Fitch Ratings

From Wikipedia, the free encyclopedia
(Redirected from Fitch Group)

Template:Short description Template:DMCA Template:DMCA

Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.

Fitch Ratings, Inc.
Company type
Subsidiary
ISINScript error: No such module "WikidataIB".
IndustryScript error: No such module "WikidataIB".
PredecessorScript error: No such module "WikidataIB".
IncorporatedScript error: No such module "WikidataIB".
FoundedScript error: No such module "WikidataIB".
FounderScript error: No such module "WikidataIB".
DefunctScript error: No such module "WikidataIB".
SuccessorScript error: No such module "WikidataIB".
Headquarters
Manhattan, US
London, UK
Key people
Page Template:Plainlist/styles.css has no content.
  • Paul Taylor (CEO of Fitch Group)
  • Ian Linnell (president of Fitch Ratings and Fitch Ratings, Inc.)
  • Rachel Lojko (president of Fitch Solutions)
  • Tracey Perini (CFO)
RevenueScript error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Script error: No such module "WikidataIB".
Total assetsScript error: No such module "WikidataIB".
Number of employees
Script error: No such module "WikidataIB".
ParentHearst Corporation[1]
Websitefitchratings.com

Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".

Fitch Ratings, Inc. is an American–British credit rating agency. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission and is considered as being one of the "Big Three credit rating agencies",[3] along with Moody's and S&P Global Ratings.

History

Fitch Ratings is dual headquartered in New York and London.[4] Hearst owns 100 percent of the company following its acquisition of an additional 20 percent for $2.8 billion on April 12, 2018.[1] Hearst had owned 80 percent of the company after increasing its ownership stake by 30 percent on December 12, 2014, in a transaction valued at $1.965 billion. Hearst's previous equity interest was 80 percent following expansions on an original acquisition of 20 percent interest in 2006.[5][6]

Hearst had jointly owned Fitch with FIMALAC SA, which held 20 percent of the company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group.

The firm was founded by John Knowles Fitch on December 24, 1914, in New York City as the Fitch Publishing Company. In 1989, the company was acquired by a group including Robert Van Kampen.[7] In 1997, Fitch was acquired by FIMALAC and was merged with London-based IBCA Limited, a FIMALAC subsidiary.[8] In 2000, Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April)[9] and Thomson Financial BankWatch (December).

Fitch Ratings is the third largest NRSRO rating agency, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale.[10]

In September 2011, Fitch Group announced the sale of Algorithmics (risk analytics software) to IBM for $387 million.[11]

In June 2022, Fitch Group acquired GeoQuant, an AI-driven data and technology company.[12]

Operations

Fitch Ratings is a subsidiary of Fitch Group, a holding company wholly owned by Hearst Communications.[13] Fitch Group also operates Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of credit market data and financial analytics.[14] Fitch Group employs approximately 5,000 people, including over 1,600 analysts.[15] Paul Taylor is president and chief executive officer of Fitch Group.[16] Fitch Ratings is registered as a nationally recognized statistical rating organization (NRSRO).[17] The firm has more than 2,400 employees.[18] Ian Linnell is president of Fitch Ratings.[19]

Criticism

Script error: No such module "Labelled list hatnote". The main credit rating agencies, including Fitch, were accused of misrepresenting the risks associated with mortgage-related securities, which included the collateralized debt obligation (CDO) market. There were large losses in the CDO market that occurred despite being assigned top ratings by the CRAs.

For instance, losses on $340.7 million worth of collateralized debt obligations (CDO) issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Fitch.[20] However, differently from the other agencies, Fitch was warning the market on the constant proportion debt obligations (CPDO) with an early and pre-crisis report highlighting the dangers of CPDOs in 2007.[21]

See also

References

Page Template:Reflist/styles.css has no content.

