Articles

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

The effect of Toys 'R' Us' announcement that it will close all 735 of its stores on CMBS transaction TRU Trust 2016-TOYS is a prime example of how retail pressures can affect credit outcomes and how CMBS transactions can avoid risks. In October 2016, the deal launched and we declined to provide high investment-grade ratings while it was rated up to

The transposition of the EU Bank Recovery and Resolution Directive (BRRD) into Norwegian law on 23 March 2018 increases the protection of covered bondholders against a potential issuer default, says Fitch Ratings. This is because the new Norwegian bank resolution framework includes the bail-in tool for senior liabilities, while covered bonds are

UK asset managers face a further squeeze on profits from new rules designed to strengthen governance and give investors better value for money.

The Financial Conduct Authority (FCA) announced on 5 April 2018 that investment managers will have to publish information annually on the value for money of each of their funds, starting in 2019. We expect

Fitch Ratings says it expects no impact on the 'AAA'/Stable rating of Barclays Bank PLC's (BB PLC) mortgage covered bond programme once it is transferred to the ring-fenced entity, Barclays Bank UK PLC (BBUK PLC). 

The ring-fencing transfer scheme under Part VII of the Financial Services and Markets Act 2000 was approved by the Prudential

The Central African Economic and Monetary Community has strengthened its external buffers, but the region remains vulnerable to any renewed decline in oil prices, and fiscal adjustment to the commodity price shock is still challenging, Fitch Ratings says. 

International reserves appear to have bottomed in June 2017, supported by IMF disbursements

U.S. states with more mature gaming industries offer operators insulation from competition and in some instances regulatory tailwinds, according to Fitch Ratings. These states - mostly in the Midwest and South clustering around Illinois and Mississippi - account for more than one-half of the gaming revenues for Penn National Gaming, Eldorado