January 26, 2007 | Cbonds
|Fitch Ratings-London-25 January 2007: Fitch Ratings has again been named “Rating Agency of the Year” by International Securitisation Report. This is the fifth consecutive year that the agency has been received the accolade and the seventh time in eight years.|
Collecting the award at a ceremony in London last night, Huxley Somerville, Head of Structured Finance EMEA, said that 2006 had been a landmark year for the rating agency’s structured finance business and paid tribute to the agency’s structured finance team.
“2006 saw Fitch launch an unprecedented number of new products and services for the structured finance market, while the agency’s reputation for superior credit analysis was maintained,” said Somerville. “The award reflects the outstanding work of the team globally over the past twelve months coupled with the agency’s unwavering commitment to market leadership.”
Launched in October, Fitch subsidiary Derivative Fitch is the first rating agency to be dedicated exclusively to the credit derivatives market. Addressing the unique risks of the market with ratings, research, analytics and evaluation services, Derivative Fitch’s leadership in structured credit is believed to be an important factor in the award win.
Other innovation in 2006 included the launch of Fitch’s European Structured Finance Index of Rating Change, Distressed Recovery Ratings, ABS Performance Update Reports and Vector ABS/ABCP models, which represent the first time a Monte Carlo simulation has been applied to consumer ABS and ABCP.
Held annually the ISR awards are recognised as a key event in the structured finance calendar.