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### Contents

- 00Back to Top
- 01Insights
- 02Videos
- 03Podcasts
- 04Events

### Resources

- Latest Rating Actions
- Latest Research
- Criteria
- Rating Performance
- E-Learning Program

### Trending Topics

- Outlook 2026
- Bubble Risk
- Private Credit
- Data Center & Digital Infrastructure
- US Policy and Trade

### Fitch Wire

- Indigenous Partnerships Supportive for Canadian Midstream Credits
- Florida Auto, Homeowners’ Insurance Improvements Supportive of Credit
- Indian Oil Marketing Companies Remain Resilient to Sanctions Risk
- South Africa MTBPS Maintains Fiscal Consolidation Drive
- Elevated Vehicle Recalls a Near-Term Headwind for Car Rental Companies

More

Latest Commentary

# Retail Push for Private Assets Adds Risks for European Brokers, IMs

Learn MoreMore on Private Credit

- Retail Push for Private Assets Adds Risks for European Brokers, IMs
- US Housing Economy Cools Further with Higher Costs, Weaker Demand
- Brazilian Corporate Risks Rise from Local Debt Markets, Private Credit
- US Airlines See Headwinds from Flight Cuts as Thanksgiving Nears

Mon 17 Nov, 2025

### Fitch Ratings Assigns WCC Expected Rating of 'B(EXP)'; Outlook Stable

Mon 17 Nov, 2025

### Fitch Rates Bridge Street CLO VI Ltd.; Publishes New Issue Report

Mon 17 Nov, 2025

### Fitch Affirms Arthur J. Gallagher's IDR at 'BBB+'; Stable Outlook

Mon 17 Nov, 2025

### Fitch Assigns Final Ratings to TRTX 2025-FL7 Issuer, Ltd.

Mon 17 Nov, 2025

### Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Mon 17 Nov, 2025

### Fitch to Rate LMNT CRE 2025-FL3, LLC; Presale Issued

Mon 17 Nov, 2025

### Fitch Places BAC San Jose DPR Funding Ltd's 2020-1 Loans on Rating Watch Evolving

Mon 17 Nov, 2025

### Fitch Revises Axia Energia's Outlook to Positive; Affirms Ratings at 'BB-'

Mon 17 Nov, 2025

### Fitch Rates Consolidated Edison Company of New York's Senior Unsecured Debentures 'A-'

Mon 17 Nov, 2025

### Fitch Downgrades One Class of CD 2018-CD7; Affirms CD 2019-CD8

Mon 17 Nov, 2025

### Fitch Rates Burlington, NC's $9MM GO Bonds 'AA+'; Affirms IDR; Outlook Stable

Mon 17 Nov, 2025

### Fitch Places Mount Street U.S. Commercial Special Servicer Rating on Negative Watch

Mon 17 Nov, 2025

### Fitch Ratings Assigns WCC Expected Rating of 'B(EXP)'; Outlook Stable

Mon 17 Nov, 2025

### Fitch Rates Bridge Street CLO VI Ltd.; Publishes New Issue Report

Mon 17 Nov, 2025

### Fitch Affirms Arthur J. Gallagher's IDR at 'BBB+'; Stable Outlook

Mon 17 Nov, 2025

### Fitch Assigns Final Ratings to TRTX 2025-FL7 Issuer, Ltd.

Mon 17 Nov, 2025

### Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Mon 17 Nov, 2025

### Fitch to Rate LMNT CRE 2025-FL3, LLC; Presale Issued

Mon 17 Nov, 2025

### Fitch Places BAC San Jose DPR Funding Ltd's 2020-1 Loans on Rating Watch Evolving

Mon 17 Nov, 2025

### Fitch Revises Axia Energia's Outlook to Positive; Affirms Ratings at 'BB-'

Mon 17 Nov, 2025

### Fitch Rates Consolidated Edison Company of New York's Senior Unsecured Debentures 'A-'

Mon 17 Nov, 2025

### Fitch Downgrades One Class of CD 2018-CD7; Affirms CD 2019-CD8

Mon 17 Nov, 2025

### Fitch Rates Burlington, NC's $9MM GO Bonds 'AA+'; Affirms IDR; Outlook Stable

Mon 17 Nov, 2025

### Fitch Places Mount Street U.S. Commercial Special Servicer Rating on Negative Watch

## 01Insights

Highlight

## FIs Less Prone to Distress, Default than Corporates, Sovereigns

Special Report / Mon 17 Nov, 2025

### BDS 2025-FL16 - Interactive Deal Tool

Non-Rating Action Commentary / Mon 17 Nov, 2025

### North American Utility Holdco Peer Review; Modest Headroom Amid Record Capex

Special Report / Mon 17 Nov, 2025

