Fitch Updates Ratings Definitions

CHICAGO--(BUSINESS WIRE)-- Effective today, Fitch Ratings updates its Ratings Definitions to remove the assignment of Recovery Ratings (RR) to structured finance transactions. Fitch is withdrawing all RRs assigned to structured finance issues. RRs will continue to be assigned to credits rated 'B' and below in other sectors.

The rating actions have also been modified in light of these changes. The assignment of Recovery Ratings for Structured finance issuers has been moved to 'Historic Actions recognizing that actions will not be applied in the future.

Structured finance analysts will be providing a new metric known as a Recovery Estimate (RE)for distressed securities which will be a range rather than any rating. Further detail can be found in the special report 'Structured Finance Recovery Estimates for Distressed Securities' published Friday, Nov. 18, 2011.

Changes have been made to Ratings Definitions available on the Fitch website, 'www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsEileen Fahey, +1-312-368-5468Managing DirectorFitch, Inc.70 West Madison St.Chicago, IL 60602orTrevor Pitman, +1 44(0) 20 7417 4280Group Managing DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: [email protected]

Source: Fitch Ratings