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CONTENTS

 * 00Back to Top
 * 01Insights
 * 02Videos
 * 03Podcasts
 * 04Events


RESOURCES

 * Latest Rating Actions
 * Latest Research
 * Criteria
 * Rating Performance


TRENDING TOPICS

 * Recession Risk, Inflation & Rates
 * Russia/Ukraine Crisis
 * China
 * ESG


FITCH WIRE

 * China’s Support Measures for Property Sector Have Mixed Implications
 * Limited Rating Impact on Portuguese Banks from Sovereign Upgrade
 * Storms Test Florida Cat Fund, Citizens Ins., Eroding Liquidity
 * Spanish Covered Bonds Are Now Aligned with EU Standards
 * Debt-Funded Energy Transition Schemes Unlikely to Weigh on EM Credit Profiles

More


Latest Commentary


DEBT ISSUANCE WILL DECLINE A SECOND CONSECUTIVE YEAR AS RATES RISE

Learn More
Tue 15 Nov, 2022


FITCH AFFIRMS TRUSTBANK AT 'B'; STABLE OUTLOOK

Tue 15 Nov, 2022


FITCH ASSIGNS UNICAJA'S SENIOR NON-PREFERRED NOTES FINAL 'BB+' RATING

Tue 15 Nov, 2022


FITCH AFFIRMS IPAK YULI AT 'B'; STABLE OUTLOOK

Tue 15 Nov, 2022


FITCH AFFIRMS ZHONGGUANCUN DEVELOPMENT GROUP AT 'A'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS ARKEA HOME LOANS SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS AXA HOME LOAN SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS SOCIETE GENERALE SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH RATES TIANJIN GREAT WALL BINYIN'S CHANG YING 2022-4 AT 'AAA(EXP)SF';
OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS TRANSURBAN'S NOTES AT 'A-'; OUTLOOK STABLE

Mon 14 Nov, 2022


FITCH AFFIRMS TRIBUTUM TRUST COMMERCIAL PAPER AT 'F1SF'

Mon 14 Nov, 2022


FITCH RATES CICC INTERNATIONAL'S USD MTN PROGRAMME PROPOSED NOTES 'BBB+(EXP)'

Mon 14 Nov, 2022


FITCH AFFIRMS ASWATA'S NATIONAL IFS AT 'AA(IDN)'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS TRUSTBANK AT 'B'; STABLE OUTLOOK

Tue 15 Nov, 2022


FITCH ASSIGNS UNICAJA'S SENIOR NON-PREFERRED NOTES FINAL 'BB+' RATING

Tue 15 Nov, 2022


FITCH AFFIRMS IPAK YULI AT 'B'; STABLE OUTLOOK

Tue 15 Nov, 2022


FITCH AFFIRMS ZHONGGUANCUN DEVELOPMENT GROUP AT 'A'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS ARKEA HOME LOANS SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS AXA HOME LOAN SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS SOCIETE GENERALE SFH'S OFH AT 'AAA'; OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH RATES TIANJIN GREAT WALL BINYIN'S CHANG YING 2022-4 AT 'AAA(EXP)SF';
OUTLOOK STABLE

Tue 15 Nov, 2022


FITCH AFFIRMS TRANSURBAN'S NOTES AT 'A-'; OUTLOOK STABLE

Mon 14 Nov, 2022


FITCH AFFIRMS TRIBUTUM TRUST COMMERCIAL PAPER AT 'F1SF'

Mon 14 Nov, 2022


FITCH RATES CICC INTERNATIONAL'S USD MTN PROGRAMME PROPOSED NOTES 'BBB+(EXP)'

Mon 14 Nov, 2022


FITCH AFFIRMS ASWATA'S NATIONAL IFS AT 'AA(IDN)'; OUTLOOK STABLE


01INSIGHTS

Highlight


STABLECOIN ASSETS BEGIN TO STABILISE AFTER RECENT VOLATILITY

Special Report / Tue 15 Nov, 2022


UAE ISLAMIC BANKS: 1H22 RESULTS DASHBOARD

Non-Rating Action Commentary / Tue 15 Nov, 2022


IMPROVING OPERATING CONDITIONS SUPPORT UAE ISLAMIC BANKS

Fitch Wire / Tue 15 Nov, 2022


CHINA’S SUPPORT MEASURES FOR PROPERTY SECTOR HAVE MIXED IMPLICATIONS

Special Report / Tue 15 Nov, 2022


CHINA AUTO ABS INDEX – 3Q22

Non-Rating Action Commentary / Tue 15 Nov, 2022


CHINESE AUTO ABS PERFORMANCE STABLE, DESPITE EXTENDED PANDEMIC-CONTROL
RESTRICTIONS

Special Report / Mon 14 Nov, 2022


U.S. LEVERAGED FINANCE AND CLO WEEKLY (CLO WEAK EXPOSURE UP MARGINALLY IN
OCTOBER; CONSUMER DISCRETIONARY SECTOR AT RISK IN 2023)

Special Report / Mon 14 Nov, 2022


NORTH AMERICAN EXPLORATION & PRODUCTION: HIGH YIELD -- PEER REVIEW

Special Report / Mon 14 Nov, 2022


PERUVIAN CORPORATE CREDIT INDICATORS: THIRD-QUARTER 2022 (DOWNGRADE RISKS
INCREASE AS SOVEREIGN OUTLOOK IS REVISED)

Non-Rating Action Commentary / Mon 14 Nov, 2022


3Q22 LATAM CORPORATE CREDIT INDICATORS REFLECT THE IMPACT OF WEAKER ECONOMIC
CONDITIONS

Special Report / Mon 14 Nov, 2022


MEXICAN CORPORATE CREDIT INDICATORS: THIRD-QUARTER 2022 (POSSIBLE U.S. RECESSION
LOOMS OVER BUSINESS, ECONOMIC CLIMATES)

