Fitch changes ratings criteria for EM securitisation

Fitch Ratings has changed the criteria it uses to rate emerging market securitisations to acknowledge different countries' legal frameworks. The move should enable the rating agency to give some securitisations in countries with strong governance a higher rating than that of their issuer.

Previously, because some countries allow companies' unsecured creditors to challenge securitisations, they could not achieve a rating higher than that of the issuer.

The agency has devised a 'challenge factor' to

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