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On the international front, public finance credit quality turned net negative late in the year with a fourth-quarter downgrade to upgrade ratio of 2 to 1. However, for the full year 2008, rating activity continued to display positive results, as downgrades trailed upgrades for the fourth consecutive year by 0.6 to 1 in 2008, a positive but less robust margin than the 0.2 to 1 ratio recorded in 2007.
Fitch-rated international public finance issuers recorded no defaults in 2008, compared with a single default in 2007. Fitch recorded an average annual default rate of 0.94% across its universe of international public finance issuers spanning the period 1995-2008.
Fitch international public finance coverage consists primarily of European issuers, therefore the sector's 2009 outlook is heavily dependent on the outlook for Europe. Fitch believes that the economic downturn will continue to put downward pressure on European public finance credit quality in 2009.
This inaugural study of the performance of Fitch's international public finance ratings offers summary statistics on 2008's key rating and default trends and a look at rating activity over the long term, covering the period 1995-2008.
The study is titled 'Fitch Ratings International Public Finance 2008 Transition and Default Study' and is available on Fitch's web site at www.fitchratings.com under Credit Market Research.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
SOURCE: Fitch Ratings
Fitch Ratings Charlotte Needham, +1-212-908-0794 (New York) Fernando Mayorga, +1 34 93 323 8407 (Barcelona) Media Relations: Peter Fitzpatrick, London, + 44 (0)20 7417 4364 peter.fitzpatrick@fitchratings.com Cindy Stoller, +1-212-908-0526 (New York) cindy.stoller@fitchratings.com
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