Fitch Downgrades China's Credit Rating on Rising Debt Concerns
Global ratings agency Fitch cut China's long-term local currency credit rating, citing financial risks from rapid credit expansion alongside the rise of shadow banking activity.
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Role Reversal: Ratings Agencies to Face Review from the E.U.
The European Securities and Markets Authority has begun reviewing how Standard & Poor's, Fitch, and Moody's Investors Service evaluate banks, and if the big three ratings agencies aren't shaking in their boots, maybe they should be.
Ireland's Credit Rating Downgraded 3 Notches by Fitch
Fitch Ratings has downgraded Ireland three notches from A to BBB , citing the costs of restructuring the Irish banking system, the country's weak growth prospects, and uncertainty about its economy due to the deepening financial crisis, despite the international economic assistance it received last month.
Fitch Downgrades Ireland
A day after Moody's Investors Service announced it was putting Ireland under review for a possible downgrade, Fitch Ratings lowered the country's credit grade to A from AA-. Fitch's downgrade was prompted by the government's announcement last week it is pledging more money -- as much as %u20AC50 billion -- to save Ireland's banks, in addition to uncertainty over the country's economic recovery.
Biz Brief: Fitch Downgrades BP Credit Rating
BP's credit rating was downgraded to BBB from AA -- a staggering six notches -- by Fitch Ratings on concerns of growing estimates of the size of the oil spill and U.S. demands for an escrow account.
Biz Brief: Fitch Ratings Warns the U.K.
In the debt and credit mess that now extends clear across Europe, Fitch Ratings has put the U.K. on notice to get its finances into much better shape -- pronto.
More Jumbo Mortgages in Trouble as Inventory Builds
With rate resets kicking in on a raft of exotic adjustable-rate loans, delinquencies on jumbo mortgages for high-end homes nearly tripled to 9.2% in December 2009 compared to the 3.2% rate December 2008. And the number of expensive homes on the market continues to rise.
