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The location of Amazon's second headquarters (HQ2) will not have a near-term impact on local government ratings or the housing market around the eventual winner.

The jobs brought by HQ2 will only affect the local governments that can capture the attendant property, sales and income taxes. The projected 50,000 jobs the regions will gain varies from

Though a fairly small piece of U.S. CMBS 2.0 transactions, performance of student housing properties continues to lag other property types.

Student housing properties have historically fared worse than traditional multifamily properties. With delinquencies increasing over the last couple of months, student housing delinquencies are now four times

The foundations of an institutional money fund industry have been laid in Saudi Arabia. Retail investors represent the largest share of money fund investors in Saudi Arabia; however, Fitch has identified an increasing number of funds offering high minimum initial investment share classes, which are typically accessible only to large or

The Nicaraguan government's rollback of social security (INSS) changes amid widespread protests will lead to increased general government financing requirements and debt in 2018 and 2019, says Fitch Ratings. The INSS cash reserves previously projected to last through 2019 are depleting faster than expected. The protests and violence over INSS

Second-lien exposure in US broadly syndicated loan (BSL) collateralized loan obligations (CLOs) is on the rise after a decline since the latest peak in mid-2015. Recently launched US CLOs rated by Fitch Ratings have been building in higher limits for second-lien exposure, likely for flexibility to manage weighted average spread (WAS) pressures.

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Through the next decade one of our long-term views for refined fuel consumption, specifically in developed markets, is that of a gradual structural decline. This is predominantly driven by improving fuel efficiency of conventional internal combustion engines (ICE) added into the vehicle fleets, eroding energy demand. However, we expect the

Depreciation on two to six-year old vehicles in the U.S. is forecast at 17% for 2018, up from 13% in 2017, according to Black Book. This is due to rising used supply entering the wholesale markets, driven in part by a 12% jump yoy in lease returns coming due. Fitch Ratings believes this will drive recovery rates in auto asset backed securities (ABS

Fitch-rated Russian banks appear able to absorb potential credit losses from their exposure to individuals and companies targeted by US sanctions announced on 6 April. Most rated banks do not have material exposure, and those that do appear to have collateral or sufficient pre-impairment profitability to cover potential losses. We therefore do not

BMI View: The depreciation of the Venezuelan bolivar will not slow in the months ahead, as the Venezuelan government will do little to address the fundamental drivers of depreciation.

• The Venezuelan bolivar (VEF) will continue to depreciate at a rapid pace in both the official and black markets in 2018.
• The re-denomination of the currency will

We expect intellectual property protection to improve over the coming years as the Chinese government seeks to move up the value chain. However, the standards in China are unlikely to meet the expectations of Western companies in the near term due to significant training required for government employees and vested interest groups.

We expect