  1. ^ a b Page Module:Citation/CS1/styles.css has no content."Fitch Group Becomes a Wholly-Owned Hearst Business". hearst.com. Retrieved April 12, 2018.
  2. ^ Page Module:Citation/CS1/styles.css has no content."2011 Fiscal". FIMALAC. Archived from the original on September 27, 2018. Retrieved March 26, 2012.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Blumenthal, Richard (May 5, 2009). "Three credit rating agencies hold too much of the power". Juneau Empire. Archived from the original on November 1, 2011. Retrieved March 19, 2018.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Sale of 10% of Fitch Group to Hearst" (PDF). Archived (PDF) from the original on February 20, 2015.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Hufford, Austen (April 12, 2018). "Hearst Takes Full Ownership of Fitch Group". The Wall Street Journal. Retrieved January 6, 2024.{{cite news}}: CS1 maint: deprecated archival service (link)
  6. ^ Page Module:Citation/CS1/styles.css has no content.Barr, Alistair (February 9, 2012). "Hearst buys another 10 percent of Fitch for $177 million". Reuters. Retrieved January 6, 2024.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Investor Group Acquires Fitch Bond Rating Agency". The New York Times. April 21, 1989. Archived from the original on November 22, 2024.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Lavin, Douglas (October 17, 1997). "France's Fimalac Purchases Fitch From Van Kampen". The Wall Street Journal.{{cite news}}: CS1 maint: deprecated archival service (link)
  9. ^ Page Module:Citation/CS1/styles.css has no content.Gasparino, Charles (March 8, 2000). "Fitch Acquires Duff & Phelps In Latest Credit-Rating Union". The Wall Street Journal. Retrieved November 9, 2020.{{cite web}}: CS1 maint: deprecated archival service (link)
  10. ^ Page Module:Citation/CS1/styles.css has no content."FACTBOX: List of 10 rating agencies recognized by U.S. SEC". Reuters. June 24, 2009. Retrieved January 5, 2024.
  11. ^ Page Module:Citation/CS1/styles.css has no content."IBM Buying Algorithmics for $387M". Traders Magazine. September 1, 2011. Retrieved January 5, 2024.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Fitch Group Acquires GeoQuant". www.themiddlemarket.com. June 22, 2022. Retrieved June 23, 2022.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Hufford, Austen (April 12, 2018). "Hearst Takes Full Ownership of Fitch Group". The Wall Street Journal. Retrieved October 10, 2024.
  14. ^ Page Module:Citation/CS1/styles.css has no content.García Alcubilla, Raquel; Ruiz del Pozo, Javier (2012). Credit Rating Agencies on the Watch List. Oxford University Press. p. 9. ISBN 978-0191640995. In addition to Fitch Ratings, the Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics, and related services.
  15. ^ Page Module:Citation/CS1/styles.css has no content."100+ years of history". Fitch Group. Retrieved October 15, 2024. As a result of Fitch's growth and acquisitions, we now have over 5,000 employees, including over 1,600 analysts[.]
  16. ^ Page Module:Citation/CS1/styles.css has no content.Partington, Richard (April 12, 2012). "Meet the thick-skinned chief of Fitch Ratings". Financial News. Retrieved October 10, 2024.
  17. ^ Page Module:Citation/CS1/styles.css has no content.White, Lawrence J. (2010). "Markets: The Credit Rating Agencies". Journal of Economic Perspectives. 24 (2): 214.
  18. ^ Page Module:Citation/CS1/styles.css has no content."What We Do". Fitch Ratings. Retrieved October 16, 2024. We have over 2,400 employees[.]
  19. ^ Page Module:Citation/CS1/styles.css has no content."Meet The Fitch Group leadership team". Fitch Group. Retrieved October 16, 2024.
  20. ^ Page Module:Citation/CS1/styles.css has no content.Tomlinson, Richard; Evans, David (June 1, 2007), "CDOs mask huge subprime losses, abetted by credit rating agencies", International Herald Tribune, archived from the original on March 1, 2009
  21. ^ Page Module:Citation/CS1/styles.css has no content.Linden, Alexandre; Neugebauer, Matthias; Schiavetta, John; Zelter, Jill; Hardee, Rachel (April 18, 2007), First Generation CPDO: Case Study on Performance and Ratings

Page Module:Side box/styles.css has no content.Page Template:Sister project/styles.css has no content.

Page Template:Plainlist/styles.css has no content.
Script error: No such module "Sister project logo".
Wikimedia Commons has media related to [[commons:Template:If then show|Template:If then show]].

Lua error in package.lua at line 80: module 'Module:Navbox/configuration' not found. Lua error in package.lua at line 80: module 'Module:Navbox/configuration' not found.

Lua error in package.lua at line 80: module 'Module:Authority control/config' not found.

Retrieved from "https://cosmopedia.co/index.php?title=Fitch_Ratings&oldid=691603"