As a result of the combination of the ratings of Fitch
IBCA and DCR, Fitch announced the following changes to the outstanding public Auto Loan and Dealer Floorplan ratings of Fitch
IBCA and DCR.
Fitch hereby affirms all other outstanding public insurance- related ratings of Fitch
IBCA and DCR, except those currently on Rating Alert by Fitch
IBCA and Rating Watch by DCR for which the Rating Watch status will continue until otherwise announced.
Finance and Credit Card company ratings of Fitch
IBCA and Duff & Phelps are hereby affirmed by Fitch.
The outstanding public European structured finance ratings of Fitch will be publicly available on either or both the web sites of Fitch
IBCA (www.
Fitch
IBCA believes the leasehold collateral creates significant uncertainty as to future recoveries of the principal balance of the restaurant borrowers.
Fitch
IBCA expects that timely and full repayment will only occur under a positive operating environment resulting from a sustained favorable business climate.
In addition, Fitch
IBCA included a percentage of those loans that did not report year-end 1999 financial statements in the default analysis.
For more information on these rating actions, please refer to our separate press releases: `Fitch
IBCA Upgrades Detroit, MI to `A', Issues New GO Guidelines' and `Fitch
IBCA Upgrades Board of Education of the City of Chicago', available on our web site at `www.
Fitch
IBCA notes that its claims paying ability ratings consider not just a company's current capital adequacy, but also its viability as an ongoing enterprise.
Although Fitch
IBCA believes that slow economic growth will continue to challenge Philadelphia, we are recognizing a number of significant management `best practices," said Richard Larkin, Managing Director, Fitch
IBCA.
In addition, Fitch
IBCA has assigned ratings to the following outstanding debt obligations of LOOP:
Fitch
IBCA downgrades the underlying rating on approximately $580 million of MedStar Health, Inc.