### LMNT CRE 2025-FL3, LLC - IDT

Fitch Wire / Mon 17 Nov, 2025

### Indigenous Partnerships Supportive for Canadian Midstream Credits

Highlight

## FIs Less Prone to Distress, Default than Corporates, Sovereigns

Special Report / Mon 17 Nov, 2025

### BDS 2025-FL16 - Interactive Deal Tool

Non-Rating Action Commentary / Mon 17 Nov, 2025

### North American Utility Holdco Peer Review; Modest Headroom Amid Record Capex

Special Report / Mon 17 Nov, 2025

### LMNT CRE 2025-FL3, LLC - IDT

Fitch Wire / Mon 17 Nov, 2025

### Indigenous Partnerships Supportive for Canadian Midstream Credits

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More Insights

Our approach

## Rating Criteria

Learn More

Rating Criteria explains our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis. Master Criteria describe the basic foundation for our ratings within a sector. Cross-Sector Criteria explain Fitch’s approach to topics that relate to multiple areas or audiences. Sector-Specific Criteria describe Fitch’s analytical approach for individual sectors, and address specific credit factors.

Our Approach

## Ratings Process

Learn More

Fitch Ratings provides forward-looking credit opinions, as indicated by its ratings, that reflect its expectations of credit behavior over a range of scenarios. The rating process begins when an arranger, issuer, sponsor, or underwriter contacts a member of Fitch’s Business Relationship Management (BRM) group with a request to engage Fitch. Fitch may also initiate unsolicited rating coverage where sufficient public information is available to provide insight to subscribers and the public debt market.

Outlook 2025

### Global Economic Outlook

Fitch Ratings has raised its world growth forecasts for 2025 moderately since the June Global Economic Outlook (GEO) on better-than-expected incoming data for 2Q25. But there is now evidence of an underlying US slowdown in hard economic data and recent positive surprises on eurozone growth have partly reflected US tariff front-running. Fitch still expects world GDP to slow significantly this year.

Learn More

VIDEO

## 2025 SF Conversations - EMEA Structured Credit

Susanne Matern, Head of EMEA Structured Finance, and Kate Lin, Senior Director, EMEA Structured Credit, discuss CLO market trends, investor demand, credit profiles, and regulatory updates impacting European CLOs and structured credit in 2025.

Learn More

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Get Onboard

### Join our Talent Community

Our people are credit experts, experienced professionals, and global citizens who collaborate in offices in over 30 countries, to help our clients and communities.

Careers

## 02Videos

#### Federal Funding Cuts Push More Fiscal Risk to State, Local Governments

#### Federal Funding Cuts Push More Fiscal Risk to State, Local Governments

#### Fitch’s Market Leaders Video Series – episode 1: Nissan Motor Ivan Espinosa | Full version

#### Fitch’s Market Leaders Video Series – episode 1: Nissan Motor Ivan Espinosa | Highlights version

#### Australian Mortgages Differ from US and Europe Due to Flexible Design

#### Federal Funding Cuts Push More Fiscal Risk to State, Local Governments

#### Fitch’s Market Leaders Video Series – episode 1: Nissan Motor Ivan Espinosa | Full version

#### Fitch’s Market Leaders Video Series – episode 1: Nissan Motor Ivan Espinosa | Highlights version

#### Australian Mortgages Differ from US and Europe Due to Flexible Design

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More Videos

### Inside Credit

Inside Credit features the latest credit market research, with our weekly recap of noteworthy content across all sectors and regions.

