Fitch Ratings today pulled its criteria report for rating European credit card transactions.
The rating agency is consolidating its credit card rating methodology into a single global report that it expects to publish in March 2010.
The withdrawal of its criteria will have no effect on the ratings of existing or new transactions.
In the interim, any European credit card transactions that are rated by Fitch will be analyzed using the agency's existing U.S. methodology. Interim surveillance of existing transactions will also be carried out using the criteria.
Any existing differences in the methodologies between the European and U.S. criteria are not considered to have any material impact on assigned ratings.
However, Fitch will provide full disclosure in its rating comments if the agency departs from the criteria in a material way in analyzing a European transaction. It will also disclose if material credit matters arise in European transactions that are not addressed by the criteria.