Special Report / Mon 14 Nov, 2022


CHILEAN CORPORATE CREDIT INDICATORS: THIRD-QUARTER 2022 (FINANCIAL DISCIPLINE
GUARDS AGAINST A DETERIORATING ECONOMY)

Special Report / Mon 14 Nov, 2022


COLOMBIAN CORPORATE CREDIT INDICATORS: THIRD-QUARTER 2022 (BUSINESS CLIMATE
FACES STRONG HEADWINDS IN 2023)



More Insights
Our approach


RATING CRITERIA

Learn More



Rating Criteria explains our forward-looking ratings approach. Criteria reports
identify rating drivers and assumptions, and highlight the scope and limitations
of our analysis. Master Criteria describe the basic foundation for our ratings
within a sector. Cross-Sector Criteria explain Fitch’s approach to topics that
relate to multiple areas or audiences. Sector-Specific Criteria describe Fitch’s
analytical approach for individual sectors, and address specific credit factors.



Our Approach


RATINGS PROCESS

Learn More



Fitch Ratings provides forward-looking credit opinions, as indicated by its
ratings, that reflect its expectations of credit behavior over a range of
scenarios. The rating process begins when an arranger, issuer, sponsor, or
underwriter contacts a member of Fitch’s Business Relationship Management (BRM)
group with a request to engage Fitch. Fitch may also initiate unsolicited rating
coverage where sufficient public information is available to provide insight to
subscribers and the public debt market.



Outlook 2022


GLOBAL ECONOMIC OUTLOOK



The European gas crisis, high inflation and a sharp acceleration in the pace of
global monetary policy tightening are taking a heavy toll on economic prospects.



Learn More
Video


RAPID UNWIND OF SUPPLY CHAIN DISRUPTION CUTS GOODS INFLATION



Global supply chains are easing at breakneck speed, helping to reverse the
post-Covid-19 surge in core good inflation.



