Fitch Ratings has updated its Issuer Report Grades (IRG) for all its rated Europe,
It has identified 33 (5.6%) reports within EMEA RMBS that receive the highest five-star rating, while 50 (8.5%) issuer reports have been judged as poor quality, thereby receiving a one-star IRG.
The outstanding five-star reports were released by
Fitch has published Issuer Report Grades since November 2004 and has noted a significant improvement in post issuance reporting standards during this time. The increase in standards, combined with demand for better reporting by investors and supervisors, led Fitch to revise its criteria.
Fitch IRGs are an objective, transparent system for grading the quality of issuer reports. The grades are based on the amount of up-to-date asset, liability and counterparty performance information published on the transaction, as well as an allowance for its timeliness and user-convenience.
IRGs are based on the quality of performance reporting and are independent of the actual credit performance of the issuer. The IRGs cover a scale of one to five, with one indicating a poor quality report and five representing an outstanding source of information for investors.
Fitch’s criteria report "European RMBS Issuer Report Grade Criteria" is available on the agency's website at www.fitchratings.com.
It has also released a report "Criteria for European Structured Credit Issuer Report Grades", which shows there is a high degree of variance in the quality, frequency, and usability of Structured Credit performance reports.
Date: 17th, February, 2010
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