Newsletter Sign Up

## 03Podcasts

- 1
- 2

More Podcasts

Fitch Learning

### Financial Training Courses

Courses cover corporate credit, bank and insurance company analysis, corporate finance, risk, and more.

View upcoming courses

## 04Events

# Events

Event Type

- All Events
- Hosted
- Third Party
- Webinars

Sort

- Upcoming Events
- Past Events

Filter

- Sector
- Region

NOVEMBER

NOV, 18 -

NOV, 19

08:00 - 16:00 SGT

### IJGlobal Infrastructure Finance Forum: Asia 2025

Third Party

NOV, 18

08:15 - 13:00 WAT

### Fitch on Nigeria 2025

Hosted

NOV, 18

09:30 - 22:00 CET

### CFA Society Poland Annual Conference 2025

Third Party

NOV, 19

09:00 - 12:30 EET

### Fitch on Greece

Hosted

NOV, 19

09:30 - 12:00 CET

### Jornada de diálogos y mesa redonda de tendencias de crédito en España y Europa

Hosted

NOV, 20

14:00 - 15:00 AEDT

### Australian Corporate Credit

Webinars

NOV, 20

18:00 - 21:00

### Fitch Indonesia 20th Anniversary Celebration 2025

Hosted

NOV, 24

09:00 - 17:00 GMT

### SLF 2025 Specialist Lender Finance

Third Party

NOV, 25 -

NOV, 26

09:00 - 15:30 TRT

### Global Banking and Markets CEE, Central Asia and Türkiye 2025

Third Party

NOV, 25

09:00 - 10:00 GMT

### Fitch Global Sukuk Outlook 2026: Navigating the Next Phase

Webinars

NOV, 25 -

NOV, 26

10:00 - 18:00 AEDT

### Australian Securitisation Forum 2025

Third Party

NOV, 25

14:00 - 15:00 GMT

### EMEA Packaging Unwrapped: Where do Earnings, Leverage and Ratings go next?

Webinars

NOV, 26 -

NOV, 27

09:00 - 17:00 CET

### 21st Structured FINANCE

Third Party

NOV, 27

09:00 - 10:00 GMT

### Fitch on Nigeria: What’s Next for the Sovereign and Banks?

Webinars

DECEMBER

DEC, 16 -

DEC, 17

10:30 - 13:00 EST

### 2026 Leveraged Finance Credit Outlook

Webinars

JANUARY

JAN, 13 -

FEB, 04

00:00 - 00:00 GMT

### Credit Outlook 2026 Global Series

Hosted

JAN, 13

08:30 - 12:30 CET

### Credit Outlook 2026 Paris

Hosted

JAN, 15

08:30 - 14:00 GMT

### Credit Outlook 2026 London

Hosted

JAN, 20

09:00 - 13:30 CET

### Credit Outlook 2026 Madrid

Hosted

JAN, 21

12:00 - 16:00 EST

### Credit Outlook 2026 Toronto

Hosted

JAN, 28

08:30 - 14:00 CET

### Credit Outlook 2026 Frankfurt

Hosted

JAN, 28

09:30 - 14:00 GST

### Credit Outlook 2026 Middle East

Hosted

JAN, 28

12:45 - 18:00 EST

### Insurance Insights 2026 - North America

Hosted

JAN, 29

08:30 - 12:00 CET

### Credit Outlook 2026 Munich

Hosted

FEBRUARY

FEB, 04

09:00 - 15:00 CET

### Credit Outlook 2026 Warsaw

Hosted

November

December

January

February

March

April

May

June

July

August

September

October

region

- Africa
- Asia-Pacific
- Eastern Europe, Caucasus and Central Asia
- Europe
- Latin America
- Middle East
- Nordics
- North America
- Afghanistan
- Albania
- Algeria
- American Samoa
- Andorra
- Angola
- Anguilla
- Antarctica
- Antigua & Barbuda
- Argentina
- Armenia
- Aruba
- Australia
- Austria
- Azerbaijan
- Bahamas
- Bahrain
- Bangladesh
- Barbados
- Belarus
- Belgium