Learn More
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Careers


02VIDEOS

HIGHER CORPORATE RENEWABLE POWER PURCHASES IN INDIA TO BENEFIT KEY STAKEHOLDERS

HIGHER CORPORATE RENEWABLE POWER PURCHASES IN INDIA TO BENEFIT KEY STAKEHOLDERS

ESG WILL INCREASINGLY INFLUENCE INSURERS’ STRATEGIES

APAC CORPORATES STEP UP BOND BUYBACKS AMID RISING RATES

AUSTRALIAN CORPORATE ISSUER EXPECTATIONS DAMPENED BY COST AND LABOUR CHALLENGES

2022 VIRTUAL INVESTOR SERIES - EMEA CLOS

APAC SOVEREIGNS FACE EXTERNAL HEADWINDS

RAPID UNWIND OF SUPPLY CHAIN DISRUPTION CUTS GOODS INFLATION

RISK TO INDIA’S SOVEREIGN RATING FROM EXTERNAL PRESSURES IS LIMITED

CHINA’S LATEST EASING POLICIES MAY NOT REVIVE NEW HOME SALES

RECESSION EXPECTED 2Q23, STRENGTH OF US CONSUMER WILL MITIGATE SEVERITY

APAC LIFE INSURERS’ LARGE LIQUIDITY POSITIONS LIMIT DERIVATIVE EXPOSURE RISKS

RISING COSTS ERODE RATING HEADROOM IN UK PUB SECTOR

WEAKER YEN’S IMPACT MIXED FOR JAPANESE MEGA BANKS

2022 VIRTUAL INVESTOR SERIES - CHINA RMBS

CHINA’S POPULATION FLOWS TO PRESSURE SOME LOCAL GOVERNMENTS’ FINANCIALS

ENERGY CRISIS TO WEAKEN CEE GROWTH IN 2023

OPEC+ ACTUAL OIL OUTPUT FALL TO BE LOWER THAN PRODUCTION QUOTA CUTS

INDONESIAN HOMEBUILDERS’ LEVERAGE TO RISE ON SLOWING PRESALES AND WEAKER
CURRENCY

2022 VIRTUAL INVESTOR SERIES - AUSTRALIA RMBS

A SHIFT TO CLEAN ENERGY WILL TIGHTEN METALS MARKETS

US BIOMANUFACTURING PLAN POSES MINOR RISKS TO CHINESE PHARMA CDMOS

HOME MORTGAGE BOYCOTTS IN CHINA: A SYSTEMIC RISK EXPLAINED

CYBER INSURANCE PREMIUM HIKES TO SUPPORT RETURNS AMID RISING CLAIMS

INDIAN AIRPORTS READY FOR TAKE-OFF, FUELLED BY DOMESTIC PASSENGERS

KEY TAKEAWAYS FROM THE 2022 INTERNATIONAL REINSURANCE CONFERENCE IN MONTE CARLO

APAC BANK REGULATORS LEAN TOWARDS CONSERVATIVE CRYPTO APPROACHES

HIGHER INTEREST RATES CHALLENGE APAC DIGITAL BANKS

SUSTAINED FALL IN APAC SOVEREIGN RESERVES COULD ERODE EXTERNAL BUFFERS FOR SOME

FINANCIAL LEVERAGE TO IMPROVE FOR JAPAN’S TOP-100 CORPORATES

CYBER RISK MITIGATION ADDS TO COST PRESSURE FOR NOT-FOR-PROFIT HOSPITALS

CHINA PROVINCIAL GOVERNMENT & SOES SNAPSHOT SERIES - HEBEI PROVINCE AND LOCAL
SOES

CREDIT PROFILES OF LEADING VEHICLE-BATTERY SUPPLIERS CAN WITHSTAND RAPID
EXPANSION

UNDERSTANDING THE SSA 50 HANDBOOK IN THREE MINUTES

US PUBLIC TRANSIT FACES MULTI-YEAR RECOVERY

CHINA ACCELERATES NPL RESOLUTION TO MITIGATE RISKS AT SMALLER BANKS

CHINA PROVINCIAL GOVERNMENT AND SOES SNAPSHOT SERIES - ZHEJIANG PROVINCE AND
LOCAL SOES

CHINESE NPL SECURITISATIONS’ PERFORMANCE TO FACE ECONOMIC HEADWINDS

US LABOR REMAINS TIGHT, TREND LIKELY PEAKED AS MEDIAN UNEMPLOYMENT FALLS BELOW
PRE-PANDEMIC LEVELS

RISE IN MORTGAGE DEFAULTS IN CHINA RAISES RISKS FOR BANKS AND DEVELOPERS

IMPACT OF RISING INTEREST RATES ON APAC BANKS

GLOBAL FOOD PRICE INFLATION LIKELY TO FALL SHARPLY IN 2023

EU COMPANIES STILL FACE GAS HALT RISK DESPITE NORD STREAM RESTART

SOUTHERN EUROPEAN BANKS HAVE HEADROOM FOR ASSET QUALITY RISK

EM BANKS’ PROFITABILITY MITIGATES ECONOMIC SLOWDOWN RISKS

CHINESE CORPORATE CREDIT POLARISATION PERSISTS ONSHORE DESPITE LIQUIDITY EASING

CHINA PROVINCIAL GOVERNMENT & SOES SNAPSHOT SERIES - SHANXI PROVINCE AND LOCAL
SOES

INDIAN RENEWABLE ISSUERS RETAIN REFINANCING FLEXIBILITY

U.S. BUY NOW PAY LATER CHALLENGED BY RISING CREDIT AND FUNDING COSTS

APAC SOVEREIGNS VULNERABLE IF CHINA SEES FURTHER COVID-19 OUTBREAKS

NON-EUROPEAN EMERGING MARKETS VULNERABLE TO AN EU GROWTH SHOCK

APPAREL, DURABLE GOODS MOST VULNERABLE TO CLIMATE RISK WITHIN RETAIL

INDIAN BANKS TO WEATHER NEAR-TERM PRESSURE FROM RATE HIKES

AUSTRALIAN BANK RATINGS SHOULD WITHSTAND A MODERATE HOUSING DOWNTURN

INDIA MACROECONOMIC AND SOVEREIGN OUTLOOK

HIGH OIL PRICES, RELOCATION SUPPORT UAE REAL ESTATE RECOVERY

