Does Fitch rate sub-prime products, across the globe?
As a full service agency, we cover all parts of the debt capital markets, including sub-prime residential mortgage securitisation. With the rating agencies under focus (as in the case of the EU) what is Fitch’s response? We have a regular dialogue with the regulators. In Europe, we have a formal meeting annually with CESR (the Committee of European Securities Regulators) to review developments over the year (already scheduled for early October this year). This year’s European review was already scheduled to look at structured finance (back in the spring). CESR have as a result already been taking formal market soundings through a public consultation process specifically on structured. We have been actively participating in this consultation. We are also actively participating in the parallel work being done by IOSCO (the International Organisation of Securities Commissions) to review structured finance ratings. Generally, we welcome the input of regulators and have additionally pro-act
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