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The UK government's plan to cut the maximum stake on fixed-odds betting terminals to GBP2 from GBP100, announced yesterday, could put pressure on the credit profiles of many UK gaming companies as their revenues and margins will be likely to fall, Fitch Ratings says. The expected ratings on the enlarged GVC/Ladbrokes group incorporate the proposed

Global rating outlooks have moved to their most positive level since the financial crisis. However, the net bias is only just over 1% and occurs as the world is about to hit peak growth in the current cycle. In this context, investment managers show a high degree of consensus, both in terms of their credit investment outlooks and their views on the

 A recent residential mortgage-backed securities (RMBS) transaction issued by a non-bank financial institution (NBFI) in Canada is backed by high credit quality mortgages but exposes investors to extended loan default risk in an uncertain housing market environment, Fitch Ratings says. Fitch did not rate this transaction. However, our rating

A rise in non-traditional or no income borrower documentation has led to significant variation in the credit risk of recently originated investor property loans in US residential mortgage-backed securities (RMBS) deals. Loans that do not meet traditional residential or commercial underwriting standards have significantly higher credit risk than

Conditions are likely to get tougher for the UK's non-bank lenders, given their exposure to the deteriorating financial health of the country's household sector. Household focused non-bank financial institutions (NBFIs) are typically more sensitive to this sector than banks, given their narrower focus. Most bank lending to the household sector is

Increased activity in Mozambique's transport infrastructure project pipeline has prompted an upward revision to our construction growth forecast for 2017 and 2018, while delays to the start up of the Coral LNG project have pushed back our anticipation for a spike in industry growth to 2023 rather than in 2022. Overall the 10-year growth outlook for

Centrally cleared cryptocurrency derivatives could be a real-world test of clearinghouses' margining and default procedures, particularly if derivative notional volumes increase and cryptocurrencies exhibit heightened price volatility. Although they have largely avoided direct exposure to cryptocurrencies, banks' role as clearing members creates a

The European Commission's proposal for the next Multiannual Financial Framework (MFF) would support the creditworthiness of the European Union ('AAA'/Stable) despite the negative impact of Brexit on EU funding. The UK's exit from the EU means that other net contributors would pay more into the EU budget, and the Commission has proposed cuts to

The announced merger between T-Mobile and Sprint has the potential to reduce future revenue in outstanding U.S. CMBS wireless tower securitizations.

Fitch considers leases in which T-Mobile and Sprint lease space on the same tower to be at a greater risk for either non-renewal or decommissioning. That said, the churn or loss of revenue would

EU steps taken to protect the interests of European companies in Iran send a strong political message, but face major barriers to implementation, given the dominance of the US in the global economy and financial markets. We maintain our view for a reduction in Iranian oil exports in 2019, with substantial decreases in purchases from European buyers