UK AIRPORTS ARE MOST EXPOSED TO AIR TRAVEL DISRUPTIONS IN EUROPE

DEMAND AND GOVERNMENT POLICIES DRIVE GROWTH OF CHINA'S HEALTH INSURANCE MARKET

CHINA PROPERTY - GREY FUNDING CHANNELS

2022 MID-YEAR OUTLOOK - SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL FROM
IMPROVING ON UKRAINE WAR IMPACT

MACRO RISK MAY OVERTAKE REGULATORY RISK FOR CHINESE TECH FIRMS

INDIA’S FINTECH REGULATION SET TO TIGHTEN FURTHER

RISING TECHNOLOGICAL RISKS FOR APAC BANKS MAY WEIGH ON RATINGS

2022 MID-YEAR OUTLOOK - APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS

2022 MID-YEAR OUTLOOK - INFLATION, RATE RISES, STAGFLATION UNDERMINE SECTOR
OUTLOOKS

2022 MID-YEAR OUTLOOK - GLOBAL CORPORATES ARE ADEQUATELY EQUIPPED TO WEATHER
RISKS IN 2022

CHINESE DIGITAL ECONOMY’S INDUSTRIAL PENETRATION SET TO RISE

APAC ‘BBB-’ AND ‘BBB’ CORPORATES: STAGFLATION DOWNGRADE RISK

US PUBLIC SCHOOL DISTRICTS FACE HEIGHTENED LABOR COST PRESSURES

SINGAPORE'S GREEN SOVEREIGN BONDS TO BOOST SUSTAINABLE FINANCE CAPACITY

CHINA’S PROPERTY DEVELOPERS USE JV AS A FUNDING CHANNEL, INCLUDING COMPLEX
STRUCTURES

INDONESIAN HOMEBUILDERS’ CASH FLOWS TO MODERATE ON RISING COSTS, SLOWER
PRE-SALES

CHINA PROPERTY DEVELOPERS’ GREY FUNDING CHANNELS - REVERSE FACTORING

CHINA'S CONSUMER-FOCUSED FIRMS FACE VARYING RISKS AS DEMAND WEAKENS

HOUSING MARKET SLOWDOWN INFLUENCES CANADIAN BANK, SOVEREIGN RATINGS

EU’S RUSSIAN OIL BAN TO REDIRECT TRADE FLOWS, PROP UP PRICES

CHINESE STATE SECTOR TO REQUIRE MORE DEBT TO FUND INVESTMENT GOALS

UK CLIMATE STRESS TEST FOR BANKS, INSURERS IS THE TOUGHEST YET

EU UTILITIES FACE ACCELERATED SYSTEMIC SHIFT IN ENERGY MARKET

AUSTRALIAN FISCAL OUTLOOK STEADY AS NEW GOVERNMENT FOCUSES ON CLIMATE CHANGE

CHINA BANK RISKS TO RISE ON COVID-RELATED DISRUPTIONS

RUSSIA-UKRAINE CRISIS DISRUPTS EUROPEAN AEROSPACE SUPPLY CHAINS

SUPPLY-CHAIN ABS - A UNIQUE FUNDING SOURCE FOR CHINA‘S PROPERTY DEVELOPERS

IMPACT OF ADVERSE ECONOMIC SCENARIO ON EMEA CORPORATES

INDIAN RENEWABLE POWER GENERATORS FACE MODEST GAINS FROM SPIKING POWER DEMAND

MACRO POLICY AND PERFORMANCE KEY TESTS FOR NEW PHILIPPINE PRESIDENT

MONETARY TIGHTENING POSES MEDIUM-TERM RISKS TO JAPAN’S DEBT DYNAMICS

CHINA 2022 GROWTH FORECAST CUT AMID COVID-19 OUTBREAKS

U.S. TO RECOVER ALL PANDEMIC-DRIVEN JOB LOSSES BY Q3 2022

HIGHER FUEL COSTS COULD TEST RESILIENCE OF INDIA ABS TRANSACTIONS

WHAT INVESTORS WANT TO KNOW - CHINESE CORPORATES’ POST-DEFAULT RECOVERY

DM BANKS FACE PROFIT CHALLENGES AFTER BOUNCE-BACK FROM PANDEMIC

RISING US HOUSE PRICES DRIVE INTEREST IN ESSENTIAL HOUSING

US STATES STRATEGIZE FOR CLEAN ENERGY TRANSITION

HIGH GAS PRICES COULD SLOW GAINS IN TOLL ROAD LEISURE TRAFFIC

APAC BANKS’ DEEPER STABLECOIN ENGAGEMENT CARRIES RISKS

IMPLEMENTATION RISKS LURK IN US STATE 2022 TAX CUT PLANS

UKRAINE WAR INTENSIFIES LOW-CARBON SUPPLY-CHAIN DISRUPTIONS

CHINA DEVELOPERS’ AUDIT PROBLEMS RAISE FINANCING PRESSURES

CENTRAL TRANSFERS EASE CHINA’S LOCAL GOVERNMENT FISCAL STRAINS

PANDEMIC ENTRENCHED STATE POPULATION CHANGES, MIGRATION KEY FACTOR

RUSSIA SANCTIONS CREATE DIVESTMENT CHALLENGES FOR EM ETFS

US FEDERAL RESERVE DIGITAL CURRENCY COULD IMPACT MONEY MARKET FUNDS

CHINA PROVINCIAL GOVERNMENT & SOES SNAPSHOT SERIES - HENAN PROVINCE AND LOCAL
SOES

DECENTRALISED FINANCE MAY DIVIDE INTO REGULATED AND UNREGULATED

EUROPEAN AIRLINES’ RECOVERY DAMPENED BY RUSSIA-UKRAINE CONFLICT

FITCH EXPECTS SIGNIFICANT ECONOMIC SHOCK TO CIS+ REGION FROM WAR IN UKRAINE

CHINA LOOSENS FISCAL POLICY TO SUPPORT SLOWING ECONOMY

GROWING CRYPTO MINING COULD AFFECT ENERGY MARKETS

GLOBAL PHARMA AND BIOTECH PIVOTS TOWARDS R&D PRODUCTIVITY

BANK OF CANADA RAISES INTEREST RATES AND MULLS QUANTITATIVE TIGHTENING

RUSSIA-UKRAINE CONFLICT RAISES RISKS FOR SOME EMERGING MARKETS

CHINESE DEVELOPERS’ FUNDING

