Fitch Updates Derivative Product Company Rating Criteria

NEW YORK--()--Link to Fitch Ratings' Report: Derivative Product Company Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727858

Fitch Ratings has updated its criteria for derivative product companies (DPCs), consistent with its practice of reviewing ratings criteria on an annual basis. There are no material changes in the updated criteria.

Fitch's criteria apply to DPCs that are separate legal and operating entities and benefit from capital and structural protections that seek to make them legally, financially, and operationally distinct from their sponsor. DPCs are typically wholly owned subsidiaries of financial services companies which serve as a DPC's sponsor.

The criteria address DPCs that intermediate or guarantee 'plain vanilla' derivative transactions on behalf of the sponsor. The rating criteria also address considerations for DPCs acting act as a counterparty or guarantor for structured finance (SF) transactions. These criteria do not apply to bespoke derivatives, including those that may be associated with SF transactions such as balance-guaranteed swaps or swaps with highly customized reference rates.

The full report, 'Derivative Product Company Rating Criteria', is available at www.fitchratings.com or by clicking on the link above.

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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Roger Merritt, +1-212-908-0636
Managing Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Galen Moloney, +44 20 3530 1561
Senior Director
or
Kevin Kendra, +1-212-908-0760
Managing Director
or
Ian Rasmussen, +1-212-908-0232
Senior Director
or
Media Relations, New York
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Roger Merritt, +1-212-908-0636
Managing Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Galen Moloney, +44 20 3530 1561
Senior Director
or
Kevin Kendra, +1-212-908-0760
Managing Director
or
Ian Rasmussen, +1-212-908-0232
Senior Director
or
Media Relations, New York
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com