Fitch Ratings has updated its criteria for rating emerging market securitizations, focusing on the relevance of sovereign ratings on different transactions.

The rating agency considers the macroeconomic, political, and legal characteristics of emerging market economies when rating ABS. It caps the ratings for emerging market securitizations at a maximum of two to four global scale notches above the relevant sovereign’s country ceiling. The criteria used by Fitch applies globally to all international ratings with emerging markets.

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