LATIN AMERICAN CORPORATES TOP 10 WHAT INVESTORS WANT TO KNOW 2022

TRANSPORTATION INFRASTRUCTURE CRITERIA SNAPSHOT

SINGAPORE BUDGET SHIFTS FOCUS TO MEDIUM-TERM CHALLENGES

STRONGER DOLLAR REMAINS A RISK FOR EMERGING-MARKET SOVEREIGNS

RESIGLOBAL – A MODEL FOR THE ANALYSIS OF RESIDENTIAL MORTGAGE PORTFOLIOS

JAPAN’S INCOME POLICIES HELP, BUT INSUFFICIENT TO SPUR WAGE GROWTH

2022 CREDIT OUTLOOK - CANADIAN PROVINCES

CHINA’S NEW RULES FOR LARGE MMFS COULD REDUCE SYSTEMIC RISK

GROWING CRYPTO ENGAGEMENT CARRIES RISKS FOR SE ASIAN BANKS

2022 CREDIT OUTLOOK - ECONOMIC RECOVERIES DRIVE GLOBAL FINANCIAL SECTOR OUTLOOKS
IN 2022

2022 CREDIT OUTLOOK - INNOVATION DRIVES GROWTH IN GLOBAL BIG PHARMA & BIOTECH

2022 CREDIT OUTLOOK - BASE METALS DEMAND GROWTH SUPPORTS GLOBAL MINING SECTOR
OUTLOOK

2022 CREDIT OUTLOOK - FINANCIAL DISCIPLINE SUPPORTS GLOBAL OIL GAS SECTOR
OUTLOOK

2022 CREDIT OUTLOOK - U.S. HEALTHCARE AND PHARMA OUTLOOK NEUTRAL FOR 2022

2022 CREDIT OUTLOOK - PRICING POWER MUST OFFSET COST PRESSURES IN EUROPEAN LEV
FIN

2022 CREDIT OUTLOOK - MORE ENTRENCHED RECOVERY UNDERPINS FISCAL IMPROVEMENT IN
WESTERN EUROPE

SME AND MICROFINANCE STRESS TO RAISE NPLS FOR INDIAN NBFIS

2022 CREDIT OUTLOOK - POLICY TIGHTENS BUT SOVEREIGNS OUTLOOK FOR 2022 IS
IMPROVING

2022 CREDIT OUTLOOK - RISING LABOR EXPENSES CLOUD U.S. NFP HOSPITALS

2022 CREDIT OUTLOOK - GLOBAL AIRLINE OUTLOOK IMPROVING BUT MATERIAL RISKS REMAIN

2022 CREDIT OUTLOOK - LATAM BANKS SEE CREDIT EXPANSION, MANAGEABLE CREDIT LOSSES
IN 2022

2022 CREDIT OUTLOOK - CANADIAN BANKS WILL CONTINUE TO BENEFIT FROM ECONOMIC
RECOVERY IN 2022

2022 CREDIT OUTLOOK - WESTERN EUROPEAN BANKS TO BENEFIT FROM ONGOING ECONOMIC
RECOVERY

2022 CREDIT OUTLOOK - U.S. LEV FIN OUTLOOK NEUTRAL FOR 2022; LOW DEFAULTS BUT
RISKS TO MONITOR

CHINA PROPERTY STRESS SCENARIO POINTS TO CONTAGION RISK

2022 CREDIT OUTLOOK - EMEA STRUCTURED FINANCE ASSET PERFORMANCE OUTLOOK NEUTRAL
FOR ALL SECTORS

2022 CREDIT OUTLOOK - CHINA LGFVS - GOVERNMENT POLICIES TO BE A KEY FOCUS

2022 CREDIT OUTLOOK - APAC CORPS NEUTRAL OUTLOOK OVERALL, CHINA PROPERTY
WORSENING

2022 CREDIT OUTLOOK - FITCH EXPECTS OPERATING ENVIRONMENT FOR LPCS TO REMAIN
UNCHANGED IN 2022

2022 CREDIT OUTLOOK - NORTH AMERICAN AND EUROPEAN SECURITIES FIRMS OUTLOOKS
NEUTRAL FOR 2022

2022 CREDIT OUTLOOK - RETURN OF CONFIDENCE KEY TO STABILITY FOR CHINESE PROPERTY
DEVELOPERS

2022 CREDIT OUTLOOK - NORTH AMERICAN STRUCTURED FINANCE ASSET PERFORMANCE TO
REMAIN STEADY IN 2022

2022 CREDIT OUTLOOK - GLOBAL HOME PRICE GROWTH TO SLOW IN 2022

2022 CREDIT OUTLOOK - EMEA UTILITIES STABLE ON HIGH PRICES, INCREASING CAPEX
PLANS

2022 CREDIT OUTLOOK - ASIA-PACIFIC SOVEREIGNS - GRADUAL TURN TO POLICY
NORMALISATION

2022 CREDIT OUTLOOK - NORTH AMERICA TO GROW STRONGLY IN 2022, POLICY WILL
TIGHTEN

2022 CREDIT OUTLOOK - GLOBAL AUTO CONDITIONS TO IMPROVE IN 2022, SUPPLY CHAIN
RISK EXISTS

2022 CREDIT OUTLOOK - CHINA STRUCTURED FINANCE PERFORMANCE MAY DETERIORATE IN
2022

2022 CREDIT OUTLOOK - U.S. RETAIL – REVENUE DECELERATION EXPECTED

2022 CREDIT OUTLOOK - NEUTRAL 2022 OUTLOOK FOR U.S. TECHNOLOGY

2022 CREDIT OUTLOOK - APAC BANKS' EARNINGS IMPROVEMENTS CONTINUE AT A VARYING
PACE

2022 CREDIT OUTLOOK – NORTH AMERICA & EUROPE FINTECH

2022 CREDIT OUTLOOK - GLOBAL BANKING REGULATION TO TIGHTEN FOR 2022

2022 CREDIT OUTLOOK - PRO-CYCLICAL POSTURES AND RATE VIEWS MAY TEST FINANCIAL
POLICIES

2022 CREDIT OUTLOOK - NORMALIZATION EXPECTED FOR U.S. BANKS IN 2022

2022 CREDIT OUTLOOK - U.S. STATE AND LOCAL GOVERNMENTS SEARCH FOR PREDICTABILITY
IN 2022

2022 CREDIT OUTLOOK - GLOBAL AEROSPACE END MARKET IMPROVING, DEFENSE STABLE

2022 CREDIT OUTLOOK - GLOBAL INVESTMENT MANAGERS RESILIENT TO 2022 CHALLENGES

2022 CREDIT OUTLOOK - NEUTRAL SECTOR OUTLOOK MAINTAINED FOR EMEA RENEWABLE
