top ten U.S. banks by $83 billion a year and maybe it should stop doing that. Because the editorial is getting a lot of attention, and because it is wrong, let’s discuss it. Here is Bloomberg: Lately, economists have tried to pin down […]

    / Feb 21, 2013 at 1:41 PM
  • News

    Irrelevant Entity DOES NOT Want to See 2011-Style Dicking Around on the Debt Ceiling

    Fitch Ratings is showing the U.S. some tough love.

    / Jan 16, 2013 at 5:51 PM
  • This cash is awake.

    Banks, News

    Shadow Banking Is Just Like Regular Banking, Only Darker

    It feels virtuous every so often to take glance over at the triparty repo market. You get a nice dose of horrified vertigo and then go back to your life and don’t think about it for a while and that always feels better. Now is a good time to get back to it, what with […]

    / Aug 2, 2012 at 1:13 PM
  • News

    Fitch Has Something To Say About Fudgie

    “Manageable” but “raises questions.”

    Fitch Ratings has downgraded JPMorgan Chase & Co.’s (JPM) Long-term Issuer Default Rating (IDR) to ‘A+’ from ‘AA-‘ and its Short-term IDR to ‘F1′ from ‘F1+’. Fitch has placed all parent and subsidiary long-term ratings on Rating Watch Negative. Fitch has also downgraded JPM’s viability rating (VR) to ‘a+’ from ‘aa-‘ and placed it on Rating Watch Negative. In addition, Fitch affirmed JPM’s ‘1’ support rating and ‘A’ support rating floor. The rating actions follow JPM’s disclosure yesterday of a $2 billion trading loss on its synthetic credit positions in its Chief Investment Office (CIO). The positions were intended to hedge JPM’s overall credit exposure, particularly during periods of credit stress.

    Fitch views the size of loss as manageable. That said, the magnitude of the loss and ongoing nature of these positions implies a lack of liquidity. It also raises questions regarding JPM’s risk appetite, risk management framework, practices and oversight; all key credit factors. Fitch believes the potential reputational risk and risk governance issues raised at JPM are no longer consistent with an ‘AA-‘ rating.

    Fitch Cuts JPMorgan Ratings [Reuters]

    / May 11, 2012 at 4:50 PM
  • News

    Fitch: You Should Just Give Up Already

    Fitch Ratings lowered its outlook on France’s triple-A rating to “negative” from “stable,” indicating there is a 50-50 chance the nation could lose its top investment-grade rating over the next two years. The move came as Fitch also placed its ratings on six other euro-zone nations, including Spain and Italy, on watch for downgrade after […]

    / Dec 16, 2011 at 2:04 PM
  • News

    Fitch: If The US Doesn’t Shape Up…Something Of Little To Consequence Might Happen

    Fitch’s outlook on the U.S., which it still assigns its top AAA grade, reflects declining confidence that timely fiscal measures necessary to place U.S. public finances on a sustainable path will be forthcoming, the company said in a statement today. Standard & Poor’s and Moody’s Investors Service said Nov. 21 that the so-called supercommittee’s inability […]

    / Nov 28, 2011 at 5:47 PM
  • News, Ratings Agency

    What Are You Paying Ratings Agencies Zero Dollars For, Anyway?

    Fitch released a report today saying “ohmygod banks Europe” and the market went down and maybe there’s a causal link, whatever. The report mostly takes notice of US banks’ European exposures in general, and the mystery of net versus gross derivatives exposure in particular, in which one asks “if Bank A sells CDS on $100bn […]

    / Nov 16, 2011 at 7:14 PM
  • News

    Fitch Unimpressed By Debt Deal, GDP; Markets Unimpressed By Fitch

    S&P has made it so enticing to get involved in U.S. debt politics that the other agencies are jumping on the bandwagon. And Washington can’t win: while S&P continues to talk a big game about downgrading the U.S. for not cutting enough spending, Fitch is pinning its ratings outlook to GDP growth, which some economists will […]

    / Aug 2, 2011 at 6:11 PM
  • News

    Mortgage Security Ratings: Now Twice As Fast!

    VantageScore has managed to sell Fitch Ratings on the idea that they should use their FICO score replacement as a means to rate mortgage securities. In general I like the idea. Instead of vague “prime” or “Alt-A” terms, or using FICO scores that vary depending on the agency delivering them, there is a consistent measure […]

    / Sep 22, 2008 at 11:54 AM

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