Fitch Ratings is one of the three largest international rating agencies in the world, headquartered in new york and London. There are more than 40 branches in the world, with more than 1 100 analysts. Fitch's international business scope includes financial institutions, enterprises, national and local governments and structured financing ratings.
Up to now, Fitch has completed the ratings of more than 65,438+0,600 banks and other financial institutions, more than 65,438+0,000 enterprises and 65,438+0,400 local governments, as well as 78% of global structured financing and 70 countries' sovereign ratings. Its rating results have been recognized by regulators and bond investors in various countries.
2065438+In July 2008, Fitch Ratings established a wholly-owned subsidiary, Yuhui Bohua Credit Rating Co., Ltd. in China. On May 14, 2020, with the approval of the People's Bank of China, Fitch Ratings of the United States was allowed to enter the credit rating market in China.
Fitch's basic principles
1, focusing on in-depth field research and obtaining first-hand analysis data.
In order to collect first-hand information, Fitch Ratings analysts should interview the management of bond issuing enterprises on the spot, including the heads of administrative, financial, investment projects, sales, planning and development departments. Understand the operation, management and finance of the enterprise, the analysis of the external environment and the grasp of internal strength by decision makers, the future development ideas of the enterprise, the stability of decision-making procedures and levels, and the details of the main decision makers. And establish a perceptual knowledge of the operating conditions of the evaluated enterprises.
In addition, analysts also need to investigate and interview other departments or enterprises that have creditor-debtor relations with bond issuers, so as to understand the historical credit status of bond issuers, the real pressure of debt now and the situation of capital withdrawal.
2. Combining qualitative analysis with quantitative analysis, emphasizing qualitative analysis and industry differences.
Fitch's rating index system includes quantitative and qualitative aspects. In addition to quantitative analysis, qualitative analysis is also widely used in financial analysis and some indicators prediction, and the rating results are obtained by combining various factor analysis and expert opinions, thus fully reflecting the risk composition of the assessed object. At the same time, pay attention to the mutual comparison of credit risks of rating objects in different industries or within the same industry. The rating indicators are different according to the rating object and the industry in which the economic entity is located, and the overall consistency is considered.
Reference to the above content: Baidu Encyclopedia-Fitch