ENERGY

2022 CREDIT OUTLOOK - INFLATION COULD DISRUPT STEADIER U.S. TRANSPORTATION IN
2022

2022 CREDIT OUTLOOK - ASIA-PACIFIC TRANSPORTATION INFRASTRUCTURE

2022 CREDIT OUTLOOK- EMEA TRANSPORT INFRASTRUCTURE SECTOR OUTLOOK IS IMPROVING

2022 CREDIT OUTLOOK - MODERATE RECOVERY, CHALLENGES REMAIN FOR APAC TECH IN 2022

2022 CREDIT OUTLOOK - U.S. DIVERSIFIED INDUSTRIALS AND CAPITAL GOODS OUTLOOK
NEUTRAL FOR 2022

2022 CREDIT OUTLOOK - NEUTRAL US BDC OUTLOOK DRIVEN BY SOLID FINANCIAL PROFILES

2022 CREDIT OUTLOOK - LATIN AMERICAN CORPORATES WELL POSITIONED FOR CHALLENGES
AHEAD

2022 CREDIT OUTLOOK - CLIMATE RISKS AND EVOLVING FINANCING STRUCTURES FOR U.S.
ENERGY INFRASTRUCTURE IN 2022

2022 CREDIT OUTLOOK - APAC POWER DEMAND AND ENERGY TRANSITION TO ACCELERATE

2022 CREDIT OUTLOOK - LOW HEADROOM FOR APAC TELCO’S RATINGS, IMPROVEMENTS MODEST

RISING INSURANCE COSTS ADD TO US PUBLIC FINANCE CYBER PRESSURES

CHINA PROVINCIAL GOVERNMENT & SOES SNAPSHOT SERIES - YUNNAN PROVINCE AND LOCAL
SOES

AUSTRALIAN MONETARY POLICY RECALIBRATION SIGNALS INFLATION RISK

INFRASTRUCTURE BILL COULD SPUR OVERDUE ROAD, BRIDGE REPAIRS

RATING CRITERIA SYNOPSIS - CORPORATE RATING CRITERIA

CREDIT BRIEF - GLOBAL STRUCTURED FINANCE CORONAVIRUS PERFORMANCE REPORT 4Q21

FITCH RATINGS IS THE MARKET LEADER IN INDIA

CHINA PROPERTY TAX MAY ADD TO NEAR-TERM LRG CASH-FLOW STRAINS

RATING CRITERIA SYNOPSIS - STRUCTURED FINANCE AND COVERED BONDS COUNTERPARTY
RATING CRITERIA

RATING CRITERIA SYNOPSIS - GLOBAL STRUCTURED FINANCE RATING CRITERIA

JAPAN’S NEW LEADER UNLIKELY TO SHIFT POLICY APPROACH SHARPLY

CHINESE COAL, STEEL AND CEMENT FIRMS TO SEE FURTHER CONSOLIDATION

FITCH RATINGS LEADS THE WAY IN USPF/PUBLIC POWER

EFFECTS OF HISTORIC DROUGHT VARY ACROSS BRAZILIAN CORPORATES

EMERGING MARKETS CENTRAL BANKS RESPOND TO INFLATION SHOCK

CHINA PROVINCIAL GOVERNMENT & SOES SNAPSHOT SERIES - JIANGSU PROVINCE AND LOCAL
SOES

YOUNG BUYERS, ONLINE SALES DRIVE GROWTH OF CHINA’S LOCAL BRANDS

SOUTH-EAST ASIA FINTECHS’ PATH TO PROFITABILITY KEY AS ADOPTION GAINS PACE

FITCH RATINGS IS THE MARKET LEADER IN ISLAMIC FINANCE

LATAM BANKING SYSTEMS TESTED BY POLITICAL AND SOCIAL UNREST

CHINA WATER SECTOR BLUE BOOK

US RESTAURANTS UP PRICES TO OFFSET LABOR INFLATION ON STRONG DEMAND

SYSTEMIC CYBERATTACK COULD PRESENT MATERIAL RISK FOR U.S. BANKS

US HEALTHCARE SYSTEM TO EXPAND, ADAPT TO LONG-TERM COVID-19 FALLOUT

CREDIT IMPACT OF INFLATION RISK VARIES FOR AUSTRALIAN ISSUERS

RELENTLESS CYBER ATTACKS TO PRESSURE NFP HOSPITALS’ OPERATIONS

CHINA’S SOES TO SEE GREATER DIFFERENTIATION OF STATE SUPPORT

OLYMPICS WITHOUT CROWDS TO COST REINSURERS USD300M-400M

GOVERNANCE MOST INFLUENTIAL GLOBAL INFRASTRUCTURE ESG FACTOR

FITCH RATINGS IS THE MARKET LEADER IN VIETNAM

EXTERNAL LIQUIDITY STRAINS EASE IN SOME APAC FRONTIER ECONOMIES

RESIGLOBAL - A WALK-THROUGH VISUAL AID TO USING FITCH’S RMBS ASSET MODEL

COVID-19 EXACERBATING US AFFORDABLE HOUSING STRESSES

REGULATORY RISK A KEY FACTOR INFLUENCING CHINESE INTERNET ISSUERS’ CREDIT
PROFILES

PUBLIC INFRASTRUCTURE CYBERATTACKS MAY POSE BROAD FINANCIAL RISK

INDIA’S SECOND WAVE MANAGEABLE FOR MOST COMPANIES; SWIFT REBOUND EXPECTED IN
AUTO DEMAND

EXCLUSIVE INTERVIEW WITH AUSTRALIAN TREASURER

A HIGHER US CORPORATE TAX RATE IS NOT A KEY CREDIT RISK DRIVER

CENTRAL BANK DIGITAL CURRENCIES MAY DISRUPT FINANCIAL SYSTEMS

AUSTRALIA’S BUDGET HIGHLIGHTS CREDIT-POSITIVE GROWTH RECOVERY

WATER, AIR QUALITY, ENERGY, BIODIVERSITY & EXTREME CLIMATE ISSUES TO AFFECT
CREDITS

RATING OUTLOOKS FOR FINANCIAL INSTITUTIONS BEGIN TO STABILIZE

US INFRASTRUCTURE BILL MIXED FOR TELECOM, BENEFICIAL FOR BUILDING MATERIALS
LONGER TERM

FITCHCAST – GLOBAL STRUCTURED FINANCE PERFORMANCE: A YEAR INTO A GLOBAL PANDEMIC

