Fitch Ratings Implements Changes to Comply With SEC Rules Under Dodd-Frank

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has introduced a number of policy and procedural changes in response to new and amended rules of the U.S. Securities and Exchange Commission ("SEC") which took effect today. These SEC rules implement requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Fitch Ratings is committed to complying with all applicable credit rating agency regulations and to enhancing our policies and procedures wherever appropriate to ensure that our core values - objectivity, integrity and transparency - remain central to everything we do.

Effective immediately, rating announcements relating to 'International' scale credit ratings that are published for new ratings, expected ratings, rating upgrades, downgrades, affirmations and withdrawals for credit reasons will be accompanied by a Rating Information Disclosure Form ("Form"). This Form, which will be accessible both via a link at the bottom of the rating announcement and via the agency's website, is a 15 part form with sections devoted to the ratings, the application of criteria, the sources of information used, rating sensitivities, rating limitations and solicitation status among other topics. This Form builds on and consolidates many existing disclosures in one place for the benefit of rating users.

The Form also includes an attestation that the ratings were based solely on the merits of the obligor, security or money market instrument being rated, that they were an independent evaluation of the credit risk and that no part of the rating was influenced by any other business activities. While the provision of such an attestation is new, the principles on which such attestations are based were already enshrined in Fitch's operating practices.

Fitch has also made adjustments to a number of other internal policies and procedures to address the new SEC requirements. These changes range from steps to augment Fitch's existing analytical training and testing framework to further enhancements to its criteria review and approval framework.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150615005760/en/

Fitch Ratings
Media Relations
Daniel Noonan, +1-212-908-0706
New York
[email protected]

Source: Fitch Ratings

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