- Belize
- Benin
- Bermuda
- Bhutan
- Bolivia
- Bosnia and Herzegovina
- Botswana
- Bouvet Island
- Brazil
- British Indian Ocean Territory
- Brunei
- Bulgaria
- Burkina Faso
- Burundi
- Cambodia
- Cameroon
- Canada
- Cape Verde
- Cayman Islands
- Central African Republic
- Central America
- Chad
- Channel Islands
- Chile
- China
- Christmas Island
- Cocos (Keeling) Islands
- Colombia
- Comoros
- Congo, Democratic Republic
- Congo, Republic of the
- Cook Islands
- Costa Rica
- Cote D'Ivoire
- Croatia
- Cuba
- Curacao
- Cyprus
- Czech Republic
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Equatorial Guinea
- Eritrea
- Estonia
- Eswatini
- Ethiopia
- Falkland Islands
- Faroe Islands
- Fiji
- Finland
- France
- France, Metro
- French Guiana
- French Polynesia
- French Southern Territories
- Gabon
- Gambia
- Georgia
- Germany
- Ghana
- Gibraltar
- Greece
- Greenland
- Grenada
- Guadeloupe
- Guam
- Guatemala
- Guernsey
- Guinea
- Guinea-Bissau
- Guyana
- Haiti
- Heard & McDonald Islands
- Honduras
- Hong Kong, China
- Hungary
- Iceland
- India
- Indonesia
- Iran
- Iraq
- Ireland
- Isle of Man
- Israel
- Italy
- Jamaica
- Japan
- Jersey
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Kosovo
- Kuwait
- Kyrgyzstan
- Laos
- Latvia
- Lebanon
- Lesotho
- Liberia
- Libya
- Liechtenstein
- Lithuania
- Luxembourg
- Macao, China
- Madagascar
- Malawi
- Malaysia
- Maldives
- Mali
- Malta
- Marshall Islands
- Martinique
- Mauritania
- Mauritius
- Mayotte
- Mexico
- Micronesia
- Moldova
- Monaco
- Mongolia
- Montenegro
- Montserrat
- Morocco
- Mozambique
- Myanmar
- Namibia
- Nauru
- Nepal
- Netherlands
- Netherlands Antilles
- New Caledonia
- New Zealand
- Nicaragua
- Niger
- Nigeria
- Niue
- Norfolk Island
- North Korea
- North Macedonia
- Northern Mariana Islands
- Norway
- Oman
- Pakistan
- Palau
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Pitcairn
- Poland
- Portugal
- Puerto Rico
- Qatar
- Reunion
- Romania
- Russia
- Rwanda
- Saint Martin (French Part)
- Samoa
- San Marino
- Sandwich Islands
- Sao Tome & Principe
- Saudi Arabia
- Senegal
- Serbia
- Seychelles
- Sierra Leone
- Singapore
- Sint Maarten (Dutch Part)
- Slovakia
- Slovenia
- Solomon Islands
- Somalia
- South Africa
- South Korea
- South Sudan
- Spain
- Sri Lanka
- St. Helena
- St. Kitts & Nevis
- St. Lucia
- St. Pierre & Miquelon
- St. Vincent & The Grenadines
- Sudan
- Suriname
- Svalbard & Jan Mayen
- Sweden
- Switzerland
- Syria
- Taiwan, China
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tokelau
- Tonga
- Trinidad and Tobago
- Tunisia
- Turkiye
- Turkmenistan
- Turks & Caicos Islands
- Tuvalu
- Uganda
- Ukraine
- United Arab Emirates
- United Kingdom
- United States
- United States Minor Outlying Islands
- Uruguay
- Uzbekistan
- Vanuatu
- Vatican
- Venezuela
- Vietnam
- Virgin Islands (British)
- Virgin Islands (U.S.)
- Wallis & Futuna Islands
- West Bank and Gaza
- Western Sahara
- Yemen
- Zambia
- Zimbabwe

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