SPECTRUM OUTCOMES TO SHAPE 5G PRIORITIES, CREDIT TRENDS

CHINA’S FINTECH EVOLVES ON FAST TRACK, DIVERSIFIED APPLICATIONS

EXCLUSIVE Q&A WITH NEW ZEALAND FINANCE MINISTER

TIGHTER REGULATION TO TRIM CHINA HOUSEHOLD LENDING GROWTH

REPROFILING BANK DEBT MAY POSE RATING CHALLENGES FOR CHINA SOES

CORONAVIRUS ACCELERATES US DIGITAL BANKING, BRANCH OPTIMIZATION

EXCLUSIVE Q&A WITH INDONESIAN FINANCE MINISTER

FITCHCAST SSA - GOVERNMENT RELATED ENTITIES

TRAVEL REBOUND TO BOOST US, CANADIAN AIRPORT AND AIRLINE RECOVERY

US CLIMATE POLICY MAY ALTER SOME US CORPORATE BUSINESS MODELS

CHINA’S HIGH-TECH FOREIGN DIRECT INVESTMENT

FITCH LONG TERM ESG VULNERABILITY SCORES

AUSTRALIA ABS PERFORMANCE

US STIMULUS WILL BOOST GROWTH AT A COST OF HIGHER DEFICITS, DEBT

CHINA STRIKES CAUTIOUS NOTE ON FISCAL CONSOLIDATION

CHINA’S TOUGHER ONLINE LOAN RULES UNLIKELY TO HURT RATED BANKS

PANDEMIC FALLOUT TO DELAY US DRUG PRICE REFORM, BIOSIMILARS UPTAKE

AWARENESS AND CONFIDENCE KEY CHALLENGES FOR ISLAMIC FINANCE GROWTH

CREDIT OUTLOOK CONFERENCE KEY TAKEAWAYS - GLOBAL MACRO AND SOVEREIGNS

KEYSTONE EXECUTIVE ORDER SETS PRECEDENT FOR NA MIDSTREAM ENERGY

SEMICONDUCTOR SHORTAGE DELAYS GLOBAL AUTOMOTIVE SECTOR RECOVERY

THE RISE OF CONSUMER FINANCE IN CHINA TO BOLSTER CONSUMPTION

LATAM SPOTLIGHT SERIES: NEW CROSS-BORDER ISSUERS SPAN MULTIPLE SECTORS AND
COUNTRIES

ESG IMPACT ON STRATEGY, FINANCING, POLICIES WILL GROW IN 2021

CHINA BANK PROPERTY LENDING CAPS TO CURB CONCENTRATION RISKS

FITCH RATINGS 2021 OUTLOOK - US MUNICIPAL SECTORS

U.S. HEALTHCARE AND PHARMA OUTLOOK STABLE FOR 2021

HOME PRICE GROWTH TO STALL AROUND THE GLOBE IN 2021

FITCH RATINGS 2021 OUTLOOK - APAC SOVEREIGNS

FITCH RATINGS 2021 OUTLOOK - CHINA HOMEBUILDING

FITCH RATINGS 2021 OUTLOOK - CHINA LOCAL REGIONAL GOVERNMENTS AND RELATED
ENTITIES

LATIN AMERICA SOVEREIGN RATING PRESSURES PERSIST INTO 2021

FITCH RATINGS 2021 OUTLOOK - APAC BANKS

CORONAVIRUS DOMINATES GLOBAL SOVEREIGNS 2021 OUTLOOK

FITCH RATINGS 2021 OUTLOOK - AUSTRALIA AND NEW ZEALAND STRUCTURED FINANCE

APAC CORPS TO RECOVER IN 2021, BUT CASH FLOW WEAKER THAN 2019

FITCH RATINGS 2021 OUTLOOK - CHINA STRUCTURED FINANCE

CHINA E-TAILING SECTOR

REBOUND IN GLOBAL TRAVEL WILL BE GRADUAL DESPITE PROBABLE VACCINES

APAC CORPORATE EARNINGS IMPROVING; STILL FACE PANDEMIC STRAIN

US ELECTION – DIVIDED CONGRESS LIMITS CREDIT IMPACT

REACTING TO GLOBAL CHANGES - EFFECTIVE CASH MANAGEMENT

US PHARMA COVID-19 VACCINE TO BENEFIT REVENUE MORE THAN MARGINS

INDONESIA’S REFORM PACKAGE BOOSTS GROWTH PROSPECTS

CHINA’S GAS REFORM CREDIT NEUTRAL FOR NOCS; POSITIVE FOR LARGE DISTRIBUTORS

DRAWN-OUT U.S. PRESIDENTIAL ELECTION SCENARIO HIGHLIGHTS GOVERNANCE RISKS

CHINESE SECURITIES FIRMS ENJOY HIGH PROFITABILITY VS APAC PEERS

RATINGS PROCESS

FITCH RATINGS INTRODUCES PEER GROUP OF 50 ASIAN HIGH-YIELD CORPORATES

US EXPORTS CURBS ON CHINESE FORMS TO SHIFT TECH SUPPLY CHAINS

CUTTING-EDGE CHINESE E-TAILING OPERATORS COMPETE INTENSELY IN FAST-EVOLVING
MARKET

SINGAPORE REITS – CHALLENGES TO PERSIST IN 2021

TELCOS WORLDWIDE TO RAMP UP 5G CAPEX, RAISING PRESSURE ON CREDIT PROFILES

RATING CRITERIA SYNOPSIS - STRUCTURED FINANCE AND COVERED BONDS COUNTRY RISK
RATING CRITERIA

AUSTRALIAN ARREARS REACH RECORD HIGH FOR AUTO ABS, REMAIN LOW FOR RMBS AMID
CORONAVIRUS

CHINESE VEHICLE BATTERY SUPPLIERS

CORONAVIRUS NOT THE ONLY CHALLENGE FOR CORPORATE RATINGS

REINSURANCE SECTOR WILL STRUGGLE TO EARN COST OF CAPITAL IN 2020/21

WHEN LGFVS MEET NEW INFRASTRUCTURE

TELEHEALTH PROVIDES US HEALTHCARE TEMPORARY REVENUE STOP GAP

DID YOU KNOW? UNIQUE MORTGAGE MARKET FEATURES

CORONAVIRUS SPURS MATERIAL INCREASE IN LATAM CORPORATE FALLEN ANGELS

CHINESE E-TAILING RISING AS CONSUMERS EYE DISCRETIONARY ITEMS ONLINE

