Fitch Ratings last week released for comment new interest rates stress criteria for structured finance transactions involving USD Libor. The key difference between the proposed methodology and the way Fitch currently applies interest rate stress criteria to ratings is a switch from historical data to the use of forward-looking swap market data - an information source widely employed across the structured finance market.

Subprime ABS and CDO transactions have the greatest possibility of feeling an impact from the move, but , according to Fitch managing director Ahmet Kocagil, head of the rating agency's quantitative financial research group, "the change is actually fairly moderate."

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