CHINESE HOME APPLIANCES BLUEBOOK

BLUE BOOK: CHINESE HOME APPLIANCES TO RIDE ON URBANISATION, M&AS FOR GROWTH

CHINESE AUTO ABS SHOWS RESILIENCE AMID PANDEMIC; HEADWINDS REMAIN

CORONAVIRUS IMPACT ON ASIA-PACIFIC TELECOMS AND TECHNOLOGY

US CORPORATE SUPPLY CHAIN-DRIVEN CREDIT RISK IS MOSTLY LOW TO MODERATE

DECHERT LIBORCAST: LIBOR TRANSITION – THE RATING AGENCY PERSPECTIVE

REOPENING OF AUSTRALIA’S ECONOMY HAS VARYING IMPACT ACROSS CORPORATE SECTORS

CHINA’S SHIFT TO E-TAILING PICKS UP AFTER CORONAVIRUS OUTBREAK

2020 VIRTUAL INVESTOR MEETING - STRUCTURED FINANCE IN THE TIME OF COVID-19

INVESTORS AND CORPORATES PERCEIVE FUTURE ESG RISKS DIFFERENTLY

LATIN AMERICAN CORPORATES HIT HARD BY PANDEMIC LOCKDOWN

CORPORATES FACE USD5 TRILLION 2020 REVENUE LOSS FROM CRISIS

USPF NOT-FOR-PROFIT HOSPITALS & HEALTH SYSTEMS

COVID-19 INVESTOR POLL: A GRADUAL U-SHAPED RECOVERY

LATAM OIL & GAS SEE PROFITABILITY HIT SEVERELY IN 2020

CHINA TRADE CLASH RISKS VARY FOR AUSTRALIAN CORPORATES

INTRODUCING IPF CHINA FITCH ANALYTICAL COMPARATIVE TOOL (FACT)

LATAM TELECOMS MAY CUT CAPEX DUE TO CORONAVIRUS-RELATED CASH BURN

GLOBAL SPORTS LEAGUES WEIGH RISKS OF REOPENING SEASONS

EXTENDED PRODUCTION CUTS TO RAISE LATAM METAL & MINING RATING RISK

CHINA SHADOW-FINANCING SECTOR FACES RISING ASSET IMPAIRMENT

ESG CREDIT QUARTERLY Q1 2020

CORONAVIRUS TESTS EV GROWTH, RAISES EU CARMAKERS’ PENALTY RISK

OPEC+ DEAL REDUCES DOWNSIDE RISKS, SURPLUS NOT ELIMINATED

APAC BANKING OUTLOOKS NEGATIVE AS CORONAVIRUS HEIGHTENS RISKS

LURE OF HIGHER INFLOWS TO FUEL ESG FUND LAUNCHES POST-CORONAVIRUS

OWNERSHIP AND SECTOR KEY FACTORS IN CHINA SOE DEFAULTS

FITCH RATINGS WEBSITE VIRTUAL TOUR

39% OF APAC CORPORATES MORE EXPOSED TO CORONAVIRUS

CHINESE EXPRESS DELIVERY COMPANIES FACING RISING CAPEX NEEDS

OIL SHOCK COMPOUNDS SOVEREIGN CREDIT RISKS FROM CORONAVIRUS

INDUSTRY FACES CLIMATE TRANSITION CHALLENGE

GERMAN 2030 CLIMATE PACKAGE MAY BECOME GREEN LAW BLUEPRINT

POLITICAL CONCERN AND REFINANCING RISKS – KEY FINDINGS FROM THE FITCH
RATINGS-FINANCEASIA 2020 ASIA CREDIT MARKET OUTLOOK SURVEY

COMMODITIES AND TRADE STRESS LATIN AMERICA’S VULNERABILITY TO CHINA

CHINA SLOWDOWN WOULD HIT BANKS IN ASIAN DEVELOPED MARKETS MOST

VIDEO ROUNDTABLE: UNITED STATES AND THE GLOBAL ECONOMY - SEPTEMBER 2018

THE UNITED STATES AND THE GLOBAL ECONOMY - A VIDEO ROUNDTABLE



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04EVENTS


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NOVEMBER
NOV, 16

12:00 - 16:30 New York




BDC CONFERENCE 2022

Hosted

NOV, 16

15:30 - 17:00 Beijing




CO-HOSTED WITH BCCL - SEEKING OPPORTUNITIES IN TIMES OF TRANSITION

Third Party

NOV, 17

08:00 - 14:00 Abu Dhabi




MILKEN INSTITUTE MIDDLE EAST AND AFRICA (MEA) SUMMIT 2022

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NOV, 17

08:30 - 12:00 New York




FITCH RATINGS 2022 NORTH AMERICAN INSURANCE CONFERENCE

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NOV, 17

15:00 - 16:00 London




EUROPEAN CLOS – 4Q 2022 UPDATE

Webinars

NOV, 22

08:30 - 12:00 Stockholm




NORDIC/EUROPEAN CORPORATES AND FINANCIAL INSTITUTIONS – RISKS, OPPORTUNITIES &
ESG

Hosted

NOV, 22

09:00 - 16:45 Istanbul




BONDS, LOANS AND SUKUK TURKEY

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NOV, 22

09:00 - 15:00 Dublin




IACT2022 ANNUAL TREASURY MANAGEMENT CONFERENCE

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NOV, 24

13:00 - 17:00 Shanghai




FITCH ON CHINA 2022 (MANDARIN VIRTUAL CONFERENCE)

Hosted

NOV, 30

10:00 - 05:00 Sydney




FITCH IS A SPONSOR: AUSTRALIAN SECURITISATION CONFERENCE 2022

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JANUARY
JAN, 12

08:30 - 13:00 London




CREDIT OUTLOOK LONDON 2023

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